$MLKN
MILLERKNOLL, INC.

2024 Q1 Form 10-Q Financial Statement

#000006638224000004 Filed on January 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $872.3M $949.5M $1.067B
YoY Change -11.41% -11.0% 3.96%
Cost Of Revenue $535.3M $577.5M $699.3M
YoY Change -17.53% -17.42% 3.49%
Gross Profit $337.0M $372.0M $367.6M
YoY Change 0.42% 1.2% 4.14%
Gross Profit Margin 38.63% 39.18% 34.45%
Selling, General & Admin $271.1M $287.6M $290.8M
YoY Change 2.42% -1.1% -8.73%
% of Gross Profit 80.45% 77.31% 79.11%
Research & Development $21.40M $22.20M $23.40M
YoY Change -9.32% -5.13% -17.02%
% of Gross Profit 6.35% 5.97% 6.37%
Depreciation & Amortization $37.00M $37.40M $38.10M
YoY Change -3.14% -1.84% -24.1%
% of Gross Profit 10.98% 10.05% 10.36%
Operating Expenses $292.5M $311.6M $314.2M
YoY Change -6.97% -0.83% -9.4%
Operating Profit $44.50M $60.40M $53.40M
YoY Change 109.91% 13.11% 1305.26%
Interest Expense -$17.10M $19.80M -$17.60M
YoY Change -189.53% -212.5% -291.3%
% of Operating Profit -38.43% 32.78% -32.96%
Other Income/Expense, Net $1.800M $2.400M $500.0K
YoY Change -109.18% 380.0% -28.57%
Pretax Income $27.50M $44.30M $21.60M
YoY Change 1618.75% 105.09% -590.91%
Income Tax $4.400M $9.500M $4.300M
% Of Pretax Income 16.0% 21.44% 19.91%
Net Earnings $22.20M $33.50M $16.00M
YoY Change 5450.0% 109.38% -1041.18%
Net Earnings / Revenue 2.54% 3.53% 1.5%
Basic Earnings Per Share $0.31 $0.45 $0.21
Diluted Earnings Per Share $0.30 $0.45 $210.9K
COMMON SHARES
Basic Shares Outstanding 72.82M shares 73.48M shares 75.56M shares
Diluted Shares Outstanding 74.15M shares 74.24M shares 75.88M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.6M $225.8M $197.5M
YoY Change 2.99% 14.33% -15.85%
Cash & Equivalents $223.6M $225.8M $197.5M
Short-Term Investments
Other Short-Term Assets $103.7M $8.900M $127.3M
YoY Change -20.05% -93.01% 1800.0%
Inventory $437.4M $448.2M $587.1M
Prepaid Expenses $89.90M $82.00M
Receivables $318.7M $319.9M $398.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.083B $1.114B $1.310B
YoY Change -15.1% -14.93% 7.85%
LONG-TERM ASSETS
Property, Plant & Equipment $883.0M $517.9M $962.0M
YoY Change -5.84% -46.16% 62.83%
Goodwill $1.226B $1.228B
YoY Change 0.67%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $132.9M $133.5M $118.9M
YoY Change -93.87% 12.28% 61.99%
Total Long-Term Assets $3.012B $3.041B $3.138B
YoY Change -3.06% -3.09% -3.48%
TOTAL ASSETS
Total Short-Term Assets $1.083B $1.114B $1.310B
Total Long-Term Assets $3.012B $3.041B $3.138B
Total Assets $4.095B $4.156B $4.448B
YoY Change -6.56% -6.58% -0.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $242.0M $250.7M $281.6M
YoY Change -14.4% -10.97% -15.59%
Accrued Expenses $312.1M $331.4M $360.1M
YoY Change -25.62% -7.97% -4.13%
Deferred Revenue $85.50M $92.90M
YoY Change -12.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $40.90M $38.80M $28.80M
YoY Change 32.36% 34.72% -1.71%
Total Short-Term Liabilities $680.5M $713.8M $773.2M
YoY Change -7.19% -7.68% -9.81%
LONG-TERM LIABILITIES
Long-Term Debt $1.290B $1.278B $1.435B
YoY Change -8.81% -10.91% 7.02%
Other Long-Term Liabilities $626.1M $264.9M $699.2M
YoY Change -9.78% -62.11% 96.07%
Total Long-Term Liabilities $1.917B $264.9M $2.134B
YoY Change -9.13% -87.59% 25.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $680.5M $713.8M $773.2M
Total Long-Term Liabilities $1.917B $264.9M $2.134B
Total Liabilities $2.704B $2.625B $3.014B
YoY Change -8.3% -12.89% 1.81%
SHAREHOLDERS EQUITY
Retained Earnings $707.1M $698.6M
YoY Change 1.99%
Common Stock $14.30M $14.60M
YoY Change -5.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.391B $1.421B $1.434B
YoY Change
Total Liabilities & Shareholders Equity $4.095B $4.156B $4.448B
YoY Change -6.56% -6.58% -0.4%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income $22.20M $33.50M $16.00M
YoY Change 5450.0% 109.38% -1041.18%
Depreciation, Depletion And Amortization $37.00M $37.40M $38.10M
YoY Change -3.14% -1.84% -24.1%
Cash From Operating Activities $60.50M $82.50M $59.50M
YoY Change -20.08% 38.66% -1108.47%
INVESTING ACTIVITIES
Capital Expenditures $16.60M $20.00M -$23.00M
YoY Change -18.23% -186.96% -16.97%
Acquisitions
YoY Change
Other Investing Activities -$3.100M $5.000M $1.200M
YoY Change -94.96% 316.67% -185.71%
Cash From Investing Activities -$19.70M -$15.00M -$21.80M
YoY Change -7.08% -31.19% -25.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.30M -59.70M -65.40M
YoY Change 25.52% -8.72% -292.92%
NET CHANGE
Cash From Operating Activities 60.50M 82.50M 59.50M
Cash From Investing Activities -19.70M -15.00M -21.80M
Cash From Financing Activities -42.30M -59.70M -65.40M
Net Change In Cash -1.500M 7.800M -27.70M
YoY Change -107.21% -128.16% 2418.18%
FREE CASH FLOW
Cash From Operating Activities $60.50M $82.50M $59.50M
Capital Expenditures $16.60M $20.00M -$23.00M
Free Cash Flow $43.90M $62.50M $82.50M
YoY Change -20.76% -24.24% 278.44%

Facts In Submission

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us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="margin-bottom:6pt"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:130%">Derivative Instruments and Hedging Activities</span></div><div style="margin-bottom:6pt"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Foreign Currency Forward Contracts</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The Company transacts business in various foreign currencies and has established a program that primarily utilizes foreign currency forward contracts to reduce the risks associated with the effects of certain foreign currency exposures. Under this program, the Company's strategy is to have increases or decreases in our foreign currency exposures offset by gains or losses on the foreign currency forward contracts to mitigate the risks and volatility associated with foreign currency transaction gains or losses. These foreign currency exposures typically arise from net liability or asset exposures in non-functional currencies on the balance sheets of our foreign subsidiaries. These foreign currency forward contracts generally settle within 30 days and are not used for trading purposes. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">These forward contracts are not designated as hedging instruments. Accordingly, we record the fair value of these contracts as of the end of the reporting period in the Consolidated Balance Sheets with changes in fair value recorded within the Consolidated Statements of Comprehensive Income. The balance sheet classification for the fair values of these forward contracts is to Other current assets for unrealized gains and to Other accrued liabilities for unrealized losses. The Consolidated Statements of Comprehensive Income classification for the fair values of these forward contracts is to Other (income) expense, net, for both realized and unrealized gains and losses. </span></div><div style="margin-bottom:6pt"><span style="color:#252525;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:130%">Interest Rate Swaps</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The Company enters into interest rate swap agreements to manage its exposure to interest rate changes and its overall cost of borrowing. The Company's interest rate swap agreements exchange variable rate interest payments for fixed rate payments over the life of the agreement without the exchange of the underlying notional amounts. The notional amount of the interest rate swap agreements is used to measure interest to be paid or received. The differential paid or received on the interest rate swap agreements is recognized as an adjustment to interest expense.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The interest rate swaps were designated as cash flow hedges at inception and the facts and circumstances of the hedged relationships remain consistent with the initial quantitative effectiveness assessment in that the hedged instruments remain an effective accounting hedge as of December 2, 2023. Since a designated derivative meets hedge accounting criteria, the fair value of the hedge is recorded in the Consolidated Statements of Stockholders’ Equity as a component of Accumulated other comprehensive loss, net of tax. The ineffective portion of the change in fair value of the derivatives is immediately recognized in earnings. The interest rate swap agreements are assessed for hedge effectiveness on a quarterly basis.</span></div>
CY2023Q4 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-7900000 usd
CY2022Q4 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
7200000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-100000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
21500000 usd
CY2023Q4 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
7700000 usd
CY2022Q4 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
2400000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
15100000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
2000000.0 usd
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
0 usd
CY2022Q4 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
0 usd
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
0 usd
CY2023Q4 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
0 usd
mlkn Derivative Instruments Gain Loss Reclassification From Accumulated Other Comprehensive Income To Income Estimated Gross Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOtherComprehensiveIncomeToIncomeEstimatedGrossAmountToBeTransferred
27100000 usd
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
20300000 usd
CY2023Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
73200000 usd
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
72300000 usd
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
73900000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
73200000 usd
CY2023Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
4900000 usd
CY2022Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
7400000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
10100000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
11700000 usd
CY2023Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6800000 usd
CY2022Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5600000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
12700000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
10800000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
71300000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
74100000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
71300000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
74100000 usd
CY2023Q4 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
2300000 usd
CY2023Q2 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
2100000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1500000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
0 usd
CY2023Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1331300000 usd
CY2023Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1414400000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
14300000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
15900000 usd
CY2023Q4 us-gaap Debt Current
DebtCurrent
38800000 usd
CY2023Q2 us-gaap Debt Current
DebtCurrent
33400000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1278200000 usd
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1365100000 usd
CY2023Q4 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
2300000 usd
CY2023Q2 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
2100000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-4000000.0 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-15000000.0 usd
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
0 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-15000000.0 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
11000000.0 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-8800000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-3100000 usd
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-300000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2800000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6000000.0 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
949500000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1066900000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1867200000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2145700000 usd
CY2023Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
60400000 usd
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
38700000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
100700000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
89500000 usd
CY2023Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
4600000 usd
CY2023Q4 us-gaap Restructuring Charges
RestructuringCharges
1800000 usd
CY2022Q4 us-gaap Restructuring Charges
RestructuringCharges
14700000 usd
us-gaap Restructuring Charges
RestructuringCharges
7000000.0 usd
us-gaap Restructuring Charges
RestructuringCharges
15200000 usd
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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