Table of Contents FY 2023 FORM 10-K 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 December 31, 2023 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 No.001-14124 MILLER INDUSTRIES, INC. (Exact name of registrant as specified in its charter ...

Financial Data and Key Metrics Changes - In Q3 2023, the company generated revenues of $274.6 million, a 33.6% increase year-over-year, attributed to improved deliveries from a healthy backlog [16][18] - Gross profit for Q3 was $42.9 million, representing an 84.9% increase compared to the prior year, with a gross margin improvement of 430 basis points to 15.6% [16][20] - Net income for Q3 2023 was $17.5 million or $1.52 per diluted share, compared to $5.2 million or $0.46 per diluted share in Q3 2022 [10] - SG&A expenses increased to $19.3 million in Q3 2023 from $14.7 million in Q3 2022, but as a percentage of net sales, it decreased to 7% [9] Business Line Data and Key Metrics Changes - The international and military business, which constitutes approximately 10% of sales, is experiencing strong demand, similar to the domestic business [7] - The company has seen significant improvements in productivity and a favorable product mix contributing to gross profit growth [20] Market Data and Key Metrics Changes - Demand for products remains high across all end markets, with backlog still substantially higher than pre-pandemic levels [6] - The overall supply chain health has improved compared to the previous year, although some chassis suppliers are still facing production disruptions [5][6] Company Strategy and Development Direction - The company is focused on investing in inventory and business improvements to enhance lead times and fulfill customer demand [6] - The recent acquisition of Southern Hydraulic Cylinder (SHC) is performing well and has positively impacted the supply chain [17] - The company aims to prioritize debt reduction while maintaining a strong dividend policy [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting expectations for over $1 billion in annual revenue and significant year-over-year profitability improvements for 2023 [35] - The leadership team believes that the strategic initiatives and investments made during the pandemic have yielded positive results [34] Other Important Information - The effective tax rate for Q3 was 20.8%, slightly lower than the previous year, primarily due to tax credits [10] - The Board of Directors approved a quarterly cash dividend of $0.18 per share, payable on December 11, 2023 [12] Q&A Session Summary Question: Inventory and Debt Reduction - Analyst inquired about the potential to reduce inventory and use cash to pay down debt, to which management confirmed they are reaching peak inventory levels and prioritize debt reduction [25][26] Question: Chassis Supply and Sales Growth - Analyst asked if improved chassis supply contributed to sales growth, and management confirmed they own the chassis and expect better deliveries in the upcoming quarters [27][28] Question: SG&A Expenses and R&D Investment - Analyst questioned the consistency of SG&A expenses and potential increases in R&D, management indicated they plan to maintain overall SG&A levels while possibly increasing R&D investments [29][30]

[FORWARD-LOOKING STATEMENTS](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section details factors that may cause actual results to differ from forward-looking statements, including economic conditions, supply chain disruptions, and geopolitical events - Actual results may differ materially from forward-looking statements due to various factors, including changes in price, delivery delays, decreased availability of component parts, chassis and raw materials, economic and market conditions (inflation, interest rates, geopolitical uncertainties like the war in Ukraine and the Middle East conflict), increased labor costs, and supply chain disruptions[5](index=5&type=chunk) - The company assumes no obligation to publicly update these forward-looking statements or the reasons actual results could differ, except as required by law[7](index=7&type=chunk) [PART I FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS.](index=6&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS.) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of income, comprehensive income, shareholders' equity, and cash flows, for the periods ended September 30, 2023, and December 31, 2022 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets show the company's financial position as of September 30, 2023, and December 31, 2022, indicating growth in total assets, liabilities, and shareholders' equity | Metric | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | Change (vs Dec 31, 2022) | | :----------------------------- | :-------------------------- | :-------------------------- | :----------------------- | | Total Assets | $587,406 | $501,429 | +$85,977 | | Total Liabilities | $255,021 | $207,972 | +$47,049 | | Total Shareholders' Equity | $332,385 | $293,457 | +$38,928 | | Current Assets | $449,109 | $376,048 | +$73,061 | | Current Liabilities | $188,514 | $156,145 | +$32,369 | | Long-term obligations | $60,000 | $45,000 | +$15,000 | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The condensed consolidated statements of income highlight significant improvements in net sales, gross profit, and net income for both the three and nine months ended September 30, 2023, compared to the prior year periods | Metric (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | YoY Change (%) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | YoY Change (%) | | :-------------------- | :-------------------------- | :-------------------------- | :------------- | :-------------------------- | :-------------------------- | :------------- | | Net Sales | $274,568 | $205,557 | +33.6% | $857,108 | $622,602 | +37.7% | | Costs of Operations | $231,700 | $182,377 | +27.0% | $743,894 | $565,708 | +31.5% | | Gross Profit | $42,868 | $23,180 | +84.9% | $113,214 | $56,894 | +98.9% | | Net Income | $17,459 | $5,232 | +233.7% | $41,596 | $11,054 | +276.3% | | Basic EPS | $1.53 | $0.46 | +232.6% | $3.64 | $0.97 | +275.3% | | Diluted EPS | $1.52 | $0.46 | +230.4% | $3.62 | $0.97 | +273.2% | | Cash Dividends Declared Per Common Share | $0.18 | $0.18 | 0.0% | $0.54 | $0.54 | 0.0% | [Condensed Consolidated Statements of Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) The condensed consolidated statements of comprehensive income show a significant increase in comprehensive income for both the three and nine months ended September 30, 2023, primarily driven by positive foreign currency translation adjustments compared to losses in the prior year | Metric (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Income | $17,459 | $5,232 | $41,596 | $11,054 | | Foreign currency translation adjustment | $822 | $(3,341) | $2,712 | $(5,621) | | Total other comprehensive income (loss) | $822 | $(3,341) | $2,712 | $(5,621) | | Comprehensive Income | $18,281 | $1,891 | $44,308 | $5,433 | [Condensed Consolidated Statements of Shareholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) The condensed consolidated statements of shareholders' equity detail changes from December 31, 2021, through September 30, 2023, reflecting contributions from net income, foreign currency translation adjustments, stock-based compensation, and dividend payments, leading to an increase in total shareholders' equity | Metric (in thousands) | Dec 31, 2022 | Sep 30, 2023 | Change | | :-------------------- | :----------- | :----------- | :----- | | Common Stock | $114 | $114 | $0 | | Additional Paid-In Capital | $152,392 | $153,191 | +$799 | | Accumulated Surplus | $150,124 | $185,541 | +$35,417 | | Accumulated Other Comprehensive Loss | $(9,173) | $(6,461) | +$2,712 | | Total Shareholders' Equity | $293,457 | $332,385 | +$38,928 | - Net income contributed significantly to accumulated surplus, with **$9,220K for Q1 2023**, **$14,915K for Q2 2023**, and **$17,459K for Q3 2023**[19](index=19&type=chunk)[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The condensed consolidated statements of cash flows show a significant improvement in cash provided by operating activities for the nine months ended September 30, 2023, compared to cash used in the prior year, while cash used in investing activities increased due to a business acquisition | Metric (in thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change | | :-------------------- | :-------------------------- | :-------------------------- | :----- | | Net cash flows from operating activities | $4,213 | $(31,602) | +$35,815 | | Net cash flows from investing activities | $(27,508) | $(25,119) | -$2,389 | | Net cash flows from financing activities | $8,822 | $38,820 | -$29,998 | | Net change in cash and temporary investments | $(13,306) | $(21,124) | +$7,818 | | Cash and temporary investments, end of period | $26,847 | $33,208 | -$6,361 | - Investing activities for the nine months ended September 30, 2023, included a **$17,802K acquisition of Southern Hydraulic Cylinder, Inc. (SHC)**[24](index=24&type=chunk) - Cash payments for interest significantly increased to **$5,758K** for the nine months ended September 30, 2023, from **$1,902K** in the comparable 2022 period[24](index=24&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the condensed consolidated financial statements, covering accounting policies, recent pronouncements, the acquisition of Southern Hydraulic Cylinder, Inc., earnings per share calculations, revenue disaggregation, inventory valuation, long-term debt, commitments, contingencies, income taxes, corrections of prior period errors, and subsequent events [1. BASIS OF PRESENTATION](index=12&type=section&id=1.%20BASIS%20OF%20PRESENTATION) This section outlines

PART I FINANCIAL INFORMATION | Item 1. | Financial Statements. | | | --- | --- | --- | | | Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 | 3 | | | Condensed Consolidated Statements of Income for the Three and Six Months Ended June | | | | 30, 2023 and 2022 | 4 | | | Condensed Consolidated Statements of Comprehensive Income for the Three and Six | | | | Months Ended June 30, 2023 and 2022 | 5 | | | Condensed Consolidated Statements of Shareholders' Equity for the Three and S ...

Miller Industries, Inc. (NYSE:MLR) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET Company Participants Michael Gaudreau - Investor Relations, FTI Consulting Will Miller - President & Chief Executive Officer Debbie Whitmire - Executive Vice President & Chief Financial Officer Conference Call Participants Arnold Ursaner - Ursaner Family Office Operator Good day, ladies and gentlemen, and welcome to the Miller Industries First Quarter Results Conference Call. Please note, this event is being recorded ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ 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 001-14124 MILLER INDUSTRIES, INC. (Exact na ...

Miller Industries, Inc. (NYSE:MLR) Q4 2022 Earnings Call Transcript March 9, 2023 10:00 AM ET Company Participants Mike Gaudreau - Investor Relations, FTI Consulting Will Miller - President & Chief Executive Officer Debbie Whitmire - Executive Vice President & Chief Financial Officer Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to the Miller Industries Fourth Quarter and Full Year 2022 Results Conference Call. Please note this event is being recorded. And now at this tim ...

Table of Contents 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 December 31, 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 No. 001-14124 MILLER INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Tennessee 62-1566286 (State or ot ...

Miller Industries, Inc. (NYSE:MLR) Q3 200 Earnings Conference Call November 10, 2022 10:00 AM ET Company Participants Mike Gaudreau ??? Investor Relations Debbie Whitmire ??? Executive Vice President and Chief Financial Officer Jamison Linden ??? Chief Manufacturing Office Conference Call Participants Arnie Ursaner ??? Ursaner Family Office Operator Good day, ladies and gentlemen, and welcome to the Miller Industries Third Quarter 2022 Results Conference Call. [Operator Instructions] And at this time, I wou ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ 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 001-14124 MILLER INDUSTRIES, INC. (Exac ...