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TEMPUR SEALY REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2020 RESULTS
- Fourth Quarter Net Sales Increased 21%, Net Income Increased 213%, and Adjusted EBITDA Increased 57%
- Initiated Quarterly Dividend and Increased Share Repurchase Authorization
- Establishes 2021 EPS Guidance Range of $2.30 to $2.50

LEXINGTON, KY, February 11, 2021 - Tempur Sealy International, Inc. (NYSE: TPX) announced financial results for the fourth quarter and year ended December 31, 2020. The Company also issued financial guidance for the full year 2021.

FOURTH QUARTER 2020 KEY HIGHLIGHTS

Total net sales increased 21.3% to $1,057.0 million as compared to $871.3 million in the fourth quarter of 2019, with an increase of 20.6% in the North America business segment and an increase of 25.6% in the International business segment.
Gross margin was 45.9% as compared to 44.3% in the fourth quarter of 2019.
Operating income increased 128.4% to $193.2 million as compared to $84.6 million in the fourth quarter of 2019. Adjusted operating income(1) increased 61.0% to $199.7 million as compared to $124.0 million in the fourth quarter of 2019.
Net income increased 213.2% to $144.7 million as compared to $46.2 million in the fourth quarter of 2019. Adjusted net income(1) increased 89.9% to $143.2 million as compared to $75.4 million in the fourth quarter of 2019.
Earnings before interest, tax, depreciation and amortization ("EBITDA")(1) increased 111.9% to $238.2 million as compared to $112.4 million in the fourth quarter of 2019. Adjusted EBITDA per credit facility(1) increased 57.2% to $239.5 million as compared to $152.4 million in the fourth quarter of 2019.
Earnings per diluted share ("EPS") increased to $0.67 as compared to $0.21 in the fourth quarter of 2019. Adjusted EPS(1) increased 97.1% to $0.67 as compared to $0.34 in the fourth quarter of 2019. The Company effected a four-for-one stock split, via a stock dividend, to shareholders of record as of November 10, 2020. All share and per share information has been retroactively adjusted.
Net cash provided by operating activities increased to a record $156.8 million as compared to $113.1 million in the fourth quarter of 2019.

SUMMARY FINANCIAL INFORMATION
(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, 2020December 31, 2019December 31, 2020December 31, 2019
Net sales$1,057.0 $871.3 21.3 %20.3 %$3,676.9 $3,106.0 18.4 %18.3 %
Net income$144.7 $46.2 213.2 %210.2 %$348.8 $189.5 84.1 %83.5 %
Adjusted EBITDA per credit facility (1)
$239.5 $152.4 57.2 %55.8 %$779.9 $508.1 53.5 %53.2 %
EPS$0.67 $0.21 219.0 %214.3 %$1.64 $0.86 90.7 %90.7 %
Adjusted EPS (1)
$0.67 $0.34 97.1 %94.1 %$1.91 $1.00 91.0 %91.0 %

Company Chairman and CEO Scott Thompson commented, "We are extremely proud of the global organization's accomplishments during a year of challenges and uncertainties. The team initiated industry-leading employee and customer safety programs, progressed on ESG initiatives, and delivered record full year sales. The fourth quarter sales growth was broad-based across all geographies and channels. Retail partners continue to drive sales with our products, and our online sales stood out once again as our US web sales doubled compared to the prior year. This strong sales performance combined with favorable company-wide margins resulting in 2020 being a record year of financial performance. Our innovative products, powerful omni-channel marketing approach and robust global manufacturing capabilities position the Company well for 2021 and beyond."
(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 11, 2021 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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