Tempur Sealy International Inc (TPX) 2015 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tempur Sealy second-quarter 2015 earnings conference call.

女士們、先生們，美好的一天，歡迎參加泰普爾絲漣 2015 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference may be recorded.

提醒一下，本次會議可能會被錄音。

Now I would like to welcome our host for today's conference, Mr. Mark Rupe.

現在我要歡迎今天會議的東道主馬克·魯佩先生。

Please go ahead.

請繼續。

Thanks, Carmen.

謝謝，卡門。

Good evening, and thank you for participating in today's call.

晚上好，感謝您參加今天的電話會議。

Joining me in our Lexington headquarters are Tim Yaggi, Interim President and CEO; Dale Williams, EVP and CFO; and Barry Hytinen, EVP of Finance and Corporate Development.

與我一起來到列剋星敦總部的是臨時總裁兼執行長 Tim Yaggi； Dale Williams，執行副總裁兼財務長；以及財務和企業發展執行副總裁 Barry Hytinen。

After our prepared remarks, we will open the call for Q&A.

在我們準備好發言後，我們將開始問答環節。

Forward-looking statements that we make during this call are made pursuant to the Safe Harbor provisions of the Private Securities and Litigation Reform Act of 1995.

我們在本次電話會議中所做的前瞻性聲明是根據 1995 年《私人證券和訴訟改革法案》的安全港條款做出的。

Investors are cautioned that forward-looking statements, including the Company's expectations regarding sales earnings or adjusted net income, or the integration with Sealy, involve uncertainties.

請投資者註意，前瞻性陳述（包括公司對銷售收入或調整後淨利潤或與 Sealy 的整合的預期）涉及不確定性。

Actual results may differ due to a variety of factors that could adversely affect the Company's business.

由於多種因素可能對公司業務產生不利影響，實際結果可能會有所不同。

Factors that could cause actual results to differ materially from those identified include economic, regulatory, competitive, operating and other factors discussed in the press release issued today.

可能導致實際結果與已確定結果有重大差異的因素包括經濟、監管、競爭、營運以及今天發布的新聞稿中討論的其他因素。

These factors are also discussed in the Company's SEC filings, including but not limited to annual reports on Form 10-K and the Company's quarterly reports on Form 10-Q under the heading Special Note Regarding Forward-Looking Statements And/Or Risk Factors, as well as the Company's press releases.

這些因素也在公司向SEC 提交的文件中進行了討論，包括但不限於表格10-K 中的年度報告和公司表格10-Q 中的季度報告，標題為「關於前瞻性陳述和/或風險因素的特別說明”，如下：以及公司的新聞稿。

Any forward-looking statements speaks only of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements.

任何前瞻性陳述僅涉及其作出日期，本公司不承擔更新任何前瞻性陳述的義務。

The press release, which contains reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures, information regarding the methodology used for constant currency presentation, is posted on the Company's website at TempurSealy.com, and filed with the SEC.

新聞稿包含非 GAAP 財務指標與其最直接可比較的 GAAP 指標的調整表以及有關恆定貨幣列報方法的信息，發佈在公司網站 TempurSealy.com 上，並向 SEC 備案。

In connection with this conference call, the Company has prepared an investor presentation, which has also been filed with the SEC.

關於本次電話會議，本公司準備了一份投資者演示文稿，該演示文稿也已提交給美國證券交易委員會 (SEC)。

It is also available on the Investor Relation section of the Company's website.

您也可以在公司網站的投資者關係部分找到這些資訊。

Management's comments today will supplement the detailed information provided in both the press release and the investor presentation.

管理層今天的評論將補充新聞稿和投資者介紹中提供的詳細資訊。

With that introduction, I will turn the call over to Tim Yaggi.

介紹完畢後，我會將電話轉給 Tim Yaggi。

Thanks, Mark, and good evening, everyone.

謝謝，馬克，大家晚上好。

Tonight we will review our second-quarter results, give you an update on the progress we are making on our key strategic initiatives, and view our updated full-year 2015 financial outlook.

今晚，我們將回顧第二季業績，向您介紹我們在關鍵策略舉措方面取得的最新進展，並查看我們最新的 2015 年全年財務展望。

We had a solid second-quarter, with sales and earnings coming in ahead of plan.

我們的第二季表現強勁，銷售和獲利都超出了計劃。

Net sales were up approximately 7%, adjusted EBITDA was up 16%, and adjusted EPS was up 36%.

淨銷售額成長約 7%，調整後 EBITDA 成長 16%，調整後每股盈餘成長 36%。

And in constant currency, sales were up 11%, adjusted EBITDA was up 21%, and adjusted EPS up 46%.

以固定匯率計算，銷售額成長 11%，調整後 EBITDA 成長 21%，調整後每股盈餘成長 46%。

Margins showed significant improvement.

利潤率顯著改善。

Adjusted operating margin increased 140 basis points, and our adjusted contribution margin was 29%.

調整後的營業利益率增加了 140 個基點，調整後的貢獻利潤率為 29%。

Our North America adjusted contribution margin was 36%, offset by international, which was driven by higher sales of Sealy products.

我們的北美調整後貢獻率為 36%，被國際市場所抵消，這是由絲澇產品銷售增加所推動的。

In terms of our outlook, our key strategic focus areas are to strengthen our industry-leading brand, product innovation, channel management and cost productivity.

就我們的前景而言，我們的關鍵策略重點領域是加強業界領先的品牌、產品創新、通路管理和成本效率。

Our ultimate goal is to consistently increase our earnings quarter after quarter as we make progress against these initiatives.

我們的最終目標是隨著我們在這些措施上取得進展，逐季持續增加我們的收益。

And we are building our brand.

我們正在打造我們的品牌。

In the second quarter, we spent more in advertising, we had a compelling message, and we achieved better media buying efficiency.

第二季度，我們在廣告上投入了更多，我們傳達了令人信服的訊息，並且實現了更好的媒體購買效率。

The benefits were clear: site traffic and searches for retail locations to buy our products increased significantly, and led to strong sales growth in Tempur-Pedic share gains.

好處是顯而易見的：網站流量和購買我們產品的零售地點的搜尋量顯著增加，並導致 Tempur-Pedic 份額收益的強勁銷售增長。

We're also pleased with the level, quality and participation in our joint advertising initiatives, as we work with our customers to improve effectiveness.

我們也對聯合廣告計劃的水平、品質和參與感到滿意，因為我們與客戶合作提高效率。

Our product innovation continues to deliver success.

我們的產品創新不斷取得成功。

We identified an opportunity to broaden the reach of our Tempur-Pedic brand with a third field.

我們發現了透過第三個領域擴大 Tempur-Pedic 品牌影響力的機會。

Most consumers sleep on an innerspring mattress.

大多數消費者睡在內置彈簧床墊上。

The new TEMPUR-Flex products combine the more familiar feel of an innerspring product with the benefits of Tempur material.

新的 TEMPUR-Flex 產品將更熟悉的內置彈簧產品的觸感與 Tempur 材料的優點相結合。

We had good launch execution, and Flex is off to a very strong start, with favorable reaction from customers and consumers.

我們的產品發表執行力出色，Flex 也取得了良好的開端，並得到了客戶和消費者的好評。

We believe this provides us with a multi-year opportunity to grow our business.

我們相信這為我們提供了多年發展業務的機會。

And our 2015 Posturepedic product launch, we re-committed to what Sealy Posturepedic is known for -- back support, adding new support features that consumers have responded to.

在 2015 年 Posturepedic 產品發布中，我們再次致力於 Sealy Posturepedic 眾所周知的背部支持，增加了消費者回應的新支援功能。

The new Posturepedic is off to a good start, with sales benefiting from more favorable mix of high-end models like hybrids, which should benefit Posturepedic pricing for the balance of the year.

新的Posturepedic開局良好，銷售受益於混合動力車等更有利的高端車型組合，這應該有利於Posturepedic今年剩餘時間的定價。

Internationally, the rollout of Sealy and Stearns & Foster is progressing.

在國際上，Sealy 和 Stearns & Foster 的推廣工作正在取得進展。

These products are differentiated from the offerings in Europe, and are starting to gain traction.

這些產品與歐洲的產品有所不同，並且開始受到關注。

We are confident in the appeal of these products, and believe it represents another multi-year opportunity for sales and earnings growth.

我們對這些產品的吸引力充滿信心，並相信這代表著另一個銷售多年和獲利成長的機會。

For the Tempur brand, we are ramping up our product development pipeline for 2016, with the goal to have a positive impact internationally by leveraging the North America strategies.

對於 Tempur 品牌，我們正在擴大 2016 年的產品開發管道，目標是透過利用北美策略在國際上產生正面影響。

Given the investment we're making in our brands and products, we believe we have a multi-year opportunity to further optimize pricing and trade spending.

鑑於我們對品牌和產品的投資，我們相信我們有一個多年的機會來進一步優化定價和貿易支出。

Our pricing actions in the first half of 2015 on select Tempur-Pedic mattresses have been successful.

2015 年上半年，我們對部分 Tempur-Pedic 床墊的定價行動取得了成功。

And we will continue to seek additional opportunities where appropriate.

我們將繼續在適當的情況下尋求更多機會。

We are also focused on improving the effectiveness of our trade spend.

我們也致力於提高貿易支出的有效性。

And lastly, we have an enhanced focus on cost, which is a top priority for the Company.

最後，我們更專注於成本，這是公司的首要任務。

We have a number of cost initiatives in place, and were making good progress.

我們實施了多項成本舉措，並取得了良好進展。

One of these is to improve productivity in our Sealy assembly facilities.

其中之一是提高我們的絲漣組裝工廠的生產力。

You may recall that in the third quarter of last year we had significant volume in share gains, which created operational challenges.

您可能還記得，去年第三季我們的股票收益大幅成長，這給營運帶來了挑戰。

One of the solutions was to begin building inventory of high-selling SKUs ahead of major holidays.

解決方案之一是在重大節日之前開始建立高銷量 SKU 的庫存。

I'm pleased to report that this process helped us to reduce overtime and shipping costs, and improved customer fill rates around the Fourth of July holiday.

我很高興地向大家報告，這項流程幫助我們減少了加班費和運輸成本，並提高了 7 月 4 日假期前後的客戶填充率。

We expect further improvements as we increase this capability in the future.

隨著我們未來增強此功能，我們預計會得到進一步的改進。

In addition, we are defining and then embedding best practices across our manufacturing footprint.

此外，我們正在定義最佳實踐，然後將其嵌入到我們的製造足跡中。

This should enable our lower performing plants to approach the productivity of our high-performing plants.

這將使我們的低績效工廠能夠達到我們高績效工廠的生產力。

We recently opened our second multipurpose facility in Hagerstown, Maryland.

我們最近在馬裡蘭州黑格斯敦開設了第二個多功能設施。

This follows the successful opening of a new facility in Indianapolis earlier this year.

此前，今年稍早在印第安納波利斯成功開設了一家新工廠。

Both of these new facilities have improved layouts and equipment for mattress building, and function as mega-centers that merge Sealy and Tempur-Pedic shipments to improve logistics efficiency.

這兩個新設施都改進了床墊製造的佈局和設備，並作為合併 Sealy 和 Tempur-Pedic 貨運的大型中心，以提高物流效率。

I'm also excited about our initiatives to reduce costs through optimized product design, as well as reduced SKU complexity.

我也對我們透過優化產品設計來降低成本以及降低 SKU 複雜性的措施感到興奮。

As we've communicated previously, many of these initiatives will take some time, but we are very confident that we will significantly improve Sealy's US margins.

正如我們之前所傳達的，其中許多舉措需要一些時間，但我們非常有信心我們將顯著提高 Sealy 在美國的利潤率。

So in summary, we are pleased with our second-quarter results and our improved outlook for 2015.

總而言之，我們對第二季的業績以及 2015 年前景的改善感到滿意。

We are making very good progress on our strategic initiatives, and we have significant opportunities still in front of us.

我們的策略舉措正在取得非常好的進展，我們仍然面臨著重大機會。

I'm very pleased with the focus and dedication of our leadership team, and of all 7,100 Tempur Sealy employees.

我對我們的領導團隊以及所有 7,100 名泰普爾絲漣員工的專注和奉獻精神感到非常滿意。

Our team is engaged and working together to deliver on our commitments, and we believe this will translate into enhanced value for our stockholders.

我們的團隊積極參與並共同努力兌現我們的承諾，我們相信這將為我們的股東帶來更高的價值。

Before turning the call over to Dale, I want to spend a moment to address the leadership transition we announced earlier today.

在將電話轉給戴爾之前，我想花點時間談談我們今天早些時候宣布的領導層換屆。

The Company appointed Barry Hytinen to EVP and Chief Financial Officer, succeeding Dale Williams.

公司任命 Barry Hytinen 接替 Dale Williams 擔任執行副總裁兼財務長。

Barry is a highly respected member of our Management team, and is currently managing the finance organization in North America, as well as the Company's global corporate development initiatives.

Barry 是我們管理團隊中備受尊敬的成員，目前負責管理北美的財務組織以及公司的全球企業發展計畫。

I've worked closely with Barry since joining the Company, and he's been a great partner in successfully turning around the North America business.

自從加入公司以來，我一直與巴里密切合作，他是成功扭轉北美業務的出色合作夥伴。

I look forward to Barry's continued contributions to our organization as CFO.

我期待巴里作為財務長繼續為我們的組織做出貢獻。

I would like to thank Dale for his leadership and contributions to the organization.

我要感謝戴爾的領導和對本組織的貢獻。

As many of you know, Dale led the Company through its IPO in 2003, and has played an instrumental role in the Company's significant growth over the past 12 years.

眾所周知，Dale 領導公司於 2003 年完成了首次公開募股，並在公司過去 12 年的顯著成長中發揮了重要作用。

Dale will remain with the Company until August 31 to ensure a smooth transition.

Dale 將留在公司至 8 月 31 日，以確保平穩過渡。

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

這樣，我現在將把電話轉給戴爾。

Thanks Tim.

謝謝蒂姆。

I have thoroughly enjoyed my time here.

我非常享受在這裡的時光。

We have achieved a great deal over the last 12 years, and it wouldn't have been possible without having great products and a team of passionate and dedicated employees focused on growing the business throughout the world.

在過去 12 年裡，我們取得了巨大的成就，如果沒有出色的產品和一支充滿熱情、敬業的員工團隊，我們將不可能實現這一目標。

Tempur Sealy's opportunity is substantial, and I'm confident that Barry's leadership as CFO will drive additional value for Tempur Sealy stockholders in the years to come.

泰普爾絲漣的機會是巨大的，我相信巴里作為財務長的領導將在未來幾年為泰普爾絲漣股東帶來更多價值。

I'm very pleased to make this transition, as the business performance has improved and is on the right track.

我很高興能夠實現這一轉變，因為業務績效有所改善並且步入正軌。

I'll now focus my commentary on the second-quarter results, and then I'm going to turn it over to Barry to discuss our updated full-year guidance.

我現在將集中評論第二季度的業績，然後將其交給巴里討論我們更新的全年指導。

Consolidated net sales for the second quarter were $764.4 million, up 6.9% versus the second quarter last year, and on a constant currency basis, up 10.9%.

第二季綜合淨銷售額為 7.644 億美元，比去年第二季成長 6.9%，以固定匯率計算成長 10.9%。

Adjusted gross margin improved 180 basis points to 39.4%.

調整後毛利率提高 180 個基點至 39.4%。

And adjusted operating margin improved 140 basis points 9.2%.

調整後的營業利潤率提高了 140 個基點，達到 9.2%。

Margin improvement was driven principally by the North America business segment.

利潤率的改善主要是由北美業務部門推動的。

Our discussion of adjusted operating income and margin excludes $6.7 million of integration costs, as well as $11.7 million of additional costs related to the Company's 2015 annual meeting, the CEO transition and related retention expense.

我們對調整後營業收入和利潤率的討論不包括 670 萬美元的整合成本，以及與公司 2015 年年會、執行長過渡和相關保留費用相關的 1,170 萬美元額外成本。

As disclosed in the release, the majority of the integration costs occurred in North America, and included costs related to the transition of manufacturing facilities and distribution networks.

如新聞稿中所揭露的，大部分整合成本發生在北美，其中包括與製造設施和分銷網路轉型相關的成本。

In North America, net sales increased 9.1%, and on a constant currency basis, were up 10.2%.

在北美，淨銷售額成長 9.1%，以固定匯率計算成長 10.2%。

Strong growth of 11% in the US was driven by high-teens growth for Tempur-Pedic brand, and mid-single-digit growth for the Sealy brands.

美國市場 11% 的強勁成長得益於 Tempur-Pedic 品牌的高雙位數成長和 Sealy 品牌的中個位數成長。

Our growth in the US was offset slightly by a foreign exchange-driven decline in Canada.

我們在美國的成長被加拿大外匯驅動的下降略微抵消。

Canada sales were down 7.8%, but up 3.9% on a constant currency basis.

加拿大銷售額下降 7.8%，但以固定匯率計算成長 3.9%。

Tempur-Pedic's growth in North America was driven by strong demand for the new Flex products, as well as adjustable bases, and Breeze.

Tempur-Pedic 在北美的成長得益於對新 Flex 產品以及可調節底座和 Breeze 的強勁需求。

While Sealy's growth was driven principally by the new Posturepedic collection.

Sealy 的成長主要是由新的 Posturepedic 系列推動的。

Bedding product sales increased 10.4% on a unit increase of 3%.

床上用品銷售額成長 10.4%，單位數量增加 3%。

With positive price growth resulting from a higher mix of Tempur-Pedic sales during the period, and recent pricing actions.

由於 Tempur-Pedic 在此期間銷售組合的增加以及最近的定價行動，導致價格出現積極增長。

North America adjusted operating margin improved 230 basis points to 11.2% as a result of a 280 basis point increase in adjusted gross margin of 36.6%.

北美地區調整後的毛利率提高了 280 個基點，達到 36.6%，調整後的營業利潤率提高了 230 個基點，達到 11.2%。

Improvement was driven principally by higher Tempur-Pedic US gross margins, which increased significantly from manufacturing and supply chain efficiencies, fewer floor model discounts, cost productivity, and pricing.

改善的主要原因是 Tempur-Pedic 美國毛利率的提高，這得益於製造和供應鏈效率、地板型號折扣減少、成本生產率和定價的大幅提高。

Offset partially by product mix.

透過產品組合部分抵消。

Sealy US gross margins were down slightly in the quarter compared to last year, as our productivity initiatives were offset, right product mix, and our extensive rollout of new Posturepedic floor models.

與去年相比，Sealy 美國本季的毛利率略有下降，原因是我們的生產力計劃被抵消、正確的產品組合以及我們廣泛推出新的 Posturepedic 地板型號。

As we look to the balance of the year, we expect Sealy's margins to improve, due to the new Posturepedic line being fully rolled out, and less floor model discounts, as well as due to our cost productivity initiatives that are underway.

展望今年剩餘時間，我們預計 Sealy 的利潤率將有所改善，因為新的 Posturepedic 系列已全面推出，地板型號折扣減少，以及我們正在進行的成本生產力計劃。

North America advertising expense was higher, as we supported of the new Flex rollout with higher national advertising, and had more branded cooperative retailer advertising.

北美廣告費用較高，因為我們透過更高的全國性廣告來支持新的 Flex 推出，並且擁有更多品牌合作零售商廣告。

Other selling and marketing expenses were lower, as we lapped last year's significant in-store marketing investments that supported the TEMPUR-Cloud and Contour product launches.

其他銷售和行銷費用較低，因為我們放棄了去年支援 TEMPUR-Cloud 和 Contour 產品發布的大量店內行銷投資。

In international, net sales declined 2.2%, and on a constant currency basis, were up 14.1%, with continued growth in Asia-Pacific and Latin America, as well as Europe.

在國際市場，淨銷售額下降 2.2%，但以固定匯率計算成長 14.1%，其中亞太地區、拉丁美洲以及歐洲持續成長。

Asia-Pacific results benefited from higher Tempur brand sales, as well as the contribution from Sealy sales in Japan.

亞太地區的業績得益於泰普爾品牌銷售額的增加以及絲澇在日本銷售額的貢獻。

Latin American sales increase was driven largely by Sealy sales in Mexico and Argentina.

拉丁美洲銷售額的成長主要是由墨西哥和阿根廷的絲澇銷售額所推動的。

Bedding product sales declined 2.6%, but on a constant currency basis were up 13.5%, on a unit increase of 13%.

床上用品銷售額下降 2.6%，但以固定匯率計算成長 13.5%，單位數量增加 13%。

Other channel sales were up 28% on a constant currency basis, driven by strong Tempur direct sales.

在泰普爾強勁直銷的推動下，其他通路銷售額以固定匯率計算成長了 28%。

International adjusted operating margin was down 90 basis to 18.1%, driven by a 140 basis point reduction in gross margin to 52.3%.

由於毛利率下降 140 個基點至 52.3%，國際調整後營業利益率下降 90 個基點至 18.1%。

The decline in margin is principally because of a higher mix of Sealy product sales, as well as geographic mix.

利潤率下降的主要原因是絲漣產品銷售組合以及地理組合的增加。

The majority of the sales growth in the quarter was driven by Sealy-branded sales in Latin America, Europe and Japan, which have lower margins.

本季銷售額成長的大部分是由絲漣品牌在拉丁美洲、歐洲和日本的銷售所推動的，這些地區的利潤率較低。

Adjusted corporate expenses were higher in the second quarter, due primarily to increased stock compensation.

第二季調整後的公司費用較高，主要是因為股票薪資增加。

As you will remember, in the second quarter of 2014, we reported a $3 million benefit related to long-term incentive compensation, which lowered last year's comparisons.

您還記得，2014 年第二季度，我們報告了與長期激勵薪酬相關的 300 萬美元福利，這降低了去年的比較水平。

Interest expense was $20.5 million for the quarter.

本季利息支出為 2050 萬美元。

Other expense was $2.2 million, and included a currency impact on foreign denominated loans.

其他費用為 220 萬美元，其中包括外幣貸款的貨幣影響。

Second-quarter GAAP earnings per share was $0.34, as compared to a $0.04 per share loss last year.

第二季 GAAP 每股收益為 0.34 美元，去年每股虧損 0.04 美元。

Adjusted earnings per share increased 36% to $0.53; on a constant currency basis, increased 46%, as foreign exchange rates negatively impacted earnings per share by $0.04.

調整後每股收益成長 36%，達到 0.53 美元；以固定貨幣計算，成長了 46%，因為匯率對每股盈餘產生了 0.04 美元的負面影響。

Adjusted EBITDA increased 16% to $90.3 million in Q2, and on a constant currency basis, increased 21%, as foreign exchange negatively impacted adjusted EBITDA by $4 million.

第二季調整後 EBITDA 成長 16%，達到 9,030 萬美元，以固定匯率計算，成長 21%，因為外匯對調整後 EBITDA 產生了 400 萬美元的負面影響。

As it relates to cash flow, year-to-date cash flows are down versus last year, due to timing of several working capital items.

由於與現金流量相關，由於幾個營運資金項目的時間安排，年初至今的現金流量較去年下降。

This was expected, and cash flow is actually ahead of plan.

這是預料之中的，現金流實際上也提前於計劃。

We're planning for significant operating and free cash flow generation in the second half, similar to the second-half ramp experienced in 2014.

我們計劃在下半年實現顯著的營運和自由現金流生成，類似於 2014 年下半年的成長。

Our leverage continued to improve, and as of June 30, the ratio of consolidated funded debt, less qualified cash to EBITDA for financial covenant purposes, was 3.8 times, as compared to 4.3 times the same period one year ago.

我們的槓桿率持續改善，截至 6 月 30 日，合併融資債務（扣除合格現金）與出於財務契約目的的 EBITDA 比率為 3.8 倍，而一年前同期為 4.3 倍。

We expect to be approaching our 3 times leverage target by the end of this year for the first quarter of 2016.

我們預計到今年年底，2016 年第一季的槓桿率將接近 3 倍的目標。

In light of the continued favorable interest rate environment, and as we approach our optimal leverage level, we will continue to evaluate opportunities to improve our debt structure, with an objective to move more of our debt to a fixed rate.

鑑於持續有利的利率環境，並且隨著我們接近最佳槓桿水平，我們將繼續評估改善債務結構的機會，目標是將更多債務轉向固定利率。

As mentioned in the past, as we approach our target leverage level, we will assess whether debt pay-down is the optimal allocation of cash flow.

正如過去所提到的，當我們接近目標槓桿水平時，我們將評估償還債務是否是現金流的最佳配置。

I'll now turn the call over to Barry to discuss our updated financial guidance.

我現在將把電話轉給巴里，討論我們更新的財務指導。

Thanks, Dale, and thank you both for your very supportive comments.

謝謝戴爾，也謝謝你們兩位非常支持的評論。

And Dale, sincere thanks for your leadership over so many years.

戴爾，衷心感謝您多年來的領導。

I am very pleased and excited to lead our global financial organization, and look forward to interacting with the investment community in the coming weeks ahead.

我非常高興和興奮地領導我們的全球金融組織，並期待在未來幾週與投資界互動。

Today, the Company updated financial guidance for 2015.

今天，公司更新了 2015 年財務指引。

The Company currently expects net sales to be in a range of $3.125 billion to $3.175 billion, which reflects growth of 4.5% to 6% compared to 2014.

該公司目前預計淨銷售額將在 31.25 億美元至 31.75 億美元之間，較 2014 年成長 4.5% 至 6%。

And approximately a 3.5% headwind from foreign exchange.

外匯帶來的阻力約為 3.5%。

And adjusted EPS to be in a range of $3 to $3.20, which reflects growth of 13% to 21% compared to 2014.

調整後每股收益在 3 美元至 3.20 美元之間，較 2014 年增長 13% 至 21%。

And approximately a $0.30 impact from unfavorable foreign exchange.

不利的外匯影響約為 0.30 美元。

The increase in our 2015 guidance is based on the better-than-expected results in the second quarter, and our current outlook for the remainder of the year.

我們上調 2015 年指引是基於第二季好於預期的業績以及我們目前對今年剩餘時間的展望。

In the second half, we expect continued solid growth in sales, margins and earnings.

下半年，我們預計銷售額、利潤率和收益將持續穩健成長。

Similar to the last year, we are expecting margins and earnings to increase in the second half relative to the first half, as seasonality strengthens and product-heavy investments that occur early in the year dissipate.

與去年類似，我們預計下半年的利潤率和收益將較上半年增加，因為季節性增強以及年初發生的以產品為主的投資消散。

It is important to note that our guidance is based on adjusted figures, and dependent on the factors that Mark discussed at the beginning of tonight's call.

值得注意的是，我們的指導是基於調整後的數據，並取決於馬克在今晚電話會議開始時討論的因素。

In closing, we had a solid second quarter, with results ahead of plan.

最後，我們的第二季業績表現強勁，結果超出了計劃。

The key pillars of our strategy are working.

我們策略的關鍵支柱正在發揮作用。

Our advertising message is compelling, and has been effective.

我們的廣告訊息引人注目且有效。

And our new product innovation has been successful.

我們的新產品創新是成功的。

Our enhanced focus on cost is beginning to pay off, as evidenced by the increased flow-through of our revenue to profit.

我們對成本的加強關注已開始得到回報，我們的收入轉化為利潤的增加證明了這一點。

We have significant opportunities ahead of us, and we are focused on delivering on our commitments.

我們面前有重大機遇，我們致力於兌現我們的承諾。

And with that, Carmen, would you please open the line for questions?

那麼，卡門，請開通提問線好嗎？

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Seth Basham from Wedbush Securities.

韋德布希證券公司的塞思‧巴沙姆 (Seth Basham)。

My first question is on TEMPUR-Flex.

我的第一個問題是關於 TEMPUR-Flex 的。

It seems like you've had a good launch of that new product.

看來你們的新產品發佈得很好。

You quantified some of the expected opportunities in various places and parts around the world.

您量化了世界各地不同地區的一些預期機會。

Could you help us think about what the long-term product outlook is there?

您能幫助我們思考產品的長期前景嗎？

How many millions of dollars of sales do you think that can do annually?

您認為每年可以實現多少百萬美元的銷售額？

Well, Seth, we're very pleased with the launch of Flex.

好吧，Seth，我們對 Flex 的推出感到非常高興。

We think it has done exactly what we had hoped it would do and planned for it do, which is to expand the reach of the Tempur brand.

我們認為它完全達到了我們的希望和計劃，即擴大泰普爾品牌的影響力。

We have many people who aspired to buy the Tempur brand, but didn't really like the feel of Cloud or Contour.

我們有很多人渴望購買 Tempur 品牌，但不太喜歡 Cloud 或 Contour 的感覺。

And we had the opportunity to deliver a feel that was more responsive, but still have that Tempur benefit.

我們有機會提供一種反應更快的感覺，但仍然具有泰普爾的優勢。

So it has been appealing.

所以它一直很有吸引力。

And the strategy was to try to bring as many people as possible from below $2,000 to above $2,000.

我們的策略是盡量讓盡可能多的人從 2,000 美元以下到 2,000 美元以上。

Previously if you wanted Tempur but you didn't like the feel, you would tend to drop down to a lower price-point product.

以前，如果您想要泰普爾但不喜歡這種感覺，您往往會選擇價格較低的產品。

Now our trade customers and ourselves have the opportunity to sell a more premium bed.

現在，我們的貿易客戶和我們自己有機會銷售更優質的床。

So that strategy is working.

所以這個策略正在發揮作用。

Like I said, it's off to a great start.

就像我說的，這是一個好的開始。

I think it's fairly early to try to quantify what kind of upside we have, and how much of the lift is going to be incremental versus some amount of cannibalism.

我認為現在嘗試量化我們擁有什麼樣的優勢以及相對於一定程度的同類相食會增加多少提升還為時過早。

And also, internationally, I think there are long-term opportunities, but we have yet to quantify that.

而且，在國際上，我認為存在長期機會，但我們尚未對其進行量化。

Okay, that's helpful perspective.

好的，這是有幫助的觀點。

One follow-up related to the Flex.

一項後續行動與 Flex 相關。

You probably spent a lot of advertising launching it.

您可能花了很多廣告來推出它。

As you think about your advertising plans for the year, are you still anticipating the same rate of percentage of sales?

當您考慮今年的廣告計劃時，您是否仍預期相同的銷售額百分比？

The rate was actually a bit higher in the second quarter for two reasons.

由於兩個原因，第二季的比率實際上略高。

One, it was our belief that with really good product news, we wanted to get behind it and shout about it, and make sure that Flex got off to a great start, which it has.

第一，我們相信，有了真正好的產品消息，我們就想支持它並大聲疾呼，並確保 Flex 有一個良好的開端，而它已經做到了。

So that was one driver.

那是一名司機。

And the second driver is, you'll see a little bit more of spending in the bucket that we call integrated advertising, which is the advertising we do jointly with our customers.

第二個驅動因素是，你會看到我們稱為綜合廣告的支出增加，這是我們與客戶共同製作的廣告。

And our philosophy is, we want to make those dollars work harder, and move more of the price-based kind of spend to grand building kinds of spend.

我們的理念是，我們希望讓這些資金更有效地發揮作用，並將更多基於價格的支出轉向宏偉的建築支出。

So as we do that, we can then track it as advertising, measure it, and make sure we're getting the spending rates and performance that we expect to get out of it.

因此，當我們這樣做時，我們可以將其作為廣告進行追蹤、衡量，並確保我們獲得預期的支出率和績效。

So it's back to our strategy of making our trade spending work harder.

因此，這又回到了我們讓貿易支出更有效的策略。

That's a little bit why you saw the greater spend in Q2 as well.

這也是您在第二季度看到支出增加的原因之一。

For the second half, it will be not as high as what's in the second quarter, but a little bit elevated compared to what we've guided earlier.

下半年，它不會像第二季度那麼高，但與我們之前指導的相比略有上升。

Got it, very helpful.

明白了，非常有幫助。

Thank you, and good luck, and good luck to you, Dale.

謝謝你，祝你好運，祝你好運，戴爾。

Thank you.

謝謝。

Budd Bugatch from Raymond James.

雷蒙德詹姆斯的巴德布加奇。

I guess, I became Italian quickly.

我想，我很快就變成義大利人了。

First of all, Dale, good luck to you.

首先，戴爾，祝你好運。

Barry, congratulations to you on your new role.

巴里，祝賀你擔任新職務。

My first question is on the Sealy progress inside the plant.

我的第一個問題是關於工廠內部絲漣的進展。

I know, Tim, I think you said you started the new Hagerstown plant.

我知道，提姆，我想你說過你啟動了新的黑格斯敦工廠。

Can you talk a little bit about where we are in getting the same equipment footprint into the remaining plants, in getting to a level where you can actually measure and maybe implement best practices?

您能否談談我們在其餘工廠中使用相同設備足跡、達到可以實際測量並可能實施最佳實踐的水平方面的進展？

Sure.

當然。

The two new plants, and they were built from the ground up, it's important that they're both reflective of improved equipment and layout.

這兩座新工廠是從頭開始建造的，重要的是它們都反映了設備和佈局的改進。

But they're also, importantly, mega facilities, so we get the benefit of combined shipments as well.

但重要的是，它們也是大型設施，因此我們也獲得了聯合運輸的好處。

And every time we take learnings from the new facility, we decide what we can do differently in terms of both layout and equipment investments in the other plants.

每次我們從新工廠吸取經驗教訓時，我們都會決定在其他工廠的佈局和設備投資方面可以採取哪些不同的做法。

But it's not just about equipment investments; there are a number, in my view, of good, lean best practices that we can identify, define and then bring to the other plants.

但這不僅涉及設備投資；還涉及設備投資。在我看來，我們可以識別、定義許多良好的精益最佳實踐，然後將其引入其他工廠。

I think there was a fair amount of lean discipline in the past that perhaps we got away from, as the Great Recession occurred and times got a little tough and we squeezed some personnel out.

我認為過去有相當多的精實紀律，也許我們擺脫了，因為大衰退發生了，時代變得有點艱難，我們擠出了一些人員。

I think, we, with a little bit of reinvestment and commitment to lean, we can deploy best practices.

我認為，透過一點再投資和對精實的承諾，我們可以部署最佳實踐。

But we're in the process of defining those, and starting to roll those out.

但我們正在定義這些，並開始推出它們。

In fact, I can tell you, we have 15 plants, and I would say 12 to 13 of them showed progress in the recent period.

事實上，我可以告訴你，我們有 15 家工廠，我想說其中 12 到 13 家近期取得了進展。

We have a couple that are laggards that we've intensely gone after.

我們有一些落後者，我們一直在大力追趕。

We've sent some of our most seasoned veterans down to a plant in Texas, for example.

例如，我們已將一些經驗最豐富的退伍軍人派往德克薩斯州的一家工廠。

And in the last few weeks, we've seen a lot of progress there.

在過去的幾周里，我們看到了許多進展。

So I'm encouraged that we're seeing good progress.

因此，我很高興我們看到了良好的進展。

And while it is a process, we're very confident that we're going to get to the US Sealy margins that we had previously communicated.

雖然這是一個過程，但我們非常有信心我們將達到我們之前溝通過的美國絲漣的利潤率。

Okay.

好的。

And my follow-up really has to do with the balance of the leadership transition that you're in progress.

我的後續行動確實與正在進行的領導層過渡的平衡有關。

And I realize it's a little bit maybe uncomfortable to ask or answer this question, given your interim status and the retention bonuses, retention payments that were made, and, I think, other agreements that were done; but where are we?

我意識到，考慮到你的臨時身分、保留獎金、已支付的保留金，以及我認為已達成的其他協議，提出或回答這個問題可能有點不舒服；但我們在哪裡？

It seems to me we're approaching 90 days from the date of that.

在我看來，距離該日期已經接近 90 天了。

And as I recall, during the time of the arguments going on, we were told, or the investor community was told, that we're talking to a lot of people, we're talking to people.

我記得，在爭論發生期間，我們被告知，或者投資者群體被告知，我們正在與很多人交談，我們正在與人們交談。

And I think the plan was, or the communication was, the inference was, that we were going to have some better timing of that sooner than later.

我認為計劃，或溝通，推論是，我們遲早會有更好的時機。

Where are we on that?

我們在這方面的進展如何？

What can the investors expect over the next short period of time?

投資者在接下來的短時間內可以期待什麼？

Sure, Budd.

當然，巴德。

Well obviously, the Board formed a committee to run the search.

顯然，董事會成立了一個委員會來進行搜尋。

And I can tell you that they are actively viewing and vetting candidates.

我可以告訴你，他們正在積極查看和審查候選人。

It is a process, and of course, they want to make the right decision.

這是一個過程，當然，他們希望做出正確的決定。

I don't have any updates for you on timing.

我沒有任何關於時間安排的最新消息。

What I can assure you, though, is that this team is incredibly focused on executing our strategy, delivering our commitments.

不過，我可以向您保證的是，這個團隊非常專注於執行我們的策略，並兌現我們的承諾。

I feel like we have prioritized the initiatives that are going to matter the most in terms of driving value.

我覺得我們已經優先考慮了在推動價值方面最重要的措施。

And you might think that there's some distraction, but there isn't.

你可能會認為有一些幹擾，但事實並非如此。

We're focused.

我們很專注。

We're aligned.

我們是一致的。

We feel good about the quarter.

我們對本季感覺良好。

We feel good about the back half, and that's the way we're operating.

我們對後半場感覺很好，這就是我們的運作方式。

Okay.

好的。

Good luck to you on the balance of the year.

祝您在這一年餘下的時間一切順利。

Thank you.

謝謝。

Josh Borstein from Longbow Research.

長弓研究中心的喬許‧博斯坦 (Josh Borstein)。

Congrats on a nice quarter.

恭喜您度過了一個美好的季度。

Thank you.

謝謝。

Dale, thank you for your service.

戴爾，謝謝你的服務。

It's been nice working with you.

和你一起工作很愉快。

And Barry, welcome to your new role.

巴里，歡迎擔任你的新角色。

Thank you.

謝謝。

Just a question on the rollout of Sealy in Europe and Japan.

只是關於絲涇在歐洲和日本推出的問題。

Could you go over what inning you are in the rollout, if it's an all the countries right now that you want or all the doors that you want?

您能否回顧一下您目前正在推出的第幾局，如果是您現在想要的所有國家或所有您想要的門？

I would say, it's still relatively early.

我想說，現在還比較早。

We didn't see a whole lot of traction.

我們沒有看到太多的吸引力。

We started to see a little bit of improvement toward the back end of the quarter and into July.

從本季末到 7 月，我們開始看到一些改善。

But as you know, we had some issues with delivery of the product early on.

但如您所知，我們在早期交付產品時遇到了一些問題。

So the team has now had to reinvigorate, basically, the channels to get them excited again about the product.

因此，團隊現在必須重振管道，讓他們再次對產品感到興奮。

I was in Europe recently with the team, and I can tell you that there is still excitement, that the product is differentiated from typical offerings in Europe, and it's still compelling.

我最近和團隊一起去了歐洲，我可以告訴你，仍然令人興奮，該產品與歐洲的典型產品不同，而且仍然引人注目。

But we have to reinvigorate the excitement around our customers.

但我們必須重振客戶的熱情。

Lots of work to do there.

那裡有很多工作要做。

It's still in early days.

現在還處於早期階段。

But the team believes that long term, this is still a very good opportunity.

但團隊認為，從長遠來看，這仍然是一個非常好的機會。

And are all the contract manufacturer issues now worked through?

所有合約製造商問題現在都解決了嗎？

Yes, absolutely.

是的，絕對是。

Okay, great.

好的，太好了。

And then just one follow-up for you, with respect to the guidance raise on the top line.

然後，針對頂線的指導加薪，為您提供一項後續行動。

Where is the out-performance coming from that gives you the confidence to raise the revenue guide?

出色的業績從何而來，讓您有信心提升收入指引？

Sure, Josh.

當然，喬許。

Our North American business has been strong.

我們的北美業務一直很強勁。

And as Tim mentioned, we outperformed in the second quarter.

正如蒂姆所提到的，我們在第二季度表現出色。

We have a positive bias as relates to Flex and Posturepedic, and that is the principal driver as we think about the second half.

我們對 Flex 和 Posturepedic 有積極的偏見，這是我們考慮下半年的主要動力。

Okay.

好的。

So it sounds like North America is where the out-performance, and within that, it's Flex and it's Sealy Posturepedic?

聽起來北美是表現最好的地方，其中包括 Flex 和 Sealy Posturepedic？

Right.

正確的。

I would say, overall, the Tempur business was very strong.

我想說，整體而言，泰普爾業務非常強勁。

Flex was certainly a big piece of it, but we got some really nice efficiencies in our factory.

Flex 無疑是其中的重要組成部分，但我們工廠的效率確實很高。

Cost productivity we talk about in Sealy, but it's important in Tempur too.

我們在 Sealy 中談論成本生產率，但它在 Tempur 中也很重要。

We leveraged the volume nicely in the plant.

我們很好地利用了工廠的容量。

We've got the benefit of pricing.

我們有定價的好處。

So a number of factors drove a really nice improvement in Tempur.

因此，有許多因素推動了泰普爾取得了非常好的進步。

And we feel really good about that business.

我們對這項業務感覺非常好。

Great, thank you for that, and good luck in 3Q here.

太好了，謝謝你，祝第三季好運。

Thank you.

謝謝。

Brad Thomas from KeyBanc Capital Markets.

來自 KeyBanc 資本市場的 Brad Thomas。

Congratulations on a great quarter.

恭喜您度過了一個美好的季度。

Dale, best wishes.

戴爾，最美好的祝福。

And Barry, congratulations.

巴里，恭喜你。

I was hoping we could talk about gross margin, and some of the puts and the takes here for this quarter?

我希望我們能談談毛利率，以及本季的一些看跌期權和賣出期權？

Sure.

當然。

If we look at the second quarter, gross margin performance was pretty good for the overall business.

如果我們看第二季度，整體業務的毛利率表現相當不錯。

And the gross margin, as I said in my prepared remarks, internationally gross margin was down a little bit.

毛利率，正如我在準備好的發言中所說，國際毛利率略有下降。

From a North America standpoint, we saw good improvement in gross margin, depending on if you want to look at it on reported or constant currency.

從北美的角度來看，我們看到毛利率有了很大的改善，這取決於您是否想以報告貨幣或固定匯率來看待它。

But outstanding performance -- their gross margins in North America up 280 basis points.

但表現突出——他們在北美的毛利率增加了280個基點。

International was down 140.

國際下跌 140。

If you look at the US, gross margins were up quite a bit.

如果你看看美國，你會發現毛利率大幅上升。

And we mentioned that Sealy margin was actually negative.

我們提到西利利潤率其實是負值。

What that implies is, the Tempur margins were up significantly, to the tune of over 600 basis points.

這意味著，泰普爾利潤率顯著上升，達到 600 多個基點。

And the drivers of that improvement in Tempur was the productivity in the plants from the volume.

泰普爾改進的驅動力是工廠產量的生產率。

We talk a lot about the integration related to distribution.

我們談論了很多與分發相關的整合。

Well, a lot of that benefit accrues to Tempur, because it's the Tempur products that are now riding on Sealy trucks, and it makes Tempur's transportation costs much less.

坦普爾受益匪淺，因為現在使用絲澇卡車運輸的是坦普爾產品，這使得坦普爾的運輸成本大大降低。

You also have the price increases in Tempur, et cetera.

泰普爾等地的價格也上漲了。

So there are a lot of very strong improvements in the Tempur margin that makes us feel very good about the progress there.

因此，泰普爾利潤率有了很多非常強勁的改善，這讓我們對那裡的進展感到非常滿意。

Great.

偉大的。

And how are you thinking about gross margin for the third quarter?

您如何看待第三季的毛利率？

And specifically, what are you seeing in terms of the input costs?

具體來說，您對投入成本有何看法？

I'll take that in reverse order, Brad.

我會以相反的順序來理解，布拉德。

From a standpoint of commodities and input costs, we did experience a slight benefit in the second quarter.

從商品和投入成本的角度來看，我們在第二季確實經歷了輕微的好處。

As you might recall, we had some unfavorability, actually, from commodities in the first quarter.

您可能還記得，實際上，第一季大宗商品對我們不利。

So that favorability continues to ramp.

因此，這種好感度持續上升。

We've actually included in our updated guidance, several million of benefit from commodities in the remainder of the year.

實際上，我們已在更新的指導中納入了今年剩餘時間內商品帶來的數百萬美元的收益。

And as it relates to guidance for gross margin, I think at the beginning of the year, we indicated that we thought it would be right around 40%.

由於它與毛利率指導有關，我認為在今年年初，我們表示我們認為毛利率將在 40% 左右。

We're probably a tick ahead of that for the full year, is the way we're thinking about it.

我們的想法是，全年可能會提前一點。

Great.

偉大的。

Thank you so much.

太感謝了。

Peter Keith from Piper Jaffray.

Piper Jaffray 的彼得·基思。

Congrats on the nice results, everyone.

恭喜大家取得好成績。

I was hoping you could talk a little bit about the Tempur progress in Europe.

我希望你能談談歐洲的泰普爾進展。

I know it's been one area of sluggishness.

我知道這是一個低迷的領域。

Has there been any uptick or signs of improvement as you were coming out of Q2 and into Q3, for the Tempur European business specifically?

當您從第二季進入第三季時，特別是泰普爾歐洲業務是否有任何上升或改善的跡象？

No.

不。

While we're very bullish about Flex and the results here, we haven't seen as much of a good environment certainly in Europe.

雖然我們非常看好偉創力和這裡的業績，但我們在歐洲還沒有看到如此良好的環境。

For example, in Germany, while we're starting to see a little bit of recovery, it tends to be at the low end of the business, as opposed to recovery in the premium segment.

例如，在德國，雖然我們開始看到一些復甦，但它往往處於低端業務，而不是高端市場的復甦。

So as we think about our outlook, we're a little bit more bullish on the US, and a little bit more conservative right now on our international business, mainly due to the environment.

因此，當我們考慮我們的前景時，我們對美國更加看好，而對我們的國際業務則更加保守，這主要是由於環境的原因。

Okay, thank you, Tim.

好的，謝謝你，提姆。

And then just thinking about the price increases that are been incorporated, I believe you did one in March, and then a smaller follow-on one in May.

然後考慮一下已納入的價格上漲，我相信您在三月做了一次價格上漲，然後在五月進行了較小的後續價格上漲。

At the Analyst Day earlier this year, you thought it would be about a $25 million benefit from the price increases.

今年稍早的分析師日，您認為價格上漲將帶來約 2,500 萬美元的收益。

Where do we stand now that you've had -- are we still at $25 million, or is it a little bit bigger number?

現在我們的處境如何——我們仍然是 2500 萬美元，還是這個數字更大一些？

Actually, we're a little bit bigger.

事實上，我們的規模更大一些。

We had a price increase in March, as you recall, and then the smaller one in May.

您還記得嗎，我們在三月進行了價格上漲，然後在五月進行了較小的價格上漲。

We got about an $8 million, give-or-take, benefit in the quarter.

本季我們獲得了約 800 萬美元的互惠互利收益。

And I would say you can annualize that, and that would be about right.

我想說你可以將其按年計算，這是正確的。

Okay, thanks a lot.

好的，非常感謝。

Again, I'll repeat what others have said, Dale, it's been a pleasure working with you, and Barry, looking forward to being in touch.

再次，我會重複其他人所說的話，戴爾，很高興與您合作，巴里，期待與您保持聯繫。

Thanks, Peter.

謝謝，彼得。

(Operator Instructions)

（操作員說明）

John Baugh from Stifel.

來自 Stifel 的約翰·鮑 (John Baugh)。

Dale, my best wishes as well.

戴爾，我也致以最良好的祝愿。

And Barry, congratulations.

巴里，恭喜你。

Quickly, just on Sealy Europe, could you tell us where we are in terms of placements in doors, product acceptance?

很快，就在Sealy Europe，您能告訴我們我們在門內放置、產品接受度方面處於什麼位置嗎？

Are we moving country by country?

我們正在一個一個國家地遷移嗎？

And any feel for how that moved the international revenue?

對這如何影響國際收入有何感受？

Yes, a lot of the growth in international, from Sealy in particular, came from Asia and Latin America.

是的，國際業務的成長，尤其是西利的成長，大部分來自亞洲和拉丁美洲。

We feel really good about that.

我們對此感覺非常好。

So constant currency, we had a 14% revenue growth.

以固定匯率計算，我們的營收成長了 14%。

But again, a fair amount of that came from other parts of the world.

但同樣，其中相當一部分來自世界其他地區。

In terms of Europe, we probably have a few hundred doors now.

就歐洲而言，我們現在可能有幾百扇門。

We have to, again, rebuild the confidence, rebuild the inventory levels, and make sure that our trade customers are confident to get behind the product.

我們必須再次重建信心，重建庫存水平，並確保我們的貿易客戶有信心支持我們的產品。

As I said, there's a lot of effort around retraining and re-excitement, getting them going again.

正如我所說，在重新訓練和重新興奮方面付出了很多努力，讓他們再次前進。

It's still a relatively modest level of sales.

這仍然是一個相對溫和的銷售水平。

I think it will be behind where we had hoped to be by the year-end.

我認為到年底它將落後於我們的預期。

But again, that's one offset.

但同樣，這只是一個抵消。

We have other good guys in the business that, net-net, we feel good about it overall.

我們在這個行業還有其他優秀的人，總的來說，我們對此感覺很好。

That's one that's probably going to end up being a little bit of a slow ramp.

這可能最終會變得有點緩慢。

But still, long term, we have every confidence, given the product is still, as I said earlier, viewed as compelling and different.

但從長遠來看，我們仍然充滿信心，因為正如我之前所說，該產品仍然被視為引人注目且與眾不同。

We still think it's a good opportunity for us long-term; it's just going to take a little longer.

從長遠來看，我們仍然認為這對我們來說是一個很好的機會；只是需要更長的時間。

Great, thanks for the color.

太好了，謝謝你的顏色。

And then a follow-up on cash flow.

然後是現金流的後續行動。

I think, Dale or Barry, somebody mentioned we're, quote, on target.

我想，戴爾或巴里，有人提到我們已經達到目標了。

And we haven't generated much, if any, cash year to date from operations.

今年迄今為止，我們還沒有從營運中產生太多（如果有的話）現金。

Could you walk us through how the back half of the year looks?

可以為我們介紹一下今年下半年的情況嗎？

And if you want, some view to 2016?

如果你願意的話，可以對 2016 年有一些看法嗎？

And then relate it to the commentary around building up inventories around holidays?

然後將其與圍繞假期期間建立庫存的評論聯繫起來？

Of course, have Labor Day coming up.

當然，勞動節即將到來。

Thank you.

謝謝。

Sure, John.

當然，約翰。

From the standpoint of the way we're thinking about the full year, with obviously, this in the back half, we'd be looking for operating cash flow in that same vicinity of what we were talking about at the beginning of the year, right around $240 million, give or take.

從我們思考全年的角度來看，顯然，在下半年，我們將尋找與年初討論的營運現金流相同的區域，大約2.4億美元，無論給予還是接受。

And we would anticipate free cash flow would be right about $180 million to $185 million (inaudible), with CapEx being plus or minus $5 million, of that sort.

我們預期自由現金流約 1.8 億至 1.85 億美元（聽不清楚），資本支出為正負 500 萬美元。

So as we're thinking about the second half, we expect it to be up considerably, and obviously, up dramatically from the first half.

因此，當我們考慮下半年時，我們預計它會比上半年大幅上升，而且顯然會大幅上升。

That will be driven by both improved margin performance and seasonality with sales in the outlook for the positive second half.

這將受到利潤率改善和下半年銷售前景樂觀的季節性因素的推動。

In terms of the building of inventory, it tends to be a wash.

就庫存建設而言，這往往是一場清洗。

We build a little bit ahead, but it tends to wash out, from a working capital standpoint.

我們提前建造了一點，但從營運資金的角度來看，它往往會被淘汰。

Again I'll tell you that we did a little bit of it before Memorial Day, we did more of it before the Fourth of July.

我再次告訴你，我們在陣亡將士紀念日之前做了一些工作，在七月四日之前我們做了更多的工作。

The week after the Fourth of July, we had virtually no back orders, we had much less overtime.

七月四日之後的一周，我們幾乎沒有延期交貨，加班時間也少得多。

So we keep learning and building this muscle, and we think we can do even more of it prior to Labor Day.

因此，我們不斷學習和增強這種力量，我們認為我們可以在勞動節之前做更多的事情。

And we should be in a good position relative to last year's inefficiency.

相對於去年的低效率，我們應該處於有利的位置。

We keep getting better.

我們不斷變得更好。

I'm pleased with what I've seen so far.

我對迄今為止所看到的感到滿意。

Thanks, and good luck.

謝謝，祝你好運。

Thank you.

謝謝。

Keith Hughes from SunTrust.

SunTrust 的 Keith Hughes。

A question on the North America.

關於北美的問題。

I think you had said, Dale, it was 3% unit growth in the quarter, is that correct?

我想您曾說過，Dale，本季的單位成長率為 3%，對嗎？

Correct.

正確的。

And it further combined North America business.

並進一步整合北美業務。

So with Sealy doing its launch from the earlier new products, were those Sealy numbers up similar to the mid-single-digit growth in North America Sealy?

那麼，隨著 Sealy 推出早期的新產品，這些 Sealy 數字是否與北美 Sealy 的中個位數成長類似？

If you look at the units, the 3% was related to dollars, sales for bedding was up 10% in the quarter.

如果你看一下單位，你會發現 3% 與美元有關，本季床上用品的銷售額增加了 10%。

From a unit standpoint, Tempur was double-digit.

從單位角度來看，泰普爾的表現是兩位數。

But when you compare the units of Tempur to the units for Sealy, there's a much higher volume of units within the Sealy business.

但當你將泰普爾的單位數量與絲涇的單位數量進行比較時，你會發現絲澇業務中的單位數量要多得多。

From a sales standpoint, Tempur was in the high-teens growth.

從銷售額的角度來看，泰普爾正處於十幾歲的成長狀態。

Sealy was in the low- to mid-single-digit top-line growth.

Sealy 的營收成長率為中低個位數。

And that's a factor of the transition of Posturepedic in getting the floor model discounts out, and all that kind of thing.

這就是 Posturepedic 轉型的一個因素，即取消地板型號折扣等。

But we saw outstanding top-line and unit growth within Tempur.

但我們在泰普爾看到了出色的營收和銷售成長。

Sealy's top-line growth and unit growth was a little bit slower because of the transition.

由於轉型，Sealy 的營收成長和銷售成長略有放緩。

So on a blended basis, just on mattresses, what we're units in North America?

那麼，在混合的基礎上，僅在床墊上，我們在北美的單位是什麼？

On a North America basis, units were up 10% -- or I'm sorry, 3%.

以北美為基礎，單位數量上漲了 10%——或者抱歉，上漲了 3%。

3%, okay.

3%，好吧。

Second question.

第二個問題。

Can you give us --

你能給我們——

That would be bedding units, Keith, consistent with what --

那將是床上用品單元，基思，與——

He was asking about mattress.

他問的是床墊。

Oh, mattress.

哦，床墊。

This was bedding units.

這是床上用品單位。

This represents bedding units, right?

這代表床上用品，對嗎？

Right.

正確的。

Okay.

好的。

And then just switching to currency, can you give us the EBIT impact of currency in both segments, in the quarter, the dollars?

然後轉向貨幣，您能否向我們提供貨幣對本季美元對兩個細分市場的息稅前利潤的影響？

For the second quarter?

第二季？

Second quarter, yes.

第二季，是的。

Yes, for the second quarter, from a North America standpoint, EBIT was affected about $2 million.

是的，從北美的角度來看，第二季的息稅前利潤受到了約 200 萬美元的影響。

International was actually about a wash.

國際實際上是關於洗漱的。

We had significant translation.

我們進行了重要的翻譯。

Drag internationally on currency, but we had what we often call cross-currency benefit, that, at the EBIT level, negated the translation effect.

國際上貨幣受到拖累，但我們擁有通常所說的跨貨幣收益，即在息稅前利潤水準上抵銷了換算效應。

And the cross-currency, real quickly, to give you an example, our cost internationally is essentially in DKK, which is tied to the euro.

交叉貨幣，很快，舉個例子，我們的國際成本基本上是丹麥克朗，它與歐元掛鉤。

The euro goes down in value, and it goes down more than the Japanese yen goes down.

歐元貶值，貶值幅度超過日圓貶值幅度。

You sell in Japanese yen, you see a margin expansion in Japan.

你以日圓出售，你會看到日本的利潤率擴大。

So that's what we call cross-currency, and the cross-currency offsets the translation at the EBIT level within international.

這就是我們所說的交叉貨幣，交叉貨幣抵銷了國際範圍內息稅前利潤水準的換算。

Okay, all right.

好吧，好吧。

Thank you very much.

非常感謝。

Congratulations on the good results.

恭喜取得好成績。

Thank you.

謝謝。

Jessica Mace from Nomura Securities.

野村證券的傑西卡·梅斯。

Good afternoon, and congrats on the nice results.

下午好，祝賀取得了良好的成績。

Thank you.

謝謝。

My first question is about the strong Tempur margin.

我的第一個問題是關於泰普爾的強勁利潤率。

I think you said it was up 600 basis points in the quarter.

我想你說過這個季度上漲了 600 個基點。

I was wondering if you could help us think about what kind of opportunities remain for further improvement on the Tempur side?

我想知道您是否可以幫助我們思考坦普爾方面還有哪些進一步改進的機會？

And just how far along we are in realizing some of those benefits?

我們在實現其中一些好處方面究竟走了多遠？

Sure.

當然。

From a Tempur margin standpoint, we absolutely believe that we can continue to see improvement in the Tempur margins.

從泰普爾利潤率的角度來看，我們絕對相信我們可以繼續看到泰普爾利潤率的改善。

As I said earlier, price was a factor.

正如我之前所說，價格是一個因素。

The fact that Flex was a smaller rollout than the Cloud-Contour last year, so there's less discounts.

事實上，Flex 的推出規模比去年的 Cloud-Contour 小，因此折扣也較少。

Operations, we saw a very good improvement in the plants and in the supply chain.

營運方面，我們看到工廠和供應鏈有了很大的改善。

But you know, that was partly negatively offset by mix, which was related to still growing faster than mattresses.

但你知道，這在一定程度上被混合所抵消，這與增長速度仍快於床墊有關。

And that's going to, we believe, balance itself out in the second half, because the second half last year was where we saw adjustables just really take off.

我們相信，這將在下半年達到平衡，因為去年下半年我們看到了可調整的真正起飛。

And also, product mix around the new product.

此外，圍繞新產品的產品組合。

Flex is a little bit -- has a little bit lower margin than the core line.

Flex 的利潤率比核心產品線低一些。

As we said when we launched, it is a new product, new technology.

正如我們推出時所說，這是一項新產品、新技術。

That tends to be introduced at a slightly lower margin rate, and then as we learn to build these things, we're able to improve the margin.

這往往會以略低的利潤率引入，然後當我們學習建立這些東西時，我們就能夠提高利潤率。

So we'll see margin improvement related to getting Flex costs better.

因此，我們將看到與提高 Flex 成本相關的利潤率改善。

We'll continue to see significant margin improvements around improving the distribution.

我們將繼續看到圍繞改善分銷的利潤率顯著提高。

We've got ongoing productivity initiatives within Tempur.

我們在泰普爾內部不斷實施生產力計畫。

So we think there's a lot of opportunity to keep improving Tempur margins, even from where they're at now.

因此，我們認為，即使從目前的情況來看，泰普爾的利潤率仍有許多機會繼續提高。

Great, thank you.

太好了，謝謝。

And my second question is on the forecast for operating margin to expand in the back half more than in the first.

我的第二個問題是關於下半年營業利潤率將比上半年擴大更多的預測。

I was wondering if you could give some color on the different buckets of sales marketing and G&A that will drive that?

我想知道您是否可以對推動這一目標的不同銷售行銷和一般管理費用進行一些說明？

Sure.

當然。

As we think about looking at selling and marketing, we would, as Tim alluded to, advertising as a percentage will come down a little bit and be more consistent with the first quarter.

當我們考慮銷售和行銷時，正如蒂姆所提到的那樣，廣告所佔的百分比將略有下降，並且與第一季更加一致。

And with leverage, they will be lower as a percentage of sales than the second quarter, Jessica.

傑西卡，利用槓桿作用，它們佔銷售額的百分比將低於第二季。

G&A we would expect to be a little bit of incremental leverage as compared to the first half.

與上半年相比，我們預計一般行政費用槓桿率會增加。

Those would be the principal drivers.

這些將是主要驅動力。

Great, thank you.

太好了，謝謝。

All the best to you, Dale, and congrats, Barry

祝你一切順利，戴爾，恭喜你，巴里

Thank you.

謝謝。

Laura Champine from Cantor Fitzgerald.

康托·菲茨杰拉德的勞拉·尚平。

Good evening, thanks for taking my question.

晚上好，感謝您提出我的問題。

It's really on the back-half guidance for Tempur North America.

這實際上是泰普爾北美公司的後半部分指導。

What do you have built in for price realization in your sales year on year in the back half?

為了實現下半年銷售額的年比價格，您採取了哪些措施？

And how much of that do you think you'll give up on mix?

您認為您會在混音方面放棄多少？

Well, we continue to expect about $8 million a quarter.

好吧，我們仍然預計每個季度約為 800 萬美元。

In terms of mix, it should be fairly consistent with what we saw in the second quarter.

就組合而言，它應該與我們在第二季度看到的情況相當一致。

Maybe a little bit better in that, as Dale said, we're now comping in the back half very good volume on adjustables.

也許更好一點，正如戴爾所說，我們現在在後半部分的可調音量上進行了比較。

So while adjustables are still growing year over year in the second quarter, that'll moderate a bit.

因此，儘管第二季可調整資金仍較去年同期成長，但增幅會放緩。

Flex growth is a little bit dilutive because of start-up in the learning curve, but I think those would be the key drivers.

由於學習曲線的啟動，Flex 的成長有點稀釋，但我認為這些將是關鍵驅動因素。

Got it.

知道了。

Thank you.

謝謝。

Curtis Nagel from Bank of America Merrill Lynch.

美國銀行美林的柯蒂斯·內格爾。

Good evening, and thanks for taking the question.

晚上好，感謝您提出問題。

Just curious on, going back to the Flex, any indication you could have in terms of customer mix, existing versus new?

只是好奇，回到 Flex，您在現有客戶組合和新客戶組合方面有什麼跡象嗎？

And then any updates in terms of improving the margin on the adjustable basis?

那麼在可調整的基礎上提高利潤率方面有什麼更新嗎？

I know it's very early in terms of universal platform, but any updates would be appreciated.

我知道就通用平台而言還為時過早，但任何更新將不勝感激。

On customer mix, we have, if I'm answering your question, we have some variation between customers, as to who is doing extremely well with it and who is not as far up the curve yet.

在客戶組合方面，如果我回答你的問題，我們在客戶之間存在一些差異，例如誰做得非常好，誰還沒有達到預期目標。

And for those that are doing really well, we're trying to understand what it is that's driving it, and share those best practices.

對於那些做得很好的人，我們正在努力了解推動其發展的因素，並分享這些最佳實踐。

I would also say, that we rolled out, on balance, a little more than two flats per store, per floor.

我還想說，總的來說，我們在每家商店每層推出了多於兩套公寓。

And given the success, we're going to push hard to get that third Flex unit, which oftentimes is actually the higher-end part of the line.

鑑於成功，我們將努力爭取第三個 Flex 單元，它通常實際上是該系列的高端部分。

We rolled out, more commonly, the first two models in the line.

更常見的是，我們推出了該系列的前兩種型號。

Because the idea was that we were pulling people up from cheaper price points.

因為我們的想法是讓人們從更便宜的價格點上拉下來。

But given the success, we're going to push hard to try to get that third product out there, which we call Elite.

但鑑於取得的成功，我們將努力推出第三種產品，我們稱之為 Elite。

So it's a combination of pushing more Elite and trying to share those best practices that we think will help further improve our success more broadly and more consistently across the trade.

因此，這是推動更多精英和嘗試分享這些最佳實踐的結合，我們認為這些最佳實踐將有助於進一步提高我們在整個行業中更廣泛、更一致的成功。

Did I answer your question?

我回答你的問題了嗎？

You did.

你做到了。

And then just any commentary on the adjustable margin would be great.

然後，任何關於可調整邊際的評論都會很棒。

Yes, we have a lot of activity on cost productivity.

是的，我們在成本生產力方面進行了許多活動。

It's a huge driver for us right now.

現在它對我們來說是一個巨大的驅動力。

And I'd say there's both opportunity to continue to reduce the current products, as well as apply global leverage, which we've talked about previously, in our buying and our R&D, and so forth.

我想說，既有機會繼續減少當前產品，也有機會在我們的採購和研發等方面應用我們之前討論過的全球槓桿。

We're still working very aggressively to try to do both.

我們仍在非常積極地努力實現這兩點。

So in the shorter term, I would continue to see cost productivity in the current line.

因此，從短期來看，我將繼續看到目前生產線的成本生產力。

And then we are, at the same time, moving forward with a global project that we've mentioned previously.

同時，我們正在推進我們之前提到的一個全球項目。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Budd Bugatch from Raymond James.

雷蒙德詹姆斯的巴德布加奇。

Thank you for letting me ask a follow-up.

謝謝你讓我詢問後續狀況。

I'm curious on the balance sheet, Barry, you talked about getting, I think, close to the three times leverage at the end of the year.

我對資產負債表很好奇，巴里，我認為你談到了年底槓桿率接近三倍。

Can you give us a target for where you think the long-term debt ends at the end of the year?

您能否給我們一個您認為長期債務在年底結束的目標？

Is it about $1.4 billion?

大約是14億美元嗎？

Yes, that's about right.

是的，差不多是這樣。

We're expecting to be approaching that three times leverage ratio, Budd, at the end of the year, whether it's 3.1 or right in that vicinity.

巴德，我們預計到年底槓桿率將接近三倍，無論是 3.1 還是在這個附近。

As Dale mentioned, we're looking at approaching that long-term target at the end of the year, or maybe in the first quarter.

正如戴爾所提到的，我們正在考慮在今年年底或第一季實現這一長期目標。

So we're obviously, very much looking forward to that, as we think about how to maximize value for shareholders through capital allocation.

因此，我們顯然非常期待這一點，因為我們正在考慮如何透過資本配置為股東來實現價值最大化。

And that's the net debt to EBITDA, Barry?

巴里，這就是 EBITDA 的淨債務？

Is that the way to think about that?

這是思考這個問題的方式嗎？

That's right, Budd.

沒錯，巴德。

And hazard a guess for at the end of next year?

並大膽猜測一下明年年底的情況？

I know we had wanted to get it down closer to 2 at the time of the acquisition, and we've relaxed that, I believe.

我知道我們在收購時希望將其降低到接近 2，我相信我們已經放鬆了這一點。

If you recall that the Investor Day -- you remember correctly.

如果您還記得投資者日—您沒記錯。

And also at the Investor Day here earlier this year, we updated that expectation for more like -- we felt like it would be three times.

同樣在今年稍早的投資者日上，我們更新了這一預期——我們認為這將是三倍。

After we looked at our optimal cash and capital allocation model, we felt three times would be the appropriate place for the Company.

在我們研究了最佳現金和資本配置模型後，我們認為三倍是公司的合適位置。

And so, as it relates to hazarding a guess for next year, we're certainly not setting any guidance here today for 2016.

因此，由於涉及對明年的猜測，我們今天當然不會為 2016 年制定任何指導。

But I'd say that also depends on what we're doing with our total use of cash at that point.

但我想說，這也取決於我們當時對現金的總使用量。

And so, as Dale alluded to, that would be something that we'd be looking at as we approach the target here at the end of the year.

因此，正如戴爾所提到的，這將是我們在年底實現目標時要考慮的事情。

Okay, and last for me.

好吧，最後給我一個。

Dale, you said, I think, Tempur margins were up -- I think Tempur North America margins were up about 600 basis points year over year.

戴爾，你說，我認為泰普爾的利潤率上升了——我認為泰普爾北美的利潤率比去年同期上升了約 600 個基點。

As I went back and looked at the numbers last year, I think the number might've been 3.5%.

當我回顧去年的數字時，我認為這個數字可能是 3.5%。

Or is that a low watermark for the margin comparison?

或者說這是利潤比較的低水位線？

I realize we're not necessarily apples-to-apples since the re-framing of the segment data.

我意識到，自從分段資料重新建構以來，我們不一定是同類的。

But help us understand what that comparison is to.

但請幫助我們理解這種比較的意義。

Is that the operating margin or is that the gross margin?

這是營業利益率還是毛利率？

I was talking Tempur gross margins.

我說的是泰普爾的毛利率。

Talking gross margin.

談論毛利率。

Yes.

是的。

So I think last year's gross margin was -- what was it?

所以我認為去年的毛利率是多少？

High 40s, if I remember, looking back.

如果我記得的話，回想起來，四十多歲了。

Tempur was about 40.5% in the second quarter last year on gross margin -- Tempur US.

坦普爾去年第二季的毛利率約為40.5%——坦普爾美國。

So we're talking about 46.5 % gross and -- (multiple speakers)

所以我們談論的是 46.5% 的毛利率以及——（多個發言者）

Yes, I said over 600 basis points, so a little better than that.

是的，我說超過 600 個基點，所以比這好一點。

And how about the operating margin comparison there?

那裡的營業利益率比較怎麼樣？

You can't compare the operating margin, because of the segment changes.

由於細分市場的變化，您無法比較營業利潤率。

Okay, all right.

好吧，好吧。

Thank you very much, and good luck again, Dale.

非常感謝你，再次祝你好運，戴爾。

Thanks.

謝謝。

Ladies and gentlemen, this ends our Q&A session.

女士們先生們，我們的問答環節到此結束。

I would like to turn the call back to Mr. Tim Yaggi for any final remarks.

我想將電話轉回給 Tim Yaggi 先生，請其發表最後的意見。

We look forward to talking with you again in late October on our third-quarter earnings call.

我們期待在十月下旬的第三季財報電話會議上再次與您交談。

Thank you for joining us this evening, and have a good night.

感謝您今晚加入我們，祝您有個美好的夜晚。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes the program, and you may all disconnect.

程式到此結束，大家可以斷開連線了。

Have a wonderful day.

祝你有美好的一天。