Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.60 per share for Q4, significantly outperforming guidance, with consolidated net sales of $962 million, up 8.2% year-over-year [20][21] - Consolidated backlog increased by $78 million to $761 million, driven by improved demand [21] - Consolidated gross margin was 39.2%, slightly down from last year but up 130 basis points sequentially [21][22] Business Line Data and Key Metrics Changes - In the North America contract segment, net sales were $496 million, up nearly 13% year-over-year, with new orders at $568 million, reflecting growth of almost 16% [23] - The international contract segment saw net sales of $186 million, up 6.9% year-over-year, with new orders increasing by 3.6% [24] - The global retail segment reported net sales of $280 million, up 2.2% year-over-year, with new orders improving to $280 million, up 7.5% [25][26] Market Data and Key Metrics Changes - The North American contract market experienced a return to order growth in Q4 after a previous decline due to tariffs [14] - Strength was noted in European and UK markets, with significant customer engagement during design events [15] - Office leasing activity is rising, with a 68% increase in days in the office among Fortune 100 companies since 2022 [16] Company Strategy and Development Direction - The company is focused on expanding its retail footprint, planning to open 10 to 15 new stores in fiscal 2026 [10][11] - Investment in product assortment expansion and e-commerce penetration is a key growth lever [11][12] - The company aims to balance long-term growth with prudent cost management and innovation [18] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macroeconomic environment, noting a dynamic landscape [14][17] - The company anticipates a return to growth in contract business as the industry recovers [17] - Future guidance for Q1 fiscal 2026 includes expected net sales between $899 million and $939 million, reflecting a 6.7% increase year-over-year [29] Other Important Information - The company paid approximately $52 million in dividends and returned about $85 million to shareholders through share repurchases in fiscal 2025 [27] - Capital expenditures for fiscal 2025 were $107.6 million, with expectations to increase to between $120 million and $130 million in fiscal 2026 [27] Q&A Session Summary Question: Insights on pull forward effect from pricing actions - Management noted a mid-single-digit decline in order entry year-over-year in the early part of the current quarter, aligning with expectations due to pull forward [34][35] Question: Confidence in retail store openings amid softer demand - Management expressed confidence in retail expansion, citing a need in the market and a strategy to open stores prudently [36][37] Question: Clarification on North American pull forward estimates - Management confirmed the estimated pull forward of $55 million to $60 million for the consolidated enterprise, with no significant pull ahead in international markets [48][49] Question: Profitability outlook amid tariffs and pull forward - Management indicated that the impact from pull forward and tariffs would likely affect Q1 and Q2, with expectations for recovery in Q3 and Q4 [55][56] Question: Balance sheet and cash flow considerations - Management highlighted a focus on managing debt levels and capital expenditures for store build-outs while maintaining a strong balance sheet [58]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated adjusted earnings of $0.60 per share, significantly outperforming guidance, with consolidated net sales of $962 million, up 8.2% year over year [22][23] - Consolidated backlog increased by $78 million to $761 million, driven by improved demand [23] - Consolidated gross margin was 39.2%, slightly down from last year but up 130 basis points sequentially [23][24] Business Line Data and Key Metrics Changes - North America contract segment net sales were $496 million, up nearly 13% year over year, with new orders at $568 million, reflecting growth of almost 16% [25] - International contract segment net sales improved to $186 million, up 6.9% year over year, with new orders at $190 million, a 3.6% increase [26] - Global retail segment net sales were $280 million, up 2.2% on a reported basis, with new orders improving to $280 million, up 7.5% [27][28] Market Data and Key Metrics Changes - The company noted a return to order growth in the North American contract segment in Q4 after a dip due to tariffs [15][16] - Strength was observed in European and UK markets, with significant customer engagement during design events [17] - Office leasing activity is rising, with a 68% increase in days in the office among Fortune 100 companies since 2022 [18] Company Strategy and Development Direction - The company is focused on expanding its retail footprint, planning to open 10 to 15 new stores in fiscal 2026 [12][13] - Investment in product assortment expansion and e-commerce penetration is a priority to drive revenue growth [13][14] - The company aims to balance long-term growth with prudent cost management and innovation [20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the macroeconomic environment, noting a dynamic landscape with potential for growth in contract markets [15][19] - The company anticipates that pricing actions will offset tariff-related cost impacts in the latter half of fiscal 2026 [30][31] - Management highlighted strong internal indicators for growth, including increased customer activity and order trends [19][57] Other Important Information - The company paid approximately $52 million in dividends and returned about $85 million to shareholders through share repurchases in fiscal 2025 [29] - Capital expenditures for fiscal 2025 were $107.6 million, with expectations to increase to between $120 million and $130 million in fiscal 2026 [29] Q&A Session Summary Question: Insights on pull forward effect from pricing actions - Management noted a mid-single-digit decline in order entry year over year in early Q1, aligning with expectations due to pull forward [35][37] Question: Confidence in retail store openings amid softer demand - Management expressed confidence in retail expansion, citing a need in the market and a strategy to open stores prudently [38][39] Question: Clarification on North American pull forward estimates - Management confirmed an estimated pull forward of $55 million to $60 million, with significant orders expected in Q1 and Q2 [51][59] Question: Profitability impact from pull forward and tariffs - Management indicated that the impact from pull forward would be most significant in Q1, with a gradual decrease in Q2 [58][59] Question: Balance sheet and cash flow considerations - Management highlighted a focus on managing debt levels while increasing capital expenditures for store openings [61]

Financial Performance - Net sales for Q4 2025 reached $961.8 million, an increase of 8.2% year-over-year, with organic growth of 7.8%[6] - Orders for Q4 2025 totaled $1,036.8 million, up 11.1% as reported and 10.7% organically compared to the previous year[6] - Full year net sales amounted to $3.67 billion, reflecting a 1.1% increase year-over-year, with an organic growth of 1.6%[6] - Total net sales for the three months ended May 31, 2025, were $961.8 million, a 8.2% increase from $888.9 million for the same period last year[34] - The North America Contract segment reported net sales of $496.1 million for the three months ended May 31, 2025, a 12.5% increase from $441.1 million in the same period last year[34] - The International Contract segment achieved net sales of $185.7 million, a 6.5% increase from $173.7 million year-over-year[34] - The Global Retail segment's net sales were $280.0 million, slightly up from $274.1 million in the prior year[34] - Organic sales growth in North America for the three months ended May 31, 2025, was 12.6%, while international contract sales grew by 5.5%[39] Profitability and Margins - The operating margin for Q4 2025 improved to 5.7%, compared to 2.7% in the prior year, while the adjusted operating margin was 7.5%, down from 8.3%[6] - Gross margin for the same period was $376.9 million, representing a gross margin percentage of 39.2%, compared to 39.6% in the prior year[34] - Operating earnings for the three months ended May 31, 2025, were $55.0 million, or 5.7% of net sales, up from $23.7 million, or 2.7% of net sales, in the same period last year[34] - Adjusted operating earnings for the twelve months ended May 31, 2025, were $248.7 million, or 6.8% of net sales, compared to $262.2 million, or 7.2% of net sales, in the prior year[35] - The gross margin for the three months ended May 31, 2025, was $376.9 million, representing a margin of 39.2%, compared to $352.4 million and 39.6% for the same period last year[37] - Operating expenses for the three months ended May 31, 2025, were $321.9 million, or 33.5% of sales, compared to $328.7 million and 37.0% last year, with adjusted operating expenses at $305.0 million[38] Losses and Charges - The company reported a net loss of $56.2 million for Q4 2025, resulting in a diluted loss per share of $0.84[17] - Special charges of $16.9 million were recorded in Q4 2025, primarily due to restructuring and purchase accounting amortization[6] - The diluted loss earnings per share for the three months ended May 31, 2025, was $(0.84), compared to $0.14 for the same period last year, while the adjusted earnings per share was $0.60, down from $0.67[36] - The company incurred restructuring charges of $10.6 million for the three months ended May 31, 2025, compared to $22.1 million in the same period last year[38] Liquidity and Debt - Liquidity as of May 31, 2025, was $575.9 million, including cash on hand and available credit[6] - The net debt-to-EBITDA ratio was reported at 2.88x, with scheduled debt maturities of $16.0 million in fiscal 2026[11] - Total current assets increased to $1,108.7 million as of May 31, 2025, compared to $1,069.6 million a year earlier[20] - Total liabilities rose to $2,615.1 million as of May 31, 2025, compared to $2,584.6 million in the previous year[20] - Stockholders' equity decreased to $1,275.8 million from $1,385.1 million year-over-year[20] - The total debt, less cash, at the end of the trailing period was $1,142.2 million[38] - The adjusted bank covenant EBITDA for the twelve months ended May 31, 2025, was $396.4 million, with a net debt to adjusted bank covenant EBITDA ratio of 2.88[38] Future Outlook - The company plans to open three new retail stores in Q1 FY2026, which will impact operating expenses[16] - The first quarter FY2026 outlook projects net sales between $899 million and $939 million, with an adjusted effective tax rate of 21.5% to 23.5%[13] - The company reported a backlog of $761.3 million as of Q4 FY2025, indicating strong future demand[44] Risks and Challenges - Risks associated with the Knoll acquisition include potential difficulties in retaining key personnel and maintaining customer relationships[47] - Economic factors such as supply chain challenges and tariff changes could materially impact MillerKnoll's operations and financial results[47] - The success of newly-introduced products will be critical for MillerKnoll's future performance[47] - MillerKnoll's ability to comply with debt covenants post-acquisition is a key concern[47] - The company faces risks from public health crises, which could affect its operational results[47] - Fluctuations in foreign currency exchange rates may impact financial performance[47] - The financial strength of dealers and customers is essential for MillerKnoll's business stability[47] - MillerKnoll does not commit to updating forward-looking statements unless legally required[47] Brand and Acquisition - MillerKnoll's brand portfolio includes notable names such as Herman Miller and Knoll, focusing on sustainable design for the 21st century[46] - The company anticipates significant synergies from the Knoll acquisition, although the exact amount and timing remain uncertain[47]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 1, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-15141 __________________________________________ MillerKnoll, Inc. (Exact name of reg ...

Core Insights - MillerKnoll, Inc. reported third-quarter fiscal 2025 results with adjusted earnings meeting consensus estimates but declining year over year, while net sales missed consensus but grew slightly year over year [1][4] Financial Performance - Adjusted earnings were 44 cents per share, down 2.2% from 45 cents year over year [4] - Net sales reached $876.2 million, missing the consensus estimate of $922 million by 5%, but increased by 0.4% year over year [4] - Organic net sales grew by 1.8% year over year, with orders amounting to $853.1 million, up 2.7% reported and 4.1% organically [4] Segment Performance - North America Contract segment saw net sales grow by 1.4% reported and 1.7% organically to $468.2 million, with new orders down 1.8% year over year [5] - International Contract segment experienced a 5% decline in net sales to $145.5 million, with new orders down 1.6% reported but up 1.4% organically [6] - Global Retail segment's net sales increased by 1.9% reported and 3.9% organically to $262.5 million, with new orders up 14.7% reported and 16.9% organically [7] Operating Metrics - Gross margin declined by 70 basis points year over year to 37.9% due to unfavorable channel and product mix, lower fixed cost leverage, and higher commodity costs [9] - Adjusted operating expenses decreased by 1.6% year over year to $274.4 million, attributed to lower incentive compensation and cost control [10] Liquidity and Debt - As of March 1, 2025, the company had $468.2 million in liquidity, with cash and equivalents at $169.8 million, down from $230.4 million at the end of fiscal 2024 [11] - Long-term debt slightly decreased to $1.28 billion from $1.29 billion reported at the end of fiscal 2024 [11] Future Guidance - For fiscal Q4, net sales are expected to range from $910 million to $950 million, with adjusted EPS projected between 46 to 52 cents [13] - For fiscal 2025, net sales are anticipated to be between $3.618 billion and $3.658 billion, with adjusted EPS expected to be between $1.81 and $1.87, down from earlier estimates [15]

MillerKnoll (MLKN) Q3 2025 Earnings Call March 26, 2025 11:33 PM ET Company Participants Wendy Watson - Vice President of IR and Corporate CommunicationsAndi Owen - Chief Executive OfficerJeff Stutz - Chief Financial OfficerDebbie Propst - President of Global RetailJohn Michael - President of North America Contract Conference Call Participants Brian Gordon - Senior Research AnalystGregory Burns - AnalystAlex Fuhrman - Senior Research AnalystReuben Garner - Equity Research Analyst Operator Good evening, and ...

MillerKnoll, Inc. (NASDAQ:MLKN) Q3 2025 Results Conference Call March 27, 2025 5:00 PM ET Company Participants Wendy Watson - VP of IR Jeff Stutz - CFO Andi Owen - CEO Debbie Propst - President, Global Retail John Michael - President, Americas Contract Conference Call Participants Brian Gordon - Water Tower Research Greg Burns - Sidoti and Co Alex Fuhrman - Craig-Hallum Reuben Garner - The Benchmark Company Operator Good evening, and welcome to MillerKnoll, Inc. Earnings Conference Call. As a reminder, this ...

Sales Performance - North America Contract segment net sales for the three months ended August 31, 2024, were $476.2 million, with a gross margin of 36.1%[2] - International Contract segment net sales for the three months ended August 31, 2024, were $146.4 million, with a gross margin of 36.8%[2] - Global Retail segment net sales for the three months ended August 31, 2024, were $238.9 million, with a gross margin of 46.3%[2] - Total net sales for MillerKnoll, Inc. for the three months ended August 31, 2024, were $861.5 million, with a gross margin of 39.0%[2] - North America Contract segment net sales for the twelve months ended June 1, 2024, were $1,922.3 million, with a gross margin of 36.3%[3] - Global Retail segment net sales for the twelve months ended June 1, 2024, were $1,060.5 million, with a gross margin of 46.1%[3] - Total net sales for MillerKnoll, Inc. for the twelve months ended June 1, 2024, were $3,628.4 million, with a gross margin of 39.1%[3] - North America Contract segment net sales reached $519.4 million, with a gross margin of 37.9% for the three months ended September 2, 2023[13] - International Contract segment net sales for the twelve months ended June 3, 2023, were $705.5 million, with a gross margin of 32.6%[14] - Global Retail segment net sales for the twelve months ended June 3, 2023, were $1,252.1 million, with a gross margin of 40.3%[14] - Total net sales for MillerKnoll, Inc. for the twelve months ended June 3, 2023, were $4,087.1 million, with a gross margin of 35.0%[14] Operating Earnings - Operating earnings for MillerKnoll, Inc. for the three months ended August 31, 2024, were $15.2 million, representing 1.8% of net sales[2] - Operating earnings for MillerKnoll, Inc. for the twelve months ended June 1, 2024, were $167.2 million, representing 4.6% of net sales[3] - Adjusted Operating Earnings for the North America Contract segment were $44.9 million, representing 9.4% of net sales for the three months ended August 31, 2024[12] - Adjusted Operating Earnings for the International Contract segment were $13.3 million, representing 9.1% of net sales for the three months ended August 31, 2024[12] - Adjusted Operating Earnings for the Global Retail segment were $7.4 million, representing 3.1% of net sales for the three months ended August 31, 2024[12] - Adjusted Operating Earnings for MillerKnoll, Inc. were $49.9 million, representing 5.8% of total net sales for the three months ended August 31, 2024[12] - Adjusted operating earnings for MillerKnoll, Inc. were $55.4 million, accounting for 6.0% of net sales for the three months ended September 2, 2023[13] - Adjusted operating earnings for the North America Contract segment for the twelve months ended June 3, 2023, were $174.0 million, representing 8.2% of net sales[14] - Adjusted operating earnings for the International Contract segment for the twelve months ended June 3, 2023, were $77.2 million, representing 10.9% of net sales[14] - Adjusted operating earnings for the Global Retail segment for the twelve months ended June 3, 2023, were $60.1 million, representing 4.8% of net sales[14] - Adjusted operating earnings for MillerKnoll, Inc. for the twelve months ended June 3, 2023, were $256.5 million, representing 6.3% of net sales[14] Year-over-Year Changes - North America Contract reported net sales of $476.2 million for the three months ended August 31, 2024, a decline of 8.3% from the prior year[15] - International Contract net sales were $146.4 million for the three months ended August 31, 2024, reflecting a decrease of 3.5% year-over-year[15] - Global Retail net sales reached $238.9 million for the three months ended August 31, 2024, down 3.1% compared to the previous year[15] - MillerKnoll, Inc. reported net sales of $861.5 million for the three months ended August 31, 2024, a decrease of 6.1% from the prior year[16] - North America Contract reported net sales of $519.4 million for the three months ended September 2, 2023, reflecting an 8.0% decline from the prior year[19] - International Contract net sales decreased by 19.4% year-over-year to $151.7 million for the three months ended September 2, 2023[19] - Global Retail net sales were reported at $246.6 million for the three months ended September 2, 2023, a decline of 24.4% compared to the previous year[20] - MillerKnoll, Inc. reported net sales of $917.7 million for the three months ended September 2, 2023, down 14.9% from the prior year[20] Organic Orders - North America Contract organic orders increased by 5.1% year-over-year, totaling $536.5 million for the three months ended August 31, 2024[17] - International Contract organic orders grew by 5.5% year-over-year, amounting to $168.0 million for the three months ended August 31, 2024[17] - Global Retail organic orders were $235.9 million for the three months ended August 31, 2024, reflecting a decline of 1.3% from the prior year[18] - MillerKnoll, Inc. reported organic orders of $940.4 million for the three months ended August 31, 2024, an increase of 3.5% year-over-year[18] - North America Contract organic sales showed a slight decline of 0.6% for the three months ended September 2, 2023, with net sales of $520.0 million[19] - International Contract organic sales decreased by 15.6% year-over-year for the three months ended September 2, 2023, totaling $147.7 million[19] - Global Retail organic sales were reported at $244.6 million for the three months ended September 2, 2023, reflecting a 13.0% decline from the prior year[20] - MillerKnoll, Inc. organic sales decreased by 6.9% year-over-year for the three months ended September 2, 2023, with net sales of $912.3 million[20] Charges and Expenses - Integration charges for the North America Contract segment amounted to $24.8 million for the three months ended August 31, 2024[12] - The company reported a total operating loss of $15.7 million for the Corporate segment for the three months ended August 31, 2024[12] - The total operating expenses for MillerKnoll, Inc. were $317.8 million, representing 34.6% of net sales for the three months ended September 2, 2023[13] - Restructuring charges for the North America Contract segment totaled $4.4 million, or 0.8% of net sales for the three months ended September 2, 2023[13] - The company reported impairment charges of $8.1 million, or 1.8% of net sales for the North America Contract segment for the three months ended June 1, 2024[13] - Restructuring charges for MillerKnoll, Inc. totaled $34.0 million for the twelve months ended June 3, 2023[14] Currency Effects - The currency translation effects had a minor impact, with adjustments of $2.8 million for the three months ended August 31, 2024, and $0.5 million for the six months ended November 30, 2024[16] - Currency translation effects negatively impacted reported orders by $7.3 million for MillerKnoll, Inc. in the three months ended September 2, 2023[22] Other Adjustments - The impact of an extra week in FY23 reduced orders by $20.6 million for the twelve months ended June 1, 2024[22] - Fully and HAY eCommerce adjustments accounted for a total reduction of $75.8 million in orders for the twelve months ended June 3, 2023[22] - Organic orders for the twelve months ended June 3, 2023, were $3,686.8 million, reflecting a decrease from the previous year[22]

ZEELAND, Mich., Feb. 26, 2025 /PRNewswire/ -- MillerKnoll, Inc. ("MillerKnoll" or the "Company") (NASDAQ: MLKN) will release its fiscal 2025 third quarter financial results on Wednesday, March 26, 2025, after the stock market closes. A conference call and webcast to discuss the Company's financial and operational results and answer questions from the investment community will follow at 5:00 p.m. Eastern time. Investors will be able to access the press release and supporting materials on the Company's invest ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-15141 __________________________________________ MillerKnoll, Inc. (Exact name of ...