Miller Industries, Inc. (NYSE:MLR) Q1 2022 Earnings Conference Call May 5, 2022 12:00 PM ET Company Participants Mike Gaudreau - FTI Consulting Will Miller - President & Chief Executive Officer Debbie Whitmire - Executive Vice President & Chief Financial Officer Conference Call Participants Arnie Ursaner - Ursaner Family Office Operator Good day, ladies and gentlemen, and welcome to the Miller Industries First Quarter 2022 Results Conference Call. Please note, this event is being recorded. And now, at this ...

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, 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. (Exact na ...

Financial Data and Key Metrics Changes - Fourth quarter revenues increased 13.1% year-over-year to $201.7 million compared to $178.3 million in the same period of 2020 [6][11] - Gross profit for the fourth quarter was $15.6 million, a decrease of approximately 35.7% from $24.3 million in the prior year, with gross margin dropping about 590 basis points to 7.7% [7][13] - Full year net sales for 2021 were $717.5 million, up 10.2% from $651.3 million in 2020, while net income decreased by roughly 45.5% to $16.3 million or $1.42 per share [16][17] Business Line Data and Key Metrics Changes - Domestic business experienced extremely high demand and strong backlog growth, although supply chain constraints limited the ability to capture new demand [8] - International business showed strong performance driven by recovery in European markets, with increased demand and backlog growth despite ongoing shipping and production challenges [9][10] Market Data and Key Metrics Changes - The company faced supply chain constraints and labor shortages impacting operations globally, yet demand dynamics remained favorable [6][8] - The ongoing conflict between Russia and Ukraine presented additional concerns for the international segment [10] Company Strategy and Development Direction - The company is committed to maintaining best-in-class customer service and operational excellence while navigating macroeconomic challenges [23] - Management expressed confidence in the company's future prospects and financial position, which is expected to allow for quick capitalization on improving market conditions [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant impact of inflation and supply chain challenges on bottom-line growth but remained optimistic about future demand [23] - The company is focused on mitigating macroeconomic disruptions and is prepared for a return to more normal market conditions [8][19] Other Important Information - Cash and cash equivalents as of December 31, 2021, were $54.3 million, showing a slight increase from $50.4 million as of September 30, 2021 [18] - The company announced a quarterly cash dividend of $0.18 per share, marking the 45th consecutive quarter of dividend payments [20] Q&A Session Summary Question: Were there any questions from participants? - There were no questions during the Q&A session, and the management team concluded the call [25]

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, 2021 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 2021 Results Conference Call November 4, 2021 10:00 AM ET Company Participants Mike Gaudreau - FTI Consulting Bill Miller - Chairman Will Miller - President and Co-CEO Jeff Badgley - Co-CEO Debbie Whitmire - EVP and CFO Frank Madonia - EVP, Secretary and General Counsel Conference Call Participants Arnie Ursaner - Ursaner Family Office Operator Good day, ladies and gentlemen, and welcome to the Miller Industries Third Quarter 2021 Results Conference Call. Please note th ...

[FORWARD-LOOKING STATEMENTS](index=3&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section identifies cautionary statements regarding future expectations and outlines key risk factors that could cause actual results to differ materially - Forward-looking statements are identified by words such as "may," "will," "should," "could," "continue," "future," "potential," "believe," "project," "plan," "intend," "seek," "estimate," "predict," "expect," "anticipate" and similar expressions[6](index=6&type=chunk) - Key risk factors include the overall impact of the COVID-19 pandemic, dependence on outside suppliers for raw materials and truck chassis, recent supply chain challenges, changes in material prices and availability, labor issues, cyclical industry nature, economic conditions, and international operation uncertainties[6](index=6&type=chunk) - Additional risks include intellectual property assertions, IT system disruptions, changes in tax regimes, catastrophic loss of manufacturing facilities, environmental liabilities, loss of key executives, and product warranty/liability claims[9](index=9&type=chunk) [PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This part presents the company's unaudited condensed consolidated financial statements and management's analysis [ITEM 1. FINANCIAL STATEMENTS](index=6&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the company's unaudited condensed consolidated financial statements and related notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity Condensed Consolidated Balance Sheets (in thousands) | Metric | Sep 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | Change (vs. Dec 31, 2020) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Current Assets | $296,931 | $286,269 | +$10,662 | | Total Assets | $408,625 | $398,410 | +$10,215 | | Total Current Liabilities | $113,716 | $110,682 | +$3,034 | | Total Liabilities | $118,756 | $115,957 | +$2,799 | | Total Shareholders' Equity | $289,869 | $282,453 | +$7,416 | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section presents the company's financial performance, including revenues, expenses, and net income Condensed Consolidated Statements of Income (in thousands, except per share) | Metric (in thousands, except per share) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | Change (YoY) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | Change (YoY) | | :-------------------------------------- | :-------------------------- | :-------------------------- | :----------- | :-------------------------- | :-------------------------- | :----------- | | Net Sales | $164,715 | $168,366 | -2.2% | $515,785 | $472,949 | +9.1% | | Gross Profit | $17,832 | $17,843 | -0.1% | $54,253 | $54,108 | +0.3% | | Income Before Income Taxes | $5,357 | $8,591 | -37.7% | $17,865 | $23,211 | -23.1% | | Net Income | $3,846 | $6,553 | -41.3% | $13,540 | $17,810 | -23.9% | | Basic Income Per Common Share | $0.34 | $0.57 | -40.3% | $1.19 | $1.56 | -23.7% | | 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) This section presents net income and other comprehensive income components Condensed Consolidated Statements of Comprehensive Income (in thousands) | Metric (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | Change (YoY) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | Change (YoY) | | :-------------------------------- | :-------------------------- | :-------------------------- | :----------- | :-------------------------- | :-------------------------- | :----------- | | Net Income | $3,846 | $6,553 | -41.3% | $13,540 | $17,810 | -23.9% | | Foreign currency translation adjustment | $(1,501) | $2,861 | -152.4% | $(162) | $2,477 | -106.5% | | Comprehensive Income | $2,345 | $9,414 | -75.1% | $13,378 | $20,287 | -34.1% | [Condensed Consolidated Statements of Shareholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%27%20Equity) This section details changes in the company's equity accounts Condensed Consolidated Statements of Shareholders' Equity (in thousands) | Metric | Sep 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | Change (vs. Dec 31, 2020) | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Shareholders' Equity | $289,869 | $282,453 | +$7,416 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section reports cash generated and used by operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (in thousands) | Metric (in thousands) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | Change (YoY) | | :------------------------------------ | :-------------------------- | :-------------------------- | :----------- | | Net cash flows from operating activities | $7,036 | $44,129 | -84.1% | | Net cash flows from investing activities | $(7,851) | $(12,648) | +37.9% | | Net cash flows from financing activities | $(6,178) | $(11,470) | +46.1% | | Net Change in Cash and Temporary Investments | $(7,114) | $21,440 | -133.2% | | Cash and Temporary Investments, end of period | $50,407 | $47,512 | +6.1% | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide additional detail and context for the financial statements [1. BASIS OF PRESENTATION](index=12&type=section&id=1.%20BASIS%20OF%20PRESENTATION) This section outlines the accounting principles and rules used in preparing the financial statements - The condensed consolidated financial statements are prepared in accordance with GAAP and SEC rules, with certain information condensed or omitted compared to annual statements[27](index=27&type=chunk) - Interim results are not necessarily indicative of full fiscal year results[27](index=27&type=chunk) [2. RECENT ACCOUNTING PRONOUNCEMENTS](index=12&type=section&id=2.%20RECENT%20ACCOUNTING%20PRONOUNCEMENTS) This section discusses the adoption and impact of new accounting standards - The Company adopted ASU 2019-12 Income Taxes (Topic 740) in Q1 2021, which did not have a material impact on its financial statements[29](index=29&type=chunk) [3. BASIC INCOME PER SHARE](index=12&type=section&id=3.%20BASIC%20INCOME%20PER%20SHARE) This section explains the calculation of basic income per common share - The Company has a simple capital structure with only common stock outstanding and no dilutive instruments[30](index=30&type=chunk) - Basic income per share is calculated by dividing net income by the weighted average number of common shares outstanding[30](index=30&type=chunk) [4. REVENUE](index=12&type=section&id=4.%20REVENUE) This section details revenue sources, geographic segmentation, and recognition policies - Substantially all revenue is generated from sales of towing and recovery equipment[31](index=31&type=chunk) Geographic Segment Revenue (in thousands) | Geographic Segment | 3 Months Ended Sep 30, 2021 (in thousands) | 3 Months Ended Sep 30, 2020 (in thousands) | Change (YoY) | 9 Months Ended Sep 30, 2021 (in thousands) | 9 Months Ended Sep 30, 2020 (in thousands) | Change (YoY) | | :----------------- | :----------------------------------------- | :----------------------------------------- | :----------- | :----------------------------------------- | :----------------------------------------- | :----------- | | North America | $142,338 | $149,265 | -4.6% | $450,908 | $400,581 | +12.6% | | Foreign | $22,377 | $19,101 | +17.2% | $64,877 | $72,368 | -10.3% | | Total Net Sales | $164,715 | $168,366 | -2.2% | $515,785 | $472,949 | +9.1% | - Revenue is recognized when performance obligations are satisfied, typically upon shipment of products from the Company's facilities[32](index=32&type=chunk) [5. INVENTORIES](index=14&type=section&id=5.%20INVENTORIES) This section describes inventory valuation methods and provides a breakdown by category - Inventories are stated at the lower of cost or net realizable value, determined on a first-in, first-out basis[37](index=37&type=chunk) Inventory Breakdown (in thousands) | Inventory Category | Sep 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | Change (vs. Dec 31, 2020) | | :----------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Chassis | $6,493 | $6,859 | -$366 | | Raw materials | $51,897 | $36,161 | +$15,736 | | Work in process | $33,932 | $16,282 | +$17,650 | | Finished goods | $16,516 | $24,637 | -$8,121 | | Total Inventories, net | $108,838 | $83,939 | +$24,899 | [6. LONG-TERM OBLIGATIONS](index=14&type=section&id=6.%20LONG-TERM%20OBLIGATIONS) This section outlines the company's long-term debt, credit facilities, and covenant compliance - The Company has a **$50,000 thousand** unsecured revolving credit facility with First Horizon Bank, maturing May 31, 2027[38](index=38&type=chunk) - There were no outstanding borrowings under the credit facility at September 30, 2021, or December 31, 2020[40](index=40&type=chunk) - The Company has been in compliance with all credit facility covenants throughout 2020 and the first nine months of 2021[38](index=38&type=chunk) [7. COMMITMENTS AND CONTINGENCIES](index=15&type=section&id=7.%20COMMITMENTS%20AND%20CONTINGENCIES) This section details contractual commitments, potential liabilities, and repurchase obligations - The Company had commitments of approximately **$5,933 thousand** for construction and acquisition of property, plant and equipment at September 30, 2021[46](index=46&type=chunk) - Commitments for software license fees related to an ERP system migration were approximately **$3,754 thousand** at September 30, 2021, payable in installments through 2025[46](index=46&type=chunk) - The maximum repurchase obligation for repossessed products from independent distributors was approximately **$46,183 thousand** at September 30, 2021[47](index=47&type=chunk) [8. INCOME TAXES](index=19&type=section&id=8.%20INCOME%20TAXES) This section provides information on the company's income tax position - As of September 30, 2021, the Company had no federal net operating loss carryforwards and no significant state net operating loss carryforwards[51](index=51&type=chunk) [9. SUBSEQUENT EVENTS](index=19&type=section&id=9.%20SUBSEQUENT%20EVENTS) This section discloses significant events occurring after the balance sheet date - On November 1, 2021, the Board of Directors declared a quarterly cash dividend of **$0.18 per share**, payable December 13, 2021, to shareholders of record as of December 6, 2021[52](index=52&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=20&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on financial performance, condition, and operations [Executive Overview](index=20&type=section&id=Executive%20Overview) This section introduces the company's business, strategic focus, and key performance indicators - Miller Industries is the world's largest manufacturer of towing and recovery equipment, offering a broad range of products under various brand names[55](index=55&type=chunk) - Management focuses on key indicators such as revenue, operating income, gross margin, net income, earnings per share, capital expenditures, and cash flow[56](index=56&type=chunk) - The company has invested over **$97,000 thousand** in property, plant, and equipment from 2016-2020, including sophisticated robotics and advanced technologies to optimize manufacturing processes[59](index=59&type=chunk) - Phase one of an enterprise software solution (ERP, human capital management, data analytics, AI) was completed in Q1 2021 to improve administrative efficiency and customer service[58](index=58&type=chunk) [Impact of COVID-19 and Recent Developments](index=22&type=section&id=Impact%20of%20COVID-19%20and%20Recent%20Developments) This section discusses the operational and financial impacts of COVID-19 and recent developments - The company enacted operational modifications due to COVID-19, including workforce rotation and sanitation efforts, which continue to adversely impact plant productivity[62](index=62&type=chunk) - Significant supply chain challenges, such as shortages and delivery delays in semiconductors and other component parts, and record high steel prices, materially impacted operations during Q3 2021[65](index=65&type=chunk) - Increased employee turnover rates and difficulties in hiring skilled workers in Q3 2021 led to higher recruiting, training, and retention costs[65](index=65&type=chunk) - The company implemented price increases and surcharges, and increased reliance on in-house fabrication capabilities to mitigate disruptions, which are anticipated to continue into the first half of 2022[65](index=65&type=chunk) [Critical Accounting Policies](index=24&type=section&id=Critical%20Accounting%20Policies) This section identifies accounting policies requiring significant judgment and estimation - Critical accounting policies include those related to accounts receivable, inventory, long-lived assets, warranty reserves, revenues, and income taxes[69](index=69&type=chunk) - There have been no significant changes in critical accounting policies during the first nine months of 2021[69](index=69&type=chunk) [Results of Operations – Three Months Ended September 30, 2021 Compared to Three Months Ended September 30, 2020](index=24&type=section&id=Results%20of%20Operations%20%E2%80%93%20Three%20Months%20Ended%20September%2030%2C%202021%20Compared%20to%20Three%20Months%20Ended%20September%2030%2C%202020) This section analyzes financial performance for the three-month period - Net sales decreased by **2.2%** to **$164,715 thousand**, primarily due to ongoing supply chain disruptions and bottlenecks[71](index=71&type=chunk) - Selling, general and administrative expenses increased to **$11,983 thousand** from **$9,231 thousand**, rising to **7.3% of sales** from **5.5%**, due to increased personnel costs and normalization of marketing/travel spending[73](index=73&type=chunk) - The company experienced a net foreign currency exchange loss of **$198 thousand**, compared to a net gain of **$208 thousand** in the prior year period[75](index=75&type=chunk) - The combined effective U.S. federal, state, and foreign tax rate increased to **28.2%** from **23.7%**[76](index=76&type=chunk) [Results of Operations – Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020](index=24&type=section&id=Results%20of%20Operations%20%E2%80%93%20Nine%20Months%20Ended%20September%2030%2C%202021%20Compared%20to%20Nine%20Months%20Ended%20September%2030%2C%202020) This section analyzes financial performance for the nine-month period - Net sales increased by **9.1%** to **$515,785 thousand**, reflecting recovery from COVID-19 impacts, though tempered by Q3 2021 supply chain issues[77](index=77&type=chunk) - Costs of operations increased as a percentage of sales to **89.5%** from **88.6%**, driven by reduced sales from supply chain disruptions and rising raw material prices[79](index=79&type=chunk) - Selling, general and administrative expenses increased to **$35,053 thousand** from **$30,272 thousand**, rising to **6.8% of sales** from **6.4%**, due to higher software fees, personnel costs, and normalized spending[80](index=80&type=chunk) - Net foreign sales decreased by **10.3%** to **$64,877 thousand**, mainly due to significant decreases in export sales[77](index=77&type=chunk) - The combined effective U.S. federal, state, and foreign tax rate increased to **24.2%** from **23.3%**[83](index=83&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's ability to generate and manage cash - Cash provided by operating activities significantly decreased to **$7,036 thousand** for the nine months ended September 30, 2021, from **$44,129 thousand** in the comparable 2020 period, primarily due to increased cash usage in production activities as customer demand recovered[84](index=84&type=chunk) - Cash used in investing activities decreased to **$7,851 thousand** from **$12,648 thousand**, mainly for purchases of property, plant, and equipment[85](index=85&type=chunk) - Cash used in financing activities decreased to **$6,178 thousand** from **$11,470 thousand**, primarily due to lower payments on long-term obligations in 2021, while cash dividends remained consistent[86](index=86&type=chunk) - The company held **$50,407 thousand** in cash and temporary investments as of September 30, 2021[87](index=87&type=chunk) - Approximately **$25,080 thousand** of the company's cash and temporary investments were held by foreign subsidiaries at September 30, 2021[89](index=89&type=chunk) [Credit Facilities and Other Obligations](index=28&type=section&id=Credit%20Facilities%20and%20Other%20Obligations) This section details the company's credit arrangements and debt covenants - The company has a **$50,000 thousand** unsecured revolving credit facility maturing May 31, 2027, with no outstanding borrowings at September 30, 2021, or December 31, 2020[90](index=90&type=chunk)[92](index=92&type=chunk) - The company was in compliance with all credit facility covenants throughout 2020 and the first nine months of 2021[90](index=90&type=chunk) - Non-cancelable operating lease obligations were approximately **$1,319 thousand** and finance lease obligations were **$21 thousand** at September 30, 2021[93](index=93&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=28&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's exposure to market risks [Interest Rate Risk](index=28&type=section&id=Interest%20Rate%20Risk) This section assesses the potential impact of changes in interest rates - Outstanding amounts under the credit facility are subject to variable interest rates (LIBOR Rate plus **1.00%** or **1.25%** per annum)[95](index=95&type=chunk) - A one percent change in the interest rate on variable-rate debt would not have materially impacted financial position, results of operations, or cash flows for the periods presented[95](index=95&type=chunk) [Foreign Currency Exchange Rate Risk](index=28&type=section&id=Foreign%20Currency%20Exchange%20Rate%20Risk) This section discusses the company's exposure to foreign currency exchange rate fluctuations - The company is exposed to foreign currency exchange rate risk from its international operations in Europe, primarily related to the Euro and British pound[96](index=96&type=chunk)[97](index=97&type=chunk) - Foreign currency translation adjustments resulted in a **$1,501 thousand** decrease for the three months and a **$162 thousand** decrease for the nine months ended September 30, 2021, recognized as unrealized losses in accumulated other comprehensive loss[97](index=97&type=chunk) - Net foreign currency exchange loss was **$198 thousand** for the three months and **$427 thousand** for the nine months ended September 30, 2021, compared to net gains in the prior year periods[98](index=98&type=chunk)[99](index=99&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=30&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) This section confirms the effectiveness of disclosure controls and internal control [Disclosure Controls and Procedures](index=30&type=section&id=Disclosure%20Controls%20and%20Procedures) This section assesses the effectiveness of controls for timely and accurate financial reporting - Management, including co-CEOs and CFO, concluded that disclosure controls and procedures were effective as of September 30, 2021[100](index=100&type=chunk) [Changes in Internal Control over Financial Reporting](index=30&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) This section reports any material changes in internal control over financial reporting - There were no significant changes in internal controls over financial reporting during the period covered by the report[101](index=101&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II%20OTHER%20INFORMATION) This part includes disclosures on legal proceedings, risk factors, equity sales, and exhibits [ITEM 1. LEGAL PROCEEDINGS](index=30&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section addresses the company's involvement in legal proceedings - The company is a party to litigation arising in the normal course of business[102](index=102&type=chunk) - Management believes any liability from litigation in excess of insurance coverage and accruals will not have a material adverse effect on the consolidated financial position or results of operations[102](index=102&type=chunk) [ITEM 1A. RISK FACTORS](index=30&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section states no material changes to previously disclosed risk factors - There have been no material changes to the risk factors included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as supplemented by the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021[103](index=103&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=30&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section indicates no unregistered sales of equity securities or use of proceeds to report - None[104](index=104&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=30&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) This section confirms that there were no defaults upon senior securities during the reporting period - None[105](index=105&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=30&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This section states that mine safety disclosures are not applicable to the company - Not applicable[106](index=106&type=chunk) [ITEM 5. OTHER INFORMATION](index=30&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section indicates that there is no other information to report - None[107](index=107&type=chunk) [ITEM 6. EXHIBITS](index=31&type=section&id=ITEM%206.%20EXHIBITS) This section provides a list of exhibits filed with the Form 10-Q - Exhibits include Certifications Pursuant to Rules 13a-14(a)/15d-14(a) by Co-Chief Executive Officers and Chief Financial Officer[108](index=108&type=chunk) - Exhibits also include Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of United States Code by Co-Chief Executive Officers and Chief Financial Officer[108](index=108&type=chunk) - Inline XBRL documents (Instance, Schema, Calculation, Definition, Label, Presentation Linkbase Documents) are filed[108](index=108&type=chunk)[111](index=111&type=chunk) [SIGNATURES](index=34&type=section&id=SIGNATURES) This section contains the official signatures of authorized officers certifying the report's accuracy - The report was signed on behalf of Miller Industries, Inc. by Deborah L. Whitmire, Executive Vice President, Chief Financial Officer and Treasurer[115](index=115&type=chunk) - The report was dated November 3, 2021[115](index=115&type=chunk)

Miller Industries, Inc. (NYSE:MLR) Q2 2021 Earnings Conference Call August 5, 2021 10:00 AM ET Company Participants Brendan Dunlap - FTI Consulting Jeffrey Badgley - Co-CEO Deborah Whitmire - EVP, CFO, Treasurer & Director William Miller - President, Co-CEO & Director Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to the Miller Industries' Second Quarter 2021 Results Conference Call. Please note, this event is being recorded. And now at this time, I would like to turn the ...

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 June 30, 2021 ☐ 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 nam ...

Financial Data and Key Metrics Changes - Sales for Q1 2021 decreased by 3.5% year-over-year to $169.9 million, impacted by delivery delays from the enterprise software rollout and supply chain challenges [6][9] - Gross profit fell 14.6% year-over-year to $15.8 million, with gross margin contracting approximately 120 basis points to 9.3% due to decreased sales and increased transportation costs [6][10] - Net income for Q1 2021 was $3.2 million or $0.28 per share, down from $5.4 million or $0.48 per share in Q1 2020 [12] Business Line Data and Key Metrics Changes - The international business faced challenges from pandemic-related restrictions and global shipping constraints, but underlying demand trends remained favorable [7] - Domestic customer demand improved, evidenced by a strong backlog and increasing order rates, despite transportation and freight availability issues [7] Market Data and Key Metrics Changes - The ongoing pandemic continued to impact operations, particularly in Europe, affecting export sales [7] - Transportation and freight availability challenges increased shipping costs, impacting overall performance [7] Company Strategy and Development Direction - The company is focused on capitalizing on strong industry demand trends and has a commitment to returning capital to shareholders, as shown by the declaration of a quarterly dividend [14][15] - Investments in streamlining operations and enhancing customer service are prioritized to drive business forward [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pace of vaccine rollouts and the gradual normalization of the economy, which is expected to benefit the company [15] - Despite potential supply chain disruptions and rising raw material costs, the company remains focused on controllable aspects to meet customer demand and generate shareholder value [17] Other Important Information - Cash and temporary investments as of March 31, 2021, were $56.2 million, slightly down from $57.5 million at the end of 2020 but up from $43.1 million a year ago [13] - The board approved a quarterly cash dividend of $0.18 per share, marking the 42nd consecutive quarterly dividend [14] Q&A Session Summary Question: No specific questions were recorded during the Q&A session - The operator noted that there were no further questions at the time [20]

PART I FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets – March 31, 2021 and December 31, 2020 2 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2021 and 2020 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020 4 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2021 and 2020 5 Condensed Consolidated Statements of Cash Flows for the ...