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Millerknoll, Inc. (MLKN) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, May 28, 2022

Millerknoll, Inc.

CIK: 66382 Ticker: MLKN

MillerKnoll, Inc. Reports Fourth Quarter Fiscal 2022 Results
Strong sales growth of 77% over the prior year, up 23% organically
Sequential operating margin improvement of 230 basis points
Continued progress with the integration of Knoll
$66 million of run-rate cost synergies captured to date
Company remains confident in ability to deliver $120 million of run-rate cost synergies within three years of closing
Formal launch of the contract dealer network in North America positions MillerKnoll for future growth

Webcast to be held Wednesday, June 29, 2022, at 5:30 PM ET

ReleaseImmediate
DateJune 29, 2022
ContactJeff Stutz (616) 654-8538 or jeff_stutz@hermanmiller.com
Media (616) 654-5977 or media_relations@hermanmiller.com
AddressMillerKnoll, Inc., 855 East Main Avenue, PO Box 302, Zeeland, MI 49464-0302
Internetwww.millerknoll.com

Fourth Quarter and Full-Year Fiscal 2022 Financial Results
(Unaudited)(Unaudited)
Three Months EndedTwelve Months Ended
(Dollars in millions, except per share data)1
May 28, 2022May 29, 2021% Chg.May 28, 2022May 29, 2021% Chg.
Net Sales$1,100.5 $621.5 77.1 %$3,946.0 $2,465.1 60.1 %
Gross Margin %34.8 %36.4 %N/A34.3 %38.6 %N/A
Adjusted Gross Margin %*34.8 %38.1 %N/A34.6 %38.6 %N/A
Operating Expenses$325.5 $214.8 51.5 %$1,312.9 $718.6 82.7 %
Adjusted Operating Expenses*$311.4 $190.9 63.1 %$1,139.8 $704.7 61.7 %
Operating Earnings %5.2 %1.8 %N/A1.0 %9.4 %N/A
Adjusted Operating Earnings %*6.5 %7.3 %N/A5.7 %10.0 %N/A
Net Earnings (Loss) Attributable to MillerKnoll, Inc.$21.5 $9.0 138.9 %$(27.1)$174.6 (115.5)%
Earnings (Loss) Per Share – Diluted$0.28 $0.15 86.7 %$(0.37)$2.94 (112.6)%
Adjusted Earnings Per Share – Diluted*$0.58 $0.59 (1.7)%$1.92 $3.07 (37.5)%
Orders$1,013.3 $689.4 47.0 %$4,183.5 $2,441.2 71.4 %
Backlog$932.5 $446.9 108.7 %
*Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below.
1 Effective May 30, 2021, we elected to change our method of accounting for the cost of certain inventories within our Americas Segment from the last-in, first-out method (“LIFO”) to first-in, first-out method (“FIFO”), which were our only operations that were using the LIFO cost method. All prior periods presented have been retrospectively adjusted to apply the effects of the change.




1

The following information was filed by Millerknoll, Inc. (MLKN) on Wednesday, June 29, 2022 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Shareholders' Equity (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Allocation Of Purchase Price (Details)
Acquisitions And Divestitures - Contract Furniture Dealership Divestiture (Details)
Acquisitions And Divestitures - Fair Value, Valuation And Useful Lives Of Acquired Intangible Assets (Details)
Acquisitions And Divestitures - Hay Acquisition (Details)
Acquisitions And Divestitures - Knoll Acquisition (Details)
Acquisitions And Divestitures - Naughtone Acquisition (Details)
Acquisitions And Divestitures - Pro Forma Results Of Operations (Details)
Acquisitions And Divestitures - Schedule Of Business Acquisitions By Acquisition, Fair Value Of Consideration Transferred (Details)
Acquisitions And Divestitures - Schedule Of Condensed Statement Of Comprehensive Income (Details)
Acquisitions And Divestitures - Schedule Of Preliminary Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Schedule Of Accrued Product Warranty (Details)
Common Stock And Per Share Information
Common Stock And Per Share Information (Details)
Common Stock And Per Share Information (Tables)
Common Stock And Per Share Information - Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans - Schedule Of Amounts Recognized In Other Comprehensive Income (Loss) (Details)
Employee Benefit Plans - Schedule Of Assumptions Used (Details)
Employee Benefit Plans - Schedule Of Expected Benefit Payments (Details)
Employee Benefit Plans - Schedule Of Fair Value And Allocation Of Plan Assets (Details)
Employee Benefit Plans - Schedule Of Funded Status And Amounts Recognized In The Balance Sheet (Details)
Employee Benefit Plans - Schedule Of Net Benefit Costs (Details)
Fair Value
Fair Value (Details)
Fair Value (Tables)
Fair Value - Schedule Of Derivative Instruments In Statement Of Financial Position (Details)
Fair Value - Schedule Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance (Details)
Fair Value - Schedule Of Fair Value Assets And Liabilities Measured On A Recurring And Nonrecurring Basis (Details)
Fair Value - Schedule Of Fair Value By Balance Sheet Grouping (Details)
Fair Value - Schedule Of Gain/Loss In Other Comprehensive Income (Details)
Fair Value - Schedule Of Interest Rate Derivatives (Details)
Fair Value - Schedule Of Redeemable Noncontrolling Interests (Details)
Fair Value - Schedule Of Unrealized Gain (Loss) On Investments (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Income Before Income Tax, Domestic And Foreign (Details)
Income Taxes - Schedule Of Unrecognized Ta Benefits, Interest, Penalties And Related Liability (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventory, Current (Details)
Investments In Nonconsolidated Affiliates
Investments In Nonconsolidated Affiliates (Tables)
Investments In Nonconsolidated Affiliates - Narrative (Details)
Investments In Nonconsolidated Affiliates - Schedule Of Balance Sheet Values (Details)
Investments In Nonconsolidated Affiliates - Schedule Of Equity Method Earnings (Details)
Investments In Nonconsolidated Affiliates - Schedule Of Ownership Percentage (Details)
Investments In Nonconsolidated Affiliates - Schedule Of Receivables From/Payables To Nonconsolidated Affiliates (Details)
Investments In Nonconsolidated Affiliates - Schedule Of Sales/Purchases To/From Nonconsolidated Affiliates (Details)
Leases
Leases (Details)
Leases (Tables)
Operating Segments
Operating Segments (Details)
Operating Segments (Tables)
Operating Segments - Narrative (Details)
Operating Segments - Revenue From External Customers By Products And Services (Details)
Operating Segments - Schedule Of Revenue By Customer Geographic Area (Details)
Operating Segments - Schedule Of Segment Reporting Information (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Restructuring And Integration Expense
Restructuring And Integration Expense (Details)
Restructuring And Integration Expense (Tables)
Restructuring And Integration Expense - Schedule Of Restructuring Rollforward (Details)
Restructuring And Integration Expense - Schedule Of Severance And Employee Benefit Costs (Details)
Restructuring And Integration Expense - Summary Of Restructuring Expenses By Segment (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Contract Assets And Contract Liabilities (Details)
Revenue From Contracts With Customers - Revenue Disaggregated By Contract Type (Details)
Revenue From Contracts With Customers - Revenue Disaggregated By Product Type And Reportable Segment (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Short-Term Borrowings And Long-Term Debt
Short-Term Borrowings And Long-Term Debt (Tables)
Short-Term Borrowings And Long-Term Debt - Available Borrowings Under Syndicated Line Of Credit (Details)
Short-Term Borrowings And Long-Term Debt - Narrative (Details)
Short-Term Borrowings And Long-Term Debt - Schedule Of Long Term Debt (Details)
Short-Term Borrowings And Long-Term Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Significant Accounting And Reporting Policies
Significant Accounting And Reporting Policies (Policies)
Significant Accounting And Reporting Policies (Tables)
Significant Accounting And Reporting Policies - Cash Equivalents (Details)
Significant Accounting And Reporting Policies - Foreign Currency Transactions (Details)
Significant Accounting And Reporting Policies - Goodwill And Indefinite-Lived Intangible Assets (Details)
Significant Accounting And Reporting Policies - Inventories (Details)
Significant Accounting And Reporting Policies - Marketable Securities (Details)
Significant Accounting And Reporting Policies - Research, Development And Other Related Costs (Details)
Significant Accounting And Reporting Policies - Schedule Of Consolidated Balance Sheets (Details)
Significant Accounting And Reporting Policies - Schedule Of Consolidated Statements Of Cash Flows (Details)
Significant Accounting And Reporting Policies - Schedule Of Consolidated Statements Of Comprehensive Income (Details)
Significant Accounting And Reporting Policies - Schedule Of Consolidated Statements Of Stockholders' Equity (Details)
Significant Accounting And Reporting Policies - Schedule Of Finite Lived Intangible Assets, Future Amortization Expense (Details)
Significant Accounting And Reporting Policies - Schedule Of Finite-Lived Intangible Assets By Major Class (Details)
Significant Accounting And Reporting Policies - Schedule Of Goodwill And Other Indefinite-Lived Intangible Assets (Details)
Significant Accounting And Reporting Policies - Schedule Of Indefinite-Lived Intangible Assets (Details)
Significant Accounting And Reporting Policies - Schedule Of Property, Plan And Equipment (Details)
Significant Accounting And Reporting Policies - Schedule Of Self Insurance (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Schedule Of Director Share Based Compensation (Details)
Stock-Based Compensation - Schedule Of Fair Value Of Employee Stock Options (Details)
Stock-Based Compensation - Schedule Of Performance-Based Stock Units (Psu) Activity (Details)
Stock-Based Compensation - Schedule Of Pre-Tax Compensation Expense And Related Tax Benefits (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Unit (Rsu) Activity (Details)
Stock-Based Compensation - Schedule Of Stock Option Plan Transactions (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: MLKN
CIK: 66382
Form Type: 10-K Annual Report
Accession Number: 0000066382-22-000046
Submitted to the SEC: Tue Jul 26 2022 5:24:29 PM EST
Accepted by the SEC: Tue Jul 26 2022
Period: Saturday, May 28, 2022
Industry: Office Furniture

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