$SCS
STEELCASE INC

2024 Q4 Form 10-Q Financial Statement

#000105082524000191 Filed on December 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q4
Revenue $794.9M
YoY Change 2.19%
Cost Of Revenue $528.1M
YoY Change 0.49%
Gross Profit $265.4M
YoY Change 5.19%
Gross Profit Margin 33.39%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $223.8M
YoY Change 8.38%
Operating Profit $41.00M
YoY Change -6.39%
Interest Expense $6.300M
YoY Change -1.56%
% of Operating Profit 15.37%
Other Income/Expense, Net -$12.60M
YoY Change -1500.0%
Pretax Income $26.10M
YoY Change -35.71%
Income Tax $7.000M
% Of Pretax Income 26.82%
Net Earnings $19.10M
YoY Change -37.99%
Net Earnings / Revenue 2.4%
Basic Earnings Per Share $0.16
Diluted Earnings Per Share $0.16
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $365.2M
Short-Term Investments
Other Short-Term Assets $38.90M
YoY Change -7.82%
Inventory $246.0M
Prepaid Expenses $33.60M
Receivables $340.3M
Other Receivables
Total Short-Term Assets $1.065B
YoY Change 9.94%
LONG-TERM ASSETS
Property, Plant & Equipment $333.7M
YoY Change -7.87%
Goodwill $273.8M
YoY Change -0.4%
Intangibles $81.60M
YoY Change -17.41%
Long-Term Investments
YoY Change
Other Assets $81.10M
YoY Change 115.12%
Total Long-Term Assets $1.256B
YoY Change -1.73%
TOTAL ASSETS
Total Short-Term Assets $1.065B
Total Long-Term Assets $1.256B
Total Assets $2.321B
YoY Change 3.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $249.3M
YoY Change 7.64%
Accrued Expenses
YoY Change
Deferred Revenue $49.60M
YoY Change -8.15%
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $677.6M
YoY Change 7.45%
LONG-TERM LIABILITIES
Long-Term Debt $446.9M
YoY Change 0.18%
Other Long-Term Liabilities $49.20M
YoY Change -5.02%
Total Long-Term Liabilities $710.9M
YoY Change -3.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $677.6M
Total Long-Term Liabilities $710.9M
Total Liabilities $1.389B
YoY Change 1.28%
SHAREHOLDERS EQUITY
Retained Earnings $970.1M
YoY Change 7.38%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $932.6M
YoY Change
Total Liabilities & Shareholders Equity $2.321B
YoY Change 3.3%

Cashflow Statement

Concept 2024 Q4
OPERATING ACTIVITIES
Net Income $19.10M
YoY Change -37.99%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. Adoption of New Accounting StandardsIn November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which is intended to improve disclosures related to significant segment expenses and the information used by the chief operating decision maker ("CODM") to assess segment performance and to allocate resources. We adopted this guidance on a retrospective basis and will modify our annual disclosures beginning in Q4 2025 and interim disclosures thereafter. The adoption of this guidance is not expected to have a material effect on our consolidated financial statements.Accounting Standards Issued But Not Yet AdoptedIn November 2024, the FASB issued ASU No. 2024-03, Income Statement (Subtopic 220-40) - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which is intended to improve disclosures through disaggregation of certain commonly presented expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. We expect the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which is intended to improve income tax disclosures, specifically related to additional detail required in the effective tax rate reconciliation and the disaggregation of income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. We expect the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.
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dei Entity Address Address Line1
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901 44th Street SE
dei Entity Address Postal Zip Code
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49508
dei City Area Code
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dei Local Phone Number
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247-2710
dei Security12b Title
Security12bTitle
Class A Common Stock
dei Trading Symbol
TradingSymbol
SCS
dei Security Exchange Name
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NYSE
dei Entity Current Reporting Status
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Yes
dei Entity Interactive Data Current
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dei Entity Filer Category
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CY2023Q4 us-gaap Net Income Loss
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CY2023Q4 us-gaap Dividends
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us-gaap Restructuring Charges
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Payments For Repurchase Of Common Stock
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CY2024Q4 us-gaap Revenues
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CY2023Q4 us-gaap Net Income Loss
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CY2023Q4 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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dei Document Period End Date
DocumentPeriodEndDate
2024-11-22
dei Document Fiscal Period Focus
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Q3
dei Document Fiscal Year Focus
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2025
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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dei Entity Address City Or Town
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Grand Rapids,
dei Entity Address State Or Province
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MI
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Income Tax Expense Benefit
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CY2024Q4 us-gaap Comprehensive Income Net Of Tax
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CY2023Q4 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2024Q1 us-gaap Additional Paid In Capital
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CY2024Q4 us-gaap Liabilities And Stockholders Equity
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CY2024Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
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CY2024Q4 us-gaap Stock Repurchased And Retired During Period Shares
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CY2024Q4 us-gaap Common Stock Shares Outstanding
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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scs Increase Decrease In Cloud Computing Arrangements Expenditures
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scs Increase Decrease In Cloud Computing Arrangements Expenditures
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us-gaap Proceeds From Sale Of Short Term Investments
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scs Basis Of Presentation Description
BasisOfPresentationDescription
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 23, 2024 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 23, 2024 was derived from the audited Consolidated Balance Sheet included in our Form 10-K.As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated
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CY2024Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q4 us-gaap Earnings Per Share Basic
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us-gaap Net Income Loss
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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us-gaap Net Income Loss Available To Common Stockholders Basic
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90000000.0 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Earnings Per Share Basic
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0.79
us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2024Q4 us-gaap Long Term Debt Fair Value
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us-gaap Unrealized Gain Loss On Investments
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CY2024Q4 us-gaap Inventory Finished Goods
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CY2024Q1 us-gaap Inventory Finished Goods
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CY2024Q4 us-gaap Inventory Gross
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CY2024Q1 us-gaap Inventory Gross
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InventoryLIFOReserve
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CY2024Q1 us-gaap Inventory Lifo Reserve
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CY2024Q4 us-gaap Lifo Inventory Amount
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CY2024Q1 us-gaap Lifo Inventory Amount
LIFOInventoryAmount
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Sublease Income
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Payments Use
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
11800000 usd
CY2024Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2024Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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38200000 usd
CY2024Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
19200000 usd
CY2024Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
27600000 usd
CY2024Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
171600000 usd
CY2024Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19300000 usd
CY2024Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
152300000 usd
us-gaap Factors Used To Identify Entitys Reportable Segments
FactorsUsedToIdentifyEntitysReportableSegments
The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.
CY2024Q4 us-gaap Revenues
Revenues
794900000 usd
CY2023Q4 us-gaap Revenues
Revenues
777900000 usd
us-gaap Revenues
Revenues
2378000000 usd
us-gaap Revenues
Revenues
2384400000 usd
CY2024Q4 us-gaap Gross Profit
GrossProfit
265400000 usd
CY2023Q4 us-gaap Gross Profit
GrossProfit
252300000 usd
us-gaap Gross Profit
GrossProfit
795200000 usd
us-gaap Gross Profit
GrossProfit
770300000 usd
CY2024Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
41000000.0 usd
CY2023Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
43800000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
148600000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
92100000 usd
CY2024Q4 us-gaap Assets
Assets
2321100000 usd
CY2024Q1 us-gaap Assets
Assets
2236700000 usd
CY2024Q4 us-gaap Goodwill
Goodwill
273800000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
274800000 usd
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
12.3 usd
us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
11.4 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
17.0 usd
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-1.4 usd
CY2024Q4 us-gaap Restructuring Reserve
RestructuringReserve
5.3 usd

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