MILLERKNOLL, INC. Files 10-Q for Period Ending 2023-12-02

Ticker: MLKN · Form: 10-Q · Filed: Jan 10, 2024 · CIK: 66382

Complexity: moderate

Sentiment: neutral

Topics: 10-Q, MillerKnoll, Financial Report, Quarterly Earnings, SEC Filing

TL;DR

<b>MILLERKNOLL, INC. filed its Q2 FY24 10-Q report on January 10, 2024.</b>

AI Summary

MILLERKNOLL, INC. (MLKN) filed a Quarterly Report (10-Q) with the SEC on January 10, 2024. Filed a 10-Q report for the period ending December 2, 2023. The filing covers the second quarter of fiscal year 2024. Previous fiscal year end was June 1, 2023. The company was formerly known as Herman Miller Inc. Incorporated in Michigan (MI).

Why It Matters

For investors and stakeholders tracking MILLERKNOLL, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for MillerKnoll, Inc. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: — MILLERKNOLL, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new financial data or material changes that would indicate high risk.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand MillerKnoll's performance and outlook.

Key Numbers

Key Players & Entities

FAQ

When did MILLERKNOLL, INC. file this 10-Q?

MILLERKNOLL, INC. filed this Quarterly Report (10-Q) with the SEC on January 10, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by MILLERKNOLL, INC. (MLKN).

Where can I read the original 10-Q filing from MILLERKNOLL, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MILLERKNOLL, INC..

What are the key takeaways from MILLERKNOLL, INC.'s 10-Q?

MILLERKNOLL, INC. filed this 10-Q on January 10, 2024. Key takeaways: Filed a 10-Q report for the period ending December 2, 2023.. The filing covers the second quarter of fiscal year 2024.. Previous fiscal year end was June 1, 2023..

Is MILLERKNOLL, INC. a risky investment based on this filing?

Based on this 10-Q, MILLERKNOLL, INC. presents a moderate-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new financial data or material changes that would indicate high risk.

What should investors do after reading MILLERKNOLL, INC.'s 10-Q?

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand MillerKnoll's performance and outlook. The overall sentiment from this filing is neutral.

How does MILLERKNOLL, INC. compare to its industry peers?

MillerKnoll operates in the office furniture industry, a sector influenced by commercial real estate trends, remote work policies, and corporate spending on office environments.

Are there regulatory concerns for MILLERKNOLL, INC.?

As a publicly traded company, MillerKnoll is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial condition and operations.

Industry Context

MillerKnoll operates in the office furniture industry, a sector influenced by commercial real estate trends, remote work policies, and corporate spending on office environments.

Regulatory Implications

As a publicly traded company, MillerKnoll is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial condition and operations.

What Investors Should Do

  1. Analyze the financial statements (income statement, balance sheet, cash flow) for the quarter ended 2023-12-02.
  2. Read the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
  3. Compare the reported figures with previous quarters and the same quarter last year to identify trends.

Key Dates

Year-Over-Year Comparison

This filing is a standard 10-Q, providing updated financial information for the period ending 2023-12-02, following previous filings.

Filing Stats: 4,727 words · 19 min read · ~16 pages · Grade level 7.2 · Accepted 2024-01-10 16:05:52

Key Financial Figures

Filing Documents

— Financial Information

Part I — Financial Information

Financial Statements (Unaudited)

Item 1 Financial Statements (Unaudited) Condensed Consolidated Statements of Comprehensive Income — Three and Six Months Ended December 2, 2023 and December 3, 2022 3 Condensed Consolidated Balance Sheets — December 2, 2023 and June 3, 2023 4 Condensed Consolidated Statements of Cash Flows — Six Months Ended December 2, 2023 and December 3, 2022 5 Condensed Consolidated Statements of Stockholders' Equity — Six Months Ended December 2, 2023 and December 3, 2022 6 Notes to Condensed Consolidated Financial Statements Note 1 - Description of Business and Basis of Presentation 8 Note 2 - Recently Issued Accounting Standards 8 Note 3 - Revenue from Contracts with Customers 9 Note 4 - Acquisitions 10 Note 5 - Inventories, net 12 Note 6 - Goodwill and Indefinite-Lived Intangibles 13 Note 7 - Employee Benefit Plans 14 Note 8 - Earnings Per Share 15 Note 9 - Stock-Based Compensation 15 Note 10 - Income Taxes 15 Note 11 - Fair Value Measurements 16 Note 12 - Commitments and Contingencies 19 Note 13 - Short-Term Borrowings and Long-Term Debt 20 Note 14 - Accumulated Other Comprehensive Loss 21 Note 15 - Operating Segments 21 Note 16 - Restructuring and Integration Expense 22 Note 17 - Variable Interest Entities 24

Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk 40

Item 3 Quantitative and Qualitative Disclosures about Market Risk 40

Controls and Procedures 41

Item 4 Controls and Procedures 41

— Other Information

Part II — Other Information

Legal Proceedings 42

Item 1 Legal Proceedings 42

Risk Factors 42

Item 1A Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds 42

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 42

Other Information 42

Item 5 Other Information 42

Exhibits 42

Item 6 Exhibits 42 Signatures 44

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements MillerKnoll, Inc. Condensed Consolidated Statements of Comprehensive Income (Dollars in millions, except share data) Three Months Ended Six Months Ended (Unaudited) December 2, 2023 December 3, 2022 December 2, 2023 December 3, 2022 Net sales $ 949.5 $ 1,066.9 $ 1,867.2 $ 2,145.7 Cost of sales 577.5 699.3 1,137.1 1,406.0 Gross margin 372.0 367.6 730.1 739.7 Operating expenses: Selling, general and administrative 287.6 290.8 578.1 587.7 Restructuring expense 1.8 14.7 7.0 15.2 Design and research 22.2 23.4 44.3 47.3 Total operating expenses 311.6 328.9 629.4 650.2 Operating earnings 60.4 38.7 100.7 89.5 Interest expense 19.8 18.3 39.0 35.0 Interest and other investment (income) expense ( 1.3 ) ( 0.7 ) ( 3.5 ) ( 1.1 ) Other (income) expense, net ( 2.4 ) ( 0.5 ) ( 0.2 ) 0.3 Earnings before income taxes and equity income 44.3 21.6 65.4 55.3 Income tax expense 9.5 4.3 14.6 10.6 Equity (loss) income from nonconsolidated affiliates, net of tax ( 0.4 ) 0.2 ( 0.3 ) 0.2 Net earnings 34.4 17.5 50.5 44.9 Net earnings attributable to redeemable noncontrolling interests 0.9 1.5 0.3 3.1 Net earnings attributable to MillerKnoll, Inc. $ 33.5 $ 16.0 $ 50.2 $ 41.8 Earnings per share - basic $ 0.45 $ 0.21 $ 0.67 $ 0.55 Earnings per share - diluted $ 0.45 $ 0.21 $ 0.67 $ 0.55 Other comprehensive (loss) income, net of tax Foreign currency translation adjustments $ 7.3 $ 44.2 $ 11.2 $ ( 28.3 ) Pension and post-retirement liability adjustments — 0.4 ( 0.1 ) 0.8 Unrealized (loss) gain on interest rate swap agreement ( 7.9 ) 7.2 ( 0.1 ) 21.5 Other comprehensive (loss) income, net of tax $ ( 0.6 ) $ 51.8 $ 11.0 $ ( 6.0 ) Comprehensive income 33.8 69.3 61.5 38.9 Comprehensive income attributable to redeemable noncontrolling interests 0.9 1.4 0.3 3.1 Comprehensive income attributable to MillerKnoll, Inc. $ 32.9 $ 67.9 $ 61.2 $ 35.8 See accompanying notes to Condensed Consolidated Financial Statements. 3 MillerKnoll, Inc. C

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