HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com

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News Release
                                
For Information Contact:
Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

HNI CORPORATION REPORTS EARNINGS FOR
FOURTH QUARTER AND FISCAL YEAR 2020

MUSCATINE, Iowa (March 1, 2021) –
HNI Corporation (NYSE: HNI) today announced sales for the full year ended January 2, 2021 of $1.955 billion and net income of $41.9 million. GAAP net income per diluted share was $0.98, compared to $2.54 in the prior year. Non-GAAP net income per diluted share was $1.79, compared to $2.59 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth quarter sales of $562.1 million were down 9 percent from year-ago levels, and fourth quarter net income was $22.6 million. GAAP net income per diluted share was $0.52, compared to $1.10 in the prior year. Non-GAAP net income per diluted share was $0.66, compared to $1.12 in the prior year.

Fourth Quarter Highlights
Double-digit revenue and profit growth in Residential Building Products. Fourth quarter segment revenue increased 15.9 percent organically year-over-year, while operating profit was 11.4 percent higher than the year-ago period.
Solid profitability in Workplace Furnishings. Fourth quarter segment operating profit exceeded $11 million, despite an 18.6 percent year-over-year top line contraction.
Strong cash flow generation. Fourth quarter operating cash flow totaled $71 million, and full year operating cash flow was $214 million. Full year operating cash flow was only slightly below the $219 million generated in fiscal year 2019 despite year-over-year total revenue and non-GAAP operating profit declines of 13 percent and 30 percent, respectively.
High quality balance sheet. Debt at the end of the fourth quarter totaled $175 million— unchanged from last quarter and prior-year levels. The Corporation’s gross leverage ratio remained low at 1.0x. Additionally, the Corporation ended the quarter with $116 million of cash, an increase of $7 million from the end of the third quarter and a $64 million increase from the end of fiscal year 2019. The quarter-ending balance sheet reflects the impacts of the acquisition of Design Public Group at the end of fiscal year 2020.

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The following information was filed by Hni Corp (HNI) on Monday, March 1, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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