MillerKnoll, Inc. (NASDAQ:MLKN) Q4 2023 Earnings Call Transcript July 12, 2023 5:00 PM ET Company Participants Carola Mengolini - Vice President, Investor Relations Andi Owen - Chief Executive Officer Jeff Stutz - Chief Financial Officer John Michael - President, Americas Contracts Conference Call Participants Greg Burns - Sidoti & Company Budd Bugatch - Water Tower Research Reuben Garner - Benchmark Company Alex Fuhrman - Craig-Hallum Capital Group Operator Good evening, and welcome to MillerKnoll's Fourth ...

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 4, 2023 UNITED STATES or For the transition period from to Commission file number: 001-15141 __________________________________________ MillerKnoll, Inc. (Exact name of registrant as specified in its charter) __________________________________________ (State or o ...

MillerKnoll, Inc. (NASDAQ:MLKN) Q3 2023 Earnings Conference Call March 22, 2023 5:30 PM ET Company Participants Carola Mengolini - Vice President, Investor Relations Andi Owen - Chief Executive Officer Jeff Stutz - Chief Financial Officer John Michael - President, Americas Contracts Debbie Propst - President, Global Retail Conference Call Participants Greg Burns - Sidoti & Company Reuben Garner - Benchmark Company Budd Bugatch - Water Tower Research Steven Ramsey - Thompson Alex Fuhrman - Craig-Hallum Capit ...

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 December 3, 2022 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 ...

Financial Data and Key Metrics Changes - Consolidated net sales for Q2 2023 were just under $1.1 billion, an increase of 4% on a reported basis and 8% organically compared to the same quarter last year [23] - Consolidated orders totaled $1 billion, which is 12.5% below prior year levels on a reported basis and 9% lower organically [23] - Adjusted diluted earnings per share came in at $0.46, compared to $0.54 in the same period last year [31] Business Line Data and Key Metrics Changes - In the Americas Contract segment, sales were $530 million, an increase of 6% year-over-year, while order levels decreased 17% to $474 million [25] - Global Retail segment sales were $272 million, a decrease of 3% on a reported basis but up 1% organically; new orders totaled $298 million, down 8% on a reported basis [26] - International Contract & Specialty segment sales totaled $265 million, reflecting a 7% increase on a reported basis and up 15% organically [28] Market Data and Key Metrics Changes - Strong order growth was noted in India, South Korea, and the Middle East, while there was softening in China, France, and Ireland [29] - The Americas backlog was down year-on-year by about 21%, standing at approximately $456 million at the end of Q2 [94] Company Strategy and Development Direction - The company emphasizes diversifying its business model, expanding its global retail business to over $1 billion in annual revenue, and leveraging synergies from the acquisition of Knoll [9][10] - The focus remains on contract wins, retail success, and delivering shareholder commitments despite macroeconomic uncertainties [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to reach customers through various channels and markets, despite current macroeconomic challenges [20] - The company anticipates a gradual improvement in retail profitability over the next two quarters, aiming for high single-digit operating margins by the end of the fiscal year [27][41] Other Important Information - The company reported a liquidity position of $428 million at the end of Q2, with $60 million generated from cash flow operations during the quarter [32] - The company is proactively taking steps to improve near-term profit and cash flow outlook, expecting annualized expense reductions between $30 million and $35 million [34] Q&A Session Summary Question: Can you discuss the inventory issues in the Retail segment? - Management explained that high demand and supply chain difficulties led to inventory buildup, which is being addressed through a promotional strategy and is expected to normalize by Q4 [38][41] Question: What is the outlook for order strength in the Retail segment? - Management noted that while orders have softened in the residential home furnishings market due to macroeconomic uncertainty, they believe they are capturing a larger market share compared to competitors [42][44] Question: How does the company view the total addressable market in U.S. core office furnishings? - Management acknowledged the challenges but emphasized the strategic position gained through the acquisition of Knoll and the diversification of their business model [46][49] Question: Can you elaborate on the progression of order patterns in North America? - Management indicated that order activity has been somewhat flat, with a notable decline in October and November, but recent days have shown improvement [56][57] Question: What are the expectations for price-cost dynamics in the upcoming quarter? - Management expects incremental positive benefits from net pricing and anticipates a shift to positive commodity costs, although production leverage may be a headwind [65][66] Question: What is the outlook for the International segment? - Management highlighted the faster return to office in international markets and the potential for growth in regions where they currently lack presence [80][84]

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 September 3, 2022 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 ...

MillerKnoll, Inc. (NASDAQ:MLKN) Q1 2023 Earnings Conference Call September 28, 2022 5:30 PM ET Company Participants Ken Diptee - Vice President of Investor Relations Andrea Owen - President & Chief Executive Officer Jeffrey Stutz - Chief Financial Officer John Michael - President, North Americas Contract Debbie Propst - President, Global Retail Conference Call Participants Budd Bugatch - Water Tower Research Greg Burns - Sidoti & Company Alex Fuhrman - Craig-Hallum Capital Group Operator Ladies and gentleme ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☒ 1934 For the fiscal year ended May 28, 2022 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 registrant a ...

MillerKnoll, Inc. (NASDAQ:MLKN) Q4 2022 Earnings Conference Call June 29, 2022 5:30 PM ET Company Participants Kevin Veltman - Vice President of Investor Relations & Treasurer Andrea Owen - President & Chief Executive Officer Jeff Stutz - Chief Financial Officer John Michael - President, North Americas Contract Conference Call Participants Steven Ramsey - Thompson Research Group Reuben Garner - Benchmark Company Budd Bugatch - Water Tower Research Alex Fuhrman - Craig-Hallum Greg Burns - Sidoti & Company Op ...

Financial Performance - Net loss for the nine months ended February 26, 2022, was $46.6 million, a significant decline from net earnings of $169.5 million for the same period in the previous year[12]. - For the nine months ended February 26, 2022, MillerKnoll reported net earnings of $73.0 million, a decrease of 61.5 million compared to the previous period[13]. - For the three months ended February 26, 2022, net earnings attributable to MillerKnoll, Inc. were $12.6 million, a decrease of 69.6% compared to $41.5 million for the same period in 2021[68]. - The total operating earnings for the nine months ended February 26, 2022, were reported at a loss of $22.5 million, a decline from operating earnings of $221.5 million for the same period in the previous year[116]. Revenue and Sales - For the three months ended February 26, 2022, total net sales were $1,029.5 million, a 74.4% increase from $590.5 million for the same period in 2021[31]. - For the nine months ended February 26, 2022, total net sales reached $2,845.5 million, up 54.2% from $1,843.6 million in the prior year[31]. - The Americas Contract segment generated $1,052.0 million in net sales for the nine months ended February 26, 2022, compared to $1,008.0 million in the same period of 2021, reflecting a 4.4% increase[36]. - The Knoll segment contributed $336.9 million in net sales for the three months ended February 26, 2022, with no prior year comparison available due to the acquisition[36]. - The International Contract segment saw net sales increase to $347.4 million for the nine months ended February 26, 2022, up from $293.5 million, marking a growth of 18.3%[116]. - The Global Retail segment achieved net sales of $635.4 million for the nine months ended February 26, 2022, compared to $542.1 million, an increase of 17.2%[116]. Assets and Liabilities - Total assets increased to $4,517.7 million as of February 26, 2022, compared to $2,061.9 million on May 29, 2021, reflecting a growth of approximately 118%[11]. - The company had total liabilities of $2,993.7 million as of February 26, 2022, compared to $1,135.3 million as of May 29, 2021[11]. - The carrying value of the Company's long-term debt as of February 26, 2022, was $1,434.0 million, with a fair value of $1,308.5 million[77]. - The total fair value of cash equivalents as of February 26, 2022, was $28.0 million, down from $162.2 million in May 2021[81]. Equity and Stock - Total stockholders' equity increased to $1,455.9 million from $849.6 million, representing a growth of approximately 71%[11]. - The company declared dividends of $0.1875 per share, totaling $14.3 million for the period[14]. - The company issued common stock worth $6.8 million during the nine months, compared to $3.9 million in the previous year[12]. - The company repurchased and retired common stock totaling $11.0 million during the period[13]. - As of February 26, 2022, the total number of common shares outstanding was 75,798,552[14]. Acquisitions and Integration - MillerKnoll completed the acquisition of Knoll, Inc. on July 19, 2021, which has been included in the financial results since the acquisition date[20]. - The total consideration transferred for the acquisition of Knoll was approximately $1,887.3 million, which included cash consideration of $1,176.6 million and share consideration valued at $688.3 million[45]. - Goodwill recorded from the acquisition of Knoll was $941.4 million, primarily attributed to the assembled workforce and anticipated operational synergies[48]. - Integration costs related to the Knoll merger amounted to $101.7 million for the nine months ended February 26, 2022, including $49.9 million in severance and employee benefit costs[119]. - The company expects total pre-tax costs for the Knoll Integration to not exceed approximately $100 million to $120 million[119]. Cash Flow and Operating Activities - The company reported cash used in operating activities of $57.9 million for the nine months ended February 26, 2022, compared to cash provided of $260.1 million in the prior year[12]. - Cash and cash equivalents decreased to $245.9 million from $396.4 million, representing a decline of approximately 38%[12]. - The company recognized a loss on extinguishment of debt of approximately $13.4 million related to the repayment of private placement notes due May 20, 2030[103]. Inventory and Receivables - Inventories rose significantly to $520.8 million, compared to $213.6 million, marking an increase of approximately 143%[11]. - Accounts receivable increased to $313.8 million, up from $204.7 million, indicating a growth of about 53%[11]. Tax and Compliance - The effective tax rate for the three months ended February 26, 2022, was 15.6%, down from 22.9% for the same period in 2021, primarily due to a pre-tax loss adjustment[71]. - The effective tax rate for the nine months ended February 26, 2022, was 19.8%, a decrease from 22.7% in the same period of 2021, attributed to a pre-tax book loss and non-deductible acquisition costs[72]. - The company recognized a liability for uncertain tax positions of $2.7 million as of February 26, 2022, compared to $2.1 million in May 2021[74]. Other Comprehensive Income - Other comprehensive loss for the period was $93.0 million, reflecting a decrease in accumulated other comprehensive loss[14]. - The company recognized a pre-tax gain of $2.0 million from the sale of a wholly-owned contract furniture dealership in Toronto, Canada, for cash consideration of $2.8 million[55].