MillerKnoll(US:MLKN)2020-12-17 19:13Financial Performance & Outlook - FY20 revenue was $2.49 billion[6] - FY20 adjusted operating income was $206 million[6] - The company anticipates annual organic revenue growth of 4-7% over the next five years[60, 62] - The company expects operating income growth of 2x to 2.5x the rate of organic revenue growth[65] - Q2 FY21 net sales and orders both decreased 7% year-over-year, but organically decreased by 15%[77] - Q2 FY21 EPS totaled $0.87 per share on a reported basis and $0.89 on an adjusted basis[77] - Q2 ending cash and equivalents totaled $378 million[85] Strategic Priorities - The company is focused on unlocking the power of One Herman Miller, building a customer-centric, digitally-enabled business model, accelerating profitable growth, and reinforcing its commitment to people, planet, and communities[25, 26, 27] - The company aims to drive outsized growth internationally by expanding dealer distribution, entering new product categories, and growing HAY and naughtone brands[37] - The company plans to expand its retail business by building new digital capabilities, expanding product assortment, developing a new retail seating concept, and entering the gaming market[39] Capital Allocation - The company has a disciplined capital allocation approach focused on value creation, including supporting growth, targeted M&A, maintaining a strong balance sheet, and returning capital to shareholders[52] - The company invested $202 million in M&A in the past 5 years[52] - The company's average annual adjusted return on invested capital was 22% over the past 5 years[52]