MillerKnoll (MLKN) 20 Dec 232024 Q2 Earnings call transcript

Good evening, and welcome to the MillerKnoll's Quarterly Earnings Conference Call.

As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Vice President of Investor Relations, Carola Mengolini,

Good evening, and welcome to MillerKnoll's Second Quarter Fiscal 2024 Conference Call. I am joined by Andy Owen, Chief Executive Officer; and Jeff Stutz, Chief Financial Officer. Q&A Debbie John Retail. Propst, the Americas President during and contract; President available session Mike, is of Also of Global

I information. over safe call turn please Before our remember to harbor Andy, forward-looking regarding the

these and the assume During statements the discuss over statements. the obligation website which at factors, release. are on to as and Please to may which of call today, factors, that, expressed call, actual also other the in With context may millerknoll.com. and results risks and information may different update evaluate involves than and certain these posted will or in we our is uncertainties supplement reconciled Investor financial those detailed turn information unknown which today's known release the metrics, forward-looking no that The management Andy. of forward-looking are in our cause to or forward-looking are Relations be refer I implied. non-GAAP to Andy? We described press press

per everyone, Good XX.X% another delivered our joining MillerKnoll call. financial Carola. you adjusted for and has Thanks, of in earnings increase marked by now strong year-over-year performance, a quarter thank share. evening,

is throughout signs industry, order we face project and interest the of quarter of and continue to on navigate improvement emphasis metrics results all second funnel benefits across confidence our recent as is we optimism the capture collective areas while improving. that such business, of drove synergies company our within measures geopolitical are leveraging our benefits our on speak what as again. our and to various have rates synergy margin team Our challenges. placed CEO And of business our high we year-over-year strategic emerging in and diversifying the concerns, of our positive The intake activity, model. control, the dealer focusing By relative three resilience global

America's capture. and segments, due we another contract declined dynamics to delivered expansion, revenues quarter-over-quarter, of pertains to quarter synergy each of it As price our mainly positive margin but to

Since network, to our the labor. have MillerKnoll, resources invested continue this fruits we our of dealer of see we integration into and

training is to all the MillerKnoll can to their last a more Dallas. Our direct investing see The digital and we from past the of larger this we share Similarly, are tool brands opened one the same attended our Cross-selling year, date. our we first dealer to session of faster of tell fall products. and sessions sales. a up along best processes, wallet our showrooms We're period in delighted quarter dealers our higher make and immersive with to was see correlation adoption. story our in also the this how showroom easier

an and connections as as The this, discover in contract team creation includes the immersive integrate its leading and showcases area showroom from kind, with collective continue first our of variety Knoll of a Herman portfolio well settings enhance our under will Miller to one Spaces of which like solutions roof wide our their MillerKnoll designed the may be experience. where This the purposeful customers enhance factor. to express position situations industry. within downsizing a corporate quality even ways furniture spaces work desire our more to innovative the inclusive overall of Consistently, of foster the brands.

researched requests our and by thoroughly is offering solutions. Corporate team and carefully about curated actively to options, leaders guidance responding and see available information these

organizations only attention have with Shifting remote organizations International our relevant segment. to fall, and about of indicated and return XX% we full survey and a while an with hybrid our Contract a X that perceive XX% conducted business. employed X,XXX people countries the trends. to across stabilization to are XX.X% results the first The As office In Specialty policies, Notably, organizations a by for adopted work policies. approach. observation, involving office we

We verticals. continue in to tech strength services care, financial health the and see

to strongly focus compete on agile market our our where and to continue sectors products resilient these We manufacturing scale, network. capabilities due distribution

full dealers are to our while MillerKnoll network. portfolio dealers We to our our new to also selling continuing attracting strong help international existing transition

our This including also demand we a business, focused luxury within quarter, saw our increase increase Holy specialty in businesses, trade Hunt. double-digit

service to Retail. a delivered We with number Global record-breaking for to of followed Turning single with key destination capabilities, bolstering largest the day. in the our digital enhanced customers improved being furniture focus ever Investments banners crucial its The along in of largest marketing strongest a were sales this driving month with customer in to and capabilities, played day in sales see to history record and shipments of orders, our reliability, excellent the number for in a a roles period. us our team turn November all retail as company's pieces, business. thrilled traffic by

brands significantly highest-margin approach attributed toward Our period demand promotional to this driving in strategic with collections. team also our customers to critical agile adopted highly a an and that our and environment resonated

remains incremental store displays reach XXXX, enhanced spaces for retail Definite services. we assortment our and avenue through design plans key have a enhance DWR customers. reaching In to

chair e-sports product Nestichair Mill's reviewed further a portfolio. expanded received continued introduced Classic we new notable [ our edition designer a lounge Throughout tools as workspace e-commerce and enhance and GX visualization increase innovate designs brands. continue designs OVX XX leverage essential many awareness personally to business will their in XX ] and designers some to most terminal new clients. we to We Smith. collection years and a our quarter, Furthermore, we chair Not for to our playful our our a launched also and in Model which reintroduced long chair We of first and and purchase, newer enhance very revenue continued new know while experienced this gaming customers conversion. reimagine sit and limited iconic order to opportunities brand XX Paul celebrated contract high-profile enabling collaboration aim and one AI British also and iconic our accolades Maharam for with of getting expand third-party with

Shifting ensuring across and social gears, report for first year, from a past of governance our of in we the during organizational culture Inclusion to in Index. XXth idea issued quarter, to our the top areas. we to a honor received our to and to elements able a company our globe In Also Report the environmental, and is purpose, are away our Equality within view as Corporate score sense providing and our and Human U.S. annual the November, members the team the Better their this broad employees and this quality participate office from experiences MillerKnoll. we Rights contribute along it's commitment our consecutive an design, across quarter World elections. this we Campaign's This a organized day of recognized a have our regional efforts way. in integral communities

associate brought Our planet initiative greater under our over when improve more. world. to We MillerKnoll organized one come XXX achieve we together ]. that [ to This can family, of as we our local more commitment reaffirmed day events around support purpose the communities once

as rebounds. adding continue In us, market while This our time summary, increasing an needs, shareholders. remaining this focus engagement will in for employee nimble our customers' environment, is exciting business accelerating to the and our value to agile strengthening our and meeting on and we

As appreciate your support. we always,

jump let's through the walk Now financials. us to Jeff?

Thank evening, you, Andy. Good everyone.

guidance a what deliver full strong macroeconomic earnings $X.XX of a EPS further happy increase said, we're quarter just Andy our a rather backdrop of to our year another and challenging midpoint for remains to to As despite industry.

EPS gross our since improve consolidated adjusted we all-time became our an adjusted operating margin high quarter the we MillerKnoll, margins. second Our XX.X% up for was to and year-over-year. Moreover, was X.X%, $X.XX, continue

quarter, a This consolidated gross we all year-over-year segments. our margin of in of XX.X%, business three delivered up

consolidated market gross quarter which expansion. achieved margin mentioned geopolitical we Both in fourth results well the environment housing affected and high Notably, measures. adjusted in marks interest these the year-over-year As concerns. release, this as of an largely sentiment influenced as press the rates consecutive by of were

Our and working second past regional synergies, of namely several pricing impact reinforced initiatives improved communicated ongoing focus optimization. results the the that on of capital themes quarters, management benefits mix our strategic acquisition-related and product quarter we've over

around profitability $XX.X of the balance in of million line, generated cash amounting the to flows shares the to cash this enabled quarter, strong to down million we that respect on cash us $XX million despite provided operating With pay total the This and are debt an X.X of flow outstanding sheet, quarter. from a we $XX top in our Our operations demonstrates building softness approximately repurchase expenditure resilience margin. to opportunity million.

stood just concluded, at debt-to-EBITDA turns. X.X under As the ratio our quarter net

organic consolidated the level from reflecting quarter, year. million at the last quarter an decrease of orders totaled second in the same New X% $XXX

our representing trend to Americas improve lower the XX.X% While last than orders quarter ago. a decrease were an the the quarter quarter. segment of through year $XXX in Within we year's million, sales were see net as organic progress same were steadily sequential for heartened level, Contract total from the we

New totaled from orders organic in year $XXX the million down period on last basis. an X.X%

of year than order in last last effective with last stabilized and Within growth Setting month largely that orders October in the November comparisons year. quarter, increase This segment to the were a the year. order timing somewhat of September higher this due October. volatile to is became between in X% coming price aside, of

the Additionally, QX for weeks year-over-year. first in this XX% orders up were X of segment,

Customer is requests to remain of accelerating to improve will funnel our activity upgrade pricing dynamic faster their were process The a launched new visits showroom clients We to a proprietary tools much for providing November, forward-looking BXB including playing and also our visits already growing. increase this is significant with dealers technology with substantially content investment opportunities and platform. efforts. in by in platform key builds. project confidence pace. bolstered to onboarding notable compelling further quarter, we other Our West This at committed e-commerce a demand them is year-over-year. backlog mockup XX% indicators, In in up the new a aid projects our ability in onboard Michigan our project underway, and higher is role these and and

adjusted are This resilience improvement despite capture, and success expansion lower revenue. fact another overall reflects the Americas for the X.X%. the from dynamics of sixth with This quarter contract team year-over-year like to quarter the also was highlight synergy margin year-over-year to of margin that totaling operational I'd our this contributing strong segment straight price/cost segment. and earnings of delivered the its which benefit operating positive

decrease the in impacted QX. month parts of and Nonetheless, have this moved of of macroeconomic and quarter demand China Europe November ended territory weeks and $XXX.X particularly in through X Turning and segment. to to the segment. dynamics XX.X% a quarter sales organic million, to order totaled for improved new year-over-year trends the $XXX million, reflecting orders Net Similar Specialty came segment, organically year-over-year, down while Contract X%. International Americas we of the positive through first for our as of the challenges, the

gross these optimism In With the the run Middle agility our targeted rate addressing to challenges This and was in price of margin the in restructuring from for mix India, fiscal to mentioned. expense volume. this to transitioning continuous of of Miller segment medium the and XX.X% lower operating and business. quarter actions on East. aligning dealers. improvement, offset all of this synergies, to at and partially To down bolstering transitioned have Herman we're just long-term within and growth implemented I was margin in manufacturing full-line we aimed in this we restructuring prospects year-over-year, half commitment adjusting date, improved favorable markets continuing and performance, Adjusted product which with regional our South Miller this cost we focus sales benefit said, the remains previous that efficiency actions second just planned continues the like high, end, legacy have by second and quarter, dealers the especially Korea Knoll and the more this global operating XX% that over segment network driven To increases, to by year.

posed organic our in decline to $XXX quarter. orders previous organically retail were the of improvement a in the orders demand the million year U.S. down Global the approach this retail posted gain pointing market the future of segment. housing in November. were month relative promotions to fundamentals year, with Moving demographic new growth segment share reached And the critical from we We is, in trends $XXX compared sales slowdown towards all-time however, for the to us direct-to-consumer an and an for in this quarter from elevated last growth. X.X% for demand in challenges lower Andy to enabled decrease organic an business team's robust level construction efforts interest ago agile X% market Retail and remain substantial on This the organic Despite longer-term year-over-year basis. Net this X.X% are to calendar retail and as rates, optimistic housing drive and strategic facing market record team's of The demand the million believe about second through the quarter channels. highlighted, segment. same undersupply by the

focused team the is improvements, capabilities. remains than toward market expansion, points expansion and in our last this XXX retail enhanced basis retail a investments on in management initiatives Accordingly, X.X%, and shipping was revenues. higher and to host including innovation margin Adjusted of operating year due segment digital enhanced QX of assortment inventory operational including geared

I'm attention outlook. my guidance Now and turn to going to near-term our

year, adjusted our and fiscal guidance in signs between $X share. gross we business, we of are improvements expect continued and the range across the seeing $X.XX business for Given stabilization our in which full the to increasing margins segments we're now demand earnings of per each

quarter to compared quarter adjusted relates third to we to $XXX $X.XX orders earnings and net to the fiscal third the weeks and of it X% per of X share grew between expect range per XXXX fiscal last first $XXX diluted organically through share. XXXX, of million the Consolidated year. As be $X.XX million sales and between

size guidance that the normally shipping driven considers from and which the contract holiday backlog, as seasonal lower revenue demand season. by also the relative in this considers second decrease is quarter, the Our segments as and well activity we scheduling to and by of it third the the characterized the beginning experience

now back over your call we'll turn take the I'll those the to overview and comments, with operator, So questions.

Instructions]. [Operator

line Company. of Your Burns first the comes Sidoti Greg from question of &

you there? are Greg,

him to Check back get again. time. We'll at later a

Company. the Your comes Benchmark of next the from question of then Garner line Reuben

project still of showrooms and could Thank lot you discussed big I take a everybody. think seem for the to basis. signs to and about sort you picture say? of of that and point Orders order consistent to an in is a bit the to fair kind thing. maybe and Last of order that seeing start level turning growth turn corner think, going return do you've on a the choppy, a a we intake Or funnel increased Americas. quarters, visit what talked couple Maybe kind little it's and of to the

the Reuben. It's question, order Americas. pretty growth a great we're Actually, in optimistic about

out and volatile comparisons that pretty mentioned year in increase in on opening last to of a his our based sync Jeff As we did price last were comments, year. September October and probably

increase and of if you would So at add normalize that? look we for that when from the Jeff confident October that you our out price and trend John, on to point increases you in or year, seen that we're what took last the coming we've

position clients I and really of that add, getting activity stabilize. a projects. have patterns leading to types previously. bouncing that just fair would on the And in have in sort a of action demonstrates I of to take I a have closer really of work fact been sort around I and funnel. been they of you're post COVID begun think indicators to really the than the now think more And room that funnel lot visits to reference trigger the they're there's share them these those pulling think and amount are

loud. know only think this, this guess you I with think would is add, Reuben, but all out I'd of The and I saying Jeff. I it color that. other Lauren's Yes, agree I

in recovery typical. You business, word think moments very Choppy beginning right. know of patterns that are the was a demand your of this I in of kind

began had the said stabilize up increase. of we feels X% as that the to And weeks I the price the opening quarter. the up due X% the last first a in for large up November, And quarter, November. quarter, reminder, quarter. in in X XX% remarks, but start timing part, the really to so as in in And like Andy to and were in fairly total segment of new full a for think, things volatile said, I we

cities, Got you some return in customers contract of bigger of kind bigger call you the see within Is recent strength that out? your the stabilization? weakness starting are it. way? business what's And driving would that or to any of bigger a areas Or particular

that. Definitely of seeing some

pharma, I across sectors, now are sort sector, energy, think public board. if all you the the health vibrant at of looked pretty care,

were been have that are that back. of large some throughout coming are Midwest, I geographic there seem tech course, all have stable. all still slower that cetera, heavier are et to then, robust And this like soft been -- those think all there still spots, maybe to they be cities [indiscernible] they're areas relatively recover. pretty in than certain But others Texas, little bit a general, of

would the we continue And Middle globally, East. in I say strength to Reuben, see

We we're China I encouraging. to come little better India, usually. In than a continue is is sort feel think to had of see then which seeing strength. And back, starting Europe slowly bit it

have we seeing that internationally, So definitely markets are strength.

I to, me regional ongoing reference other the refresh think, Can cross-selling mix synergies what you and benefits on as you're on initiatives same made and and kind going there of got some optimization. You and product have you've vein in what seeing? you

this this you. jump think Reuben, Debbie, start to relates might in is I I'll want Jeff. some you to of certainly and because

of the November kind So level. And referring channel of that. becomes retail remarks, get profile of mix, month the we the for it the and into in critical margin Reuben, mix the when highlighted we the index part at the year of to, retail, gross segment as I'm we benefit that course, of margin opening

parts those tend the particular. higher for are where little strength had index and Within in in seating, into the a we international to of certain example, of the regions world, world business, in there some particular, we've

if the side. any of that's I want you Debbie, comment mix retail to the comment. regional add kind don't know So on

heard at Reuben, you've get past, about wanting obviously of detail, us I margin be look for talk too, us more options. to as little workstations. our a bit see we ancillary Those think customers, are contract in we as the to kind than before

that's then another from And of contract So retail, product piece Debbie. a standpoint? the mix business

retail perspective, from took And on holiday season, a owned our brands. this we really through the posture, promotional with we're demand focused driving

gaming We growth saw large drive Herman resilience in margins performance margin nice increases where our rich QX. year-over-year sell public category in from and the with we our nice to brand, category. items our and out Miller were ticket both able of Specifically and really sequentially

comes Hallum of of line Your Craig Capital next from Alex question Group. Fuhrman the

like optimistic a Can you pretty customers out expectations that little bit. to us help headlines gap there be office it return you're for year. there the next sounds your about Andy, about of to plans, America office negative and continue North in really lot occupancy a

returning it You're obviously maybe there you return getting of that small maybe out the lines multinational than pessimistic your some Just of wrong office, possible that large with squares the understand businesses? and out how to trying you're customers some headlines are of medium-sized the seeing are what it next for Or better to on is are the perhaps that there. here and think faster front year? the the are office. Do headlines or too to

in think Yes. headlines what a market less think a is bit little Funny, with market. we're we and our or hearing then months different. about the But speak bit we ago. I But are X as little customers contract X I seeing Alex, actually there's and every

well. the momentum getting press for as around together lot a reasons back the more you see all that there's people in So

back have bring seeing about do. the to have us They thinking with So ideas about people come instead they of, want to hey, people we're to what to office. plans we're they

flexibility. So key is here I the think

picking office I think return to absolutely is up.

that, others would are in markets is certainly, I momentum with there momentum U.S., think add? building. you But where John much John. see said, agree we would the What you than as

add to going that downsizing a are really project estate smaller of would companies spaces the triggers for I real us. lot portfolio. But activity

the do. activity what from real movement we there's though for an what So estate creates commercial real lot the of dealers estate do even our perspective, a and within overall commercial

estate order I adds moves, changes creates It workplaces the new clients out. to focus really into that's to so hybrid. remotely whether work working. they So flat to our And demand. is or than attract them in helping realize has to figure connections new And ever office that think harder and of the the that our people get that's real back or make ways social can't working

revenue you EBITDA How growing far guys about when year order have going revenue good continue levels? in your Okay. see of gross if increases kind down this even pretty continuing it year? at That's at done in really growth to think of helpful. margin revenue current move higher? year job really has possible significantly. start of you remains point, into further a resume getting profile And so next Or to you a need a to that certain been could margin Is are here earnings we kind heading then to should to

Alex, this is Jeff.

think a a bit and believe, I don't need top off some see room, think we that on some in to drive it, I I little manufacturing growth of from we're we point, But more line recent have far to at leverage think hit our still the in I actions. operations. do key too pricing of some point

growth think it. meaningful initiatives the further be we've the prepared got drive newness, some assortment and margin-rich that retail nice and of contract line good at team within particular, into profile on some growth. our some at drive constantly talked there I going on business efficiencies. in teams that products We on really margin our working to think the type for the reliant expansion business top to But mean expansion. is think are real They're I remarks doing a [indiscernible]. about to some is really I opportunity point I VA/VE

every plan we for that expect year. We those

we've coming. to I in good we growing line there's of optimism plus that we point, we've with some got the as at have have line The you've news so still show would a growth, that some said here with moving. But can still where history that that is, pricing window that's some got think place. top say top improvement And

Company. question next & line Burns the Sidoti from of of comes Greg Your

you this Can me hear time?

Hi, Yes. Greg.

Great. Okay.

touch of So or headwinds macro I in the stronger the just better than facing the to, was relative wanted expected. the definitely the strength It than market. I given I some guess, guess, housing kind the I on expecting, segment was of retail

doing can to there? share what So that put then you're specifically profitability market quarter? is talk items think up that drive just gains And on one-off segment, right you driving of about some this this type sustainable also what were quarter? you that you the Or of of there kind is the operating margin

was to Greg, I I over I'm just it Yes. and no then in but going to start turn and quarter. very Andy was wanted I'll this it mean, the deliver Debbie, great about one-off -- a say would briefly to really items quarter just this that of what of awesome profitability. kind to the high-quality I team is clean was see real quarter --

So of there's to want one-offs. in unpack notable don't any terms nothing And that know, if I further. you Debbie,

delivering execution, team the What this year, and to give they Debbie? and really again, down add, quarter. done. that really strategic to this would you last the But no and Well onetime. Greg, would kudos and quarter knuckling I Yes. did

Greg, it's Debbie.

I So a highlight. would few just things that

that first made up off over we're really and activity And the our on selling up to our last The had on see instead stores extremely and paying value. some foundational the in of We improvements operational metrics. driving more of of quarter. our is, that's lead fact, focus and operational execution freeing we've we've been all in the to improving within post capacity XX months, times We're time purchase customer our across fastest activity. lifetime ever focused starting is investments

thing are spent organic Second our in actually is and X%. expenses XX% marketing down marketing year-over-year, our sales effectiveness. less We

leverage by capabilities. we And out then marketing obviously by beginnings our the we driven November. terms year shift to data capture in We So the years of the last of got best seen was purchase. took in in the month That's posture, and organic platform, much a driven our possible. customer really demand really ever really in in to had drove later to optimizing waiting November, customers year. last quarter our orders. up month progress. promotional X last a that as in the up later as position late nice the of until That the nice we of stood over We've X%

And so we customer and time we step stair and we were driving strategy in business depending real categories. promotional manage the that saw to wanted have that agile make a we that to be term on profitable sure we demand could behavior as

So we're part trends, trends to in expect perspective the the really were really margin of our trends in from industry forward-looking versus demand and see margin the proud the we of also quarter line.

at And Great. Okay. $XX then in there? million driving around and item, decrease and million quarter. guidance in interest guiding $XX think million What's that I come line your Jeff, the next came and expense $XX your other or the to to for the

the And good remarks, that's around with cash. a outside prepared higher U.S. driving some interest U.S., income. capital of interest In from we've jurisdictions rates, what in particularly generated been just is of generate helped pleased cash, variety was and The the Yes. working my amount benefited biggie efficiency, world. we but in we not the

a below a that that biggie was positive. the So was line

good currency had the pension guide as We We an transaction currency to a news -- good some slight also to those news line, a we which slight losses, -- on plan. to gains gain and flat. related we currency had tend and had international

those was really things. So it three

next Water Research. Your of of is Bugatch line the Tower question Budd from

the be is guess about and question the And gross in It's and me -- is that XX% the about. can given very your you backlog that to -- there. that that margin Americas, happy and to I Year on I nearly worry on everybody to is happy Yes, leverage on looks one continues congratulations -- depressed hang I holidays -- to and my comment nice. Happy New New performance. margin first the Year guess, Jeff,

And seasonal that in But think historically rolling more know we is a margin, quarter into tends reduction the but Yes. just from well. best business. you in drive to into of I a than one some the very in rolling that's as gross this manufacturing perspective. low -- times, We're that -- what see over volume quarter, we're our this

we be So slight would segment, think will to Americas in I in a margin the see it say fair performance. that sequential step-down

can some that's I larger But the for we're concern. think seen forward, our that great on like-for-like to and more to But discounting signs production aggressively the to I that significant in those think project don't we've implied quarter. an of don't that's that's manufacturing we see going more performance in And And expect, opportunities, mean nothing eye happens. priced we to think obviously, to. as opportunity reasonable be on and it going edges, comes anything of I pressure but we in we business. that QX an with always keeping this on guidance the see leverage. are hold

any So nothing great there. concern us that causes

So in that's contract, you're Is the to or I impact what discounting in expecting? was what basis XX the normal and recall, normal used be normal points, times, about -- as what discussed. is that

be following closely optimistic. in short happen forward growth. us to see have in And I can may as front think it that basis terms so start of that mean in from these opportunity I'm But crazy. that offset doesn't data up from kind fairly it able going me volume funny. in important history of of that until indicators I and It's Typically, so picks we've I you know are birth do why memory some points. you the to And contraction don't and margins. me. that's strike been of with

strikes as in beginning And quarter. implies when. seen a $XX And correct? I the is the I'll the the million and you, haven't difference between backlog that low that from of shipments ending the Americas I that backlog drawdown number remember about don't that me in ask orders and a

me from start understand help Americas So you that And retail. bit, from I to come when nice back? back it is numbers. was do down what building was it I see significant the know in can little international And a but see

the And think in I XX% think down segment are numbers your that number... correct. That's right, XX% about or us year-on-year Budd. Americas backlog. The I puts

level XXX at think last XXX, was versus like look at think looks year. end QX XX the of it, is it I the I number I it around the

X. and X Under [indiscernible]

Okay. Yes. Yes, XXXX.

worries a that's And that's yes, mean a me. -- Okay. That's number. small big I number. about that

real we I that was build? that maybe here. do when that's because I think the the So hoping start thing key seeing that's

closely, watching that clearly, too. mean, I Yes. we're

what best of improvement of I fact and are -- that seen November we some X in nice weeks we've have indicators highlighted the month a QX. through far order we've the and think already the order comparisons the thus year-on-year in

day, So to at it's end I take order is going drive take that. of what to mean, the growth the to going what's that's --

what like the we we into QX. as far, move see so and close we quarter And

I'm for you. Okay. looking

what I to yes, would like So that's that's -- see.

Okay. to there Well, you Happy New Year everybody if stay warm, can. and

Thank Same to you, Budd. you.

over now for Owen time. this remarks. no are at Andy floor President closing questions any the further turn CEO, We There and to back

want work MillerKnoll, making and I'd resilience and us we again Thank quarter. you. I through We our on you collective season. appreciate to in for you here Thank MillerKnoll, families wish of brands holiday behalf and the integration innovation. our the next by interest closing, continued everyone like thank updating In again all joining to proud product today's to we're we're look of demonstrated progress your your call. On a us forward very and of at wonderful of continued you.

concludes call. conference This today's

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