MillerKnoll Files Q3 2024 Report, Confirms Compliance

Ticker: MLKN · Form: 10-Q · Filed: Oct 9, 2024 · CIK: 66382

Sentiment: neutral

Topics: 10-Q, compliance, quarterly-report

Related Tickers: MLKN

TL;DR

MLKN filed its 10-Q for Aug 31, 2024. All good on compliance.

AI Summary

MillerKnoll, Inc. filed its quarterly report for the period ended August 31, 2024. The company is registered with the SEC under file number 001-15141 and its common stock trades on the Nasdaq Global Select Market under the symbol MLKN. The filing confirms that MillerKnoll has met all its reporting requirements for the preceding 12 months and has submitted all Interactive Data Files.

Why It Matters

This filing provides investors with an update on MillerKnoll's financial performance and regulatory compliance for the latest quarter, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing confirming compliance with SEC regulations, with no immediate negative indicators.

Key Players & Entities

FAQ

What is the commission file number for MillerKnoll, Inc.?

The commission file number for MillerKnoll, Inc. is 001-15141.

On which exchange does MillerKnoll's common stock trade?

MillerKnoll's common stock trades on the Nasdaq Global Select Market.

What is the trading symbol for MillerKnoll, Inc. common stock?

The trading symbol for MillerKnoll, Inc. common stock is MLKN.

For what period is this quarterly report filed?

This quarterly report is filed for the period ended August 31, 2024.

Has MillerKnoll, Inc. filed all required reports for the preceding 12 months?

Yes, the filing indicates that MillerKnoll, Inc. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,616 words · 18 min read · ~15 pages · Grade level 8.6 · Accepted 2024-10-09 16:08:48

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 (Loss) — Three Months ended August 31, 2024 and September 2, 2023 3 Condensed Consolidated Balance Sheets — August 31, 2024 and June 1, 2024 4 Condensed Consolidated Statements of Cash Flows — Three Months Ended August 31, 2024 and September 2, 2023 5 Condensed Consolidated Statements of Stockholders' Equity — Three Months Ended August 31, 2024 and September 2, 2023 6 Notes to Condensed Consolidated Financial Statements Note 1 - Description of Business and Basis of Presentation 7 Note 2 - Recently Issued Accounting Standards 8 Note 3 - Revenue from Contracts with Customers 8 Note 4 - Inventories, net 9 Note 5 - Goodwill and Indefinite-Lived Intangibles 10 Note 6 - Employee Benefit Plans 11 Note 7 - Earnings Per Share 11 Note 8 - Stock-Based Compensation 12 Note 9 - Income Taxes 12 Note 10 - Fair Value Measurements 13 Note 11 - Commitments and Contingencies 16 Note 12 - Short-Term Borrowings and Long-Term Debt 17 Note 13 - Accumulated Other Comprehensive Loss 18 Note 14 - Operating Segments 18 Note 15 - Restructuring and Integration Expense 19 Note 16 - Variable Interest Entities 21

Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk 34

Item 3 Quantitative and Qualitative Disclosures about Market Risk 34

Controls and Procedures 35

Item 4 Controls and Procedures 35

— Other Information

Part II — Other Information

Legal Proceedings 36

Item 1 Legal Proceedings 36

Risk Factors 36

Item 1A Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds 36

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 36

Other Information 36

Item 5 Other Information 36

Exhibits 36

Item 6 Exhibits 36 Signatures 38

- 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 (Unaudited) August 31, 2024 September 2, 2023 Net sales $ 861.5 $ 917.7 Cost of sales 525.2 559.6 Gross margin 336.3 358.1 Operating expenses: Selling, general and administrative 298.4 290.5 Restructuring expense — 5.2 Design and research 22.7 22.1 Total operating expenses 321.1 317.8 Operating earnings 15.2 40.3 Interest expense 19.9 19.2 Interest and other investment (income) expense ( 1.6 ) ( 2.2 ) Other (income) expense, net ( 1.4 ) 2.2 (Loss) earnings before income taxes and equity income ( 1.7 ) 21.1 Income tax (benefit) expense ( 1.1 ) 5.1 Equity income from nonconsolidated affiliates, net of tax 0.1 0.1 Net (loss) earnings ( 0.5 ) 16.1 Net earnings (loss) attributable to redeemable noncontrolling interests 0.7 ( 0.6 ) Net (loss) earnings attributable to MillerKnoll, Inc. $ ( 1.2 ) $ 16.7 (Loss) earnings per share - basic $ ( 0.02 ) $ 0.22 (Loss) earnings per share - diluted $ ( 0.02 ) $ 0.22 Other comprehensive (loss) income, net of tax Foreign currency translation adjustments $ 15.4 $ 3.9 Pension and post-retirement liability adjustments 0.1 ( 0.1 ) Unrealized (loss) gain on interest rate swap agreement ( 21.3 ) 7.8 Other comprehensive (loss) income, net of tax $ ( 5.8 ) $ 11.6 Comprehensive (loss) income ( 6.3 ) 27.7 Comprehensive income (loss) attributable to redeemable noncontrolling interests 0.7 ( 0.6 ) Comprehensive (loss) income attributable to MillerKnoll, Inc. $ ( 7.0 ) $ 28.3 See accompanying notes to Condensed Consolidated Financial Statements. 3 MillerKnoll, Inc. Condensed Consolidated Balance Sheets (Dollars in millions, except share data) (Unaudited) August 31, 2024 June 1, 2024 ASSETS Current Assets: Cash and cash equivalents $ 209.7 $ 230.4 Accounts receivable, net of allowance of $ 7.6 and $ 7.4 277.3 308.3 Unbilled accounts

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