CARTHAGE, Mo., May 1, 2023
/PRNewswire/ --
- 1Q sales of $1.21 billion, an 8%
decrease vs 1Q22
- 1Q EBIT of $89 million, down
$48 million vs 1Q22
- 1Q EPS of $.39, a decrease of
$.27 vs 1Q22
- 2023 guidance unchanged: sales of $4.8–$5.2 billion; EPS of $1.50–$1.90
President and CEO Mitch Dolloff
commented, "We delivered first quarter results that were above our
expectations but lower than our record first quarter results last
year. Operating results were largely in line with our expectations,
but several expenses were lower than expected in the first quarter.
Given continued demand volatility, our full year guidance range
remains unchanged.
"Our diverse portfolio of businesses, our solid financial
position, and the ingenuity and agility of our employees continue
to help us navigate challenging markets. We are focused on
improving the things that we can control and continuing to mitigate
the macroeconomic impacts on our business. We are working with our
customers on new product opportunities, continuing our focus on
improving operating efficiency, and driving strong cash management.
Our financial discipline allows us to withstand periods of economic
uncertainty and enables us to manage our company for long-term
success."
FIRST QUARTER RESULTS
First quarter sales were $1.21
billion, an 8% decrease versus first quarter last year
- Organic sales1 were down 11%
-
- Volume was down 7%, primarily from demand softness in
residential end markets, partially offset by growth in our
Automotive, Aerospace, and Hydraulic Cylinders businesses
- Raw material-related selling price decreases reduced sales
3%
- Currency impact decreased sales 1%
- Acquisitions, net of divestitures, increased sales 3%
First quarter EBIT was $89
million, down $48 million or
35% from first quarter 2022 EBIT.
- EBIT decreased primarily from lower volume and lower metal
margin in our Steel Rod business
- EBIT margin was 7.4%, down from 10.4% in the first quarter of
2022
- EBIT was better than anticipated due to several factors
totaling approximately $20 million:
including lower incentive compensation, favorable medical claims
and other insurance trends, lower bad debt expense, a reduction to
a contingent purchase price liability associated with a prior year
acquisition, and pandemic-related cost reimbursements
First quarter EPS was $.39, a $.27
decrease versus first quarter 2022 EPS of $.66, reflecting lower EBIT.
DEBT, CASH FLOW, AND LIQUIDITY
- Net Debt2 was 2.88x trailing 12-month
adjusted EBITDA2
- Debt at March 31
-
- Total debt of $2.1 billion,
including $317 million of commercial
paper outstanding
- No significant maturities until November
2024
- Operating cash flow was $97
million in the first quarter, an increase of $58 million versus first quarter 2022, reflecting
a smaller use of cash for working capital partially offset by lower
earnings
- Capital expenditures were $38
million
- Total liquidity was $870
million at March 31
-
- $345 million cash on hand
- $525 million in capacity
remaining under revolving credit facility
DIVIDEND
- In February, Leggett & Platt's Board of Directors declared
a $.44 per share first quarter
dividend, two cents higher than last
year's first quarter dividend
- At an annual indicated dividend of $1.76 per share, the yield is 5.4% based upon
Friday's closing stock price of $32.31 per share
STOCK REPURCHASES
- Net issuances of .5 million shares through employee benefit
plans
- Shares outstanding at the end of the first quarter were 133.1
million
2023 GUIDANCE
- Full year 2023 sales and EPS guidance unchanged
- Sales are expected to be $4.8–$5.2 billion, -7% to +1% versus 2022
-
- Volume at the midpoint expected to be down low single
digits:
-
- Down low single digits in Bedding Products Segment
- Up high single digits in Specialized Products Segment
- Down low single digits in Furniture, Flooring & Textile
Products Segment
- Raw material-related price decreases and currency impact
combined expected to reduce sales mid-single digits
- Acquisitions completed in 2022 expected to add ~3% to
sales
- EPS is expected to be $1.50–$1.90
-
- Earnings at the midpoint primarily reflects:
-
- Metal margins down mid-teens
- Lower volume in some businesses
- Moderate pricing pressure from deflation
- Based on this framework, EBIT margin should be 7.5% to
8.0%
- Additional expectations:
-
- Depreciation and amortization $200
million
- Net interest expense $85
million
- Effective tax rate 24%
- Fully diluted shares 137 million
- Operating cash flow $450–$500 million
- Capital expenditures $100–$130 million
- Dividends $240 million
- Minimal acquisitions and share repurchases
SEGMENT RESULTS – First Quarter 2023 (versus 1Q
2022)
Bedding Products –
- Trade sales decreased 17%
-
- Volume decreased 9%, primarily due to demand softness in U.S.
bedding markets and lower trade demand in our Steel Rod and Drawn
Wire businesses
- Raw material-related selling price decreases reduced sales
7%
- Currency impact decreased sales 1%
- EBIT decreased $43 million,
primarily from lower metal margin, lower volume, and lower overhead
recovery
Specialized Products –
- Trade sales increased 21%
-
- Volume increased 11% from growth across the segment
- Raw material-related price increases added 2%
- Currency impact decreased sales 5%
- Hydraulic Cylinders acquisition completed in August 2022 added 13%
- EBIT increased $8 million,
primarily from higher volume
Furniture, Flooring & Textile Products –
- Trade sales decreased 13%
-
- Volume decreased 15%, with declines across the segment
- Raw material-related selling price increases of 1% were offset
by currency impact of 1%
- Textiles acquisitions added 2%
- EBIT decreased $14 million,
primarily from lower volume
SLIDES AND CONFERENCE CALL
A set of slides containing summary financial information is
available from the Investor Relations section of Leggett's website
at www.leggett.com. Management will host a conference call at
7:30 a.m. Central
(8:30 a.m. Eastern) on Tuesday, May 2. The webcast can be accessed from
Leggett's website. The dial-in number is (201) 689-8341; there is
no passcode.
FOR MORE INFORMATION: Visit Leggett's website at
www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a
diversified manufacturer that designs and produces a broad variety
of engineered components and products that can be found in many
homes and automobiles. The 140-year-old Company is comprised of 15
business units, approximately 20,000 employees, and 135
manufacturing facilities located in 18 countries.
Leggett & Platt is the leading U.S.-based manufacturer of:
a) bedding components; b) automotive seat support and lumbar
systems; c) specialty bedding foams and private label finished
mattresses; d) components for home furniture and work furniture; e)
flooring underlayment; f) adjustable beds; and g) bedding industry
machinery.
FORWARD-LOOKING STATEMENTS: This press release contains
"forward-looking statements," including, but not limited to the
amount of the Company's forecasted 2023 full-year volume growth;
acquisition sales growth; sales, EPS, capital expenditures;
depreciation and amortization; net interest expense; fully diluted
shares; operating cash flow; EBIT margin; effective tax rate;
amount of dividends; raw material related price decreases; currency
impact; volume in each of the Company's segments; lower metal
margins in our Steel Rod business; moderate pricing pressure from
deflation; and minimal acquisitions and share repurchases. Such
forward-looking statements are expressly qualified by the
cautionary statements described in this provision and reflect only
the beliefs of Leggett at the time the statement is made. Because
all forward-looking statements deal with the future, they are
subject to risks, uncertainties and developments which might cause
actual events or results to differ materially from those envisioned
or reflected in any forward-looking statement. Moreover, we do not
have, and do not undertake, any duty to update or revise any
forward-looking statement to reflect events or circumstances after
the date on which the statement was made. Some of these risks and
uncertainties include: the adverse impact on our sales, earnings,
our liquidity impacting our ability to pay our obligations as they
come due, margins, cash flow, costs, and financial condition caused
by: the Russian invasion of Ukraine; global inflationary impacts;
macro-economic impacts; pandemics; the demand for our products and
our customers' products; growth rates in the industries in which we
participate and opportunities in those industries; our
manufacturing facilities' ability to remain fully operational and
obtain necessary raw materials and parts, maintain appropriate
labor levels and ship finished products to customers; the
impairment of goodwill and long-lived assets; restructuring-related
costs; our ability to access the commercial paper market or borrow
under our revolving credit facility, including compliance with
restrictive covenants that may limit our operational flexibility
and our ability to timely pay our debt; adverse impact from supply
chain shortages and disruptions; our ability to manage working
capital; increases or decreases in our capital needs, which may
vary depending on acquisition or divestiture activity; our capital
expenditures; our ability to collect trade receivables; market
conditions; price and product competition from foreign and domestic
competitors; cost and availability of raw materials (including
semiconductors and chemicals) due to supply chain disruptions or
otherwise; labor and energy costs; cash generation sufficient to
pay the dividend; cash repatriation from foreign accounts; our
ability to pass along raw material cost increases through increased
selling prices; conflict between China and Taiwan; our ability to maintain profit margins
if customers change the quantity or mix of our components in their
finished products; our ability to maintain and grow the
profitability of acquired companies; political risks; changing tax
rates; increased trade costs; risks related to operating in foreign
countries; cybersecurity breaches; customer bankruptcies, losses
and insolvencies; disruption to our steel rod mill and other
operations and supply chain because of severe weather-related
events, natural disaster, fire, explosion, terrorism, pandemic,
governmental action or labor strikes; foreign currency fluctuation;
the amount of share repurchases; the imposition or continuation of
anti-dumping duties on innersprings, steel wire rod and mattresses;
data privacy; climate change compliance costs and market,
technological and reputational impacts; our ESG obligations;
litigation risks; and risk factors in the "Forward-Looking
Statements" and "Risk Factors" sections in Leggett's most recent
Form 10-K filed with the SEC.
CONTACT: Investor Relations,
(417) 358-8131 or invest@leggett.com
Susan R. McCoy, Senior Vice
President, Investor Relations
Cassie J. Branscum, Senior Director,
Investor Relations
Kolina A. Talbert, Manager, Investor
Relations
1 Trade sales excluding acquisitions/divestitures in
the last 12 months
2 Please refer to attached tables for Non-GAAP
Reconciliations
LEGGETT &
PLATT
|
|
Page 5 of 7
|
|
May 1,
2023
|
RESULTS OF
OPERATIONS
|
|
FIRST
QUARTER
|
(In millions, except
per share data)
|
|
2023
|
|
2022
|
|
Change
|
Trade
sales
|
|
$
1,213.6
|
|
$
1,322.3
|
|
(8) %
|
Cost of goods
sold
|
|
995.0
|
|
1,055.0
|
|
|
Gross
profit
|
|
218.6
|
|
267.3
|
|
(18) %
|
Selling &
administrative expenses
|
|
116.0
|
|
111.7
|
|
4 %
|
Amortization
|
|
16.9
|
|
17.0
|
|
|
Other expense (income),
net
|
|
(3.6)
|
|
1.0
|
|
|
Earnings
before interest and taxes
|
|
89.3
|
|
137.6
|
|
(35) %
|
Net interest
expense
|
|
21.0
|
|
19.5
|
|
|
Earnings
before income taxes
|
|
68.3
|
|
118.1
|
|
|
Income
taxes
|
|
14.8
|
|
27.7
|
|
|
Net
earnings
|
|
53.5
|
|
90.4
|
|
|
Less net income from
noncontrolling interest
|
|
—
|
|
—
|
|
|
Net
Earnings Attributable to L&P
|
|
$
53.5
|
|
$
90.4
|
|
(41) %
|
Earnings per diluted
share
|
|
|
|
|
|
|
Net earnings per
diluted share
|
|
$ 0.39
|
|
$ 0.66
|
|
(41) %
|
Shares
outstanding
|
|
|
|
|
|
|
Common
stock (at end of period)
|
|
133.1
|
|
133.5
|
|
(0.3) %
|
Basic
(average for period)
|
|
135.9
|
|
136.6
|
|
|
Diluted
(average for period)
|
|
136.3
|
|
136.9
|
|
(0.4) %
|
|
|
|
|
|
|
|
CASH
FLOW
|
|
FIRST
QUARTER
|
(In
millions)
|
|
2023
|
|
2022
|
|
Change
|
Net earnings
|
|
$ 53.5
|
|
$ 90.4
|
|
|
Depreciation and
amortization
|
|
45.4
|
|
45.7
|
|
|
Working capital
decrease (increase)
|
|
(18.8)
|
|
(114.4)
|
|
|
Impairments
|
|
—
|
|
—
|
|
|
Other operating
activities
|
|
16.6
|
|
17.3
|
|
|
Net
Cash from Operating Activities
|
|
$
96.7
|
|
$
39.0
|
|
148 %
|
Additions to
PP&E
|
|
(37.7)
|
|
(18.7)
|
|
|
Purchase of companies,
net of cash
|
|
—
|
|
—
|
|
|
Proceeds from business
and asset sales
|
|
0.5
|
|
2.4
|
|
|
Dividends
paid
|
|
(58.3)
|
|
(56.0)
|
|
|
Repurchase of common
stock, net
|
|
(5.2)
|
|
(21.6)
|
|
|
Additions (payments) to
debt, net
|
|
28.5
|
|
20.9
|
|
|
Other
|
|
3.5
|
|
(0.4)
|
|
|
Increase (Decrease) in Cash & Equivalents
|
|
$
28.0
|
|
$
(34.4)
|
|
|
|
|
|
|
|
|
|
FINANCIAL
POSITION
|
|
Mar
31,
|
|
Dec
31,
|
|
|
(In
millions)
|
|
2023
|
|
2022
|
|
Change
|
Cash and
equivalents
|
|
$ 344.5
|
|
$ 316.5
|
|
|
Receivables
|
|
718.2
|
|
675.0
|
|
|
Inventories
|
|
892.7
|
|
907.5
|
|
|
Other current
assets
|
|
59.4
|
|
59.0
|
|
|
Total
current assets
|
|
2,014.8
|
|
1,958.0
|
|
3 %
|
Net fixed
assets
|
|
786.6
|
|
772.4
|
|
|
Operating lease
right-of-use assets
|
|
221.1
|
|
195.0
|
|
|
Goodwill
|
|
1,473.6
|
|
1,474.4
|
|
|
Intangible assets and
deferred costs, both at net
|
|
773.9
|
|
786.3
|
|
|
TOTAL
ASSETS
|
|
$
5,270.0
|
|
$
5,186.1
|
|
2 %
|
Trade accounts
payable
|
|
$ 552.2
|
|
$ 518.4
|
|
|
Current debt
maturities
|
|
8.9
|
|
9.4
|
|
|
Current operating lease
liabilities
|
|
55.1
|
|
49.5
|
|
|
Other current
liabilities
|
|
352.4
|
|
390.8
|
|
|
Total
current liabilities
|
|
968.6
|
|
968.1
|
|
0 %
|
Long-term
debt
|
|
2,108.9
|
|
2,074.2
|
|
2 %
|
Operating lease
liabilities
|
|
175.9
|
|
153.6
|
|
|
Deferred taxes and
other liabilities
|
|
349.5
|
|
348.8
|
|
|
Equity
|
|
1,667.1
|
|
1,641.4
|
|
2 %
|
Total
Capitalization
|
|
4,301.4
|
|
4,218.0
|
|
2 %
|
TOTAL
LIABILITIES & EQUITY
|
|
$
5,270.0
|
|
$
5,186.1
|
|
2 %
|
LEGGETT &
PLATT
|
|
Page 6 of 7
|
|
May 1,
2023
|
SEGMENT RESULTS 1
|
|
FIRST
QUARTER
|
(In
millions)
|
|
2023
|
|
2022
|
|
Change
|
Bedding
Products
|
|
|
|
|
|
|
Trade sales
|
|
$ 528.5
|
|
$ 639.4
|
|
(17) %
|
EBIT
|
|
33.3
|
|
76.2
|
|
(56) %
|
EBIT
margin
|
|
6.3 %
|
|
11.9 %
|
|
-560
bps
|
Depreciation and
amortization
|
|
25.6
|
|
26.2
|
|
|
EBITDA
|
|
58.9
|
|
102.4
|
|
(42) %
|
EBITDA
margin
|
|
11.1 %
|
|
16.0 %
|
|
-490
bps
|
|
|
|
|
|
|
|
Specialized
Products
|
|
|
|
|
|
|
Trade sales
|
|
$ 320.7
|
|
$ 264.1
|
|
21 %
|
EBIT
|
|
28.7
|
|
20.3
|
|
41 %
|
EBIT
margin
|
|
8.9 %
|
|
7.7 %
|
|
120
bps
|
Depreciation and
amortization
|
|
10.7
|
|
10.8
|
|
|
EBITDA
|
|
39.4
|
|
31.1
|
|
27 %
|
EBITDA
margin
|
|
12.3 %
|
|
11.8 %
|
|
50
bps
|
|
|
|
|
|
|
|
Furniture, Flooring
& Textile Products
|
|
|
|
|
|
|
Trade sales
|
|
$ 364.4
|
|
$ 418.8
|
|
(13) %
|
EBIT
|
|
28.3
|
|
42.7
|
|
(34) %
|
EBIT
margin
|
|
7.8 %
|
|
10.2 %
|
|
-240
bps
|
Depreciation and
amortization
|
|
5.8
|
|
5.9
|
|
|
EBITDA
|
|
34.1
|
|
48.6
|
|
(30) %
|
EBITDA
margin
|
|
9.4 %
|
|
11.6 %
|
|
-220
bps
|
|
|
|
|
|
|
|
Total
Company
|
|
|
|
|
|
|
Trade sales
|
|
$
1,213.6
|
|
$
1,322.3
|
|
(8) %
|
EBIT -
segments
|
|
90.3
|
|
139.2
|
|
(35) %
|
Intersegment
eliminations and other
|
|
(1.0)
|
|
(1.6)
|
|
|
EBIT
|
|
89.3
|
|
137.6
|
|
(35) %
|
EBIT
margin
|
|
7.4 %
|
|
10.4 %
|
|
-300
bps
|
Depreciation and
amortization - segments
|
|
42.1
|
|
42.9
|
|
|
Depreciation and
amortization - unallocated 4
|
|
3.3
|
|
2.8
|
|
|
EBITDA
|
|
$ 134.7
|
|
$ 183.3
|
|
(27) %
|
EBITDA
margin
|
|
11.1 %
|
|
13.9 %
|
|
-280
bps
|
LAST SIX
QUARTERS
|
|
2021
|
|
2022
|
|
2023
|
Selected Figures (In
Millions)
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Trade sales
|
|
1,332.9
|
|
1,322.3
|
|
1,334.2
|
|
1,294.4
|
|
1,195.8
|
|
1,213.6
|
Sales growth (vs. prior
year)
|
|
13 %
|
|
15 %
|
|
5 %
|
|
(2) %
|
|
(10) %
|
|
(8) %
|
Volume growth (same
locations vs. prior year)
|
|
(5) %
|
|
(4) %
|
|
(6) %
|
|
(8) %
|
|
(12) %
|
|
(7) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBIT
3
|
|
152.2
|
|
137.6
|
|
143.0
|
|
113.2
|
|
91.2
|
|
89.3
|
Cash from
operations
|
|
190.9
|
|
39.0
|
|
89.8
|
|
65.5
|
|
247.1
|
|
96.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(trailing twelve months) 3
|
|
755.1
|
|
764.6
|
|
760.3
|
|
726.8
|
|
664.8
|
|
616.2
|
(Long-term debt +
current maturities - cash and equivalents) / adj. EBITDA
3,5
|
|
2.29
|
|
2.32
|
|
2.39
|
|
2.63
|
|
2.66
|
|
2.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales (Vs. Prior Year) 6
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Bedding
Products
|
|
15 %
|
|
16 %
|
|
— %
|
|
(12) %
|
|
(19) %
|
|
(17) %
|
Specialized
Products
|
|
(4) %
|
|
2 %
|
|
8 %
|
|
19 %
|
|
5 %
|
|
8 %
|
Furniture, Flooring
& Textile Products
|
|
17 %
|
|
17 %
|
|
10 %
|
|
— %
|
|
(13) %
|
|
(15) %
|
Overall
|
|
11 %
|
|
13 %
|
|
5 %
|
|
(3) %
|
|
(12) %
|
|
(11) %
|
|
1 Segment
and overall company margins calculated on net trade
sales.
|
2 bps =
basis points; a unit of measure equal to 1/100th of 1%.
|
3 Refer to
next page for non-GAAP reconciliations.
|
4 Consists
primarily of depreciation of non-operating assets.
|
5 EBITDA
based on trailing twelve months.
|
6 Trade
sales excluding sales attributable to acquisitions and divestitures
consummated in the last 12 months.
|
LEGGETT &
PLATT
|
|
Page 7 of 7
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May 1,
2023
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RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED
(Non-GAAP) FINANCIAL MEASURES 9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments 7
|
|
2021
|
|
2022
|
|
2023
|
(In millions, except
per share data)
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Non-GAAP Adjustments
(Pretax)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Income tax
impact
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Non-GAAP Adjustments
(After Tax)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
|
137.0
|
|
136.9
|
|
136.7
|
|
136.1
|
|
136.1
|
|
136.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS Impact of
Non-GAAP Adjustments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBIT, EBITDA, Margin, and EPS
7
|
|
2021
|
|
2022
|
|
2023
|
(In millions, except
per share data)
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Trade sales
|
|
1,332.9
|
|
1,322.3
|
|
1,334.2
|
|
1,294.4
|
|
1,195.8
|
|
1,213.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT (earnings before
interest and taxes)
|
|
152.2
|
|
137.6
|
|
143.0
|
|
113.2
|
|
91.2
|
|
89.3
|
Non-GAAP adjustments
(pretax)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Adjusted
EBIT
|
|
152.2
|
|
137.6
|
|
143.0
|
|
113.2
|
|
91.2
|
|
89.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT margin
|
|
11.4 %
|
|
10.4 %
|
|
10.7 %
|
|
8.7 %
|
|
7.6 %
|
|
7.4 %
|
Adjusted EBIT
Margin
|
|
11.4 %
|
|
10.4 %
|
|
10.7 %
|
|
8.7 %
|
|
7.6 %
|
|
7.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
152.2
|
|
137.6
|
|
143.0
|
|
113.2
|
|
91.2
|
|
89.3
|
Depreciation and
amortization
|
|
46.5
|
|
45.7
|
|
44.5
|
|
44.1
|
|
45.5
|
|
45.4
|
EBITDA
|
|
198.7
|
|
183.3
|
|
187.5
|
|
157.3
|
|
136.7
|
|
134.7
|
Non-GAAP adjustments
(pretax)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Adjusted
EBITDA
|
|
198.7
|
|
183.3
|
|
187.5
|
|
157.3
|
|
136.7
|
|
134.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
margin
|
|
14.9 %
|
|
13.9 %
|
|
14.1 %
|
|
12.2 %
|
|
11.4 %
|
|
11.1 %
|
Adjusted EBITDA
Margin
|
|
14.9 %
|
|
13.9 %
|
|
14.1 %
|
|
12.2 %
|
|
11.4 %
|
|
11.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
0.77
|
|
0.66
|
|
0.70
|
|
0.52
|
|
0.39
|
|
0.39
|
EPS impact of non-GAAP
adjustments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Adjusted
EPS
|
|
0.77
|
|
0.66
|
|
0.70
|
|
0.52
|
|
0.39
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt to Adjusted EBITDA 8
|
|
2021
|
|
2022
|
|
2023
|
|
|
4Q
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
1Q
|
Total debt
|
|
2,090.3
|
|
2,104.4
|
|
2,090.8
|
|
2,141.0
|
|
2,083.6
|
|
2,117.8
|
Less: cash and
equivalents
|
|
(361.7)
|
|
(327.3)
|
|
(269.9)
|
|
(226.2)
|
|
(316.5)
|
|
(344.5)
|
Net debt
|
|
1,728.6
|
|
1,777.1
|
|
1,820.9
|
|
1,914.8
|
|
1,767.1
|
|
1,773.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA,
trailing 12 months
|
|
755.1
|
|
764.6
|
|
760.3
|
|
726.8
|
|
664.8
|
|
616.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt / 12-month
Adjusted EBITDA
|
|
2.29
|
|
2.32
|
|
2.39
|
|
2.63
|
|
2.66
|
|
2.88
|
|
7
Management and investors use these measures as supplemental
information to assess operational performance.
|
8 Management
and investors use this ratio as supplemental information to assess
ability to pay off debt. These ratios are calculated
differently than the Company's credit facility covenant
ratio.
|
9
Calculations impacted by rounding.
|
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SOURCE Leggett & Platt