Company Quick10K Filing
Miller Herman
Price38.02 EPS3
Shares59 P/E14
MCap2,258 P/FCF31
Net Debt123 EBIT212
TEV2,380 TEV/EBIT11
TTM 2019-06-01, in MM, except price, ratios
10-Q 2020-02-29 Filed 2020-04-07
10-Q 2019-11-30 Filed 2020-01-06
10-Q 2019-08-31 Filed 2019-10-08
10-K 2019-06-01 Filed 2019-07-30
10-Q 2019-03-02 Filed 2019-04-10
10-Q 2018-12-01 Filed 2019-01-09
10-Q 2018-09-01 Filed 2018-10-10
10-K 2018-06-02 Filed 2018-07-31
10-Q 2018-03-03 Filed 2018-04-11
10-Q 2017-12-02 Filed 2018-01-10
10-Q 2017-09-02 Filed 2017-10-11
10-K 2017-06-03 Filed 2017-08-01
10-Q 2017-03-04 Filed 2017-04-12
10-Q 2016-12-03 Filed 2017-01-11
10-Q 2016-09-03 Filed 2016-10-12
10-K 2016-05-28 Filed 2016-07-26
10-Q 2016-02-27 Filed 2016-04-06
10-Q 2015-11-28 Filed 2016-01-06
10-Q 2015-08-29 Filed 2015-10-07
10-K 2015-05-30 Filed 2015-07-28
10-Q 2015-02-28 Filed 2015-04-08
10-Q 2014-11-29 Filed 2015-01-07
10-Q 2014-08-30 Filed 2014-10-08
10-K 2014-05-31 Filed 2014-07-29
10-Q 2014-03-01 Filed 2014-04-08
10-Q 2013-11-30 Filed 2014-01-07
10-Q 2013-08-31 Filed 2013-10-09
10-K 2013-06-01 Filed 2013-07-30
10-Q 2013-03-02 Filed 2013-04-11
10-Q 2012-12-01 Filed 2013-01-09
10-Q 2012-09-01 Filed 2012-10-11
10-K 2012-06-02 Filed 2012-07-31
10-Q 2012-03-03 Filed 2012-04-11
10-Q 2011-12-03 Filed 2012-01-11
10-Q 2011-09-03 Filed 2011-10-12
10-K 2011-05-28 Filed 2011-07-26
10-Q 2011-02-26 Filed 2011-04-06
10-Q 2010-11-27 Filed 2011-01-06
10-Q 2010-08-28 Filed 2010-10-06
10-K 2010-05-29 Filed 2010-07-27
10-Q 2010-02-27 Filed 2010-04-07
10-Q 2009-11-28 Filed 2010-01-06
8-K 2020-04-03 Officers, Regulation FD, Exhibits
8-K 2020-03-28 Regulation FD, Exhibits
8-K 2020-03-18 Earnings, Exhibits
8-K 2020-03-18 Regulation FD
8-K 2019-12-18 Earnings, Exhibits
8-K 2019-12-09 Regulation FD, Exhibits
8-K 2019-11-05 Regulation FD, Exhibits
8-K 2019-10-29 Regulation FD, Exhibits
8-K 2019-10-29 Regulation FD
8-K 2019-10-14
8-K 2019-10-08 Enter Agreement, Regulation FD, Exhibits
8-K 2019-10-07 Regulation FD, Exhibits
8-K 2019-09-20 Other Events
8-K 2019-09-18 Earnings, Exhibits
8-K 2019-08-28 Off-BS Arrangement, Exhibits
8-K 2019-07-15 Officers, Exhibits
8-K 2019-06-26 Earnings, Other Events, Exhibits
8-K 2019-06-19 Other Events, Exhibits
8-K 2019-05-16 Officers
8-K 2019-05-09 Regulation FD, Exhibits
8-K 2019-05-06 Accountant, Exhibits
8-K 2019-04-09 Amend Bylaw, Exhibits
8-K 2019-03-20 Earnings, Exhibits
8-K 2019-02-19 Other Events, Exhibits
8-K 2019-01-16 Officers, Exhibits
8-K 2019-01-16 Other Events
8-K 2018-12-19 Earnings, Exhibits
8-K 2018-10-11 Shareholder Rights, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-09-19 Earnings, Exhibits
8-K 2018-08-17 Officers
8-K 2018-07-02 Earnings, Exhibits
8-K 2018-07-02 Other Events
8-K 2018-06-07 Enter Agreement, Regulation FD
8-K 2018-06-06 Regulation FD
8-K 2018-03-21 Earnings, Exhibits
8-K 2018-03-05 Regulation FD, Exhibits
8-K 2018-03-02 Officers
8-K 2018-03-01 Regulation FD
8-K 2018-02-05 Officers, Regulation FD, Exhibits

MLHR 10Q Quarterly Report

Part I - Financial Information
Item 1: Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II - Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 3: Defaults Upon Senior Securities
Item 4: Mine Safety Disclosures
Item 5: Other Information
Item 6: Exhibits
EX-10.1 hmi10q02292020ex101.htm
EX-10.2 hmi10q02292020ex102.htm
EX-10.3 hmi10q02292020ex103.htm
EX-31.1 hmi10q02292020ex311.htm
EX-31.2 hmi10q02292020ex312.htm
EX-32.1 hmi10q02292020ex321.htm
EX-32.2 hmi10q02292020ex322.htm

Miller Herman Earnings 2020-02-29

Balance SheetIncome StatementCash Flow
1.61.31.00.60.30.02012201420172020
Assets, Equity
0.70.50.40.20.1-0.12012201420172020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 29, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-15141
__________________________________________
logomarknormalsreda05.jpg
HERMAN MILLER, INC.
(Exact name of registrant as specified in its charter)
__________________________________________
Michigan
 
38-0837640
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
855 East Main Avenue
Zeeland, MI 49464
(Address of principal executive offices and zip code)
(616) 654-3000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
MLHR
NASDAQ

Indicate by check mark whether the registrant: (1) 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 (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer  
o
Smaller reporting company
Emerging growth company
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes    No  x

As of April 2, 2020, Herman Miller, Inc. had 58,770,202 shares of common stock outstanding.





Herman Miller, Inc. Form 10-Q
Table of Contents
 
 
Page No.
Part I — Financial Information
 
 
Item 1 Financial Statements (Unaudited)
 
 
Condensed Consolidated Statements of Comprehensive Income — Three and Nine Months Ended February 29, 2020 and March 2, 2019
 
Condensed Consolidated Balance Sheets — February 29, 2020 and June 1, 2019
 
Condensed Consolidated Statements of Cash Flows — Nine Months Ended February 29, 2020 and March 2, 2019
 
Condensed Consolidated Statements of Stockholders' Equity — Nine Months Ended February 29, 2020 and March 2, 2019
 
Notes to Condensed Consolidated Financial Statements
 
 
 
 
 
Note 4 - Leases
 
Note 5 - Acquisitions
 
 
 
 
 
 
Note 11 - Income Taxes
 
 
 
Note 14 - Debt
 
 
 
 
 
 
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations
 
Item 3 Quantitative and Qualitative Disclosures about Market Risk
 
Item 4 Controls and Procedures
Part II — Other Information
 
 
Item 1   Legal Proceedings
 
Item 1A Risk Factors
 
Item 2   Unregistered Sales of Equity Securities and Use of Proceeds
 
Item 3   Defaults upon Senior Securities
 
Item 4   Mine Safety Disclosures
 
Item 5   Other Information
 
Item 6   Exhibits
 
Signatures
 

2



PART I - FINANCIAL INFORMATION

Item 1: Financial Statements

Herman Miller, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions, except share data)
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
February 29, 2020
 
March 2, 2019
 
February 29, 2020
 
March 2, 2019
Net sales
$
665.7

 
$
619.0

 
$
2,010.8

 
$
1,896.2

Cost of sales
422.4

 
398.0

 
1,265.9

 
1,214.5

Gross margin
243.3

 
221.0

 
744.9

 
681.7

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
170.5

 
153.7

 
504.9

 
476.5

Restructuring expense
3.5

 
0.3

 
9.6

 
1.7

Design and research
18.9

 
19.2

 
57.4

 
56.6

Total operating expenses
192.9

 
173.2

 
571.9

 
534.8

Operating earnings
50.4

 
47.8

 
173.0

 
146.9

Gain on consolidation of equity method investments

 

 
30.5

 

Interest expense
2.9

 
3.0

 
8.9

 
9.1

Interest and other investment income
0.6

 
0.5

 
2.0

 
1.4

Other expense (income), net
0.5

 
(0.3
)
 
0.6

 
0.1

Earnings before income taxes and equity income
47.6

 
45.6

 
196.0

 
139.1

Income tax expense
10.6

 
7.3

 
35.8

 
27.3

Equity income from nonconsolidated affiliates, net of tax
0.3

 
1.0

 
3.7

 
2.8

Net earnings
37.3

 
39.3

 
163.9

 
114.6

Net (loss) earnings attributable to redeemable noncontrolling interests
(0.4
)
 
0.1

 
(0.6
)
 
0.1

Net earnings attributable to Herman Miller, Inc.
$
37.7

 
$
39.2

 
$
164.5

 
$
114.5

 
 
 
 
 
 
 
 
Earnings per share — basic
$
0.64

 
$
0.67

 
$
2.79

 
$
1.94

Earnings per share — diluted
$
0.64

 
$
0.66

 
$
2.78

 
$
1.92

 
 
 
 
 
 
 
 
Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
$
(1.9
)
 
$
8.0

 
$
2.5

 
$
(4.4
)
Pension and post-retirement liability adjustments
0.7

 
0.6

 
2.1

 
1.7

Unrealized losses on interest rate swap agreement
(6.6
)
 
(4.4
)
 
(11.9
)
 
(3.9
)
Unrealized holding gain on available for sale securities

 
0.1

 

 

Other comprehensive (loss) income, net of tax
(7.8
)
 
4.3

 
(7.3
)
 
(6.6
)
Comprehensive income
29.5

 
43.6

 
156.6

 
108.0

Comprehensive (loss) income attributable to redeemable noncontrolling interests
(0.4
)
 
0.1

 
(0.6
)
 
0.1

Comprehensive income attributable to Herman Miller, Inc.
$
29.9

 
$
43.5

 
$
157.2

 
$
107.9


See accompanying notes to Condensed Consolidated Financial Statements.


3



Herman Miller, Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)
(Unaudited)
 
February 29, 2020
 
June 1, 2019
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
110.6

 
$
159.2

Short-term investments
8.9

 
8.8

Accounts receivable, net of allowances of $3.2 and $3.8
221.7

 
218.0

Unbilled accounts receivable
37.9

 
34.3

Inventories, net
200.5

 
184.2

Prepaid expenses
43.7

 
45.8

Other current assets
13.0

 
11.0

Total current assets
636.3

 
661.3

Property and equipment, at cost
1,121.3

 
1,084.7

Less — accumulated depreciation
(779.7
)
 
(736.1
)
Net property and equipment
341.6

 
348.6

Right of use assets
222.9

 

Goodwill
466.1

 
303.8

Indefinite-lived intangibles
142.3

 
78.1

Other amortizable intangibles, net of accumulated amortization of $55.1 and $46.2
125.1

 
41.1

Other noncurrent assets
51.5

 
136.4

Total Assets
$
1,985.8

 
$
1,569.3

 
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
 
 
 
Current Liabilities:
 
 
 
Accounts payable
$
180.6

 
$
177.7

Accrued compensation and benefits
74.5

 
85.5

Accrued warranty
57.4

 
53.1

Customer deposits
36.9

 
30.7

Other accrued liabilities
156.7

 
99.1

Total current liabilities
506.1

 
446.1

Long-term debt
275.0

 
281.9

Pension and post-retirement benefits
23.1

 
24.5

Lease liabilities
188.5

 

Other liabilities
84.6

 
77.0

Total Liabilities
1,077.3

 
829.5

Redeemable noncontrolling interests
71.7

 
20.6

Stockholders' Equity:
 
 
 
Preferred stock, no par value (10,000,000 shares authorized, none issued)

 

Common stock, $0.20 par value (240,000,000 shares authorized, 58,785,228 and 58,794,148 shares issued and outstanding in 2020 and 2019, respectively)
11.8

 
11.7

Additional paid-in capital
86.9

 
89.8

Retained earnings
839.9

 
712.7

Accumulated other comprehensive loss
(101.5
)
 
(94.2
)
Deferred compensation plan
(0.3
)
 
(0.8
)
Total Stockholders' Equity
836.8

 
719.2

Total Liabilities, Redeemable Noncontrolling Interests, and Stockholders' Equity
$
1,985.8

 
$
1,569.3


See accompanying notes to Condensed Consolidated Financial Statements.

4



Herman Miller, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in millions)
(Unaudited)

Nine Months Ended
February 29, 2020

March 2, 2019
Cash Flows from Operating Activities:



Net earnings
$
163.9

 
$
114.6

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation and amortization
59.7

 
55.3

Stock-based compensation
7.9

 
7.2

Earnings from nonconsolidated affiliates net of dividends received
(3.6
)
 
(0.8
)
Gain on consolidation of equity method investments
(30.5
)
 

Restructuring expense
9.6

 
1.7

Decrease (increase) in current assets
17.8

 
(55.3
)
(Decrease) increase in current liabilities
(36.7
)
 
7.5

Other, net
3.7

 
0.4

Net Cash Provided by Operating Activities
191.8

 
130.6

 
 
 
 
Cash Flows from Investing Activities:
 
 
 
Capital expenditures
(56.5
)
 
(63.0
)
Equity investment in non-controlled entities
(3.3
)
 
(71.6
)
Acquisitions, net of cash received
(111.2
)
 

Purchase of HAY licensing agreement

 
(4.8
)
Other, net
(0.3
)
 
(3.0
)
Net Cash Used in Investing Activities
(171.3
)
 
(142.4
)
 
 
 
 
Cash Flows from Financing Activities:
 
 
 
Dividends paid
(36.4
)
 
(34.0
)
Common stock issued
15.1

 
11.1

Common stock repurchased and retired
(25.9
)
 
(43.4
)
Purchase of redeemable noncontrolling interests
(20.3
)
 
(10.1
)
Other, net
(2.3
)
 
(0.2
)
Net Cash Used in Financing Activities
(69.8
)
 
(76.6
)
 
 
 
 
Effect of Exchange Rate Changes on Cash and Cash Equivalents
0.7

 
(2.0
)
Net Decrease in Cash and Cash Equivalents
(48.6
)
 
(90.4
)
 
 
 
 
Cash and Cash Equivalents, Beginning of Period
159.2

 
203.9

Cash and Cash Equivalents, End of Period
$
110.6

 
$
113.5


See accompanying notes to Condensed Consolidated Financial Statements.

5



Herman Miller, Inc.
Condensed Consolidated Statements of Stockholders' Equity
(Dollars in millions, except share data)
(Unaudited)

 
Nine Months Ended February 29, 2020
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Deferred Compensation Plan
 
Herman Miller, Inc. Stockholders' Equity
 
Noncontrolling Interests
 
Total
Stockholders' Equity
 
Shares
 
Amount
 
 
 
 
 
 
 
June 1, 2019
58,794,148

 
$
11.7

 
$
89.8

 
$
712.7

 
$
(94.2
)
 
$
(0.8
)
 
$
719.2

 
$

 
$
719.2

Net earnings

 

 

 
48.2

 

 

 
48.2

 
(0.2
)
 
48.0

Other comprehensive loss, net of tax

 

 

 

 
(17.3
)
 

 
(17.3
)
 

 
(17.3
)
Stock-based compensation expense

 

 
2.6

 

 

 

 
2.6

 

 
2.6

Exercise of stock options
382,898

 
0.1

 
12.1

 

 

 

 
12.2

 

 
12.2

Restricted and performance stock units released
45,105

 

 

 

 

 

 

 

 

Employee stock purchase plan issuances
14,750

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock
(173,001
)
 

 
(7.6
)
 

 

 

 
(7.6
)
 

 
(7.6
)
Deferred compensation plan

 

 

 

 

 
0.2

 
0.2

 

 
0.2

Dividends declared ($0.21 per share)

 

 

 
(12.5
)
 

 

 
(12.5
)
 

 
(12.5
)
Redemption value adjustment

 

 

 
(0.2
)
 

 

 
(0.2
)
 
0.2

 

August 31, 2019
59,063,900

 
$
11.8

 
$
97.4

 
$
748.2

 
$
(111.5
)
 
$
(0.6
)
 
$
745.3

 
$

 
$
745.3

Net earnings

 

 

 
78.6

 

 

 
78.6

 

 
78.6

Other comprehensive income, net of tax

 

 

 

 
17.8

 

 
17.8

 

 
17.8

Stock-based compensation expense

 

 
2.8

 

 

 

 
2.8

 

 
2.8

Exercise of stock options
5,227

 

 
0.1

 

 

 

 
0.1

 

 
0.1

Restricted and performance stock units released
3,653

 

 

 

 

 

 

 

 

Employee stock purchase plan issuances
12,467

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock
(10,006
)
 

 
(0.4
)
 

 

 

 
(0.4
)
 

 
(0.4
)
Dividends declared ($0.21 per share)

 

 

 
(0.1
)
 

 

 
(0.1
)
 

 
(0.1
)
November 30, 2019
59,075,241

 
$
11.8

 
$
100.4

 
$
826.7

 
$
(93.7
)
 
$
(0.6
)
 
$
844.6

 
$

 
$
844.6

Net earnings

 

 

 
37.7

 

 

 
37.7

 

 
37.7

Other comprehensive loss, net of tax

 

 

 

 
(7.8
)
 

 
(7.8
)
 

 
(7.8
)
Stock-based compensation expense

 

 
2.5

 

 

 

 
2.5

 

 
2.5

Exercise of stock options
35,690

 

 
1.1

 

 

 

 
1.1

 

 
1.1

Restricted and performance stock units released
87,461

 

 
0.2

 

 

 

 
0.2

 

 
0.2

Employee stock purchase plan issuances
20,021

 

 
0.6

 

 

 

 
0.6

 

 
0.6

Repurchase and retirement of common stock
(440,954
)
 

 
(17.9
)
 

 

 

 
(17.9
)
 

 
(17.9
)
Directors' fees
7,769

 

 
0.3

 

 

 

 
0.3

 

 
0.3

Deferred compensation plan

 

 
(0.3
)
 

 

 
0.3

 

 

 

Dividends declared ($0.21 per share)

 

 

 
(24.5
)
 

 

 
(24.5
)
 

 
(24.5
)
February 29, 2020
58,785,228

 
$
11.8

 
$
86.9

 
$
839.9

 
$
(101.5
)
 
$
(0.3
)
 
$
836.8

 
$

 
$
836.8



6



 
Nine Months Ended March 2, 2019
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Deferred Compensation Plan
 
Herman Miller, Inc. Stockholders' Equity
 
Noncontrolling Interests
 
Total Stockholders' Equity
 
Shares
 
Amount
 
 
 
 
 
 
 
June 2, 2018
59,230,974

 
$
11.7

 
$
116.6

 
$
598.3

 
$
(61.3
)
 
$
(0.7
)
 
$
664.6

 
$
0.2

 
$
664.8

Net earnings

 

 

 
35.8

 

 

 
35.8

 

 
35.8

Other comprehensive loss, net of tax

 

 

 

 
(7.8
)
 

 
(7.8
)
 

 
(7.8
)
Stock-based compensation expense

 

 
2.2

 

 

 

 
2.2

 

 
2.2

Exercise of stock options
265,739

 
0.2

 
7.9

 

 

 

 
8.1

 

 
8.1

Restricted and performance stock units released
335,266

 
0.1

 

 

 

 

 
0.1

 

 
0.1

Employee stock purchase plan issuances
16,805

 

 
0.5

 

 

 

 
0.5

 

 
0.5

Repurchase and retirement of common stock
(545,866
)
 
(0.1
)
 
(20.7
)
 

 

 

 
(20.8
)
 

 
(20.8
)
Dividends declared ($0.1975 per share)

 

 

 
(11.6
)