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TEMPUR SEALY REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2019 RESULTS
- Fourth Quarter Net Sales Increased 29%, Direct Channel Net Sales Increased 62%
- Full Year Net Income Increased 89%, Full Year EPS Increased 88% to $3.42
- Establishes 2020 Adjusted EBITDA Guidance Range of $575 - $650 million

LEXINGTON, KY, February 13, 2020 - Tempur Sealy International, Inc. (NYSE: TPX) announced financial results for the fourth quarter and year ended December 31, 2019. The Company also issued financial guidance for the full year 2020.

FOURTH QUARTER 2019 FINANCIAL SUMMARY

Total net sales increased 28.9% to $871.3 million as compared to $676.1 million in the fourth quarter of 2018. On a constant currency basis(1), total net sales increased 29.2%, with an increase of 36.3% in the North America business segment and an increase of 4.0% in the International business segment.
Gross margin was 44.3% as compared to 41.9% in the fourth quarter of 2018. Adjusted gross margin(1) was 42.4% in the fourth quarter of 2018. There were no adjustments to gross margin in the fourth quarter of 2019.
Operating income increased 46.1% to $84.6 million as compared to $57.9 million in the fourth quarter of 2018. Operating income in the fourth quarter of 2019 included $29.8 million of charges associated with a wholesale customer bankruptcy. Adjusted operating income(1) increased 36.6% to $124.0 million as compared to $90.8 million in the fourth quarter of 2018.
Net income increased 275.6% to $46.2 million as compared to $12.3 million in the fourth quarter of 2018. Adjusted net income(1) increased 51.7% to $75.4 million as compared to $49.7 million in the fourth quarter of 2018.
Earnings before interest, tax, depreciation and amortization ("EBITDA")(1) increased 44.3% to $112.4 million as compared to $77.9 million in the fourth quarter of 2018. Adjusted EBITDA(1) increased 29.3% to $152.4 million as compared to $117.9 million in the fourth quarter of 2018.
Earnings per diluted share ("EPS") increased to $0.84 as compared to $0.22 in the fourth quarter of 2018. Adjusted EPS(1) increased 52.2% to $1.37 as compared to $0.90 in the fourth quarter of 2018.
Net cash provided by operating activities increased to a record $113.1 million compared to $76.9 million in the fourth quarter of 2018.

FULL YEAR 2019 FINANCIAL SUMMARY

Total net sales increased 14.9% to $3,106.0 million from $2,702.9 million in 2018.
Gross margin was 43.2% in 2019 as compared to 41.5% in 2018. Adjusted gross margin(1) was 41.9% in 2018. There were no adjustments to gross margin in 2019.
Operating income was $346.7 million as compared to $256.3 million in 2018. Adjusted operating income(1) was $392.2 million as compared to $307.6 million in 2018.
Net income was $189.5 million as compared to $100.5 million in 2018. Adjusted net income(1) was $221.9 million as compared to $163.0 million in 2018.
EBITDA(1) increased 31.5% to $468.4 million as compared to $356.1 million in 2018. Adjusted EBITDA(1) increased 19.6% to $508.1 million as compared to $424.7 million in 2018.
EPS increased to $3.42 as compared to $1.82 in 2018. Adjusted EPS(1) increased 35.5% to $4.01 as compared to $2.96 in 2018.
Net cash provided by operating activities increased to a record $314.8 million compared to $207.5 million in 2018.

KEY HIGHLIGHTS
(in millions, except percentages and per common share amounts)
Three Months Ended
 
% Reported Change
 
% Constant Currency Change(1)
 
Year Ended
 
% Reported Change
 
% Constant Currency Change(1)
December 31, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
 
 
Net sales
$
871.3

 
$
676.1

 
28.9
%
 
29.2
%
 
$
3,106.0


$
2,702.9


14.9
%

16.0
%
Net income
$
46.2

 
$
12.3

 
275.6
%
 
276.4
%
 
$
189.5

 
$
100.5

 
88.6
%
 
92.1
%
EBITDA (1)
$
112.4

 
$
77.9

 
44.3
%
 
44.6
%
 
$
468.4


$
356.1


31.5
%

33.2
%
Adjusted EBITDA (1)
$
152.4

 
$
117.9

 
29.3
%
 
29.5
%
 
$
508.1


$
424.7


19.6
%

21.0
%
EPS
$
0.84

 
$
0.22

 
281.8
%
 
281.8
%
 
$
3.42


$
1.82


87.9
%

91.2
%
Adjusted EPS (1)
$
1.37

 
$
0.90

 
52.2
%
 
52.2
%
 
$
4.01


$
2.96


35.5
%

37.5
%

(1) This is a non-GAAP financial measure. Please refer to "Non-GAAP Financial Measures and Constant Currency Information" below.
1

The following information was filed by Tempur Sealy International, Inc. (TPX) on Thursday, February 13, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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