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 2021-02-27 Filed 2021-04-06
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8-K 2020-11-10
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8-K 2019-06-19
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8-K 2019-05-09
8-K 2019-05-06
8-K 2019-04-09
8-K 2019-03-20
8-K 2019-02-19
8-K 2019-01-16
8-K 2019-01-16
8-K 2018-12-19
8-K 2018-10-11
8-K 2018-09-19
8-K 2018-08-17
8-K 2018-07-02
8-K 2018-07-02
8-K 2018-06-07
8-K 2018-06-06
8-K 2018-03-21
8-K 2018-03-05
8-K 2018-03-02
8-K 2018-03-01
8-K 2018-02-05

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 6: Exhibits
EX-31.1 hmi10q_02272021ex311.htm
EX-31.2 hmi10q_02272021ex312.htm
EX-32.1 hmi10q_02272021ex321.htm
EX-32.2 hmi10q_02272021ex322.htm

Miller Herman Earnings 2021-02-27

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

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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 27, 2021
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
__________________________________________
mlhr-20210227_g1.jpg
HERMAN MILLER, INC.
(Exact name of registrant as specified in its charter)
__________________________________________
Michigan38-0837640
(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 classTrading Symbol(s)Name of each exchange on which registered
Common StockMLHRNASDAQ

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 every Interactive Data File required to be submitted
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 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 filerxAccelerated fileroNon-accelerated filer  oSmaller reporting companyEmerging 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 1, 2021, Herman Miller, Inc. had 59,001,787 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 27, 2021 and February 29, 2020
Condensed Consolidated Balance Sheets — February 27, 2021 and May 30, 2020
Condensed Consolidated Statements of Cash Flows — Nine Months Ended February 27, 2021 and February 29, 2020
Condensed Consolidated Statements of Stockholders' Equity — Nine Months Ended February 27, 2021 and February 29, 2020
Notes to Condensed Consolidated Financial Statements
Note 4 - Leases
Note 5 - Acquisitions
Note 11 - Income Taxes
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 6   Exhibits
Signatures
 



PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
Herman Miller, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions, except share data) Three Months EndedNine Months Ended
(Unaudited) February 27, 2021February 29, 2020February 27, 2021February 29, 2020
Net sales$590.5 $665.7 $1,843.6 $2,010.8 
Cost of sales359.6 422.4 1,118.4 1,265.9 
Gross margin230.9 243.3 725.2 744.9 
Operating expenses:
Selling, general and administrative157.4 170.5 450.2 504.9 
Restructuring expense, net0.3 3.5 1.5 9.6 
Design and research18.1 18.9 52.0 57.4 
Total operating expenses175.8 192.9 503.7 571.9 
Operating earnings55.1 50.4 221.5 173.0 
Gain on consolidation of equity method investment   30.5 
Interest expense3.6 2.9 10.8 8.9 
Interest and other investment income0.5 0.6 1.3 2.0 
Other (income) expense, net(4.6)0.5 (7.3)0.6 
Earnings before income taxes and equity income56.6 47.6 219.3 196.0 
Income tax expense13.0 10.6 49.9 35.8 
Equity (loss) income from nonconsolidated affiliates, net of tax(0.3)0.3 0.1 3.7 
Net earnings43.3 37.3 169.5 163.9 
Net earnings (loss) attributable to redeemable noncontrolling interests1.8 (0.4)3.8 (0.6)
Net earnings attributable to Herman Miller, Inc.$41.5 $37.7 $165.7 $164.5 
Earnings per share — basic$0.70 $0.64 $2.81 $2.79 
Earnings per share — diluted$0.70 $0.64 $2.80 $2.78 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments$10.8 $(1.9)$45.9 $2.5 
Pension and post-retirement liability adjustments1.1 0.7 3.7 2.1 
Unrealized gains (losses) on interest rate swap agreement6.7 (6.6)7.8 (11.9)
Unrealized holding loss on available for sale securities  (0.1) 
Other comprehensive income (loss), net of tax18.6 (7.8)57.3 (7.3)
Comprehensive income61.9 29.5 226.8 156.6 
Comprehensive income (loss) attributable to redeemable noncontrolling interests2.1 (0.4)6.9 (0.6)
Comprehensive income attributable to Herman Miller, Inc.$59.8 $29.9 $219.9 $157.2 
See accompanying notes to Condensed Consolidated Financial Statements.
Herman Miller, Inc. and Subsidiaries 3


Herman Miller, Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions, except share data)
(Unaudited) February 27, 2021May 30, 2020
ASSETS
Current Assets:
Cash and cash equivalents$397.4 $454.0 
Short-term investments7.5 7.0 
Accounts receivable, net of allowances of $5.1 and $4.7
190.7 180.0 
Unbilled accounts receivable29.1 19.5 
Inventories, net201.0 197.3 
Prepaid expenses35.1 43.3 
Other current assets7.7 16.0 
Total current assets868.5 917.1 
Property and equipment, at cost1,141.5 1,111.3 
Less — accumulated depreciation(815.5)(780.5)
Net property and equipment326.0 330.8 
Right-of-use assets222.9 193.9 
Goodwill362.6 346.0 
Indefinite-lived intangibles97.1 92.8 
Other amortizable intangibles, net of accumulated amortization of $74.8 and $62.7
110.5 112.4 
Other noncurrent assets67.3 60.9 
Total Assets$2,054.9 $2,053.9 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$159.4 $128.8 
Short-term borrowings and current portion of long-term debt52.1 51.4 
Accrued compensation and benefits71.7 71.1 
Accrued warranty14.7 16.1 
Customer deposits43.4 39.8 
Other accrued liabilities158.6 163.0 
Total current liabilities499.9 470.2 
Long-term debt274.9 539.9 
Pension and post-retirement benefits41.3 42.4 
Lease liabilities200.6 178.8 
Other liabilities129.0 129.2 
Total Liabilities1,145.7 1,360.5 
Redeemable noncontrolling interests59.1 50.4 
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, 59,001,135 and 58,793,275 shares issued and outstanding in fiscal 2021 and 2020, respectively)
11.8 11.8 
Additional paid-in capital90.8 81.6 
Retained earnings827.5 683.9 
Accumulated other comprehensive loss(79.8)(134.0)
Deferred compensation plan(0.2)(0.3)
Total Stockholders' Equity 850.1 643.0 
Total Liabilities, Redeemable Noncontrolling Interests, and Stockholders' Equity$2,054.9 $2,053.9 
See accompanying notes to Condensed Consolidated Financial Statements.
4 Form 10-Q


Herman Miller, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in millions) Nine Months Ended
(Unaudited) February 27, 2021February 29, 2020
Cash Flows from Operating Activities:
Net earnings$169.5 $163.9 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization64.8 59.7 
Stock-based compensation6.1 7.9 
Gain on consolidation of equity method investment (30.5)
Restructuring expense1.5 9.6 
(Increase) decrease in current assets(6.4)17.8 
Increase (decrease) in current liabilities9.7 (36.7)
Increase (decrease) in non-current liabilities11.0 (1.2)
Other, net3.9 1.3 
Net Cash Provided by Operating Activities260.1 191.8 
Cash Flows from Investing Activities:
Proceeds from sale of property and dealers11.5 0.3 
Capital expenditures(42.8)(56.5)
Acquisitions, net of cash received (111.2)
Other, net(11.6)(3.9)
Net Cash Used in Investing Activities(42.9)(171.3)
Cash Flows from Financing Activities:
Repayments of credit facility(265.0) 
Dividends paid(23.4)(36.4)
Common stock issued3.9 15.1 
Common stock repurchased and retired(0.9)(25.9)
Purchase of redeemable noncontrolling interests (20.3)
Other, net(1.9)(2.3)
Net Cash Used in Financing Activities(287.3)(69.8)
Effect of Exchange Rate Changes on Cash and Cash Equivalents13.5 0.7 
Net Decrease in Cash and Cash Equivalents(56.6)(48.6)
Cash and Cash Equivalents, Beginning of Period454.0 159.2 
Cash and Cash Equivalents, End of Period$397.4 $110.6 
See accompanying notes to Condensed Consolidated Financial Statements.
Herman Miller, Inc. and Subsidiaries 5


Herman Miller, Inc.
Condensed Consolidated Statements of Stockholders' Equity
Nine Months Ended February 27, 2021
(Dollars in millions, except share data) Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossDeferred Compensation PlanHerman Miller, Inc. Stockholders' EquityNoncontrolling InterestsTotal
Stockholders' Equity
(Unaudited) SharesAmount
May 30, 202058,793,275 $11.8 $81.6 $683.9 $(134.0)$(0.3)$643.0 $ $643.0 
Net earnings— — — 73.0 — — 73.0 — 73.0 
Other comprehensive income, net of tax— — — — 28.9 — 28.9 — 28.9 
Stock-based compensation expense— — 1.5 — — — 1.5 — 1.5 
Exercise of stock options8,133  0.2 — — — 0.2 — 0.2 
Restricted and performance stock units released106,607  — — — —  —  
Employee stock purchase plan issuances25,116 — 0.6 — — — 0.6 — 0.6 
Repurchase and retirement of common stock(36,644) (0.9)— — — (0.9)— (0.9)
Directors' fees3,013 — 0.1 — — — 0.1 — 0.1 
August 29, 202058,899,500 $11.8 $83.1 $756.9 $(105.1)$(0.3)$746.4 $ $746.4 
Net earnings— — — 51.3 — — 51.3 — 51.3 
Other comprehensive income, net of tax— — — — 7.0 — 7.0 — 7.0 
Stock-based compensation expense— — 2.4 — — — 2.4 — 2.4 
Exercise of stock options54,771  1.9 — — — 1.9 — 1.9 
Restricted and performance stock units released3,688  — — — —  —  
Employee stock purchase plan issuances14,880 — 0.4 — — — 0.4 — 0.4 
Repurchase and retirement of common stock(1,198)  — — —  —  
Dividends declared ($0.1875 per share)
— — — (11.1)— — (11.1)— (11.1)
November 28, 202058,971,641 $11.8 $87.8 $797.1 $(98.1)$(0.3)$798.3 $ $798.3 
Net earnings— — — 41.5 — — 41.5 — 41.5 
Other comprehensive income, net of tax— — — — 18.3 — 18.3 — 18.3 
Stock-based compensation expense— — 2.2 — — — 2.2 — 2.2 
Exercise of stock options10,628 — 0.1 — — — 0.1 — 0.1 
Restricted and performance stock units released1,736 — 0.1 — — — 0.1 — 0.1 
Employee stock purchase plan issuances17,709 — 0.6 — — — 0.6 — 0.6 
Repurchase and retirement of common stock(579)—  — — —  —  
Deferred compensation plan— —  — — 0.1 0.1 — 0.1 
Dividends declared ($0.1875 per share)
— — — (11.1)— — (11.1)— (11.1)
February 27, 202159,001,135 $11.8 $90.8 $827.5 $(79.8)$(0.2)$850.1 $ $850.1 
6 Form 10-Q


Nine Months Ended February 29, 2020
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossDeferred Compensation PlanHerman Miller, Inc. Stockholders' EquityNoncontrolling InterestsTotal Stockholders' Equity
SharesAmount
June 1, 201958,794,148 $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 options382,898 0.1 12.1 — — — 12.2 — 12.2 
Restricted and performance stock units released45,105  — — — —  —  
Employee stock purchase plan issuances14,750 — 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, 201959,063,900 $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 options5,227  0.1 — — — 0.1 — 0.1 
Restricted and performance stock units released3,653  — — — —  —  
Employee stock purchase plan issuances12,467 — 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, 201959,075,241 $11.8 $100.4 $826.7 $(93.7)$(0.6)$844.6 $