Item 2.02
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Results of Operations and Financial Condition.
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On April 29, 2019, Leggett & Platt, Incorporated issued a press release announcing its financial results for the first quarter
ended March 31, 2019. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.
This information is
being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section. This information
shall not be incorporated by reference into any document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
On April 30, 2019, the Company will hold an investor conference call to discuss its first quarter results, annual guidance and related
matters.
The press release contains the Companys Total Debt/Leggett Reported Adjusted EBITDA (trailing twelve months) ratio, Total
Debt/Pro Forma Adjusted EBITDA (trailing twelve months) ratio, Adjusted EPS, Adjusted EBIT, Adjusted EBIT Margin, Adjusted EBITDA, Pro Forma Adjusted EBITDA (trailing twelve months), Adjusted EBITDA (trailing twelve months) and Elite Comfort
Solutions, Inc. (ECS) EBIT and EBITDA.
Company management believes the presentation of Total Debt/Leggett Reported Adjusted EBITDA
(trailing twelve months) and Total Debt/Pro Forma Adjusted EBITDA (trailing twelve months) provides investors a useful way to assess the time it would take the Company to pay off all of its debt, ignoring various factors including interest and
taxes. Management uses these ratios as supplemental information to assess its ability to pay off its incurred debt. Because we may not be able to use our earnings to reduce our debt on a
dollar-for-dollar
basis, the presentation of Total Debt/Leggett Reported Adjusted EBITDA (trailing twelve months) and Total Debt/Pro Forma Adjusted EBITDA (trailing twelve months) may have material
limitations.
Company management believes the presentation of Adjusted EPS, Adjusted EBIT, Adjusted EBIT Margin, Adjusted EBITDA, Adjusted
EBITDA (trailing twelve months), Pro Forma Adjusted EBITDA (trailing twelve months) and ECS EBIT and EBITDA is useful to investors in that it aids investors understanding of underlying operational profitability. Management uses these
non-GAAP
measures as supplemental information to assess the Companys operational performance.
The
above
non-GAAP
measures may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for, or more meaningful than, their GAAP counterparts. For
non-GAAP
reconciliations, please refer to page 7 of the press release.