| Item 2.02 | Results of Operations and Financial Condition. |
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 Company’s 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 adollar-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 thesenon-GAAP measures as supplemental information to assess the Company’s operational performance.
The abovenon-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. Fornon-GAAP reconciliations, please refer to page 7 of the press release.
| Item 7.01 | Regulation FD Disclosure. |
The information provided in Item 2.02, including Exhibit 99.1, is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits.
EXHIBIT INDEX
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