(in millions, except percentages and per common share amounts) | Three Months Ended | % Reported Change | Year Ended | % Reported Change | ||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||
Net sales | $ | 1,359.6 | $ | 1,057.0 | 28.6 | % | $ | 4,930.8 | $ | 3,676.9 | 34.1 | % |
Net income | $ | 175.8 | $ | 144.7 | 21.5 | % | $ | 624.5 | $ | 348.8 | 79.0 | % |
Adjusted net income(1)
| $ | 175.9 | $ | 143.2 | 22.8 | % | $ | 651.7 | $ | 405.7 | 60.6 | % |
EBITDA (1)
| $ | 297.3 | $ | 238.2 | 24.8 | % | $ | 1,088.7 | $ | 737.8 | 47.6 | % |
Adjusted EBITDA(1)
| $ | 297.4 | $ | 239.5 | 24.2 | % | $ | 1,135.9 | $ | 779.9 | 45.6 | % |
EPS | $ | 0.88 | $ | 0.67 | 31.3 | % | $ | 3.06 | $ | 1.64 | 86.6 | % |
Adjusted EPS (1)
| $ | 0.88 | $ | 0.67 | 31.3 | % | $ | 3.19 | $ | 1.91 | 67.0 | % |
This press release contains statements that may be characterized as "forward-looking," within the meaning of the federal securities laws. Such statements might include information concerning one or more of the Company's plans, guidance, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words "assumes," "estimates," "expects," "guidance," "anticipates," "might," "projects," "plans," "proposed," "targets," "intends," "believes," "will" and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the Company's quarterly cash dividend, the Company's share repurchase targets, the Company's expectations regarding EPS for 2022, the Company's expectations regarding supply chain disruptions, the macroeconomic environment and COVID-related disruptions, and the Company's expectations for increasing sales growth, product launches, channel growth, acquisitions and commodities outlook. Any forward-looking statements contained herein are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations, meet its guidance, or that these beliefs will prove correct.
Three Months Ended | Year Ended | |||||||||||
December 31, | Chg % | December 31, | Chg % | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Net sales | $ | 1,359.6 | $ | 1,057.0 | 28.6 | % | $ | 4,930.8 | $ | 3,676.9 | 34.1 | % |
Cost of sales | 755.1 | 571.8 | 2,772.1 | 2,038.5 | ||||||||
Gross profit | 604.5 | 485.2 | 24.6 | % | 2,158.7 | 1,638.4 | 31.8 | % | ||||
Selling and marketing expenses | 264.8 | 204.4 | 923.1 | 740.2 | ||||||||
General, administrative and other expenses | 99.0 | 94.4 | 353.9 | 382.5 | ||||||||
Equity income in earnings of unconsolidated affiliates | (10.1) | (6.8) | (30.6) | (16.4) | ||||||||
Operating income | 250.8 | 193.2 | 29.8 | % | 912.3 | 532.1 | 71.5 | % | ||||
Other expense, net: | ||||||||||||
Interest expense, net | 20.5 | 16.0 | 66.3 | 77.0 | ||||||||
Loss on extinguishment of debt | - | 4.2 | 23.0 | 5.1 | ||||||||
Other income, net | (0.7) | (2.7) | (1.0) | (2.4) | ||||||||
Total other expense. net | 19.8 | 17.5 | 88.3 | 79.7 | ||||||||
Income from continuing operations before income taxes | 231.0 | 175.7 | 31.5 | % | 824.0 | 452.4 | 82.1 | % | ||||
Income tax provision | (54.4) | (29.4) | (198.3) | (102.6) | ||||||||
Income from continuing operations | 176.6 | 146.3 | 20.7 | % | 625.7 | 349.8 | 78.9 | % | ||||
Loss from discontinued operations, net of tax | (0.1) | (1.3) | (0.7) | - | ||||||||
Net income before non-controlling interests | 176.5 | 145.0 | 21.7 | % | 625.0 | 349.8 | 78.7 | % | ||||
Less: Net income attributable to non-controlling interests | 0.7 | 0.3 | 0.5 | 1.0 | ||||||||
Net income attributable to Tempur Sealy International, Inc. | $ | 175.8 | $ | 144.7 | 21.5 | % | $ | 624.5 | $ | 348.8 | 79.0 | % |
Earnings per common share: | ||||||||||||
Basic | ||||||||||||
Earnings per share for continuing operations | $ | 0.92 | $ | 0.71 | $ | 3.17 | $ | 1.68 | ||||
Loss per share for discontinued operations | - | (0.01) | - | - | ||||||||
Earnings per share | $ | 0.92 | $ | 0.70 | 31.4 | % | $ | 3.17 | $ | 1.68 | 88.7 | % |
Diluted | ||||||||||||
Earnings per share for continuing operations | $ | 0.88 | $ | 0.68 | $ | 3.06 | $ | 1.64 | ||||
Loss per share for discontinued operations | - | (0.01) | - | - | ||||||||
Earnings per share | $ | 0.88 | $ | 0.67 | 31.3 | % | $ | 3.06 | $ | 1.64 | 86.6 | % |
Weighted average common shares outstanding: | ||||||||||||
Basic | 191.3 | 205.7 | 197.0 | 207.9 | ||||||||
Diluted | 199.8 | 214.1 | 204.3 | 212.3 |
December 31, 2021 | December 31, 2020 | |||
ASSETS | (unaudited) | |||
Current Assets: | ||||
Cash and cash equivalents | $ | 300.7 | $ | 65.0 |
Accounts receivable, net | 419.5 | 383.7 | ||
Inventories | 463.9 | 312.1 | ||
Prepaid expenses and other current assets | 91.5 | 207.6 | ||
Total Current Assets | 1,275.6 | 968.4 | ||
Property, plant and equipment, net | 583.5 | 507.9 | ||
Goodwill | 1,107.4 | 766.3 | ||
Other intangible assets, net | 750.9 | 630.1 | ||
Operating lease right-of-use assets | 480.6 | 304.3 | ||
Deferred income taxes | 13.6 | 13.5 | ||
Other non-current assets | 111.8 | 118.1 | ||
Total Assets | $ | 4,323.4 | $ | 3,308.6 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities: | ||||
Accounts payable | $ | 432.0 | $ | 324.1 |
Accrued expenses and other current liabilities | 558.5 | 585.1 | ||
Income taxes payable | 9.9 | 21.7 | ||
Current portion of long-term debt | 53.0 | 43.9 | ||
Total Current Liabilities | 1,053.4 | 974.8 | ||
Long-term debt, net | 2,278.5 | 1,323.0 | ||
Long-term operating lease obligations | 427.0 | 275.1 | ||
Deferred income taxes | 129.2 | 90.4 | ||
Other non-current liabilities | 140.3 | 131.8 | ||
Total Liabilities | 4,028.4 | 2,795.1 | ||
Redeemable non-controlling interest | 9.2 | 8.9 | ||
Stockholders' Equity: | ||||
Common stock, $0.01 par value, 500.0 million shares authorized; 283.8 million shares issued as of December 31, 2021 and 2020
| 2.8 | 2.8 | ||
Additional paid in capital | 622.0 | 617.5 | ||
Retained earnings | 2,604.9 | 2,045.6 | ||
Accumulated other comprehensive loss | (99.2) | (65.5) | ||
Treasury stock at cost; 96.4 million and 78.9 million shares as of December 31, 2021 and 2020, respectively
| (2,844.7) | (2,096.8) | ||
Total stockholders' equity, net of non-controlling interests in subsidiaries | 285.8 | 503.6 | ||
Non-controlling interests in subsidiaries | - | 1.0 | ||
Total Stockholders' Equity | 285.8 | 504.6 | ||
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | $ | 4,323.4 | $ | 3,308.6 |
Year Ended December 31, | ||||
2021 | 2020 | |||
CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS: | ||||
Net income before non-controlling interests | $ | 625.0 | $ | 349.8 |
Loss from discontinued operations, net of tax | 0.7 | - | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 113.2 | 98.0 | ||
Amortization of stock-based compensation | 61.4 | 104.5 | ||
Amortization of deferred financing costs | 2.8 | 3.2 | ||
Bad debt expense | 2.7 | 35.8 | ||
Deferred income taxes | 11.1 | (8.6) | ||
Dividends received from unconsolidated affiliates | 22.9 | 19.3 | ||
Equity income in earnings of unconsolidated affiliates | (30.6) | (16.4) | ||
Loss on extinguishment of debt | 3.0 | 2.3 | ||
Loss (gain) on sale of assets | 0.5 | (1.7) | ||
Foreign currency transaction adjustments and other | 1.0 | (0.5) | ||
Changes in operating assets and liabilities, net of effect of business acquisitions: | ||||
Accounts receivable | (40.4) | (55.7) | ||
Inventories | (106.4) | (42.5) | ||
Prepaid expenses and other assets | 125.1 | (19.4) | ||
Operating leases, net | 9.2 | 21.9 | ||
Accounts payable | 50.5 | 63.0 | ||
Accrued expenses and other liabilities | (113.8) | 90.5 | ||
Income taxes payable | (14.8) | 11.2 | ||
Net cash provided by operating activities from continuing operations | 723.1 | 654.7 | ||
CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS: | ||||
Purchases of property, plant and equipment | (123.3) | (111.3) | ||
Acquisitions, net of cash acquired | (432.8) | (41.2) | ||
Other | 1.3 | 5.9 | ||
Net cash used in investing activities from continuing operations | (554.8) | (146.6) | ||
CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS: | ||||
Proceeds from borrowings under long-term debt obligations | 3,664.2 | 1,175.8 | ||
Repayments of borrowings under long-term debt obligations | (2,684.9) | (1,360.3) | ||
Proceeds from exercise of stock options | 14.9 | 6.9 | ||
Treasury stock repurchased | (816.3) | (331.8) | ||
Dividends paid | (63.1) | - | ||
Payment of deferred financing costs | (24.9) | (1.3) | ||
Repayments of finance lease obligations and other | (13.4) | (11.9) | ||
Net cash provided by (used in) financing activities from continuing operations | 76.5 | (522.6) | ||
Net cash provided by (used in) continuing operations | 244.8 | (14.5) | ||
Net operating cash flows (used in) provided by discontinued operations | (0.9) | 0.3 | ||
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (8.2) | 14.3 | ||
Increase in cash and cash equivalents | 235.7 | 0.1 | ||
CASH AND CASH EQUIVALENTS, beginning of period | 65.0 | 64.9 | ||
CASH AND CASH EQUIVALENTS, end of period | $ | 300.7 | $ | 65.0 |
Three Months Ended December 31, | ||||||||||||
(in millions) | Consolidated | North America | International | |||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||
Wholesale (a)
| $ | 1,048.4 | $ | 912.5 | $ | 936.6 | $ | 792.1 | $ | 111.8 | $ | 120.4 |
Direct (b)
| 311.2 | 144.5 | 125.5 | 101.5 | 185.7 | 43.0 | ||||||
$ | 1,359.6 | $ | 1,057.0 | $ | 1,062.1 | $ | 893.6 | $ | 297.5 | $ | 163.4 |
(a) | The Wholesale channel includes all third party retailers, including third party distribution, hospitality and healthcare. |
(b) | The Direct channel includes company-owned stores, online and call centers. |
Three Months Ended | ||||
(in millions, except per share amounts) | December 31, 2021 | December 31, 2020 | ||
Net income | $ | 175.8 | $ | 144.7 |
Loss from discontinued operations, net of tax (1)
| 0.1 | 1.3 | ||
Aspirational plan amortization (2)
| - | 4.2 | ||
Loss on extinguishment of debt (3)
| - | 4.2 | ||
Aspirational plan employer costs (4)
| - | 2.3 | ||
Other income (5)
| - | (2.3) | ||
Tax adjustments (6)
| - | (11.2) | ||
Adjusted net income | $ | 175.9 | $ | 143.2 |
Adjusted earnings per share, diluted | $ | 0.88 | $ | 0.67 |
Diluted shares outstanding | 199.8 | 214.1 |
Year Ended | ||||
(in millions, except per common share amounts) | December 31, 2021 | December 31, 2020 | ||
Net income | $ | 624.5 | $ | 348.8 |
Loss from discontinued operations, net of tax (1)
| 0.7 | - | ||
Loss on extinguishment of debt (3)
| 23.0 | 5.1 | ||
Acquisition-related costs (7)
| 6.2 | - | ||
Overlapping interest expense (8)
| 5.2 | - | ||
Aspirational plan amortization (2)
| - | 49.4 | ||
Customer-related charges (9)
| - | 11.7 | ||
Incremental operating costs (10)
| - | 7.2 | ||
Asset impairments (11)
| - | 7.0 | ||
Restructuring costs (12)
| - | 3.8 | ||
Accounting standard adoption (13)
| - | 3.6 | ||
Aspirational plan employer costs (4)
| - | 2.3 | ||
Facility expansion costs (14)
| - | 0.6 | ||
Other income (5)
| - | (2.3) | ||
Tax adjustments (6)
| (7.9) | (31.5) | ||
Adjusted net income | $ | 651.7 | $ | 405.7 |
Adjusted earnings per share, diluted | $ | 3.19 | $ | 1.91 |
Diluted shares outstanding | 204.3 | 212.3 |
4Q 2021 | ||||||||||||||
(in millions, except percentages) |
Consolidated
| Margin | North America | Margin | International | Margin | Corporate | |||||||
Net sales | $ | 1,359.6 | $ | 1,062.1 | $ | 297.5 | $ | - | ||||||
Gross profit | $ | 604.5 | 44.5 | % | $ | 441.6 | 41.6 | % | $ | 162.9 | 54.8 | % | $ | - |
Operating income (expense) | $ | 250.8 | 18.4 | % | $ | 228.9 | 21.6 | % | $ | 60.1 | 20.2 | % | $ | (38.2) |
4Q 2020 | ||||||||||||||
(in millions, except percentages) | Consolidated | Margin | North America | Margin |
International
| Margin | Corporate | |||||||
Net sales | $ | 1,057.0 | $ | 893.6 | $ | 163.4 | $ | - | ||||||
Gross profit | $ | 485.2 | 45.9 | % | $ | 387.4 | 43.4 | % | $ | 97.8 | 59.9 | % | $ | - |
Operating income (expense) | $ | 193.2 | 18.3 | % | $ | 187.0 | 20.9 | % | $ | 48.7 | 29.8 | % | $ | (42.5) |
Adjustments: | ||||||||||||||
Aspirational plan amortization (2)
| 4.2 | - | - | 4.2 | ||||||||||
Aspirational plan employer costs (4)
| 2.3 | - | - | 2.3 | ||||||||||
Total adjustments | 6.5 | - | - | 6.5 | ||||||||||
Adjusted operating income (expense) | $ | 199.7 | 18.9 | % | $ | 187.0 | 20.9 | % | $ | 48.7 | 29.8 | % | $ | (36.0) |
FULL YEAR 2021 | ||||||||||||||
(in millions, except percentages) | Consolidated | Margin | North America | Margin | International | Margin | Corporate | |||||||
Net sales | $ | 4,930.8 | $ | 4,079.2 | $ | 851.6 | $ | - | ||||||
Gross profit | $ | 2,158.7 | 43.8 | % | $ | 1,678.0 | 41.1 | % | $ | 480.7 | 56.4 | % | $ | - |
Operating income (expense) | $ | 912.3 | 18.5 | % | $ | 856.7 | 21.0 | % | $ | 200.0 | 23.5 | % | $ | (144.4) |
Adjustments: | ||||||||||||||
Acquisition-related costs (7)
| 6.2 | - | 2.3 | 3.9 | ||||||||||
Total adjustments | 6.2 | - | 2.3 | 3.9 | ||||||||||
Adjusted operating income (expense) | $ | 918.5 | 18.6 | % | $ | 856.7 | 21.0 | % | $ | 202.3 | 23.8 | % | $ | (140.5) |
FULL YEAR 2020 | ||||||||||||||
(in millions, except percentages) | Consolidated | Margin | North America | Margin | International | Margin | Corporate | |||||||
Net sales | $ | 3,676.9 | $ | 3,159.2 | $ | 517.7 | $ | - | ||||||
Gross profit | $ | 1,638.4 | 44.6 | % | $ | 1,332.0 | 42.2 | % | $ | 306.4 | 59.2 | % | $ | - |
Adjustments: | ||||||||||||||
Incremental operating costs (10)
| 4.5 | 4.0 | 0.5 | - | ||||||||||
Facility expansion costs (14)
| 0.6 | 0.6 | - | - | ||||||||||
Total adjustments | 5.1 | 4.6 | 0.5 | - | ||||||||||
Adjusted gross profit | $ | 1,643.5 | 44.7 | % | $ | 1,336.6 | 42.3 | % | $ | 306.9 | 59.3 | % | $ | - |
Operating income (expense) | $ | 532.1 | 14.5 | % | $ | 591.4 | 18.7 | % | $ | 127.6 | 24.6 | % | $ | (186.9) |
Adjustments: | ||||||||||||||
Aspirational plan amortization (2)
| 49.4 | - | - | 49.4 | ||||||||||
Customer-related charges (9)
| 11.7 | 11.7 | - | - | ||||||||||
Incremental operating costs (10)
| 7.2 | 4.3 | 2.9 | - | ||||||||||
Asset impairments (11)
| 7.0 | 7.0 | - | - | ||||||||||
Restructuring costs (12)
| 3.8 | - | 3.8 | - | ||||||||||
Accounting standard adoption (13)
| 3.6 | 3.6 | - | - | ||||||||||
Aspirational plan employer costs (4)
| 2.3 | - | - | 2.3 | ||||||||||
Facility expansion costs (14)
| 0.6 | 0.6 | - | - | ||||||||||
Total adjustments | 85.6 | 27.2 | 6.7 | 51.7 | ||||||||||
Adjusted operating income (expense) | $ | 617.7 | 16.8 | % | $ | 618.6 | 19.6 | % | $ | 134.3 | 25.9 | % | $ | (135.2) |
Three Months Ended | ||||
(in millions) | December 31, 2021 | December 31, 2020 | ||
Net income | $ | 175.8 | $ | 144.7 |
Interest expense, net | 20.5 | 16.0 | ||
Loss on extinguishment of debt (3)
| - | 4.2 | ||
Income tax provision | 54.4 | 29.4 | ||
Depreciation and amortization | 46.6 | 39.7 | ||
Aspirational plan amortization (2)
| - | 4.2 | ||
EBITDA | $ | 297.3 | $ | 238.2 |
Adjustments: | ||||
Loss from discontinued operations, net of tax (1)
| 0.1 | 1.3 | ||
Aspirational plan employer costs (4)
| - | 2.3 | ||
Other income (5)
| - | (2.3) | ||
Adjusted EBITDA | $ | 297.4 | $ | 239.5 |
Year Ended | ||
(in millions) | December 31, 2021 | |
Net income | $ | 624.5 |
Interest expense, net | 61.1 | |
Overlapping interest expense (8)
| 5.2 | |
Loss on extinguishment of debt (3)
| 23.0 | |
Income tax provision | 198.3 | |
Depreciation and amortization | 176.6 | |
EBITDA | $ | 1,088.7 |
Adjustments: | ||
Loss from discontinued operations, net of tax (1)
| 0.7 | |
Acquisition-related costs (7)
| 6.2 | |
Earnings from Dreams prior to acquisition (15)
| 40.3 | |
Adjusted EBITDA | $ | 1,135.9 |
Consolidated indebtedness less netted cash | $ | 2,053.7 |
Ratio of consolidated indebtedness less netted cash to adjusted EBITDA | 1.81 times |
(in millions) | December 31, 2021 | |
Total debt, net | $ | 2,331.5 |
Plus: Deferred financing costs (16)
| 21.7 | |
Consolidated indebtedness | 2,353.2 | |
Less: Netted cash (17)
| 299.5 | |
Consolidated indebtedness less netted cash | $ | 2,053.7 |
(1) |
Certain subsidiaries in the International business segment are accounted for as discontinued operations and have been designated as unrestricted subsidiaries in the 2019 Credit Agreement. Therefore, these subsidiaries are excluded from the Company's adjusted financial measures for covenant compliance purposes.
|
(2) |
In the fourth quarter of 2020, the Company recognized $4.2 million of performance-based stock compensation amortization related to the Company's long-term aspirational awards. In the year ended December 31, 2020, the Company recognized $49.4 million which represented the cumulative catch-up adjustment for the long-term aspirational awards that became probable of vesting during the third quarter of 2020 and the remaining requisite service period in the fourth quarter of 2020.
|
(3) | In the fourth quarter of 2020, the Company recognized $4.2 million of loss on extinguishment of debt associated with the redemption of the 2023 senior notes. In the year ended December 31, 2020, the Company recognized $5.1 million of loss on extinguishment of debt associated with the redemption of the 2023 senior notes and the early repayment of the 364-day term loan. In the year ended December 31, 2021, the Company recognized $23.0 million of loss on extinguishment of debt associated with the redemption of the 2026 and 2023 senior notes. |
(4) | In the fourth quarter of 2020, the Company recognized $2.3 million of employer-related tax costs related to the aspirational plan compensation. |
(5) | In the fourth quarter of 2020, the Company recorded $2.3 million of other income related to the sale of a manufacturing facility. |
(6) | Adjusted income tax provision represents the tax effects associated with the aforementioned items and discrete income tax events. In the fourth quarter of 2020, the Company recorded a $9.5 million discrete income tax benefit upon the vesting of the Company's long-term aspirational plan awards. |
(7) |
In the year ended December 31, 2021, the Company recognized $6.2 million of acquisition-related costs, primarily related to legal and professional fees and stamp taxes associated with the acquisition of Dreams.
|
(8) |
In the year ended December 31, 2021, the Company incurred $5.2 million of overlapping interest expense during the period between the issuance of the 2029 Senior Notes and the redemption of the 2026 Senior Notes.
|
(9) | In the year ended December 31, 2020, the Company recorded $11.7 million of customer-related charges in connection with the bankruptcy of Art Van Furniture, LLC and affiliates to fully reserve trade receivables and other assets associated with this account. |
(10) |
In the year ended December 31, 2020, the Company recorded $7.2 million of incremental operating costs and charges associated with the global pandemic. Cost of sales included $4.5 million of costs for relief efforts, increased sanitation supplies and services and other items. Operating expenses included $2.7 million of charges related to increased sanitation supplies and services.
|
(11) | In the year ended December 31, 2020, the Company recorded $7.0 million of asset impairment charges related to the write-off of certain sales and marketing assets. |
(12) | In the year ended December 31, 2020, the Company incurred $3.8 million of restructuring costs associated with International headcount reductions driven by the macro-economic environment. |
(13) | In the year ended December 31, 2020, the Company recorded $3.6 million of charges related to the adoption of ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326)". As permitted by the 2019 Credit Agreement, the Company elected to eliminate the effect of this accounting change within its covenant compliance calculation. |
(14) | In the year ended December 31, 2020, the Company recorded $0.6 million of costs related to the opening of a Sealy manufacturing facility. |
(15) | The Company completed the acquisition of Dreams on August 2, 2021 and designated this subsidiary as restricted under the 2019 Credit Agreement. For covenant compliance purposes, the Company included $40.3 million of EBITDA from this subsidiary for the seven months prior to acquisition in the Company's calculation of adjusted EBITDA for the year ended December 31, 2021. |
(16) |
The Company presents deferred financing costs as a direct reduction from the carrying amount of the related debt in the Consolidated Balance Sheets. For purposes of determining total debt for financial covenant purposes, the Company has added these costs back to total debt, net as calculated per the Consolidated Balance Sheets.
|
(17) | Netted cash includes cash and cash equivalents for domestic and foreign subsidiaries designated as restricted subsidiaries in the 2019 Credit Agreement. |
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Tempur Sealy International Inc. published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 11:41:04 UTC.