This commitment builds on the organization's science-based targets set in 2019 to cut emissions in half in its own operations by 2030. The Science-Based Targets initiative, the leading authority guiding businesses on how much and how quickly they need to cut carbon emissions to reduce the impacts of climate change, validated the company's near-term and new net-zero targets. The company's long history of a commitment to designing better futures for the wellbeing of people and the planet is demonstrated throu ...

GRAND RAPIDS, Mich., May 30, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its first quarter fiscal year 2025 financial results on Thursday, June 20, 2024 at 8:30 a.m. ET. A link to the webcast will be available at http://ir.steelcase.com and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, June 19, 2024, after the market closes. Steelcase Inc. will hold its Annual ...

GRAND RAPIDS, Mich., May 30, 2024 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) will webcast a discussion of its first quarter fiscal year 2025 financial results on Thursday, June 20, 2024 at 8:30 a.m. ET. A link to the webcast will be available at http://ir.steelcase.com and a replay of the webcast will be available shortly after the call concludes. The news release detailing the financial results will be issued the previous day, June 19, 2024, after the market closes. Steelcase Inc. will hold its Annual ...

Dr. Wykoff, commented, "It was great to work with this panel of accomplished retina specialists to thoroughly review the SCS injection landscape, an established technique for retinal therapeutic delivery, with an associated promising pipeline for new indications utilizing novel pharmacotherapies. SCS administration offers targeted, local drug-delivery to posterior tissues. Extensive evidence support its safe and effective implementation in routine clinical practice. We believe that these guidelines reflect ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-K OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13873 ____________________________ STEELCASE INC. (Exact name of registrant as specified in its charter) Michigan 38-0819050 (State or other jurisdiction of incorporation or organization) 901 44th Street SE Grand Rapids, Michigan 49508 ☑ ANNUAL REPORT PURSUANT TO ...

Steelcase Inc. (NYSE:SCS) Q4 2024 Earnings Conference Call March 21, 2024 8:30 AM ET Company Participants Mike O'Meara - Investor Relations Sara Armbruster - President & Chief Executive Officer Dave Sylvester - Senior Vice President & Chief Financial Officer Conference Call Participants Reuben Garner - Benchmark Greg Burns - Sidoti Budd Bugatch - Water Tower Research Operator Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the ...

FY2024 Fourth Quarter FY2023 Third Quarter An industry leader in a changing workplace Efforts to diversify revenue base Mid-term targets include $50M+ of cost reduction savings Mid-Term (3-4 years) Financial Targets Average annual organic revenue growth $3.7 $2.6 $2.8 $3.2 $3.2 $- $1 $2 $3 $4 $0 $100 $200 $300 $400 FY25 Target 5.0% FY24 7.2% 4.1% 1.3% Adjusted Operating Income ($ Millions) Revenue ($ Billions) 3.3% 6 – 7% FY20 FY21 FY22 FY23 Mid-Term Targets Adjusted Operating Income Revenue ~5% Free cash f ...

Revenue Performance - Fourth quarter revenue was $775.2 million, a 3% decline from $801.7 million in the prior year, with a 2% decline in the Americas and a 6% decline in International[2][14]. - For fiscal 2024, the company reported $3.2 billion in revenue, net income of $81.1 million, and adjusted earnings per share of $0.93, reflecting a 127% increase in earnings per share compared to fiscal 2023[13][16]. - Steelcase Inc. reported a year-over-year organic revenue decline of 2% for 2024 compared to 2023, with a total revenue of $3,159.6 million[28]. - Revenue for the three months ended February 23, 2024, was $775.2 million, a decrease of 3.1% compared to $801.7 million for the same period in 2023[51]. - For 2025, projected revenue is expected to be between $3,215 million and $3,340 million, with an organic growth range of 1% to 5%[34]. Profitability Metrics - Net income for the fourth quarter increased to $21.3 million, or $0.18 per share, compared to $15.7 million, or $0.13 per share, in the prior year, representing a 38% increase in earnings per share[2][5]. - Adjusted earnings per share for the three months ended February 23, 2024, was $0.23, compared to $0.19 for the same period in 2023[29]. - Net income for the twelve months ended February 23, 2024, was $81.1 million, significantly higher than $35.3 million for the same period in 2023, representing a 129.0% increase[52]. - Basic earnings per share for the twelve months ended February 23, 2024, was $0.68, compared to $0.30 for the same period in 2023, reflecting a 126.7% increase[52]. - The company anticipates adjusted operating income for the twelve months ended February 28, 2025, to be between $150 million and $175 million[35]. Margins and Costs - Gross margin improved by 140 basis points in the fourth quarter, reaching 31.2%, and increased by 360 basis points for fiscal 2024 compared to the prior year[5][17]. - Adjusted EBITDA for the twelve months ended February 24, 2024, was $264.0 million, with an adjusted EBITDA margin of 8.4%[32]. - Gross profit margin for the Americas segment was 32.1% for the three months ended February 23, 2024, compared to 31.1% for the same period in 2023[39]. - Adjusted operating income for the Americas segment was $31.3 million (5.4% margin) for the three months ended February 23, 2024, down from $41.9 million (7.0% margin) in the prior year[39]. - The company incurred restructuring costs of $4.4 million for the three months ended February 23, 2024, compared to $3.9 million in the same period of 2023[41]. Liquidity and Financial Position - Total liquidity at the end of the fourth quarter was $485.5 million, an increase of $60.9 million from the previous quarter, with total debt at $446.3 million[11][12]. - Total current assets increased to $959.4 million as of February 23, 2024, compared to $884.0 million as of February 24, 2023, marking an 8.5% increase[54]. - Cash and cash equivalents rose to $318.6 million as of February 23, 2024, compared to $90.4 million a year earlier, indicating a significant increase[54]. - Total liabilities decreased to $1,349.6 million as of February 23, 2024, down from $1,376.6 million as of February 24, 2023[55]. - Net cash provided by operating activities for the twelve months ended February 23, 2024, was $308.7 million, compared to $89.4 million for the same period in 2023[56]. Order Trends and Backlog - Orders grew 4% in the fourth quarter, driven by an 8% increase in the Americas, while International orders declined by 6%[3][5]. - The backlog of customer orders at the end of the fourth quarter was approximately $625 million, which is 8% lower than the prior year[18][22]. - The company plans to focus on mid-single digit order growth in fiscal 2025, driven by strategies to lead workplace transformation and diversify customer segments[20][22]. Future Outlook - The company expects first quarter fiscal 2025 revenue to be between $715 million and $740 million, translating to a decline of 2% to 5% compared to the prior year[18][19]. - Fiscal 2025 targets include organic revenue growth of 1% to 5%, adjusted operating income of $150 million to $175 million, and adjusted earnings per share of $0.85 to $1.00[19][20]. - Projected revenue for Q1 2025 is estimated to be between $715 million and $740 million, reflecting an organic decline of 3% to 0%[33].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________ (Address of principal executive offices) (Zip Code) (616) 247-2710 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 24, 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 Nu ...

Financial Data and Key Metrics Changes - The company reported third quarter revenue of $778 million, slightly below expectations due to order fulfillment issues in the Americas [22] - Adjusted earnings per share included benefits from a decrease in acquisition earn-out liability and gains from asset sales, contributing approximately $0.10 per share [21] - Gross margin improved by 360 basis points year-over-year, driven by higher pricing benefits and lower operating expenses [8][23] Business Line Data and Key Metrics Changes - The Americas segment showed strong profitability improvement, with orders growing 16% year-over-year, primarily driven by large corporate customers [12][27] - The International segment reported over $9 million in adjusted operating income, a significant turnaround from a nearly $15 million adjusted operating loss in the first half of the year [10] - Orders in the International segment grew 10% year-over-year, with over 40% growth in the Asia Pacific region [11][27] Market Data and Key Metrics Changes - Overall orders grew 15% year-over-year, with a sequential increase of 1% compared to the second quarter [11][27] - In the Americas, order growth was led by large corporate customers, while International orders were bolstered by strong performance in Asia Pacific, particularly in India and Southeast Asia [12][27] - EMEA orders grew modestly, with notable growth in France and Iberia, offset by declines in other markets like the UK [27] Company Strategy and Development Direction - The company is focused on leading workplace transformation and diversifying its customer base while improving profitability [17][30] - Recent product launches emphasize innovation and sustainability, aligning with customer demands for environmentally friendly solutions [15][16] - The company is actively pursuing bolt-on acquisitions to accelerate growth initiatives, although no suitable opportunities have been identified yet [42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about increasing investment levels as companies settle into a stronger in-office presence [17] - The company anticipates revenue growth to lag behind order growth in fiscal 2025 due to a lower beginning backlog compared to the prior year [30] - Management highlighted the importance of creating engaging office environments to encourage employee presence and productivity [56][75] Other Important Information - Total liquidity strengthened by $110 million during the quarter, with cash generated from operations amounting to $120 million [25][26] - The company expects fourth quarter revenue to range between $765 million and $790 million, approximately flat on an organic basis compared to the prior year [28] Q&A Session Summary Question: Can you help with the backlog math and why next year revenue might trail orders? - Management indicated that a decline in backlog compared to last year will impact revenue growth rates, as a portion of the backlog decline will affect revenue [37] Question: What is driving order strength among large customers? - Management noted that order strength is broad-based across various verticals, with no significant weakness observed in expected areas [41] Question: Can you clarify on the delivery issues that impacted the quarter? - Management confirmed that delivery times have improved year-over-year, although they remained flat compared to the previous quarter [69] Question: How much of the growth is driven by large corporate customers? - Management expects continued momentum from large corporate customers, correlating with a stronger return to the office [70] Question: What are the catalysts for growth in the office furnishings industry? - Management believes that beyond the return to office, there are broader macro-level trends, such as near-shoring and AI growth, that will provide opportunities for the business [75]