Miller Industries(MLR) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements Presents Miller Industries' unaudited condensed consolidated financial statements, including balance sheets, income, comprehensive income, equity, and cash flows, with detailed notes Condensed Consolidated Balance Sheets Balance Sheet Summary | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (vs. Dec 31, 2024) | | :-------------------------------- | :----------------------------- | :------------------------------- | :------------------------ | | Cash and temporary investments | $31,821 | $24,337 | +$7,484 | | Accounts receivable, net | $270,419 | $313,413 | -$42,994 | | Inventories, net | $165,458 | $186,169 | -$20,711 | | Total current assets | $485,409 | $529,766 | -$44,357 | | Total assets | $622,933 | $667,015 | -$44,082 | | Accounts payable | $98,035 | $145,853 | -$47,818 | | Total current liabilities | $146,346 | $197,873 | -$51,527 | | Long-term obligations | $55,000 | $65,000 | -$10,000 | | Total liabilities | $204,339 | $265,985 | -$61,646 | | Total shareholders' equity | $418,594 | $401,030 | +$17,564 | Condensed Consolidated Statements of Income Income Statement Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | :------------------------------- | :------------------------------- | :----------- | | NET SALES | $214,032 | $371,451 | (42.4)% | $439,682 | $721,322 | (39.0)% | | COST OF OPERATIONS | $179,446 | $320,373 | (44.0)% | $371,153 | $626,001 | (40.7)% | | GROSS PROFIT | $34,586 | $51,078 | (32.3)% | $68,529 | $95,321 | (28.1)% | | Selling, general and administrative expenses | $23,404 | $22,773 | 2.8% | $46,664 | $44,316 | 5.3% | | Interest expense, net | $294 | $2,048 | (85.6)% | $389 | $3,293 | (88.2)% | | INCOME BEFORE INCOME TAXES | $11,367 | $26,244 | (56.7)% | $22,158 | $47,732 | (53.6)% | | NET INCOME | $8,458 | $20,514 | (58.8)% | $16,523 | $37,537 | (56.0)% | | Basic EPS | $0.74 | $1.79 | (58.7)% | $1.44 | $3.28 | (56.1)% | | Diluted EPS | $0.73 | $1.78 | (59.0)% | $1.42 | $3.26 | (56.4)% | | Cash Dividends Declared Per Share | $0.20 | $0.19 | 5.3% | $0.40 | $0.38 | 5.3% | Condensed Consolidated Statements of Comprehensive Income Comprehensive Income Summary | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | :------------------------------- | :------------------------------- | :----------- | | NET INCOME | $8,458 | $20,514 | (58.8)% | $16,523 | $37,537 | (56.0)% | | Foreign currency translation adjustment | $5,271 | $(63) | N/A | $5,150 | $(638) | N/A | | TOTAL COMPREHENSIVE INCOME | $13,729 | $20,451 | (32.8)% | $21,673 | $36,899 | (41.3)% | Condensed Consolidated Statements of Shareholders' Equity Shareholders' Equity Changes | Metric (in thousands) | Balance, December 31, 2024 | Balance, June 30, 2025 | Change | | :-------------------------------- | :------------------------- | :--------------------- | :----- | | Common Stock (Shares) | 11,439,292 | 11,458,123 | +18,831 | | Common Stock (Amount) | $114 | $115 | +$1 | | Additional Paid-in Capital | $153,704 | $154,176 | +$472 | | Retained Earnings | $254,938 | $266,879 | +$11,941 | | Accumulated Other Comprehensive Loss | $(7,726) | $(2,576) | +$5,150 | | Total Equity | $401,030 | $418,594 | +$17,564 | - The increase in total equity is primarily driven by net income and a positive foreign currency translation gain, partially offset by dividends paid and common stock repurchases[21] Condensed Consolidated Statements of Cash Flows Cash Flow Summary | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | Net cash flows from operating activities | $29,956 | $(1,707) | +$31,663 | | Net cash flows from investing activities | $(6,804) | $(7,693) | +$889 | | Net cash flows from financing activities | $(17,184) | $3,581 | -$20,765 | | Effects of exchange rate changes on cash | $1,516 | $(274) | +$1,790 | | Net change in cash and temporary investments | $7,484 | $(6,093) | +$13,577 | | Cash and temporary investments, end of period | $31,821 | $23,816 | +$8,005 | - Operating activities generated significant cash in H1 2025, a substantial improvement from cash usage in H1 2024, primarily due to net income, non-cash expenses, and a positive change in working capital[24][108] - Cash used in financing activities increased significantly due to payments on the credit facility, cash dividends, and common stock repurchases[24][110] Notes to the Condensed Consolidated Financial Statements Note 1. Basis of Presentation and Significant Accounting Policies Outlines the basis of financial statement presentation, significant accounting policies, and segment reporting for Miller Industries - The condensed consolidated financial statements are prepared in accordance with SEC instructions for Form 10-Q and GAAP for interim financial reporting, with all necessary adjustments included[29][30] - No material changes in significant accounting policies occurred during the six months ended June 30, 2025[32] - The Company adopted ASU 2023-07 (Segment Reporting) in fiscal year 2024, which had no impact on its single reportable segment[33] - The Company is evaluating ASU 2023-09 (Income Taxes) for enhanced annual disclosures, effective for fiscal years beginning after December 15, 2024[35] - Miller Industries operates as one reportable segment: towing and recovery equipment, manufactured in the US, UK, and France. The CODM assesses performance based on consolidated net income[36][37] Net Sales by Geographic Region | Net Sales by Geographic Region (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | North America | $175,942 | $340,699 | $362,280 | $659,236 | | Foreign | $38,090 | $30,752 | $77,402 | $62,086 | | Total Net Sales | $214,032 | $371,451 | $439,682 | $721,322 | Note 2. Inventory Details Miller Industries' inventory valuation methods and composition, including chassis, raw materials, work in process, and finished goods - Inventories are stated at the lower of cost or net realizable value, primarily using a moving average unit cost basis[39] Inventory Composition | Inventory Category (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Chassis | $31,813 | $36,930 | | Raw materials | $64,769 | $77,358 | | Work in process | $42,291 | $48,251 | | Finished goods | $26,585 | $23,630 | | TOTAL INVENTORY | $165,458 | $186,169 | | Inventory reserves | $8,200 | $5,200 | - No inventory impairment was recognized for the three and six months ended June 30, 2025 and 2024[40] Note 3. Property, Plant and Equipment Provides a breakdown of Miller Industries' property, plant, and equipment, including land, buildings, machinery, and software, along with depreciation Property, Plant and Equipment Details | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Land and improvements | $22,662 | $22,580 | | Buildings and improvements | $91,242 | $85,993 | | Machinery and equipment | $93,803 | $93,275 | | Furniture and fixtures | $14,238 | $14,732 | | Software costs | $15,459 | $15,845 | | TOTAL PROPERTY, PLANT AND EQUIPMENT, gross | $237,404 | $232,425 | | Less accumulated depreciation | $(121,434) | $(116,446) | | TOTAL PROPERTY, PLANT AND EQUIPMENT, net | $115,970 | $115,979 | - Depreciation expense for property, plant and equipment was $3.7 million for Q2 2025 (vs. $3.5 million in Q2 2024) and $7.4 million for H1 2025 (vs. $7.0 million in H1 2024)[42] Note 4. Long-Term Obligations Describes Miller Industries' long-term debt, primarily an unsecured revolving credit facility, and related interest expenses and covenant compliance - The Company has a $100.0 million unsecured revolving credit facility maturing May 31, 2027, with interest at one-month Term SOFR plus 1.00% or 1.25%[43] - The Company was in compliance with all credit facility covenants throughout 2024 and H1 2025[44] Outstanding Borrowings | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Outstanding borrowings under credit facility | $55,000 | $65,000 | - Interest expense on the credit facility was $1.0 million for Q2 2025 (vs. $1.1 million in Q2 2024) and $1.9 million for H1 2025 (vs. $2.1 million in H1 2024)[45] Note 5. Income Taxes Details Miller Industries' income tax position, including federal and state net operating loss carryforwards - As of June 30, 2025, the Company had no federal net operating loss carryforwards[47] - State net operating loss carryforwards were $8.9 million as of June 30, 2025 and December 31, 2024[47] Note 6. Leases Explains Miller Industries' accounting for operating leases, including right-of-use assets, liabilities, lease costs, and related party transactions - Operating leases are recognized on the balance sheet as right-of-use assets and corresponding liabilities, based on the present value of lease payments[49] - The Company uses its incremental borrowing rate for discounting lease payments as most leases do not provide an implicit rate[49] Lease Cost Details | Lease Cost (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total long-term operating lease cost | $91 | $91 | $178 | $186 | | Total short-term operating lease cost | $234 | $190 | $375 | $383 | | TOTAL LEASE COST | $325 | $281 | $553 | $569 | Lease Information Summary | Lease Information | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Weighted-average remaining lease term (years) | 1.7 | 2.0 | | Weighted-average discount rate | 3.5% | 3.5% | | Total lease payments (remaining fiscal 2025-2029) | $451 | N/A | | Lease obligation as of June 30, 2025 | $448 | N/A | - Related party lease costs for the UK subsidiary were $0.1 million for both Q2 and H1 2025 and 2024. French subsidiary vehicle lease costs were $0.2 million for Q2 2025 (vs. $0.1 million in Q2 2024) and $0.3 million for H1 2025 (vs. $0.1 million in H1 2024)[53] Note 7. Commitments and Contingencies Outlines Miller Industries' capital commitments, potential repurchase obligations, and pending legal claims and lawsuits Commitments for Property, Plant and Equipment | Commitment (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Commitments for construction and acquisition of property, plant and equipment | $9,000 | $14,200 | - The Company authorized $9.1 million (€8.0 million) for a French facility expansion, expected to begin in Q3 2025[55] - Maximum repurchase obligation for repossessed products from independent distributors was $147.7 million as of June 30, 2025 (vs. $154.9 million as of December 31, 2024). No repurchases occurred in H1 2025 or FY 2024[56] - Management believes pending claims and lawsuits will not significantly impact financial position or results of operations[57][58] Note 8. Shareholders' Equity Details Miller Industries' shareholder equity changes, including stock plans, restricted stock units, compensation costs, and stock repurchase programs - The 2023 Non-Employee Director Stock Plan authorizes up to 125,000 shares for non-employee directors, terminating May 26, 2033[59] - The 2025 Stock Incentive Plan, adopted in May 2025, authorizes up to 500,000 shares for employees, directors, and consultants, replacing the 2016 Plan and terminating March 31, 2035[60] Restricted Stock Units Activity | Restricted Stock Units (in thousands, except share amounts) | Non-vested as of Dec 31, 2024 | Granted | Vested | Forfeited | Non-vested as of June 30, 2025 | | :------------------------------------------------ | :---------------------------- | :------ | :----- | :-------- | :----------------------------- | | Number of Shares/Units | 214,493 | 133,369 | (97,900) | — | 249,962 | | Weighted Average Grant Date Fair Value | $38.81 | $44.68 | $49.29 | — | $41.24 | - Total unrecognized compensation cost for non-vested restricted stock units is $5.564 million, expected to be recognized over a weighted-average period of 1.8 years[62] - The Board approved a $25.0 million stock repurchase program on April 2, 2024, with no expiration date[64] - During H1 2025, the Company repurchased 57,975 shares for $2.6 million, at an average price of $44.88 per share[65] Note 9. Revenue Describes Miller Industries' revenue recognition policies, primary sources, geographic breakdown, and customer concentration - Primary revenue source is sales of towing and recovery equipment, with one operating segment[66] Net Revenues by Geographic Region | Net Revenues by Geographic Region (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------- | :------------------------------- | :------------------------------- | :----------- | | North America | $175,942 | $340,699 | (48.4)% | $362,280 | $659,236 | (45.0)% | | Foreign | $38,090 | $30,752 | 23.9% | $77,402 | $62,086 | 24.7% | | TOTAL NET REVENUE | $214,032 | $371,451 | (42.4)% | $439,682 | $721,322 | (39.0)% | - No single customer accounted for more than 10% of total revenues for the three or six months ended June 30, 2025 or 2024[68] - One customer's trade accounts receivable represented 10.5% of total trade receivable as of June 30, 2025 (vs. 14.9% as of December 31, 2024)[68] Note 10. Earnings Per Share Presents Miller Industries' basic and diluted earnings per share calculations, including net income and weighted average shares outstanding Earnings Per Share Calculation | EPS Metric (in thousands, except per share amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income - basic | $8,458 | $20,514 | $16,523 | $37,537 | | Weighted shares outstanding - basic | 11,458,754 | 11,461,141 | 11,454,348 | 11,456,597 | | Basic earnings per share | $0.74 | $1.79 | $1.44 | $3.28 | | Weighted shares outstanding - diluted | 11,599,964 | 11,549,885 | 11,611,440 | 11,531,091 | | Diluted earnings per share | $0.73 | $1.78 | $1.42 | $3.26 | Note 11. Subsequent Events Reports significant events occurring after the balance sheet date, including the declaration of a quarterly cash dividend - On August 4, 2025, the Board declared a quarterly cash dividend of $0.20 per share, payable September 15, 2025[70] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management's perspective on Miller Industries' operating results, financial condition, liquidity, and cash flows, highlighting key trends and performance ABOUT MILLER INDUSTRIES, INC. Provides an overview of Miller Industries as the world's largest manufacturer of towing and recovery equipment, its products, and strategic investments - Miller Industries is the world's largest manufacturer of towing and recovery equipment, with manufacturing in Tennessee, Pennsylvania, France, and the UK[75] - The Company designs and manufactures car carrier and wrecker bodies, sold under various brand names (e.g., Century, Vulcan, Jige) through a global distributor network[76][77] - Key performance indicators include revenue, operating income, gross margin, net income, EPS, capital expenditures, and cash flow[79] - Ongoing investments in R&D, automation, robotics, and supply chain strengthening (e.g., Southern Hydraulic Cylinder, Inc. acquisition) are crucial for future growth and operational excellence[80] TRENDS AND OTHER FACTORS AFFECTING OUR BUSINESS Discusses key trends and external factors impacting Miller Industries' business, including gross profit, chassis inventory, demand headwinds, and regulations - Gross profit as a percentage of sales improved in H1 2025 due to productivity enhancements and better supply chain conditions, despite lower net sales and earnings[81] - Results in Q2 2025 were impacted by high chassis inventory in the distribution channel, though levels are moving closer to optimal[81] - Unexpected demand headwinds emerged in Q2 and Q3 2025, attributed to high equipment ownership costs (interest rates, insurance), and uncertainty regarding tariffs[82][83][88] - New near-zero emission regulations adopted by certain states as of January 1, 2025, are limiting diesel-powered commercial vehicle sales and impacting demand[88] - Future performance will be influenced by equipment ownership costs, tariffs, supply chain timing, geopolitical factors, economic conditions, and emissions regulations, which are largely beyond the Company's control and may adversely impact results through 2025[84][85] Critical Accounting Policies Identifies Miller Industries' critical accounting policies, including accounts receivable, inventory, long-lived assets, warranty reserves, revenues, and income taxes - Critical accounting policies include accounts receivable, inventory, long-lived assets, warranty reserves, revenues, and income taxes[86] - No significant changes in critical accounting policies occurred during the six months ended June 30, 2025[86] Results of Operations Analyzes Miller Industries' consolidated operating results for the three and six months ended June 30, 2025, compared to the prior year Operating Results for Three Months Ended June 30 | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | NET SALES | $214,032 | $371,451 | (42.4)% | | COST OF OPERATIONS | $179,446 | $320,373 | (44.0)% | | GROSS PROFIT | $34,586 | $51,078 | (32.3)% | | Gross Profit as % of Sales | 16.2% | 13.8% | +17.5% | | Selling, general and administrative | $23,404 | $22,773 | 2.8% | | Interest expense, net | $294 | $2,048 | (85.6)% | | Other (income) expense, net | $(479) | $13 | (3787.7)% | | INCOME BEFORE INCOME TAXES | $11,367 | $26,244 | (56.7)% | | INCOME TAX PROVISION | $2,909 | $5,730 | (49.2)% | | NET INCOME | $8,458 | $20,514 | (58.8)% | - The decrease in net sales for Q2 2025 was primarily due to a reduction of chassis deliveries to mitigate inventory buildup[89] - Gross profit as a percentage of sales increased to 16.2% in Q2 2025 from 13.8% in Q2 2024, driven by a favorable product mix shift towards bodies[91] - Selling, general and administrative expenses increased due to higher stock-based compensation and employee costs[92] - Net interest expense decreased significantly due to increased interest income from accounts receivable[93] - The income tax provision rate increased to 25.6% in Q2 2025 from 21.8% in Q2 2024, mainly due to non-deductible executive compensation[95] Operating Results for Six Months Ended June 30 | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | NET SALES | $439,682 | $721,322 | (39.0)% | | COST OF OPERATIONS | $371,153 | $626,001 | (40.7)% | | GROSS PROFIT | $68,529 | $95,321 | (28.1)% | | Gross Profit as % of Sales | 15.6% | 13.2% | +17.9% | | Selling, general and administrative | $46,664 | $44,316 | 5.3% | | Interest expense, net | $389 | $3,293 | (88.2)% | | Other (income) expense, net | $(682) | $(20) | (3307.6)% | | INCOME BEFORE INCOME TAXES | $22,158 | $47,732 | (53.6)% | | INCOME TAX PROVISION | $5,635 | $10,195 | (44.7)% | | NET INCOME | $16,523 | $37,537 | (56.0)% | - Net sales for H1 2025 decreased by 39.0% due to reduced chassis deliveries to manage inventory buildup[97] - Gross profit as a percentage of sales for H1 2025 increased to 15.6% from 13.2% in H1 2024, driven by a favorable product mix shift[99] - Selling, general and administrative expenses for H1 2025 increased by 5.3% due to higher stock-based compensation and employee costs[100] - Net interest expense for H1 2025 decreased by 88.2% due to increased interest income from accounts receivable[101] - The income tax provision rate for H1 2025 increased to 25.4% from 21.4% in H1 2024, primarily due to non-deductible executive compensation[103] Liquidity and Capital Resources Assesses Miller Industries' liquidity and capital resources, including cash position, credit facility, cash flow activities, and future cash requirements - The Company believes it has adequate capital resources to fund operations and future cash needs for the next 12 months, based on available capital and projected operating cash flows[104] Cash and Temporary Investments | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash and temporary investments | $31,821 | $24,337 | | Availability under credit facility | $45,000 | N/A | | Cash held by foreign subsidiaries | $23,100 | N/A | - Primary cash requirements include working capital, capital expenditures, dividends, stock repurchases, and debt payments[105] Cash Flow Activity Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | Operating activities | $29,958 | $(1,707) | 1,855.0% | | Investing activities | $(6,806) | $(7,693) | 11.5% | | Financing activities | $(17,184) | $3,581 | (579.9)% | | Net increase (decrease) in cash | $7,485 | $(6,093) | 222.8% | - Cash provided by operating activities was $30.0 million in H1 2025, a significant improvement from cash used in H1 2024, driven by net income and positive working capital changes[108] - Cash used in investing activities was $6.8 million in H1 2025, primarily for property, plant, and equipment purchases, and investments in automation and ERP system enhancements[109][114] - Cash used in financing activities was $17.2 million in H1 2025, primarily due to credit facility payments, dividends, and stock repurchases[110] - Commitments for property, plant, and equipment acquisition decreased to $9.0 million as of June 30, 2025 (from $14.2 million as of December 31, 2024), reflecting ongoing investments in automation[111] - Outstanding borrowings under the credit facility were $55.0 million as of June 30, 2025, and further reduced to $50.0 million as of July 31, 2025[112] Item 3. Quantitative and Qualitative Disclosures About Market Risk States no material changes to Miller Industries' market risk disclosures since the prior Annual Report on Form 10-K - No material changes to market risk disclosures since the December 31, 2024 Annual Report on Form 10-K[116] Item 4. Controls and Procedures Details the evaluation of Miller Industries' disclosure controls and procedures and internal controls over financial reporting - As of June 30, 2025, management, including the CEO and CFO, concluded that disclosure controls and procedures were effective[117] - No significant changes in internal controls over financial reporting occurred during the period covered by the report[118] PART II. OTHER INFORMATION Item 1. Legal Proceedings Refers to disclosures regarding Miller Industries' litigation in the Notes to Condensed Consolidated Financial Statements - Disclosures on legal proceedings are incorporated by reference from Note 7 of the Notes to Condensed Consolidated Financial Statements[120] Item 1A. Risk Factors States no material changes to Miller Industries' risk factors previously disclosed in the Annual Report on Form 10-K - No material changes to risk factors described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[121] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Provides information on Miller Industries' common stock repurchases during the quarter ended June 30, 2025 Common Stock Repurchases | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) | | :----------------------------- | :----------------------------- | :--------------------------- | :---------------------------------------------------------------------------------------------------------------- | | April 1, 2025 - April 30, 2025 | — | $— | $20,000 | | May 1, 2025 - May 31, 2025 | 11,158 | $44.81 | $19,500 | | June 1, 2025 - June 30, 2025 | — | $— | $19,500 | | TOTAL | 11,158 | N/A | N/A | - The repurchases were made under a stock repurchase program approved on April 2, 2024, authorizing up to $25.0 million in common stock purchases[122] Item 3. Defaults Upon Senior Securities Indicates that Miller Industries had no defaults upon senior securities - No defaults upon senior securities[123] Item 4. Mine Safety Disclosures States that mine safety disclosures are not applicable to Miller Industries - Mine safety disclosures are not applicable[124] Item 5. Other Information Provides information on securities trading plans of Miller Industries' directors and executive officers - No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025[125] Item 6. Exhibits Lists the exhibits filed as part of Miller Industries' Form 10-Q, including certifications, the 2025 Stock Incentive Plan, and XBRL-related documents - Exhibits include certifications by the CEO and CFO (31.1, 31.2, 32.1, 32.2), the Miller Industries, Inc. 2025 Stock Incentive Plan (10.1), and Inline XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[129]