Group 1: Steelcase Inc. - Steelcase Inc. is involved in a transaction where it will sell to HNI Corporation for $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase [1] Group 2: LAVA Therapeutics N.V. - LAVA Therapeutics N.V. is set to be acquired by XOMA Royalty Corporation for $1.16 in cash per share, with potential additional payments of up to $0.08 per share and a non-transferable contingent value right [2] Group 3: Enzo Biochem, Inc. - Enzo Biochem, Inc. is being sold to Battery Ventures for $0.70 per share in cash [3] Group 4: Legal Representation - Halper Sadeh LLC is investigating these transactions for potential violations of federal securities laws and breaches of fiduciary duties to shareholders, seeking increased consideration and additional disclosures [4] - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [5]

Group 1: HilleVax, Inc. - HilleVax will be acquired by XOMA Royalty Corporation for $1.95 in cash per share plus one non-transferable contingent value right (CVR) [2] - The investigation focuses on whether the HilleVax Board breached its fiduciary duties by failing to conduct a fair process and whether the consideration provides fair value to shareholders [2] Group 2: Steelcase Inc. - Steelcase will be acquired by HNI Corporation for $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase [4] - The implied per share purchase price is $18.30 based on HNI's closing share price of $50.62 on August 1, 2025 [4] - The investigation concerns whether the Steelcase Board breached its fiduciary duties by failing to conduct a fair process and whether the consideration provides fair value to shareholders [4] Group 3: LAVA Therapeutics N.V. - LAVA will be acquired by XOMA Royalty Corporation for between $1.16 and $1.24 per share in cash, plus a non-transferable CVR [6] - The cash amount consists of a base price of $1.16 per share and an additional amount of up to $0.08 per share [6] - The investigation focuses on whether the LAVA Board breached its fiduciary duties by failing to conduct a fair process and whether the consideration provides fair value to shareholders [6] Group 4: Arcadia Biosciences, Inc. - Arcadia will be acquired by Roosevelt Resources LP, with current equity owners of Roosevelt and Arcadia shareholders expected to own approximately 90% and 10% of the combined company, respectively [8] - The investigation concerns whether the Arcadia Board breached its fiduciary duties by failing to conduct a fair process and the potential dilution of shareholders in the combined company [8]

MILWAUKEE, Aug. 4, 2025 /PRNewswire/ -- The Ademi Firm is investigating Steelcase (NYSE: SCS) for possible breaches of fiduciary duty and other violations of law in its transaction with HNI Corporation.Click here to learn how to join our investigation and obtain additional information or contact us at [email protected] or toll-free: 866-264-3995. There is no cost or obligation to you.In the transaction, shareholders of Steelcase will receive $7.20 in cash and 0.2192 shares of HNI common stock for each Steel ...

Part I: Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The company reported increased Q1 FY2026 revenue and net income, with total assets slightly decreasing and negative operating cash flow Q1 FY2026 vs Q1 FY2025 Income Statement Highlights (in millions, except per share data) | Metric | Q1 2026 (ended May 30, 2025) | Q1 2025 (ended May 24, 2024) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $779.0 | $727.3 | +7.1% | | **Gross Profit** | $263.8 | $234.4 | +12.5% | | **Operating Income** | $25.5 | $17.6 | +44.9% | | **Net Income** | $13.6 | $10.9 | +24.8% | | **Diluted EPS** | $0.11 | $0.09 | +22.2% | | **Dividends per share** | $0.100 | $0.100 | No Change | Balance Sheet Highlights (in millions) | Asset/Liability | May 30, 2025 | February 28, 2025 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $183.9 | $346.3 | -$162.4 | | Inventories, net | $286.6 | $245.7 | +$40.9 | | Total current assets | $938.7 | $1,029.0 | -$90.3 | | **Total assets** | **$2,255.4** | **$2,330.4** | **-$75.0** | | Total current liabilities | $568.5 | $669.1 | -$100.6 | | Long-term debt | $447.3 | $447.1 | +$0.2 | | **Total liabilities** | **$1,272.7** | **$1,378.7** | **-$106.0** | | **Total shareholders' equity** | **$982.7** | **$951.7** | **+$31.0** | Q1 FY2026 vs Q1 FY2025 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2026 (ended May 30, 2025) | Q1 2025 (ended May 24, 2024) | | :--- | :--- | :--- | | Net cash used in operating activities | $(141.1) | $(59.1) | | Net cash used in investing activities | $(5.9) | $(46.6) | | Net cash used in financing activities | $(17.2) | $(40.0) | | **Net decrease in cash** | **$(163.3)** | **$(145.6)** | - The significant use of cash in operating activities was primarily due to a **$111.0 million** outflow for employee compensation liabilities and a **$37.3 million** increase in inventories[21](index=21&type=chunk) Q1 FY2026 Disaggregated Revenue (in millions) | Segment/Product | Q1 2026 Revenue | Q1 2025 Revenue | | :--- | :--- | :--- | | **Americas** | | | | Desking, benching, systems and storage | $294.6 | $255.5 | | Seating | $159.1 | $144.6 | | **International** | | | | Desking, benching, systems and storage | $57.1 | $56.8 | | Seating | $68.5 | $64.5 | | **Total Revenue** | **$779.0** | **$727.3** | - In Q1 2026, the company initiated restructuring actions in the Americas, expecting to incur **$10 to $12 million** in costs related to the termination of approximately 85 salaried employees to prioritize strategic initiatives. **$9.1 million** of these costs were incurred in the quarter[70](index=70&type=chunk) Q1 FY2026 Segment Performance (in millions) | Segment | Revenue | Operating Income (Loss) | | :--- | :--- | :--- | | **Americas** | $603.6 | $28.0 | | **International** | $175.4 | $(2.5) | | **Consolidated** | **$779.0** | **$25.5** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 FY2026 revenue growth to higher order backlog, improved operating income, and restructuring for savings, while maintaining strong liquidity Overview and Results of Operations - Q1 2026 performance was driven by an **11% higher** year-over-year order backlog, leading to increased revenue and operating income. However, orders in the quarter declined modestly, impacted by reduced demand from education and government customers in the Americas and macroeconomic weakness in France and Germany[79](index=79&type=chunk) Q1 FY2026 vs Q1 FY2025 Key Metrics | Metric | Q1 2026 | Q1 2025 | | :--- | :--- | :--- | | Revenue | $779.0M | $727.3M | | Organic Revenue Growth | 7% | - | | Operating Income | $25.5M | $17.6M | | Adjusted Operating Income | $39.0M | $28.2M | | Diluted EPS | $0.11 | $0.09 | | Adjusted Diluted EPS | $0.20 | $0.16 | - Gross profit margin improved by **170 basis points** to **33.9%**, while cost of sales as a percentage of revenue improved by **80 basis points**, driven by higher volume and cost reduction initiatives in the Americas[77](index=77&type=chunk)[83](index=83&type=chunk) - The company initiated restructuring in the Americas targeting **$20 million** in annualized savings and is also taking actions in Europe to reduce costs in response to weak demand in Germany and France[80](index=80&type=chunk) Americas Segment Performance - Q1 FY2026 vs Q1 FY2025 (in millions) | Metric | Q1 2026 | Q1 2025 | Change | | :--- | :--- | :--- | :--- | | Revenue | $603.6 | $554.4 | +9.0% | | Organic Revenue Growth | 9% | - | - | | Operating Income | $28.0 | $18.5 | +51.4% | | Adjusted Operating Income | $40.2 | $25.9 | +55.2% | - The Americas segment's revenue growth was driven by a **13% higher** beginning order backlog and strong growth from large corporate, government, and healthcare customers. Gross margin improved by **170 basis points** due to higher volume and cost initiatives, which offset about **$7 million** in higher tariff costs[92](index=92&type=chunk)[93](index=93&type=chunk) International Segment Performance - Q1 FY2026 vs Q1 FY2025 (in millions) | Metric | Q1 2026 | Q1 2025 | Change | | :--- | :--- | :--- | :--- | | Revenue | $175.4 | $172.9 | +1.4% | | Organic Revenue Growth | -1% | - | - | | Operating Loss | $(2.5) | $(0.9) | Increased Loss | | Adjusted Operating (Loss)/Income | $(1.2) | $2.3 | Declined | - The International segment's revenue was flat on an organic basis, with growth in India, the UK, and China offset by declines in Germany and France. The operating loss widened due to higher operating expenses and a **40 basis point** increase in cost of sales as a percentage of revenue[97](index=97&type=chunk)[98](index=98&type=chunk) Liquidity Sources as of May 30, 2025 (in millions) | Source | Amount | | :--- | :--- | | Cash and cash equivalents | $183.9 | | Short-term investments | $42.1 | | Company-owned life insurance (COLI) | $165.5 | | Availability under credit facilities | $322.9 | | **Total liquidity sources available** | **$714.4** | - Net cash used in operating activities was **$141.1 million**, a significant increase from **$59.1 million** in the prior year, primarily due to annual payments for accrued variable compensation and retirement plan contributions totaling **$156.1 million**[106](index=106&type=chunk)[107](index=107&type=chunk) - The company has a **$300.0 million** global committed bank facility with no borrowings outstanding as of May 30, 2025. Total debt was **$447.3 million**, consisting of term notes due in 2029[112](index=112&type=chunk)[114](index=114&type=chunk) - The company announced a quarterly dividend of **$0.10 per share**, totaling approximately **$11.5 million**, to be paid in Q2 2026[117](index=117&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risks, including foreign exchange, interest rate, commodity, and equity price risks, since the last Annual Report on Form 10-K - As of **May 30, 2025**, there were no material changes to the company's market risks from foreign currency exchange, interest rates, commodity prices, and fixed income/equity prices compared to the fiscal year ended **February 28, 2025**[122](index=122&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls were effective as of May 30, 2025, with no material changes to internal controls over financial reporting - The CEO and CFO concluded that as of **May 30, 2025**, the company's disclosure controls and procedures were effective[127](index=127&type=chunk) - There were no changes in internal control over financial reporting during the first fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[128](index=128&type=chunk) Part II: Other Information [Item 1A. Risk Factors](index=27&type=page&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes to the risk factors set forth in the company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025[130](index=130&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 FY2026, the company repurchased **431,717 shares** for equity award tax withholding, with **$79.9 million** remaining in the repurchase program - During Q1 2026, the company repurchased **431,717 shares**, all of which were to satisfy tax withholding obligations for equity awards[132](index=132&type=chunk)[133](index=133&type=chunk) - As of May 30, 2025, approximately **$79.9 million** remained available for repurchase under the board-approved program[111](index=111&type=chunk)[132](index=132&type=chunk) [Item 6. Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - The report includes required CEO and CFO certifications and Inline XBRL data files as exhibits[134](index=134&type=chunk) [Signatures](index=29&type=section&id=Signatures) The report is duly signed on June 27, 2025, by Nicole C. McGrath, Vice President, Corporate Controller & Chief Accounting Officer - The Form 10-Q was signed and authorized on **June 27, 2025**[136](index=136&type=chunk)[138](index=138&type=chunk)

Financial Data and Key Metrics Changes - The company reported a 7% revenue growth in Q1, with adjusted earnings per share of $0.20, up 25% year-over-year [6][16] - Adjusted operating margin for Q1 was 5%, an increase of 110 basis points compared to the previous year, driven by The Americas which posted a 6.7% margin [6][17] - Gross margin continued to expand for the twelfth consecutive quarter, with a 170 basis points improvement in Q1 [13] Business Line Data and Key Metrics Changes - In The Americas, orders from large corporate customers grew, while there was a less than 1% decline in total orders compared to the prior year [6][19] - The international segment experienced a 1% organic revenue decline, with growth in India, the UK, and China offset by declines in Germany and France [17][20] - Orders in The Americas were split with one-third coming from education and government sectors, and two-thirds from large corporate and other vertical markets [25][26] Market Data and Key Metrics Changes - The Americas saw strong order growth from large technology customers, while education and government sectors faced declines due to changes in federal funding policies [7][12] - Internationally, growth was hindered by macroeconomic challenges in Germany and France, impacting small to mid-sized businesses [20] Company Strategy and Development Direction - The company is focused on leading the transformation of the workplace, particularly for large corporate customers [8][11] - Strategic pillars include expanding market reach, supporting education amidst funding uncertainties, and strengthening profitability through cost reduction efforts [12][13] - The company is prioritizing investments in strategic growth initiatives while navigating tariff and trade policy uncertainties [14][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in large corporate customer investments, despite macroeconomic challenges [23][60] - The company anticipates continued strength in large corporate demand, driven by the need for workplace transformation [41][62] - Future guidance includes expectations for mid-single-digit organic revenue growth and expanded adjusted operating margins [32][33] Other Important Information - The company incurred $9 million in restructuring costs related to the exit of approximately 85 salaried employees [18] - Cash flow from operating activities showed a use of $141 million, primarily due to seasonal disbursements [19] Q&A Session Summary Question: Impact of education sector on orders - Management indicated that about one-third of orders in Q1 came from education and government, with the remaining two-thirds from corporate and other sectors [25][26] Question: Future order patterns in education - Education orders are expected to remain significant early in Q2 but will have less impact in the latter half of the year [27] Question: Pricing strategies and demand pull forward - A tariff recovery charge was implemented, leading to a pull forward of orders, but no significant orders were pulled from Q2 into Q1 [28][30] Question: Full year guidance and momentum - Management remains optimistic about mid-single-digit organic revenue growth, despite challenges in the education sector and international markets [31][32] Question: Profitability of international segment - The company is targeting consistent profitability in the international segment, with ongoing restructuring efforts [37] Question: Resilience of large corporate demand - Management noted that large corporate clients are investing in workplace transformation, reflecting a shift in work dynamics [40][62] Question: Conference room demand and future opportunities - There is significant opportunity to update the installed base of conference rooms, which have not kept pace with current technologies [48][49] Question: Gross margin expectations for Q2 - Guidance for Q2 gross margin is lower due to tariff impacts and expected declines in the education sector [50][51] Question: Future pricing increases - The company will continue to manage inflation through pricing increases if necessary, following historical patterns [56]

Financial Data and Key Metrics Changes - The company reported a 7% revenue growth in Q1 fiscal 2026, with adjusted earnings per share of $0.20, up 25% year-over-year [6][16] - Adjusted operating margin improved to 5%, an increase of 110 basis points compared to the previous year, driven by The Americas, which posted a margin of 6.7% [6][18] - Total orders in Q1 saw a less than 1% decline year-over-year but were up 7% on a two-year stack basis [6][20] Business Line Data and Key Metrics Changes - In The Americas, order growth from large corporate customers continued, while declines were noted in education and government sectors due to changes in federal funding policies [7][20] - The international segment experienced a 1% organic revenue decline, with growth in India, the UK, and China offset by declines in Germany and France [17][21] Market Data and Key Metrics Changes - The Americas saw strong order growth from large technology customers, while education and government sectors faced challenges [7][20] - Internationally, the performance varied, with Asia Pacific exceeding expectations, while EMEA results fell short [17][21] Company Strategy and Development Direction - The company is focused on leading the transformation of the workplace, particularly among large corporate customers [8][12] - Strategic pillars include expanding market reach and strengthening profitability through cost reduction and efficiency improvements [14][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation of workplaces and the need for companies to invest in their spaces to support hybrid work [7][42] - The company anticipates continued momentum from large corporate customers, despite challenges in the education sector and macroeconomic headwinds in Europe [24][34] Other Important Information - The company incurred $9 million in restructuring costs related to the exit of approximately 85 salaried employees, aimed at prioritizing strategic growth initiatives [19] - The company expects Q2 revenue to range between $860 million and $890 million, reflecting organic growth of up to 3% year-over-year [22][23] Q&A Session Summary Question: How significant was the impact of education on the quarter's performance? - Management indicated that about one-third of orders came from education and government sectors, while two-thirds came from large corporate and other vertical markets, which performed well [27][28] Question: What is the outlook for education orders in the next quarter? - Education orders are expected to remain significant early in Q2 but will have less impact in the latter half of the year [29] Question: How does the company view pricing and cost recovery? - The company implemented a tariff recovery charge in March and anticipates that pricing increases will help offset inflation and tariff costs [30][31] Question: What are the expectations for full-year guidance? - The company targets mid-single-digit organic revenue growth and aims to expand adjusted operating margins compared to the previous year [34] Question: What actions are being taken to improve international segment profitability? - The company is taking steps to restructure operations in Europe to achieve consistent profitability, despite current demand levels [39][40] Question: What is driving the resilience in large corporate demand? - Management noted that companies are investing in their workplaces to adapt to new ways of working, which is driving demand [42][63]

Financial Performance & Targets - Steelcase's mid-term financial targets include average annual organic revenue growth of 4-6%[6] - The company targets an adjusted operating income margin of 6-7% in the mid-term[6] - Steelcase aims for a free cash flow of approximately 5% of revenue in the mid-term[6] - In FY25, Steelcase's revenue reached $32 billion[17] with an adjusted EBITDA of $262 million[17] - Steelcase's net debt to adjusted EBITDA ratio was -04x at the end of FY25[17] Market Position & Strategy - Steelcase is a leading global office furniture market manufacturer with a research-based approach to innovation[14, 15] - The company's strategy focuses on leading the transformation of the workplace, expanding reach within markets, and strengthening profitability[38] - Steelcase is targeting $50 million+ in operational cost reductions from FY23[4, 49] Regional Performance - In FY25, the Americas segment accounted for 78% of Steelcase's revenue[19] - The international segment accounted for 22% of Steelcase's FY25 revenue[19]

Group 1: Earnings Performance - Steelcase reported quarterly earnings of $0.20 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, and up from $0.16 per share a year ago, representing an earnings surprise of +66.67% [1] - The company posted revenues of $779 million for the quarter ended May 2025, surpassing the Zacks Consensus Estimate by 3.05%, compared to year-ago revenues of $727.3 million [2] - Over the last four quarters, Steelcase has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Steelcase shares have declined approximately 8.4% since the beginning of the year, while the S&P 500 has gained 3.6% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.40 on revenues of $879.9 million, and for the current fiscal year, it is $1.04 on revenues of $3.25 billion [7] Group 3: Industry Context - The Business - Office Products industry, to which Steelcase belongs, is currently in the top 5% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Steelcase's stock performance [5][6]

Revenue and Income - Steelcase reported first quarter revenue of $779.0 million, a 7% increase from $727.3 million in the prior year, with organic revenue growth of 7%[2][18] - Net income for the first quarter was $13.6 million, or $0.11 per share, compared to $10.9 million, or $0.09 per share, in the prior year[2][19] - Revenue for the three months ended May 30, 2025, was $779.0 million, a 7.1% increase from $727.3 million for the same period in 2024[24] - Net income for the three months ended May 30, 2025, was $13.6 million, compared to $10.9 million in the same period last year, reflecting a net income margin increase from 1.5% to 1.7%[24] Segment Performance - The Americas segment achieved 9% organic revenue growth, while the International segment experienced a 1% organic decline[2][18] - Operating income for the Americas segment was $28.0 million, a significant increase from $18.5 million in the prior year, with an operating margin of 4.6%[25] - International segment reported a revenue of $175.4 million, with an operating loss of $2.5 million, compared to an operating loss of $0.9 million in the previous year[26] Operating Performance - Operating income increased by 45% to $25.5 million, with adjusted operating income rising to $39.0 million, an increase of $10.8 million compared to the prior year[6][19] - Adjusted operating income for Q1 2025 was $39.0 million, representing 5.0% of revenue, up from $28.2 million or 3.9% of revenue in Q1 2024[24] - Gross margin improved by 170 basis points to 33.9%, driven by higher volume and cost reduction initiatives[7][8] - Gross profit margin improved to 33.9% in Q1 2025 from 32.2% in Q1 2024, with gross profit of $263.8 million compared to $234.4 million[24] Future Outlook - The company expects second quarter fiscal 2026 revenue to be between $860 million and $890 million, translating to flat to 4% growth compared to the prior year[12][22] - Projected adjusted earnings per share for the three months ending August 29, 2025, is estimated to be between $0.36 and $0.40, compared to $0.39 in the same period last year[23] Financial Position - Total liquidity at the end of the first quarter was $391.5 million, an increase of $13.7 million from the prior year, while total debt stood at $447.3 million[10] - Total current assets decreased from $1,029.0 million to $938.7 million, a decline of approximately 8.8%[42] - Cash and cash equivalents decreased from $346.3 million to $183.9 million, a reduction of 47.0%[42] - Total liabilities decreased from $1,378.7 million to $1,272.7 million, a decrease of approximately 7.7%[43] - Total shareholders' equity increased from $951.7 million to $982.7 million, an increase of 3.2%[43] Cash Flow and Expenditures - Net cash used in operating activities was $(141.1) million, compared to $(59.1) million in the prior year, indicating a significant increase in cash outflow[46] - Capital expenditures for the period were $14.0 million, compared to $12.1 million in the previous year, reflecting a 15.7% increase[46] - Dividends paid were $12.2 million, slightly down from $12.3 million year-over-year[46] - The company reported a net decrease in cash and cash equivalents of $163.3 million for the period[46] Restructuring and Efficiency - The company initiated restructuring actions in the Americas targeting approximately $20 million of annualized spending to prioritize investments in strategic initiatives[7] - Restructuring costs decreased to $1.0 million in Q1 2025 from $7.0 million in Q1 2024, indicating improved operational efficiency[24] Conference Call and Financial Measures - The company plans to discuss first quarter results and business outlook in a conference call scheduled for 8:30 a.m. Eastern time[27] - Steelcase utilizes non-GAAP financial measures such as adjusted operating income and organic revenue growth to provide a clearer picture of financial performance[28]

Core Insights - Steelcase Inc. reported first quarter revenue of $779.0 million, a 7% increase from $727.3 million in the prior year, with net income rising to $13.6 million from $10.9 million [1][23][38] - The company experienced organic revenue growth of 7%, driven by a 9% increase in the Americas, while international revenue saw a 1% decline [1][16] - The backlog at the end of the first quarter was approximately $801 million, a 2% increase compared to the previous year [11] Financial Performance - Adjusted earnings per share for the first quarter were $0.20, up from $0.16 in the prior year [18] - Operating income increased by 45% to $25.5 million, with adjusted operating income rising to $39.0 million, an increase of $10.8 million [3][4][23] - Gross margin improved to 33.9%, reflecting a 170 basis point increase from the previous year [4][6] Revenue Breakdown - Revenue from the Americas segment was $603.6 million, a 9% increase, while international revenue was $175.4 million, a 1% increase [14][25] - The Americas accounted for 77.5% of total revenue, while international revenue made up 22.5% [14] Orders and Market Dynamics - Orders adjusted for currency translation effects declined modestly, with a 1% decrease in the Americas and a 1% increase in international orders [2] - The decline in the Americas was attributed to decreases from government and education customers, despite growth from large corporate clients [2][3] Strategic Initiatives - The company initiated restructuring actions in the Americas aimed at reducing annualized spending by approximately $20 million [6] - Steelcase is focusing on investments in strategic initiatives and growth areas, particularly in response to weak demand in Germany and France [6] Outlook - For the second quarter of fiscal 2026, Steelcase expects revenue in the range of $860 to $890 million, translating to flat to 4% growth compared to the prior year [11][20] - Projected adjusted earnings per share for the second quarter are estimated to be between $0.36 to $0.40 [22]