MILLERKNOL, INC. Files 10-Q for Period Ending March 2, 2024

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

Millerknoll, INC. 10-Q Filing Summary
FieldDetail
CompanyMillerknoll, INC. (MLKN)
Form Type10-Q
Filed DateApr 10, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.20
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, MillerKnoll, Financial Report, Office Furniture, SEC Filing

TL;DR

<b>MILLERKNOL, INC. filed its quarterly report (10-Q) for the period ending March 2, 2024</b>.

AI Summary

MILLERKNOLL, INC. (MLKN) filed a Quarterly Report (10-Q) with the SEC on April 10, 2024. The filing is a 10-Q for MillerKnoll, Inc. for the period ending March 2, 2024. The company's Standard Industrial Classification is Office Furniture [2520]. MillerKnoll, Inc. was formerly known as Herman Miller Inc. The company's fiscal year ends on June 1st. The filing was submitted on April 10, 2024.

Why It Matters

For investors and stakeholders tracking MILLERKNOLL, INC., this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and position for the specified quarter. Understanding the details within this report is crucial for investors and stakeholders to assess the company's current health and future prospects in the office furniture market.

Risk Assessment

Risk Level: low — MILLERKNOLL, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments based on the header information alone.

Analyst Insight

Review the detailed financial statements and management discussion 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 April 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 April 10, 2024. Key takeaways: The filing is a 10-Q for MillerKnoll, Inc. for the period ending March 2, 2024.. The company's Standard Industrial Classification is Office Furniture [2520].. MillerKnoll, Inc. was formerly known as Herman Miller Inc..

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

Based on this 10-Q, MILLERKNOLL, INC. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments based on the header information alone.

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

Review the detailed financial statements and management discussion 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 workplace trends, economic conditions, and commercial real estate activity.

Are there regulatory concerns for MILLERKNOLL, INC.?

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

Industry Context

MillerKnoll operates in the office furniture industry, a sector influenced by workplace trends, economic conditions, and commercial real estate activity.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

  1. Analyze the revenue and net income figures for the reported quarter.
  2. Examine any changes in debt or equity structure.
  3. Review management's discussion and analysis for insights into operational performance and future outlook.

Year-Over-Year Comparison

This is the initial header information for the 10-Q filing for the period ending March 2, 2024. Detailed comparative data from the previous filing is not available in this snippet.

Filing Stats: 4,837 words · 19 min read · ~16 pages · Grade level 6.6 · Accepted 2024-04-10 16:06:21

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 Nine Months Ended March 2, 2024 and March 4, 2023 3 Condensed Consolidated Balance Sheets — March 2, 2024 and June 3, 2023 4 Condensed Consolidated Statements of Cash Flows — Nine Months Ended March 2, 2024 and March 4, 2023 5 Condensed Consolidated Statements of Stockholders' Equity — Nine Months Ended March 2, 2024 and March 4, 2023 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 14 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 41

Item 3 Quantitative and Qualitative Disclosures about Market Risk 41

Controls and Procedures 42

Item 4 Controls and Procedures 42

— Other Information

Part II — Other Information

Legal Proceedings 43

Item 1 Legal Proceedings 43

Risk Factors 43

Item 1A Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds 43

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 43

Other Information 43

Item 5 Other Information 43

Exhibits 43

Item 6 Exhibits 43 Signatures 45

- 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 Nine Months Ended (Unaudited) March 2, 2024 March 4, 2023 March 2, 2024 March 4, 2023 Net sales $ 872.3 $ 984.7 $ 2,739.5 $ 3,130.4 Cost of sales 535.3 649.1 1,672.4 2,055.1 Gross margin 337.0 335.6 1,067.1 1,075.3 Operating expenses: Selling, general and administrative 271.1 264.7 849.2 852.3 Impairment charges — 21.5 — 21.5 Restructuring expense 1.7 4.6 8.7 19.8 Design and research 21.4 23.6 65.7 71.0 Total operating expenses 294.2 314.4 923.6 964.6 Operating earnings 42.8 21.2 143.5 110.7 Interest expense 18.4 19.1 57.4 54.1 Interest and other investment (income) expense ( 1.3 ) ( 0.9 ) ( 4.8 ) ( 2.0 ) Other (income) expense, net ( 1.8 ) 1.4 ( 2.0 ) 1.7 Earnings before income taxes and equity income 27.5 1.6 92.9 56.9 Income tax expense 4.4 0.5 19.0 11.1 Equity (loss) income from nonconsolidated affiliates, net of tax — — ( 0.3 ) 0.2 Net earnings 23.1 1.1 73.6 46.0 Net earnings attributable to redeemable noncontrolling interests 0.9 0.7 1.2 3.8 Net earnings attributable to MillerKnoll, Inc. $ 22.2 $ 0.4 $ 72.4 $ 42.2 Earnings per share - basic $ 0.31 $ 0.01 $ 0.98 $ 0.56 Earnings per share - diluted $ 0.30 $ 0.01 $ 0.97 $ 0.56 Other comprehensive (loss) income, net of tax Foreign currency translation adjustments $ ( 3.3 ) $ ( 2.3 ) $ 7.9 $ ( 30.6 ) Pension and post-retirement liability adjustments ( 0.1 ) ( 0.4 ) ( 0.2 ) 0.4 Unrealized (loss) gain on interest rate swap agreement ( 1.1 ) 10.3 ( 1.2 ) 31.8 Other comprehensive (loss) income, net of tax $ ( 4.5 ) $ 7.6 $ 6.5 $ 1.6 Comprehensive income 18.6 8.7 80.1 47.6 Comprehensive income attributable to redeemable noncontrolling interests 0.9 0.7 1.2 3.8 Comprehensive income attributable to MillerKnoll, Inc. $ 17.7 $ 8.0 $ 78.9 $ 43.8 See accompanying notes to Condensed Consolidated Financial Statements. 3 Mi

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