Somnigroup International Inc. (SGI) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Somnigroup's first-quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Somnigroup 2026 年第一季財報電話會議。(接線員指示)

I will now hand the conference over to Lauren Avritt, Director of Investor Relations. Lauren, please go ahead.

現在我將把會議交給投資人關係總監 Lauren Avritt。Lauren，請開始。

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，接線員。各位早安，感謝各位參與今天的電話會議。今天與我一同出席的有董事長、總裁兼執行長 Scott Thompson，以及執行副總裁兼財務長 Bhaskar Rao。

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.

本次電話會議包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法案》安全港條款之規範。這些前瞻性陳述涉及不確定性，實際結果可能因多項因素而出現重大差異，且這些因素可能對公司業務造成不利影響。

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 is only as of the date on which it is made. The company undertakes no obligation to update any forward-looking statements.

相關因素已在公司向 SEC 提交的文件中討論，包括 Form 10-K 年報與 Form 10-Q 季報。任何前瞻性陳述僅截至其作出之日有效。公司不承擔更新任何前瞻性陳述之義務。

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. Our comments will supplement the detailed information provided in the release.

今天上午的評論也將包含非 GAAP 財務資訊。該等非 GAAP 財務資訊之調節表可見於隨附新聞稿；新聞稿已發布於公司網站 www.somnigroup.com，並已向 SEC 提交。我們的評論將補充新聞稿中所提供的詳細資訊。

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

接下來，我很高興把電話會議交給 Scott。

Good morning. Thank you for joining us on our first-quarter 2026 earnings call. I'll begin with some highlights in the quarter and then pass the call over to Bhaskar to review our financial performance in more detail and discuss our reaffirmed 2026 in this guidance. After that, we'll open up the call for Q&A.

各位早安。感謝各位參加我們 2026 年第一季財報電話會議。我將先分享本季幾項重點，接著把電話交給 Bhaskar，更詳細地回顧我們的財務表現，並說明我們重申的 2026 年指引。之後我們將開放問答。

In the first quarter of 2026, net sales increased a healthy 12% to $1.8 billion. Adjusted EBITDA increased 20% to $297 million, and adjusted EPS increased a robust 20% to $0.59 per share. We're pleased with these results, particularly against the backdrop of tightened geopolitical tensions and winter weather disruptions in the US, all of which weighed on the industry demand.

2026 年第一季，淨銷售額健康成長 12%，達 18 億美元。調整後 EBITDA 成長 20% 至 2.97 億美元，調整後 EPS 亦強勁成長 20% 至每股 0.59 美元。我們對這些結果感到滿意，尤其是在地緣政治緊張加劇以及美國冬季天候干擾的背景下，這些因素皆對產業需求造成壓力。

We believe global bedding demand declined mid-single-digits in the first quarter, which was below our expectation that demand would be flat but slightly positive during the quarter. We believe our performance reflected the strength of our business model and its ability to perform across varying market conditions. This has allowed us to continue to extend our leadership position in the industry.

我們認為第一季全球床墊需求下滑約中個位數百分比，低於我們原先預期的「持平但略為正成長」。我們認為，我們的表現反映了商業模式的優勢，以及其在不同市場環境下的表現能力。這使我們得以持續擴大在產業中的領導地位。

Turning to our first highlight. We expanded EBITDA margin by over 100 basis points and grew adjusted EPS by 20%. We accomplished this on 12% sales growth, demonstrating the operating leverage embedded in our business model. We also delivered record first-quarter operating cash flow, which we deployed towards debt reduction. We ended the first quarter at 3.1 times leverage and are on track to return to our targeted range of 2 times to 3 times adjusted EBITDA in the next few months.

談到第一項重點。我們將 EBITDA 利潤率提升超過 100 個基點，並使調整後 EPS 成長 20%。我們是在銷售成長 12% 的基礎上達成，展現出我們商業模式中所蘊含的營運槓桿。我們也創下第一季營運現金流新高，並將其用於降低負債。第一季結束時，我們的槓桿倍數為 3.1 倍，並正按計畫在未來幾個月回到目標區間：調整後 EBITDA 的 2 倍至 3 倍。

Our second highlight. Our North American Tempur Sealy business outperformed the broader market. Tempur Sealy North America delivered mid-single-digit wholesale sales growth year over year on a like-for-like basis, driven by investments in high-quality advertising, continued momentum in Sealy Foster-Pedic line and increased balance of share at Mattress Firm.

第二項重點。我們北美 Tempur Sealy 業務表現優於整體市場。以同店（like-for-like）基礎計算，Tempur Sealy 北美批發銷售額年增約中個位數百分比，主要受惠於高品質廣告投資、Sealy Foster-Pedic 產品線動能延續，以及在 Mattress Firm 的市占提升。

Looking to the back half of the year, we expect the launch of our new Stearns & Foster lineup to optimize price architecture within the broader portfolio, support higher average selling price of our retail partners, strengthen our position at higher price points.

展望下半年，我們預期推出全新 Stearns & Foster 產品陣容，將在更廣泛的產品組合中優化價格架構，支持零售合作夥伴更高的平均售價，並強化我們在較高價位帶的地位。

We have expanded our offering with additional SKUs at the top of the price range, targeting the customer who has demonstrated continued resilience through the cycle to represent a significant growth opportunity. We'll support the launch with new national campaign advertising focused on differentiated luxury products and on broader health and wellness benefits to improve sleep.

我們在價格帶頂端新增更多 SKU，鎖定在景氣循環中仍展現韌性的客群，這代表一項重要的成長機會。我們將以全新全國性廣告活動支持此次上市，聚焦具差異化的奢華產品，以及更廣泛的健康與福祉效益，以改善睡眠。

Our third highlight. Our international business continued to capitalize on long-term growth opportunities and delivered double-digit growth on a reported basis and mid-single-digit growth on a constant currency basis. And for international, we performed in the broader industry in the quarter, extending a multi-year track record of solid growth across our key markets.

第三項重點。我們的國際業務持續把握長期成長機會，以報表口徑呈現雙位數成長，以固定匯率口徑呈現中個位數成長。就國際業務而言，我們本季表現優於整體產業，延續多年來在主要市場穩健成長的紀錄。

This performance reflects continued disciplined investment in distribution and marketing, a resilient supply chain, strong local execution, and the strength of our Tempur brand. We're pleased with our results in a challenging environment, and our international business remains well positioned for continued growth over the long term.

這樣的表現反映了我們在通路與行銷上的持續且有紀律的投資、具韌性的供應鏈、強勁的在地執行力，以及 Tempur 品牌的實力。我們對在充滿挑戰的環境下所取得的成果感到滿意，而我們的國際業務仍具備良好條件，可在長期持續成長。

Our UK-based bedding retailer, Dreams, once again outperformed the market this quarter, reinforcing its position as a category leader. Strong brand awareness and share of voice, combined with effective execution, drove solid customer engagement and healthy order volume. Our ongoing operational discipline and a continued focus on product quality and customer experience supports further growth in this very competitive UK market.

我們以英國為基地的床墊零售商 Dreams 本季再次優於市場表現，進一步鞏固其作為品類領導者的地位。強勁的品牌知名度與聲量占比，加上有效的執行，帶動良好的客戶互動與健康的訂單量。我們持續的營運紀律，以及對產品品質與客戶體驗的持續聚焦，支持我們在競爭激烈的英國市場進一步成長。

Our fourth highlight. Mattress Firm outperformed the broader US market, supported by its scale, EPA category expertise, and a well-curated merchandising assortment. Merchandising action taken over the past year better positioned Mattress Firm business to meet customer needs across price points, while maintaining a strong focus on quality and innovation.

第四項重點。Mattress Firm 表現優於美國整體市場，受惠於其規模、EPA 品類專業能力，以及精心策劃的商品組合。過去一年所採取的商品策略行動，使 Mattress Firm 的業務更能滿足各價位帶的客戶需求，同時維持對品質與創新的高度聚焦。

During the quarter, we further deepened relationships with suppliers aligned with our quality standards and marketing commitment. Our proprietary sleep expert model continues to differentiate the in-store experience, supported by one of the industry's largest and most highly trained sales force, which has been augmented by ongoing technology investments.

本季期間，我們進一步深化與符合我們品質標準與行銷承諾之供應商的合作關係。我們專有的睡眠專家（sleep expert）模式持續使門市體驗更具差異化；其背後由產業中規模最大且訓練最完善的銷售團隊之一所支撐，並透過持續的科技投資加以強化。

We remain on track with our previously announced $150 million store refresh program, targeting completion in 2027. To date, we've spent approximately $40 million on the store refresh program, all funded operating cash flow. Additionally rollout of Tempur brand walls is progressing well with national completion expected by year end.

我們先前宣布的 1.5 億美元門市翻新計畫仍按進度推進，目標於 2027 年完成。截至目前，我們已在門市翻新計畫上投入約 4,000 萬美元，全部由營運現金流支應。此外，Tempur 品牌牆的推廣進展良好，預計於年底前完成全國佈建。

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

接下來，我把電話交給 Bhaskar。

Thank you, Scott. In the first quarter of 2026, consolidated sales were a solid $1.8 billion and adjusted earnings per share was $0.59, up 20% over the prior year. There are approximately $26 million of pro forma adjustments in the quarter, all of which are consistent with the terms of our senior credit facility.

謝謝你，Scott。2026 年第一季，合併銷售額穩健達 18 億美元，調整後每股盈餘為 0.59 美元，較去年同期成長 20%。本季約有 2,600 萬美元的備考（pro forma）調整，且皆符合我們高級信貸融資（senior credit facility）的條款。

As a reminder, year-over-year comparisons are impacted by the acquisition of Mattress Firm in early February 2025 and the related divestiture of Sleep Outfitters and certain Mattress Firm retail locations in the second quarter of 2025. I will be highlighting like-for-like comparisons defined as reported numbers adjusted for the acquisition and divestiture impacts normalized for these items in our commentary.

提醒各位，年對年比較受到 2025 年 2 月初收購 Mattress Firm，以及 2025 年第二季相關出售 Sleep Outfitters 與部分 Mattress Firm 零售據點的影響。在我的評論中，我將著重於同店（like-for-like）比較，其定義為：將報表數字調整為排除收購與出售影響，並就這些項目進行常態化處理後的數字。

Now, turning to Mattress Firm results. Net sales through Mattress Firm were approximately $886 million in the first quarter. Same-store sales were flat, outperforming a market we believe was down mid-single-digits in the quarter.

現在轉到 Mattress Firm 的業績。第一季透過 Mattress Firm 的淨銷售額約為 8.86 億美元。同店銷售持平，優於我們認為本季下滑中個位數百分比的市場表現。

Mattress Firm adjusted gross margins decreased 360 basis points to 31.5%, including a 40-basis-point headwind from the stub period. The remaining decline was primarily driven by promotional expense and product mix combined with some fixed cost deleverage.

Mattress Firm 調整後毛利率下降 360 個基點至 31.5%，其中包含來自 stub 期間的 40 個基點逆風。其餘降幅主要由促銷費用與產品組合所致，並伴隨部分固定成本去槓桿化影響。

The impact of product mix on gross margin was primarily driven by increased balance of share of Tempur Sealy products, as Tempur Sealy's supply contract is structured to provide a portion of Mattress Firm's economics in the form of cooperative advertising credits, which reduces Mattress Firm's operating expenses. When looked at on a conforming basis, there is no material impact on EBITDA margin from the product mix change.

產品組合對毛利率的影響主要來自 Tempur Sealy 產品占比提高；由於 Tempur Sealy 的供應合約架構，會以合作廣告抵用額的形式提供 Mattress Firm 部分經濟利益，從而降低 Mattress Firm 的營運費用。若以一致口徑（conforming basis）觀察，產品組合變動對 EBITDA 利潤率並無重大影響。

Mattress Firm adjusted operating margins declined approximately 230 basis points to 4.9%, including a 150-basis-point headwind from the stub period. The remaining decline was primarily driven by the decline in gross margin, partially offset by the favorable cooperative advertising dollars I mentioned a moment ago.

Mattress Firm 調整後營業利益率約下降 230 個基點至 4.9%，其中包含來自 stub 期間的 150 個基點逆風。其餘降幅主要由毛利率下滑所致，部分被我剛才提到的有利合作廣告金額所抵銷。

Turning to Tempur Sealy North America. North America sales grew 5% on a like-for-like basis. With like-for-like net sales through the wholesale channel increasing approximately 8% in the first quarter, our sales with third-party retailers declined 4% after normalizing for four models.

接著看 Tempur Sealy 北美業務。北美銷售在同口徑（like-for-like）基礎上成長 5%。第一季同口徑下，批發通路淨銷售約成長 8%；在針對四個型號進行常態化調整後，我們與第三方零售商的銷售下滑 4%。

Like-for-like sales through the direct channel declined 12% in the first quarter, driven by reduced customer traffic at retail stores and e-commerce sites as we reduced our e-commerce advertising in the quarter. However, we have seen a marked improvement in recent trends.

第一季同口徑下，直營通路銷售下滑 12%，主因是我們在本季降低電商廣告投放，導致零售門市與電商網站的客流量減少。不過，我們已看到近期趨勢明顯改善。

North America adjusted gross margins increased a robust 1,300 basis points to 58.3%, including a 600-basis-point benefit from the stub period. The remaining increase was primarily driven by realized synergies and operational efficiencies with lower product launch costs as well.

北美調整後毛利率大幅提升 1,300 個基點至 58.3%，其中包含 stub 期間帶來的 600 個基點助益。其餘增幅主要來自已實現的協同效益與營運效率提升，並且產品上市成本也較低。

North America adjusted operating margin improved 710 basis points to 24.3% in the quarter, including a 230-basis-point benefit from the stub period. The remaining increase was primarily driven by the improved gross margin, partially offset by investments in cooperative advertising, as noted a moment ago.

本季北美調整後營業利益率提升 710 個基點至 24.3%，其中包含 stub 期間帶來的 230 個基點助益。其餘增幅主要由毛利率改善所帶動，部分被如先前所述對合作廣告的投資所抵銷。

Now turning to Tempur Sealy international results. International net sales grew a robust 16% on a reported basis and 7% on a constant currency basis. Our international gross margins increased 140 basis points to 50.4%, primarily driven by favorable mix and operational efficiencies.

現在轉到 Tempur Sealy 國際業務的表現。國際淨銷售以報告基礎強勁成長 16%，以固定匯率基礎成長 7%。我們的國際毛利率提升 140 個基點至 50.4%，主要由有利的產品組合與營運效率提升所帶動。

Our international operating margin increased 160 basis points to 18.4%, driven by the improvement in gross margin and fixed cost leverage. I'd like to spend a moment discussing commodity inflation and our related pricing actions.

我們的國際營業利益率提升 160 個基點至 18.4%，主要受毛利率改善與固定成本槓桿效益帶動。我想花點時間談談大宗商品通膨以及我們相關的定價措施。

It's historical industry practice to adjust pricing as input costs rise. Like others in the industry, we have recently announced modest pricing action designed to offset inflationary pressures tied to oil-derived inputs, including key chemicals as well as gasoline, diesel.

隨著投入成本上升而調整價格，是產業長期以來的慣例。與產業其他公司一樣，我們近期宣布了溫和的調價措施，旨在抵銷與石油衍生投入品相關的通膨壓力，包括關鍵化學品以及汽油、柴油等。

Importantly, the structure of our supplier contracts provide us with early visibility into inflationary cost pressures before they flow through our P&L. This visibility allows us to thoughtfully implement pricing actions to offset inflation while minimizing any material interim exposure. This is a structural competitive advantage.

重要的是，我們的供應商合約架構使我們能在通膨成本壓力反映到損益表（P&L）之前，及早掌握其走勢。這種可視性讓我們能審慎推動定價措施以抵銷通膨，同時將任何重大的過渡期曝險降到最低。這是一項結構性的競爭優勢。

We expect commodity inflation will not impact Tempur Sealy's full-year '26 earnings, but will modestly modify our normal seasonality as the timing of cost increases hit slightly before our pricing actions are fully implemented. This is by design to give our retailers time to adjust their merchandising and advertising plans.

我們預期大宗商品通膨不會影響 Tempur Sealy 2026 全年獲利，但會因成本上升的時間點略早於我們的調價措施完全落地，而對我們正常的季節性造成小幅改變。這是刻意安排，目的是讓零售商有時間調整其陳列與廣告計畫。

As a result, the second quarter will have an approximate $10 million headwind to Tempur Sealy profits. We expect that this will fully offset in the third and fourth quarter with our announced pricing action taking effect following the July 4 promotional period.

因此，第二季將對 Tempur Sealy 利潤造成約 1,000 萬美元的逆風。我們預期在第三與第四季，隨著已宣布的調價措施在 7 月 4 日促銷期後生效，該影響將被完全抵銷。

On a full-year basis, we expect the pricing action to be dollar neutral to Tempur Sealy earnings, effectively offsetting the inflationary impact. We anticipate this will result in a $50 million pricing lift to the back half of 2026 global Tempur Sealy sales on a like-for-like basis with an expected annualized lift of approximately $100 million.

以全年來看，我們預期此次調價對 Tempur Sealy 獲利在金額上為中性（dollar neutral），可有效抵銷通膨影響。我們預估這將在同口徑基礎上，為 2026 年下半年全球 Tempur Sealy 銷售帶來 5,000 萬美元的價格提升，年化提升約 1 億美元。

Now turning to sales and cost synergy targets. In the first quarter, we achieved $15 million net benefit in adjusted EBITDA from sales synergies and another $15 million benefit from cost synergies. In order to support the summer selling season and leveling out of manufacturing for seasonal fluctuations, Mattress Firm built their inventory of Tempur Sealy products in the quarter.

接著談銷售與成本協同目標。第一季，我們透過銷售協同在調整後 EBITDA 上實現 1,500 萬美元的淨效益，並透過成本協同再取得 1,500 萬美元效益。為支援夏季銷售旺季並使製造端因應季節波動而更為平準，Mattress Firm 在本季增加了 Tempur Sealy 產品庫存。

The planned inventory build is reflected in intercompany sales for the first quarter. However, we never realized any sales benefits to Somnigroup's EBITDA until Tempur Sealy products sold to Mattress Firm is sold through to the end consumer.

這項計畫性的庫存增加反映在第一季的關係人間（intercompany）銷售中。然而，直到售予 Mattress Firm 的 Tempur Sealy 產品實際銷售給終端消費者之前，我們不會在 Somnigroup 的 EBITDA 中認列任何銷售效益。

Now moving on to Somnigroup's balance sheet and cash flow items. At the end of the first quarter, consolidated debt less cash was $4.5 billion, and our leverage ratio under our credit facility was 3.1 times, demonstrating our strong cash generation and disciplined capital allocation approach.

接下來看 Somnigroup 的資產負債表與現金流項目。截至第一季末，合併負債扣除現金後為 45 億美元；依據我們的信貸融資安排計算的槓桿比率為 3.1 倍，展現我們強勁的現金創造能力與嚴謹的資本配置方式。

Turning to cash flow performance. In a muted market, we delivered record first quarter operating cash flow of $247 million and record first-quarter free cash flow of $186 million. We have reduced our net debt by nearly $500 million over the trailing 12 months of fully supporting growth initiatives and returning over $250 million to shareholders in dividends and buybacks. We expect to return to our target leverage ratio of 2 to 3 times over the next few months.

再看現金流表現。在市場偏弱的情況下，我們第一季創下營運現金流 2.47 億美元的歷史新高，並創下第一季自由現金流 1.86 億美元的歷史新高。在全力支持成長計畫的同時，過去 12 個月我們已將淨負債降低近 5 億美元，並透過股利與庫藏股回購向股東回饋超過 2.5 億美元。我們預期在未來幾個月內回到 2 到 3 倍的目標槓桿比率。

Now turning to 2026 guidance. As a reminder, our guidance considers the elimination of intercompany sales between Mattress Firm and Tempur Sealy, which we expect to represent approximately 23% of global Tempur Sealy 2026 sales. Intercompany eliminations in accordance with GAAP will reduce Tempur Sealy sales, but be margin accretive and neutral to dollars of operating profit.

現在轉到 2026 年展望。提醒一下，我們的指引已考量剔除 Mattress Firm 與 Tempur Sealy 之間的關係人間銷售；我們預期該部分約占 Tempur Sealy 2026 年全球銷售的 23%。依 GAAP 進行的關係人間沖銷將降低 Tempur Sealy 的銷售額，但會提升毛利率，且對營業利益金額為中性。

Please note that we acquired Mattress Firm in February 2025. As a result, our first quarter and full year '26 reported results will reflect the impact of a little over one additional month of Mattress Firm financial results.

請注意，我們於 2025 年 2 月收購 Mattress Firm。因此，我們 2026 年第一季與全年報告結果將反映多出略超過一個月的 Mattress Firm 財務結果影響。

We expect adjusted earnings per share to be between $3 and $3.40 for the full year. This guidance range contemplates a sales midpoint of approximately $7.8 billion after intercompany eliminations.

我們預期全年調整後每股盈餘介於 3.00 至 3.40 美元。此指引區間包含在關係人間沖銷後，銷售中位數約為 78 億美元的假設。

Our annual guidance also reflects our expectation that the global bedding industry will be flat to slightly down year over year. We announced pricing actions across our global markets, Tempur Sealy North America like-for-like sales growing mid-single-digits, International business growing mid-single-digits, and like-for-like metrics firm sales growing low-single-digits.

我們的年度指引亦反映我們預期全球寢具產業將年對年持平至小幅下滑。我們已在全球各市場宣布調價措施；Tempur Sealy 北美同口徑銷售成長中個位數百分比，國際業務成長中個位數百分比，而同口徑的 Mattress Firm 銷售成長低個位數百分比。

We also expect reported gross margins slightly above 45% and nearly 100 basis points of net margin expansion from operational efficiencies, including synergies and operating leverage, partially offset by the impact of Tempur Sealy pricing actions, which are intended to neutralize commodity inflation dollars, which will be margin dilutive.

我們也預期申報的毛利率將略高於45%，並且在營運效率（包括協同效應與營運槓桿）的帶動下，淨利率可擴張近100個基點；但部分將被 Tempur Sealy 的定價措施所抵銷。這些定價措施旨在抵消大宗商品通膨金額，但將對毛利率造成稀釋。

Our 2026 outlook also contemplates our assumption for Tempur Sealy brands and private label to be in the low 60% of Mattress Firm total sales. This represents about an incremental $40 million of EBITDA benefit for 2026 compared to '25 and approximately $700 million of advertising investments, all of which we expect to result in adjusted EBITDA of approximately $1.45 billion at the midpoint.

我們對2026年的展望亦納入以下假設：Tempur Sealy 品牌與自有品牌（private label）合計將占 Mattress Firm 總銷售額的60%出頭（low 60%）。相較於2025年，這在2026年約可帶來額外4,000萬美元的 EBITDA 貢獻，並包含約7億美元的廣告投資；我們預期上述因素將使調整後 EBITDA 在中位數約為14.5億美元。

Regarding capital expenditures, we expect 2026 CapEx of approximately $225 million, which includes $75 million of investments in Mattress Firm store refreshes and brand wall installation. We expect our CapEx to normalize to $200 million in the future years, and for at least 50% of our free cash flow in '26 to go toward quarterly dividends and share repurchases.

就資本支出而言，我們預期2026年 CapEx 約為2.25億美元，其中包含7,500萬美元用於 Mattress Firm 門市翻新與品牌牆（brand wall）安裝的投資。我們預期未來年度的 CapEx 將回歸至2億美元，且在2026年至少50%的自由現金流將用於季度股利與庫藏股回購。

Now, I would like to flag a few modeling items. For the full year 2026, we expect D&A of approximately $315 million, interest expense of approximately $230 million, a tax rate of 25%, with a diluted share count of 213 million shares.

接下來，我想提示幾個建模項目。就2026年全年而言，我們預期折舊與攤銷（D&A）約為3.15億美元，利息費用約為2.3億美元，稅率為25%，稀釋後股數為2.13億股。

Note that our guidance does not include any impact for the closing of the proposed combination of Leggett & Platt, as the timing is dependent upon regulatory review and approval by Leggett & Platt shareholders. We expect the transaction would be accretive to adjusted earnings per share within the first year of operations before any synergies.

請注意，我們的指引未包含擬議中的 Leggett & Platt 合併案完成交割所帶來的任何影響，因其時程取決於監管審查以及 Leggett & Platt 股東的核准。我們預期該交易在未計入任何協同效應之前，於營運的第一年即能對調整後每股盈餘（EPS）具增益（accretive）。

Finally, a bit of color on guidance. The midpoint of our guidance assumes that consumed confidence, which has been pressured by geopolitical conflict, will normalize as we progress through the year. If these pressures were to continue through the year-end, we would be tracking closer to the low end of our guidance.

最後，補充一些關於指引的說明。我們指引的中位數假設：受地緣政治衝突影響而承壓的消費者信心，將隨著年度推進而回歸正常。若這些壓力持續至年底，我們的表現將更接近指引區間的低端。

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

以上，我把電話交回給 Scott。

Thank you, Bhaskar. Well done. Before opening the call up for Q&A, I want to quickly address our recent announced agreement to combine Leggett & Platt.

謝謝你，Bhaskar。做得很好。在開放問答之前，我想快速談一下我們近期宣布與 Leggett & Platt 合併的協議。

As we announced last month, we signed a definitive agreement to combine with Leggett, an all-stop transaction valued at approximately $2.5 billion, including the assumption of debt. We expect this transaction closed by year end, subject to satisfactory customary closing conditions.

如同我們上個月所宣布的，我們已簽署與 Leggett 合併的最終協議，這是一筆全股票交易（all-stock transaction），交易價值約25億美元（包含承擔債務）。在滿足慣例交割條件的前提下，我們預期該交易將於年底前完成交割。

Following the close of the transaction, Leggett is expected to operate as a separate business unit within Somnigroup, similar to Tempur Sealy, Mattress Firm, and Dreams; and to maintain its offices, including its primary location in Cartage, Missouri. We're proud to have Leggett & Platt join us and believe the combination is beneficial to all stakeholders of both companies.

交易完成後，Leggett 預期將在 Somnigroup 內以獨立事業單位運作，類似於 Tempur Sealy、Mattress Firm 與 Dreams；並將保留其辦公室據點，包括位於密蘇里州 Cartage 的主要據點。我們很榮幸 Leggett & Platt 能加入我們，並相信此合併對兩家公司所有利害關係人皆有利。

We expect the combination to leverage the individual strengths of Somnigroup and Leggett & Platt to realize five strategic benefits. First, this combination continues our vertical integration strategy. It enables us to closer collaborate between component engineering, manufacturing design, and customer trends, supporting accelerated innovation cycle and more cost-effective consumer-centric product construction.

我們預期此合併將結合 Somnigroup 與 Leggett & Platt 各自的優勢，以實現五項策略效益。第一，此合併延續我們的垂直整合策略。它使我們能在零組件工程、製造設計與客戶趨勢之間更緊密協作，支持更快的創新週期，並以更具成本效益的方式打造以消費者為中心的產品結構。

Second, this combination provides access to incremental addressable markets beyond bedding, expanding Somnigroup's long-term growth opportunities and cash flow generation. Third, the combination is expected to lower Somnigroup's net financial leverage and increase its flexibility.

第二，此合併可讓我們進入寢具以外的新增可服務市場（addressable markets），擴大 Somnigroup 的長期成長機會與現金流創造能力。第三，此合併預期將降低 Somnigroup 的淨財務槓桿並提升其彈性。

Fourth, the combination is expected to be accretive to adjusted earnings per share before synergies and in the first year post closing, and significantly increased SGI's peak earnings in a normalized bedding market. And fifth, the combination presents cost synergy opportunities. In total, we expect synergies to result in at least $50 million of EBITDA on a fully implemented annual run rate basis.

第四，此合併預期在未計入協同效應之前、且於交割後第一年，即可對調整後每股盈餘具增益（accretive），並在寢具市場回歸常態時顯著提升 SGI 的峰值獲利。第五，此合併帶來成本協同的機會。整體而言，我們預期協同效應在全面落地後，以年度運行率（annual run rate）計算，至少可帶來5,000萬美元的 EBITDA。

With that, operator, we're done with our prepared remarks. Please open the call up for questions.

以上，接線員，我們的預先準備發言到此結束。請開放提問。

Susan Maklari, Goldman Sachs.

Susan Maklari，高盛。

I want to focus on demand, Scott, especially with the comments around pricing and consumer confidence. Can you talk about price elasticity across the business and how you're thinking of your ability to continue to drive industry relative outperformance despite all the headwinds that we are seeing on the consumer?

Scott，我想聚焦在需求面，特別是你提到定價與消費者信心的評論。你能談談整體業務的價格彈性，以及在我們看到消費者面臨各種逆風的情況下，你們如何看待持續推動相對於產業的超額表現的能力嗎？

Sure, and thank you for your question, Susan. I think when you look at elasticity, I guess the best thing to look at is really the closing rate. And if we look at closing rate, either whether it be in our own Tempur stores or you look at Mattress Firm, it continues to improve.

當然，謝謝你的提問，Susan。我認為談到彈性，最好的觀察指標其實是成交率（closing rate）。如果我們看成交率，不論是在我們自營的 Tempur 門市，或是看 Mattress Firm，成交率都持續改善。

So what that tells me is when customers show up at the store, they're looking for products. They then get full discovery of price, and we're the closing rates going up. So it doesn't appear the elasticity is very high. I think that's probably the best evidence in looking at that particular issue.

這告訴我的是：當顧客走進門市時，他們是在找產品的。接著他們會充分了解價格，而我們的成交率正在上升。因此看起來價格彈性並不高。我想這大概是針對這個議題最好的證據。

As far as outperforming the industry, as we've talked about numerous times over the years, we continue to improve our competitiveness in the marketplace. And where I look, whether it be in our recent price increase, which I think will be among the lowest by any of the manufacturers -- and that has to do with the way we handle the inflation, certainly a competitive advantage.

至於超越產業表現，如同我們多年來多次談到的，我們持續提升在市場上的競爭力。我所看到的，不論是我們近期的漲價幅度——我認為會是所有製造商中最低之一——這與我們處理通膨的方式有關，確實是一項競爭優勢。

When I look at our advertising share voice in the marketplace, this would be around the world, it continues to be top of class. What information I get informally on other manufacturers, they would appear to be not dealing with the current market conditions as well and maybe being a little challenged from a capital standpoint.

再看我們在市場上的廣告聲量占比（share of voice），這是全球範圍的表現，仍然是同級最佳。我從其他製造商非正式取得的資訊顯示，他們似乎沒有那麼妥善地應對目前的市場狀況，且在資本面可能也有些壓力。

So certainly, our cash flows and balance sheet are a competitive advantage. So I think we'll continue to outperform the industry, and I think the industry will fully normalize once you get through some of the geopolitical issues that we all know about.

因此，我們的現金流與資產負債表無疑是一項競爭優勢。所以我認為我們會持續跑贏產業，而當大家都知道的那些地緣政治議題過去之後，產業也將完全回歸常態。

Bobby Griffin, Raymond James.

Bobby Griffin，Raymond James。

Scott, I wanted to first -- I want to ask on the Stearns & Foster launch in 2H. We've been around the business a lot. We've seen a few different launches from Stearns, from starts and go in the product. But the structure of SGI is much different today with all the advantages you've highlighted. So can you maybe unpack how that launch is set up to play out and how this launch might be a little different and where that opportunity is for that product?

Scott，我想先——我想問一下下半年（2H）Stearns & Foster 的上市推出。我們在這個產業跑了很多。我們看過 Stearns 幾次不同的推出，有些產品推出後又收回。但 SGI 現在的架構已經和過去很不一樣，具備你所強調的各項優勢。所以你能否拆解一下這次推出的規劃會如何發展、這次推出可能有哪些不同，以及這個產品的機會在哪裡？

Sure. Great question, Bobby. First of all, we talked about Stearns, you have to realize that we have cannibalized some of Stearns as we moved Sealy Tempur-Pedic up from a price standpoint. So we self did that.

當然。好問題，Bobby。首先，我們談 Stearns 時，你必須理解，當我們把 Sealy Tempur-Pedic 在價格帶上往上移時，我們確實侵蝕（cannibalize）了部分 Stearns 的銷售。這是我們自己造成的。

And so this is the last piece of getting our pricing architecture right between all three brands, Tempur, Sealy, and Stearns. And so that opens up some more addressable market and we also move the price bracket up at Stearns & Foster.

因此，這是讓我們在三個品牌——Tempur、Sealy 與 Stearns——之間把定價架構調整到位的最後一塊拼圖。這也因此打開了更多可觸及的市場，同時我們也把 Stearns & Foster 的價格帶往上移。

Primarily, you might find interesting being pushed by our retailers who wanted a higher price, Stearns & Foster. So that is new. We also leaned into hybrids in that area, and hybrids have been good in the bedding market in the US, as I know you know. And quite frankly, the last Stearns & Foster hybrid, we didn't hit the mark perfectly. So that's a major upgrade.

主要是因為我們的零售商推動，他們希望 Stearns & Foster 的定價更高。所以這是新的變化。我們也在那個區間加大混合床墊（hybrid）的布局，而如你所知，混合床墊在美國寢具市場表現一直不錯。坦白說，上一款 Stearns & Foster 的混合床墊我們沒有完全做到位。所以這次是一次重大升級。

I think the other thing I would point to is with Mattress Firm, as part of the family, we have very strong support from Mattress Firm, from advertising, slot commitment, training, and probably a higher degree of support than we would have had without them having them in the family. I think those factors probably combined with national advertising gives us more momentum on this launch than we've probably had in any launch in Stearns & Foster's history.

我認為另一點要提的是，隨著 Mattress Firm 成為我們大家庭的一員，我們獲得了來自 Mattress Firm 非常強力的支持，包括廣告、陳列檔期承諾、訓練等，而且支持力度可能比在他們尚未加入之前更高。我認為這些因素再加上全國性廣告，讓我們這次上市的動能，可能比 Stearns & Foster 歷史上任何一次新品上市都更強。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

I wanted to just follow-up on some of the comments on pricing and the input cost inflation. First, can you just talk about the input cost inflation you've seen sort of year to date from Iran, the exposure on the chemical side, and then what you're expecting in the back half of the year? And then what -- like that pricing that you're talking about, the $100 million annualized, is that the way to think about the magnitude of the cost inflation you're facing, covering that on a dollar-for-dollar basis?

我想就你們對定價與投入成本通膨的一些評論再追問一下。首先，你們能否談談今年迄今你們看到的投入成本通膨情況，包含伊朗因素、在化學品端的曝險，以及你們對下半年預期如何？另外——你們提到的定價、年化 1 億美元，那是否可以用來理解你們所面臨成本通膨的量級，也就是以一美元對一美元的方式去覆蓋？

Sure. I'll let Bhaskar give you some of the details. But as you probably know, the industry has a history of passing on inflation costs through the system. Others actually have passed their costs through earlier than we did, and we were the last to pass through. And my perspective is that's passed through very effectively as it has historically.

當然。我先請 Bhaskar 提供一些細節。但如你可能知道，這個產業一向有把通膨成本透過體系轉嫁出去的歷史。其他同業其實比我們更早把成本轉嫁出去，而我們是最後一個轉嫁的。而我的看法是，這次轉嫁非常有效，就像過去一貫的情況一樣。

Bhaskar, do you want to give the details of that?

Bhaskar，你要不要補充一下細節？

So just from a pricing standpoint or inflation standpoint, what we've discussed in the past is the nature of our relationships and strategic partnerships that we have is that we do have some time to react and assess and evaluate before we put price in.

就定價或通膨的角度來看，我們過去討論過的是，基於我們的合作關係與策略夥伴關係的性質，我們在調價之前確實有一些時間可以反應、評估與判斷，再把價格調上去。

So from a commodity inflation standpoint, on an annualized basis, think about it as about $100 million. And on a -- as you think about the rest of the year, think about that as about $50 million, so $50 million of inflation.

以大宗商品通膨來看，按年化計算，大約是 1 億美元。而就今年剩餘期間來看，大約是 5,000 萬美元，也就是 5,000 萬美元的通膨。

So what we're doing to offset that is in the second quarter, we will have some transitory impact, call it $10 million or so million, that will be made up in the back half of the year. From a pricing standpoint is that we've neutralized that impact, as you pointed out, is that the annualized impact of our price increase is $100 million, which for dollar for dollar, will offset the inflation that we are anticipating.

我們用來抵銷的方式是：在第二季會有一些短期性的影響，大約 1,000 萬美元左右，而這會在下半年補回來。從定價角度來看，我們已經把這個影響中和掉了；如你指出的，我們這次漲價的年化影響是 1 億美元，基本上可以一美元對一美元地抵銷我們預期的通膨。

However, all that said is that we do have a bit of transitory items in the second quarter. Where that is coming from, as you could imagine, given what's happening from a geopolitical standpoint, the vast majority is coming from oil-derived items. So whether it be the chemicals, diesel, purchased foam, et cetera, that's the vast majority of where we're seeing the inflation.

不過，即便如此，第二季仍會有一些短期性項目。如你可以想像，考量地緣政治情勢的發展，其中絕大多數來自石油衍生項目。因此不論是化學品、柴油、外購泡棉等，這些是我們看到通膨的主要來源。

So I think the other thing I'd point out when you talk about the inflation is when you look at the price increase that we took, it's probably overall about a 4% increase. And a 4% increase in this business is not disruptive to customers. Because quite frankly, customers don't shop for the product, but once every eight years. So it's not nearly as sensitive with something like gas prices.

我想談到通膨時，另一點要指出的是：我們這次的漲價整體大約是 4%。在這個產業，4% 的漲幅對客戶而言並不具破壞性。因為坦白說，客戶不會頻繁購買這類產品，大概每八年才買一次。所以它不像汽油價格那樣敏感。

I guess where I would close with that, as I mentioned, in the second quarter, we do have a bit of exposure. So what we're really pleased about is our EPS growth that we saw in the first quarter, call that about 20%. And in a market that was a little bit different than what we would anticipated, as we call the industry expectations down a little bit, the quarter has started off well.

我最後想總結的是，如我提到的，第二季我們確實有一些曝險。因此我們很高興第一季看到的 EPS 成長，我們估算大約是 20%。而在一個與我們原先預期略有不同的市場中——我們把產業預期稍微下修——本季開局表現不錯。

There is some transitory items related to the commodities that I spoke to. So as you think about the second quarter from an EPS growth standpoint, it is in a very challenged market is that we would still expect EPS growth of somewhere between 5% to 10%.

我剛才提到有一些與大宗商品相關的短期性項目。因此，從第二季 EPS 成長的角度來看，即便市場非常具挑戰性，我們仍預期 EPS 成長約在 5% 到 10% 之間。

And you're going to pick up the headwinds you've got on commodities in the second quarter. You're going to pick that up in the third and fourth quarter of this year.So the annual number doesn't change due to commodities, right?

而你們在第二季會承受大宗商品帶來的逆風。你們會在今年第三季與第四季把它補回來。所以按全年來看，因為大宗商品的關係，全年數字不會改變，對嗎？

That's right.

沒錯。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

Good morning, everyone, and nice job navigating a very fluid environment. Maybe just on the full-year revenue outlook, I was just wondering if you could just give us the puts and takes and how you adjusted the numbers slightly from a couple of months ago.

各位早安，你們在非常多變的環境中應對得很好。想請教一下全年營收展望：你們能否說明一下主要的正負因素，以及相較於幾個月前你們是如何小幅調整數字的？

It seems like you did come down maybe by $100 million, lower industry backdrop. But I'm guessing you're seeing better share gains and maybe you had factored in and then the price increase if that flows through in the revenue for the back half as well?

看起來你們可能下修了大約 1 億美元，反映較弱的產業背景。但我猜你們看到更好的市占提升，可能也比你們原先納入的更好；另外下半年漲價若反映到營收上，也會有幫助？

Great question, Peter. You've got it. It's relatively straightforward. Industry expectations, call it, where we were before, is flat to slightly up. Where we're at at the midpoint is, call it, flat to slightly down. So that's a drag or a headwind versus where we were.

好問題，Peter。你說得沒錯。其實相對直接。產業預期方面，我們先前的看法大致是持平到小幅成長。而我們目前在中位數的看法是，大致持平到小幅下滑。因此相較於先前，這是一個拖累或逆風。

You also have it correct is that the price increases that we put in place for the back half of the year, that is an uplift. That's inclusive of the share gains. So net net, we're a bit off the midpoint -- call it [7.9]; previously at the midpoint, [7.8]. So just a few moving pieces.

你也說對了：我們為下半年所採取的漲價措施，會帶來上行助益。這裡面也已包含市占提升的因素。所以綜合來看，我們在中位數上略有變動——大約是 [7.9]；先前的中位數是[7.8]。所以只是幾個小變動因素。

Daniel Silverstein, UBS.

Daniel Silverstein，瑞銀（UBS）。

Could we please double-click on Mattress Firm's performance year to date? How has store traffic and ticket evolved over the last few months? And then on margins, what are some of the promotional investments you are making? And how are you balancing the flow-through of margins against driving additional share gains?

我們能否更深入看看 Mattress Firm 今年迄今的表現？過去幾個月的來店人流與客單價（ticket）如何演變？另外在毛利率方面，你們正在進行哪些促銷投資？你們如何在毛利率的傳導（flow-through）與推動更多市占提升之間取得平衡？

Sure. Let's see. Going to Mattress Firm, same-store sales for the quarter were flat. I guess, I'd need to be from that standpoint. post closing of the quarter, same-store sales have been slightly up in April.

好的。我們來看一下。就 Mattress Firm 而言，本季同店銷售持平。我想，從那個角度來看需要這樣解讀。季度結束後，同店銷售在 4 月略有上升。

You asked about promotional. I think with a relative performance, I think that's outperforming our perception of the industry for sure. Promotional then obviously advertising, although advertising is slightly down and then finance for customers.

你問到促銷。我認為就相對表現而言，這確實優於我們對整體產業的觀察。促銷之外，當然還有廣告，雖然廣告略有下滑，另外還有提供給客戶的融資方案。

You asked about what's driving sales. Clearly, ASP has been a big winner. And I don't think that's just for Mattress Firm. I think that I would say, from what we see in our mix of product sales, ASP has been very strong for the industry as higher-end customers. It's clearly shown up.

你問到是什麼在帶動銷售。很明顯，ASP（平均售價）一直是最大的贏家。而且我不認為這只發生在 Mattress Firm。我想我會說，從我們看到的產品銷售組合來看，隨著較高端客群的需求，ASP 對整個產業都非常強勁。這點非常明顯。

Traffic's down. Traffic's down, I'm going to say, single-digits. And I think that's consistent with our perception of the industry.

客流量在下降。客流量在下降，我會說是個位數百分比的下滑。而且我認為這與我們對產業的觀察一致。

I mean, what I would say, if I were to pan back a little bit, is we feel thrilled about our performance. And all the geos that we operate in, we continue to take market share gain versus a competitive set through execution, advertising great product, just focusing on the US or North America a bit is that.

我的意思是，如果我把視角稍微拉遠一點，我們對自己的表現感到非常振奮。在我們營運的所有地理區域，我們持續透過執行力、廣告、優質產品等，對競爭對手持續取得市占提升；如果只聚焦在美國或北美，大致就是這樣。

All in, our Tempur Sealy business captured a fair amount of fare. The other performed well in a challenged environment as well. So we feel good about our relative performance in, let's call it, an interesting environment.

整體而言，我們的 Tempur Sealy 業務拿下了相當可觀的份額。其他業務在充滿挑戰的環境下也表現不錯。所以我們對自身的相對表現感到滿意，在一個可以說相當「有意思」的環境中。

Yeah, I think the other thing we should call out, I just can't see that clearly, is that Canada and Mexico had a tough quarter. And I don't think that was company specific. I think that was market, and they were specifically weaker than the US. Non-consolidated basis, certainly a strong performance.

是的，我想另外一點也應該點出來，我現在看得不是很清楚的是，加拿大和墨西哥本季表現較為艱難。而且我不認為那是公司特定因素。我認為那是市場因素，而且它們確實比美國更弱。以非合併基礎來看，表現仍然相當強勁。

Jonathan Matuszewski, Jefferies.

Jonathan Matuszewski，Jefferies。

A recent theme that's emerged following the Analyst Day was the evolution of upper funnel versus bottom funnel marketing for the industry. Curious what you're seeing -- what you saw materialize in 1Q, maybe relative to the back of '25. And are you seeing retailers outside of Mattress Firm continuing to prioritize bottom funnel in terms of conversion, or do you see progress in messaging in terms of overall replacement and the like?

在分析師日之後，近期產業出現的一個主題是：上層漏斗（upper funnel）與下層漏斗（bottom funnel）行銷的演進。想請教你們看到的情況——你們在 1Q 看到的落地情形，可能相對於 2025 年下半年。另外，你們是否看到 Mattress Firm 以外的零售商仍持續優先投入下層漏斗、以轉換為主，或是你們也看到在整體汰換需求等訊息傳達上有所進展？

If you look at Mattress Firm, we continue to move up the funnel some, carefully monitoring that activity; but clearly leaning a little bit higher up in the funnel. Some of the other large advertisers, I think, are similarly rebalancing.

如果看 Mattress Firm，我們持續把行銷往漏斗上層移動一些，同時也會謹慎監控這些活動；但確實是稍微更偏向漏斗上層。我認為其他一些大型廣告主也在做類似的再平衡。

And then I'd just tell you, look, it was a tough quarter for the retailers. And so in that period, quite a bit of advertising got pulled down in the industry, making our share voice even stronger and our message even stronger. So I'd say we've made some slight progress; but at the same time, pretty tough market for the advertisers to advertise.

另外我想說的是，坦白講，這對零售商來說是個艱難的季度。因此在那段期間，產業內有相當多的廣告投放被縮減，反而讓我們的聲量占比更強、訊息也更強。所以我會說我們有一些小幅進展；但同時，市場對廣告主來說確實相當艱難。

Brad Thomas. KeyBanc Capital Markets.

Brad Thomas。KeyBanc Capital Markets。

I wanted to ask Scott about the performance at the Non-mattress Firm third-party channels that you sell into in North America. I believe you said that that was down 4% in the quarter. So it looks like maybe in lines is slightly better than how the market performed. But can you just give us a sense of what you're hearing from those partners and any specific strategies or goals as you think about partner growth, door growth, slot growth, et cetera?

我想請 Scott 談談你們在北美銷售給非 Mattress Firm 的第三方通路的表現。我記得你提到該通路本季下滑 4%。所以看起來可能略優於市場表現。但你能否分享一下你們從這些合作夥伴那邊聽到的回饋，以及在你們思考夥伴成長、門店數成長、陳列位（slot）成長等方面，有沒有任何具體策略或目標？

Sure. We call the other other. And to be clear, that would be US retailers, Non-mattress Firm. It doesn't include Canada and Mexico. That number was up 4% -- down 4%. And so I think you said it right with the market, that it was probably down 5% plus a little. It's probably a slight outperformance in the other other category.

當然。我們把那部分稱為「other other」。說清楚一點，那指的是美國的零售商、非 Mattress Firm。不包含加拿大和墨西哥。那個數字是下滑 4%——下降 4%。所以我想你對市場的描述是對的，市場可能下滑 5% 再多一點。因此在「other other」類別上，我們可能是小幅跑贏。

I think those retailers are focused, and what they've always been focused on, the success of their business which is giving them popular product, help drive customers into their showroom, deliver on time, and all those things. I think they're excited to see Stearns & Foster come. I think they know there's some upside there and Sealy's Ostripedic line continues to do very well.

我認為那些零售商關注的重點，以及他們一直以來關注的重點，是他們自身業務的成功：也就是提供受歡迎的產品、協助把客戶帶進展間、準時交付，以及所有這些事情。我想他們也很期待 Stearns & Foster 的導入。我想他們知道那裡有一些上行空間，而 Sealy 的 Ostripedic 產品線也持續表現非常好。

Constant frustration with the other retailers just on traffic. And I think that's universal, and they certainly appreciate the strength of our advertising.

其他零售商持續的挫折點就是客流量。我認為這是普遍現象，而他們也確實很感謝我們廣告的強度。

As far as additional slots, we will get some incremental slots in the new Stearns launch, but they aren't going to be material to the total revenues of North America But those would be -- we'll get some incremental slots there. Haven't seen any deterioration in our positions in any of the other retailers.

至於額外的陳列位，我們會在新的 Stearns 上市中取得一些增量陳列位，但對北美總營收不會有重大影響。不過那部分——我們會在那裡拿到一些增量陳列位。在其他零售商那邊，我們的既有位置沒有看到任何惡化。

And I think on the go-forward, it's really about velocity. And that goes to having a great sales force, quality and quantity of our advertising, and quite frankly, what our competitors do and how they perform.

而我認為往後看，重點其實在於銷售速度（velocity）。這取決於我們是否有很強的銷售團隊、我們廣告的品質與量，坦白說，也取決於競爭對手做了什麼以及他們的表現如何。

Keith Hughes, Truist.

Keith Hughes，Truist。

I just wanted to turn back to the margins, particularly gross margins on Mattress Firm. I know there was some adjustments we made on the comparison differences, but could you talk a little bit more about what caused the compression in gross margin year over year?

我想回到毛利率，特別是 Mattress Firm 的毛利率。我知道在可比差異上我們做了一些調整，但你能否再多談一點，究竟是什麼導致毛利率年對年被壓縮？

Absolutely. So when you look at gross margin is that one has to think about the entire P&L. So let me bifurcate out what that means. So call it a few hundred basis points of the decline year over year. The vast majority of that is a result of the Mattress Firm entity increasing its share of the Tempur Sealy family.

當然可以。所以當你看毛利率時，必須把整份損益表（P&L）一起考量。我先把它拆開說明這代表什麼。年對年下滑大概是幾百個基點。其中絕大部分是因為 Mattress Firm 這個實體提高了其在 Tempur Sealy 產品家族中的占比。

The way that relationship works is that there are some volume rebates which impact gross margin. However, there are credits associated with cooperative advertising that you don't see in gross margin. It is -- you see it in the operating expense line as a reduction.

這種合作關係的運作方式是：有一些與銷量相關的回饋（volume rebates）會影響毛利率。不過，也有與聯合廣告（cooperative advertising）相關的抵減（credits），你在毛利率裡看不到。它——你會在營業費用那一行看到，作為費用的減少。

When you put both of those items together, what you'll see is a diminim -- call it 80 bps of a decline year over year. And that's principally related to just leverage going through that entity.

把這兩項合在一起，你會看到年對年大約是小幅——大概 80 個基點的下滑。而這主要只是與該實體的規模槓桿（leverage）有關。

Yes, and I'd give you a watch out on some of that. We run -- when you think about the business in total, if Mattress Firm were an independent company, okay, they would have come to the Tempur Sealy side of the house and probably negotiated some volume incentives and their P&L may look different.

是的，我也要提醒你注意其中一些點。我們在營運——當你從整體業務來看，如果 Mattress Firm 是一家獨立公司，好嗎，他們可能會到 Tempur Sealy 這邊來談，並且可能協商一些量的激勵，而他們的損益表可能會呈現不同的樣貌。

We don't spend a lot of time in the group slotting as to where synergies go or renegotiating incentive bonuses or anything in Mattress Firm. So there's no question,. Some of quite a bit of the benefit of Mattress Firm is showing up in the Tempur Sealy silo as you look through as opposed to Mattress Firms.

我們不會花很多時間在集團內部去分攤協同效益該歸到哪裡，或是在 Mattress Firm 重新談判激勵獎金之類的事情。所以毫無疑問，Mattress Firm 的相當一部分效益，當你往下看時，是呈現在 Tempur Sealy 的單一事業體（silo）裡，而不是呈現在 Mattress Firm 那邊。

So I wouldn't disaggregate the business and think about it separately because we don't run it that way. We run it as part of the family. Yes, I'm sure the Mattress Firm people of independent would have come over and pushed us hard on their supply contract. And we're not changing supply contracts or benefiting Mattress Firm for some of that performance.

所以我不會把這個業務拆開、分開來思考，因為我們不是那樣運作的。我們把它當作大家庭的一部分來運作。是的，我確信如果 Mattress Firm 的人仍是獨立運作，他們會過來在供應合約上對我們施加很大壓力。而我們並沒有在更改供應合約，或是因為某些表現而讓 Mattress Firm 受益。

Jeff Lick, Stephens.

Jeff Lick，Stephens。

Scott, at the Analyst Day, you and the team were very deliberate about talking about prior to Somni's ownership of Mattress Firm, how Mattress Firm sometimes got a little aggressive with discounted pricing and playing vendors off one another. And in your -- in the prepared remarks, you guys, you talk about pricing architecture.

Scott，在分析師日上，你和團隊非常刻意地談到，在 Somni 擁有 Mattress Firm 之前，Mattress Firm 有時會在折扣定價上變得有點激進，並讓供應商彼此競爭。而在你們——在事先準備的發言中，你們談到了定價架構（pricing architecture）。

Now that you guys are up to the 62% share, you're going to be running through that in the back half. I'm curious if you could just talk about how that dynamic will work and manifest itself into results now that there seems to be -- you guys are playing the role of the price governor and not being deteriorating price or just hurting prices?

現在你們的市占已經到 62%，而且下半年會持續推進。我想請你談談，既然現在看起來——你們扮演的是價格治理者（price governor）的角色，而不是讓價格惡化或只是傷害價格——這種動態會如何運作，並如何反映在結果上？

Yeah. Clearly -- and you're mainly talking about UPP and the pricing framework in the marketplace and making sure that all retailers honor the UPP structure. And certainly, Mattress Firm is honoring the UPP structure.

是的。很明顯——你主要是在談 UPP 以及市場上的定價框架，並確保所有零售商都遵守 UPP 架構。當然，Mattress Firm 也有遵守 UPP 架構。

And quite frankly, when they do, it's beneficial to them as they found out not just since we bought them, but over time. And we continue to work with other retailers if they don't follow that process. So look, I think that's healthy for max return. I think it's healthy for the industry. And I think it's been a net positive, and they've done a great job on pricing discipline.

坦白說，當他們這麼做時，對他們是有利的；他們也發現這點不只是自從我們收購他們之後，而是長期以來都是如此。如果其他零售商沒有遵循這個流程，我們也會持續與他們合作處理。所以你看，我認為這對於最大化回報是健康的。我認為這對產業也是健康的。我認為整體而言是淨正面效益，而且他們在價格紀律方面做得非常好。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

I wanted to circle back on the chemical shortage. We've been getting a lot of questions on it. So there's only a $10 million impact for Q2, which I think is a positive. But could you address two things?

我想回到化學品短缺的問題。我們收到很多相關提問。所以第二季的影響只有 1,000 萬美元，我認為這是正面的。但你能否回應兩件事？

Number one, how much inventory of chemicals in terms of months of supply are you keeping on hand now? And then secondarily, with this polyol shortage, could that play out into the back half of the year, perhaps with some shipment delays or product outages?

第一，就化學品庫存而言，你們現在手上大約維持幾個月的供應量？第二，這次多元醇（polyol）短缺是否可能延續到下半年，例如造成一些出貨延遲或產品缺貨？

I know in the past, you've leaned more towards high-end product, like back in 2021. If you could just address the puts and takes around this polyol shortage, I'd appreciate it.

我知道過去你們比較偏向高端產品，例如 2021 年那時候。如果你能談談這次多元醇短缺的利弊權衡（puts and takes），我會很感謝。

Yeah, I'm going to take a crack at it. I think when it first showed its ugly head, there was a worst-case scenario that was worked through and mitigated. And the word shortage was probably an appropriate possibility.

好的，我來試著回答。我認為當它一開始露出醜陋的苗頭時，我們曾推演並緩解一個最壞情境。而「短缺」這個詞當時可能確實是一種合理的可能性。

I think with what we know today, I don't think the industry is going to have shortages as far as outages from a supply standpoint. There is pricing impact, and that's been rolled through the industry. But I'm not nearly as concerned about shortages, and I'm not hearing comments about shortages. And that's an industry comment.

以我們今天所掌握的資訊來看，我不認為產業會在供應面出現那種會導致斷貨的短缺。確實有價格影響，而且這已經在產業中逐步反映出來。但我對短缺的擔憂小很多，也沒有聽到大家在談短缺。而這是就整個產業而言的評論。

When you then go to Tempur Sealy specifically, obviously, we have an advantage situation because of our volumes. And then obviously, we have a large amount of safety stock. A safety stock is in place for one -- these kind of events, which you've referenced, but also possible hurricane issues and stuff.

再看 Tempur Sealy 本身，很明顯我們因為量體而處於有利位置。而且我們也有大量的安全庫存。安全庫存的設置，一方面是為了——你提到的這類事件，另一方面也包括可能的颶風等問題。

What do you want to say, three, four months? It varies a little bit. But for talking terms, think three or four months. Also, you can bend in your volumes to products that don't use as much foam at times.

你要我說三、四個月嗎？會有些差異。但就概略來說，可以想成三到四個月。另外，你也可以在某些時候把產量調整到那些不需要用那麼多泡棉的產品上。

But I think from where it was --what would that happen? About a month and a half ago. A couple of months ago, that situation continues to get better and better. And my. outlook on that right now is that it's a pricing event, and the pricing event is generally run through the industry.

但我認為相較於當時——那是什麼時候？大概一個半月前吧。幾個月前，那個情況一直在變得越來越好。而我目前的看法是，這是一個價格事件，而這個價格事件通常會在整個產業中傳導。

There are no further questions at this time. I will now turn the call back to Scott Thompson, CEO, for closing remarks.

目前沒有其他問題。我現在把電話交回給執行長 Scott Thompson 做結語。

Thank you, operator. To 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.

謝謝你，接線員。對全球超過 20,000 位同仁，感謝你們每天所做的一切，讓公司能夠成功。對我們的零售合作夥伴，感謝你們對我們品牌的卓越呈現。

To our shareholders and lenders, thank you for your confidence in the company's leadership and its Board of Directors. This ends our call today, operator. Thank you.

對我們的股東與放款機構，感謝你們對公司管理團隊及董事會的信心。接線員，我們今天的電話會議到此結束。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。