Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
I. Segment Information
Beginning in the first quarter of fiscal 2018, the Company is revising its reportable segments to reflect Nemschoff operations in the Specialty segment and segregate unallocated corporate costs.
Nemschoff has been moved from the North America Furniture Solutions segment to the Specialty segment under a common segment manager with the other Specialty businesses (Maharam, Geiger and the Herman Miller Collection) as of the beginning of fiscal 2018. This change to operating segments reflect the basis of how the company internally reports and evaluates financial information used to make operating decisions.
Corporate costs represent unallocated expenses related to general corporate functions, including, but not limited to, certain legal, executive, corporate finance, information technology, administrative and acquisition-related costs. Management regularly reviews corporate costs and believes disclosing such information provides more visibility and transparency of how the chief operating decision maker reviews results of the Company.
The tables below summarize, for the periods indicated, the revised reportable segment and other supplemental data of Herman Miller, Inc.:
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
A. Quarterly and Fiscal Year Segment Data for Fiscal 2017
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | Fiscal Year Ended |
| | September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 |
| Net Sales | | | | | |
| North America | $ | 347.2 |
| $ | 313.9 |
| $ | 294.5 |
| $ | 321.0 |
| 1,276.6 |
|
| ELA | 97.3 |
| 107.6 |
| 88.0 |
| 92.6 |
| 385.5 |
|
| Specialty | 78.7 |
| 76.4 |
| 69.3 |
| 73.6 |
| 298.0 |
|
| Consumer | 75.4 |
| 79.6 |
| 73.1 |
| 90.0 |
| 318.1 |
|
| Corporate Unallocated Expenses | — |
| — |
| — |
| — |
| — |
|
| Total | $ | 598.6 |
| $ | 577.5 |
| $ | 524.9 |
| $ | 577.2 |
| $ | 2,278.2 |
|
| | | | | | |
| Gross Margin | | | | | |
| North America | $ | 130.0 |
| $ | 112.9 |
| $ | 105.6 |
| $ | 119.6 |
| 468.1 |
|
| ELA | 34.2 |
| 36.9 |
| 29.2 |
| 32.8 |
| 133.1 |
|
| Specialty | 32.5 |
| 31.7 |
| 28.1 |
| 29.9 |
| 122.2 |
|
| Consumer | 33.3 |
| 36.3 |
| 32.6 |
| 38.6 |
| 140.8 |
|
| Corporate Unallocated Expenses | — |
| — |
| — |
| — |
| — |
|
| Total | $ | 230.0 |
| $ | 217.8 |
| $ | 195.5 |
| $ | 220.9 |
| $ | 864.2 |
|
| | | | | | |
| Gross Margin % Net Sales | | | | | |
| North America | 37.4 | % | 36.0 | % | 35.9 | % | 37.3 | % | 36.7 | % |
| ELA | 35.1 | % | 34.3 | % | 33.2 | % | 35.4 | % | 34.5 | % |
| Specialty | 41.3 | % | 41.5 | % | 40.5 | % | 40.6 | % | 41.0 | % |
| Consumer | 44.2 | % | 45.6 | % | 44.6 | % | 42.9 | % | 44.3 | % |
| Corporate Unallocated Expenses | n/a |
| n/a |
| n/a |
| n/a |
| n/a |
|
| Total | 38.4 | % | 37.7 | % | 37.2 | % | 38.3 | % | 37.9 | % |
| | | | | | |
| Operating Earnings (Loss) | | | | | |
| North America | $ | 50.9 |
| $ | 38.9 |
| $ | 35.9 |
| $ | 50.3 |
| 176.0 |
|
| ELA | 8.5 |
| 12.1 |
| 6.5 |
| 8.8 |
| 35.9 |
|
| Specialty | 5.7 |
| 5.2 |
| 1.3 |
| (4.1 | ) | 8.1 |
|
| Consumer | 0.8 |
| 1.8 |
| (0.7 | ) | 2.9 |
| 4.8 |
|
| Corporate Unallocated Expenses | (9.5 | ) | (8.4 | ) | (8.0 | ) | (8.1 | ) | (34.0 | ) |
| Total | $ | 56.4 |
| $ | 49.6 |
| $ | 35.0 |
| $ | 49.8 |
| $ | 190.8 |
|
| | | | | | |
| Operating Earnings % Net Sales | | | | | |
| North America | 14.7 | % | 12.4 | % | 12.2 | % | 15.7 | % | 13.8 | % |
| ELA | 8.7 | % | 11.2 | % | 7.4 | % | 9.5 | % | 9.3 | % |
| Specialty | 7.2 | % | 6.8 | % | 1.9 | % | (5.6 | )% | 2.7 | % |
| Consumer | 1.1 | % | 2.3 | % | (1.0 | )% | 3.2 | % | 1.5 | % |
| Corporate Unallocated Expenses | n/a |
| n/a |
| n/a |
| n/a |
| n/a |
|
| Total | 9.4 | % | 8.6 | % | 6.7 | % | 8.6 | % | 8.4 | % |
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
B. Quarterly and Fiscal Year Segment Data for Fiscal 2016
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | Fiscal Year Ended |
| | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 |
| Net Sales | | | | | |
| North America | $ | 322.1 |
| $ | 333.2 |
| $ | 295.7 |
| $ | 318.4 |
| $ | 1,269.4 |
|
| ELA | 102.5 |
| 100.7 |
| 98.9 |
| 110.5 |
| 412.6 |
|
| Specialty | 73.8 |
| 72.6 |
| 71.7 |
| 76.1 |
| 294.2 |
|
| Consumer | 67.0 |
| 73.9 |
| 70.2 |
| 77.6 |
| 288.7 |
|
| Corporate Unallocated Expenses | — |
| — |
| — |
| — |
| — |
|
| Total | $ | 565.4 |
| $ | 580.4 |
| $ | 536.5 |
| $ | 582.6 |
| $ | 2,264.9 |
|
| | | | | | |
| Gross Margin | | | | | |
| North America | $ | 121.1 |
| $ | 125.9 |
| $ | 109.8 |
| $ | 124.0 |
| $ | 480.8 |
|
| ELA | 34.9 |
| 35.9 |
| 34.8 |
| 37.2 |
| 142.8 |
|
| Specialty | 30.2 |
| 29.5 |
| 29.3 |
| 31.7 |
| 120.7 |
|
| Consumer | 30.7 |
| 33.0 |
| 34.0 |
| 32.2 |
| 129.9 |
|
| Corporate Unallocated Expenses | — |
| — |
| — |
| — |
| — |
|
| Total | $ | 216.9 |
| $ | 224.3 |
| $ | 207.9 |
| $ | 225.1 |
| $ | 874.2 |
|
| | | | | | |
| Gross Margin % Net Sales | | | | | |
| North America | 37.6 | % | 37.8 | % | 37.1 | % | 38.9 | % | 37.9 | % |
| ELA | 34.0 | % | 35.7 | % | 35.2 | % | 33.7 | % | 34.6 | % |
| Specialty | 40.9 | % | 40.6 | % | 40.9 | % | 41.7 | % | 41.0 | % |
| Consumer | 45.8 | % | 44.7 | % | 48.4 | % | 41.5 | % | 45.0 | % |
| Corporate Unallocated Expenses | n/a |
| n/a |
| n/a |
| n/a |
| n/a |
|
| Total | 38.4 | % | 38.6 | % | 38.8 | % | 38.6 | % | 38.6 | % |
| | | | | | |
| Operating Earnings (Loss) | | | | | |
| North America | $ | 49.9 |
| $ | 50.8 |
| $ | 38.7 |
| $ | 48.2 |
| $ | 187.6 |
|
| ELA | 7.8 |
| 8.7 |
| 7.8 |
| 15.9 |
| 40.2 |
|
| Specialty | 3.7 |
| 3.7 |
| 3.5 |
| 4.1 |
| 15.0 |
|
| Consumer | 3.8 |
| 2.7 |
| 2.8 |
| (1.2 | ) | 8.1 |
|
| Corporate Unallocated Expenses | (10.1 | ) | (10.4 | ) | (8.5 | ) | (10.4 | ) | (39.4 | ) |
| Total | $ | 55.1 |
| $ | 55.5 |
| $ | 44.3 |
| $ | 56.6 |
| $ | 211.5 |
|
| | | | | | |
| Operating Earnings % Net Sales | | | | | |
| North America | 15.5 | % | 15.2 | % | 13.1 | % | 15.1 | % | 14.8 | % |
| ELA | 7.6 | % | 8.6 | % | 7.9 | % | 14.4 | % | 9.7 | % |
| Specialty | 5.0 | % | 5.1 | % | 4.9 | % | 5.4 | % | 5.1 | % |
| Consumer | 5.7 | % | 3.7 | % | 4.0 | % | (1.5 | )% | 2.8 | % |
| Corporate Unallocated Expenses | n/a |
| n/a |
| n/a |
| n/a |
| n/a |
|
| Total | 9.7 | % | 9.6 | % | 8.3 | % | 9.7 | % | 9.3 | % |
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
II. Non-GAAP Financial Measures
This presentation contains certain non-GAAP financial measures; including Adjusted EBITDA and Organic Growth (Decline). Adjusted EBITDA is calculated by excluding depreciation and amortization from operating earnings and including other income and expenses. Organic Growth (Decline) represents the change in sales and orders, excluding currency translation effects, and the impacts of acquisitions, divestitures and the extra week in fiscal 2017. The company believes these non-GAAP measures are useful for investors as they provide financial information on a more comparative basis for the periods presented. The twelve months ended June 3, 2017 included 53 weeks of operations as compared to a standard 52-week period. The additional week is required periodically in order to more closely align Herman Miller’s fiscal year with the calendar months.
Adjusted EBIDTA and Organic Growth (Decline) are not measurements of our financial performance under GAAP and should not be considered an alternative to the related GAAP measurement. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items. We compensate for these limitations by providing equal prominence of our GAAP results.
A. Reconciliation of Operating Earnings to EBITDA by Segment and Total
Fiscal 2017
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | Fiscal Year Ended |
| | September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 |
| North American Furniture Solutions | | | | | |
| Operating Earnings (Loss) | $ | 50.9 |
| $ | 38.9 |
| $ | 35.9 |
| $ | 50.3 |
| $ | 176.0 |
|
| % of Net Sales | 14.7 | % | 12.4 | % | 12.2 | % | 15.7 | % | 13.8 | % |
| | | | | | |
| Less: Gain on sale of dealer | — |
| — |
| (0.7 | ) | — |
| (0.7 | ) |
| Add: Restructuring and Impairment Expenses | — |
| 0.7 |
| 1.5 |
| 0.7 |
| 2.9 |
|
| Adjusted Operating Earnings (Loss) | $ | 50.9 |
| $ | 39.6 |
| $ | 36.7 |
| $ | 51.0 |
| $ | 178.2 |
|
| % of Net Sales | 14.7 | % | 12.6 | % | 12.5 | % | 15.9 | % | 14.0 | % |
| | | | | | |
| Other Income (Expense), net | — |
| — |
| — |
| — |
| — |
|
| Add: Depreciation and Amortization | 6.3 |
| 7.0 |
| 7.1 |
| 7.9 |
| 28.3 |
|
| Adjusted EBITDA | $ | 57.2 |
| $ | 46.6 |
| $ | 43.8 |
| $ | 58.9 |
| $ | 206.5 |
|
| % of Net Sales | 16.5 | % | 14.8 | % | 14.9 | % | 18.3 | % | 16.2 | % |
|
| | | | | | | | | | | | | | | |
| ELA Furniture Solutions | | | | | |
| Operating Earnings (Loss) | $ | 8.5 |
| $ | 12.1 |
| $ | 6.5 |
| $ | 8.8 |
| $ | 35.9 |
|
| % of Net Sales | 8.7 | % | 11.2 | % | 7.4 | % | 9.5 | % | 9.3 | % |
| | | | | | |
| Add: Restructuring and Impairment Expenses | — |
| 0.2 |
| 0.7 |
| 0.1 |
| 1.0 |
|
| Adjusted Operating Earnings (Loss) | $ | 8.5 |
| $ | 12.3 |
| $ | 7.2 |
| $ | 8.9 |
| $ | 36.9 |
|
| % of Net Sales | 8.7 | % | 11.4 | % | 8.2 | % | 9.6 | % | 9.6 | % |
| | | | | | |
| Other Income (Expense), net | — |
| — |
| — |
| — |
| — |
|
| Add: Depreciation and Amortization | 2.5 |
| 2.4 |
| 2.3 |
| 2.2 |
| 9.4 |
|
| Adjusted EBITDA | $ | 11.0 |
| $ | 14.7 |
| $ | 9.5 |
| $ | 11.1 |
| $ | 46.3 |
|
| % of Net Sales | 11.3 | % | 13.7 | % | 10.8 | % | 12.0 | % | 12.0 | % |
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
A. Reconciliation of Operating Earnings to EBITDA by Segment and Total
Fiscal 2017 (Continued)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | Fiscal Year Ended |
| | September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 |
| Specialty | | | | | |
| Operating Earnings (Loss) | $ | 5.7 |
| $ | 5.2 |
| $ | 1.3 |
| $ | (4.1 | ) | $ | 8.1 |
|
| % of Net Sales | 7.2 | % | 6.8 | % | 1.9 | % | (5.6 | )% | 2.7 | % |
| | | | | | |
| Add: Restructuring and Impairment Expenses | — |
| 0.1 |
| 0.5 |
| 7.4 |
| 8.0 |
|
| Adjusted Operating Earnings (Loss) | $ | 5.7 |
| $ | 5.3 |
| $ | 1.8 |
| $ | 3.3 |
| $ | 16.1 |
|
| % of Net Sales | 7.2 | % | 6.9 | % | 2.6 | % | 4.5 | % | 5.4 | % |
| | | | | | |
| Other Income (Expense), net | — |
| — |
| — |
| — |
| — |
|
| Add: Depreciation and Amortization | 2.4 |
| 2.1 |
| 2.3 |
| 2.6 |
| 9.4 |
|
| Adjusted EBITDA | $ | 8.1 |
| $ | 7.4 |
| $ | 4.1 |
| $ | 5.9 |
| $ | 25.5 |
|
| % of Net Sales | 10.3 | % | 9.7 | % | 5.9 | % | 8.0 | % | 8.6 | % |
|
| | | | | | | | | | | | | | | |
| Consumer | | | | | |
| Operating Earnings (Loss) | $ | 0.8 |
| $ | 1.8 |
| $ | (0.7 | ) | $ | 2.9 |
| $ | 4.8 |
|
| % of Net Sales | 1.1 | % | 2.3 | % | (1.0 | )% | 3.2 | % | 1.5 | % |
| | | | | | |
| Add: Restructuring and Impairment Expenses | — |
| — |
| — |
| 0.6 |
| 0.6 |
|
| Adjusted Operating Earnings (Loss) | $ | 0.8 |
| $ | 1.8 |
| $ | (0.7 | ) | $ | 3.5 |
| $ | 5.4 |
|
| % of Net Sales | 1.1 | % | 2.3 | % | (1.0 | )% | 3.9 | % | 1.7 | % |
| | | | | | |
| Other Income (Expense), net | — |
| — |
| — |
| — |
| — |
|
| Add: Depreciation and Amortization | 2.3 |
| 2.5 |
| 2.7 |
| 2.7 |
| 10.2 |
|
| Adjusted EBITDA | $ | 3.1 |
| $ | 4.3 |
| $ | 2.0 |
| $ | 6.2 |
| $ | 15.6 |
|
| % of Net Sales | 4.1 | % | 5.4 | % | 2.7 | % | 6.9 | % | 4.9 | % |
|
| | | | | | | | | | | | | | | |
| Corporate Unallocated Expenses | | | | | |
| Operating Earnings (Loss) | $ | (9.5 | ) | $ | (8.4 | ) | $ | (8.0 | ) | $ | (8.1 | ) | $ | (34.0 | ) |
| | | | | | |
| Add: Restructuring and Impairment Expenses | — |
| — |
| — |
| — |
| — |
|
| Adjusted Operating Earnings (Loss) | $ | (9.5 | ) | $ | (8.4 | ) | $ | (8.0 | ) | $ | (8.1 | ) | $ | (34.0 | ) |
| | | | | | |
| Other Income (Expense), net | 0.6 |
| (0.4 | ) | 0.8 |
| 1.0 |
| 2.0 |
|
| Add: Depreciation and Amortization | 0.4 |
| 0.4 |
| 0.4 |
| 0.4 |
| 1.6 |
|
| Adjusted EBITDA | $ | (8.5 | ) | $ | (8.4 | ) | $ | (6.8 | ) | $ | (6.7 | ) | $ | (30.4 | ) |
|
| | | | | | | | | | | | | | | |
| Herman Miller, Inc. | | | | | |
| Operating Earnings (Loss) | $ | 56.4 |
| $ | 49.6 |
| $ | 35.0 |
| $ | 49.8 |
| $ | 190.8 |
|
| % of Net Sales | 9.4 | % | 8.6 | % | 6.7 | % | 8.6 | % | 8.4 | % |
| | | | | | |
| Less: Gain on sale of dealer | — |
| — |
| (0.7 | ) | — |
| (0.7 | ) |
| Add: Restructuring and Impairment Expenses | — |
| 1.0 |
| 2.7 |
| 8.8 |
| 12.5 |
|
| Adjusted Operating Earnings (Loss) | $ | 56.4 |
| $ | 50.6 |
| $ | 37.0 |
| $ | 58.6 |
| $ | 202.6 |
|
| % of Net Sales | 9.4 | % | 8.7 | % | 7.0 | % | 10.2 | % | 8.9 | % |
| | | | | | |
| Other Income (Expense), net | 0.6 |
| (0.4 | ) | 0.8 |
| 1.0 |
| 2.0 |
|
| Add: Depreciation and Amortization | 13.9 |
| 14.4 |
| 14.8 |
| 15.8 |
| 58.9 |
|
| Adjusted EBITDA | $ | 70.9 |
| $ | 64.6 |
| $ | 52.6 |
| $ | 75.4 |
| $ | 263.5 |
|
| % of Net Sales | 11.9 | % | 11.2 | % | 10.0 | % | 13.1 | % | 11.6 | % |
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
A. Reconciliation of Operating Earnings to EBITDA by Segment and Total
Fiscal 2016
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | Fiscal Year Ended |
| | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 |
| North American Furniture Solutions | | | | | |
| Operating Earnings (Loss) | $ | 49.9 |
| $ | 50.8 |
| $ | 38.7 |
| $ | 48.2 |
| $ | 187.6 |
|
| % of Net Sales | 15.5 | % | 15.2 | % | 13.1 | % | 15.1 | % | 14.8 | % |
| | | | | | |
| Less: Non-recurring Gains | — |
| — |
| — |
| — |
| — |
|
| Adjusted Operating Earnings (Loss) | 49.9 |
| 50.8 |
| 38.7 |
| 48.2 |
| 187.6 |
|
| % of Net Sales | 15.5 | % | 15.2 | % | 13.1 | % | 15.1 | % | 14.8 | % |
| | | | | | |
| Other Income (Expense), net | — |
| — |
| — |
| — |
| — |
|
| Add: Depreciation and Amortization | 6.8 |
| 6.4 |
| 5.3 |
| 6.0 |
| 24.5 |
|
| Adjusted EBITDA | $ | 56.7 |
| $ | 57.2 |
| $ | 44.0 |
| $ | 54.2 |
| $ | 212.1 |
|
| % of Net Sales | 17.6 | % | 17.2 | % | 14.9 | % | 17.0 | % | 16.7 | % |
|
| | | | | | | | | | | | | | | |
| ELA Furniture Solutions | | | | | |
| Operating Earnings (Loss) | $ | 7.8 |
| $ | 8.7 |
| $ | 7.8 |
| $ | 15.9 |
| $ | 40.2 |
|
| % of Net Sales | 7.6 | % | 8.6 | % | 7.9 | % | 14.4 | % | 9.7 | % |
| | | | | | |
| Less: Non-recurring Gains | — |
| — |
| — |
| (6.1 | ) | (6.1 | ) |
| Adjusted Operating Earnings (Loss) | 7.8 |
| 8.7 |
| 7.8 |
| 9.8 |
| 34.1 |
|
| % of Net Sales | 7.6 | % | 8.6 | % | 7.9 | % | 8.9 | % | 8.3 | % |
| | | | | | |
| Other Income (Expense), net | — |
| — |
| — |
| — |
| — |
|
| Add: Depreciation and Amortization | 2.2 |
| 2.4 |
| 2.3 |
| 2.2 |
| 9.1 |
|
| Adjusted EBITDA | $ | 10.0 |
| $ | 11.1 |
| $ | 10.1 |
| $ | 12.0 |
| $ | 43.2 |
|
| % of Net Sales | 9.8 | % | 11.0 | % | 10.2 | % | 10.9 | % | 10.5 | % |
|
| | | | | | | | | | | | | | | |
| Specialty | | | | | |
| Operating Earnings (Loss) | $ | 3.7 |
| $ | 3.7 |
| $ | 3.5 |
| $ | 4.1 |
| $ | 15.0 |
|
| % of Net Sales | 5.0 | % | 5.1 | % | 4.9 | % | 5.4 | % | 5.1 | % |
| | | | | | |
| Less: Non-recurring Gains | — |
| — |
| — |
| — |
| — |
|
| Adjusted Operating Earnings (Loss) | 3.7 |
| 3.7 |
| 3.5 |
| 4.1 |
| 15.0 |
|
| % of Net Sales | 5.0 | % | 5.1 | % | 4.9 | % | 5.4 | % | 5.1 | % |
| | | | | | |
| Other Income (Expense), net | — |
| — |
| — |
| — |
| — |
|
| Add: Depreciation and Amortization | 2.4 |
| 2.4 |
| 2.2 |
| 2.4 |
| 9.4 |
|
| Adjusted EBITDA | $ | 6.1 |
| $ | 6.1 |
| $ | 5.7 |
| $ | 6.5 |
| $ | 24.4 |
|
| % of Net Sales | 8.3 | % | 8.4 | % | 7.9 | % | 8.5 | % | 8.3 | % |
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
A. Reconciliation of Operating Earnings to EBITDA by Segment and Total
Fiscal 2016 (Continued)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | Fiscal Year Ended |
| | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 |
| Consumer | | | | | |
| Operating Earnings (Loss) | $ | 3.8 |
| $ | 2.7 |
| $ | 2.8 |
| $ | (1.2 | ) | $ | 8.1 |
|
| % of Net Sales | 5.7 | % | 3.7 | % | 4.0 | % | (1.5 | )% | 2.8 | % |
| | | | | | |
| Less: Non-recurring Gains | — |
| — |
| — |
| — |
| — |
|
| Adjusted Operating Earnings (Loss) | 3.8 |
| 2.7 |
| 2.8 |
| (1.2 | ) | 8.1 |
|
| % of Net Sales | 5.7 | % | 3.7 | % | 4.0 | % | (1.5 | )% | 2.8 | % |
| | | | | | |
| Other Income (Expense), net | — |
| — |
| — |
| — |
| — |
|
| Add: Depreciation and Amortization | 2.0 |
| 2.3 |
| 2.2 |
| 2.1 |
| 8.6 |
|
| Adjusted EBITDA | $ | 5.8 |
| $ | 5.0 |
| $ | 5.0 |
| $ | 0.9 |
| $ | 16.7 |
|
| % of Net Sales | 8.7 | % | 6.8 | % | 7.1 | % | 1.2 | % | 5.8 | % |
|
| | | | | | | | | | | | | | | |
| Corporate Unallocated Expenses | | | | | |
| Operating Earnings (Loss) | $ | (10.1 | ) | $ | (10.4 | ) | $ | (8.5 | ) | $ | (10.4 | ) | $ | (39.4 | ) |
| | | | | | |
| Less: Non-recurring Gains | — |
| — |
| — |
| — |
| — |
|
| Adjusted Operating Earnings (Loss) | (10.1 | ) | (10.4 | ) | (8.5 | ) | (10.4 | ) | (39.4 | ) |
| | | | | | |
| Other Income (Expense), net | (0.5 | ) | 0.4 |
| (0.6 | ) | 1.2 |
| 0.5 |
|
| Add: Depreciation and Amortization | 0.3 |
| 0.4 |
| 0.3 |
| 0.4 |
| 1.4 |
|
| Adjusted EBITDA | $ | (10.3 | ) | $ | (9.6 | ) | $ | (8.8 | ) | $ | (8.8 | ) | $ | (37.5 | ) |
|
| | | | | | | | | | | | | | | |
| Herman Miller, Inc. | | | | | |
| Operating Earnings (Loss) | $ | 55.1 |
| $ | 55.5 |
| $ | 44.3 |
| $ | 56.6 |
| $ | 211.5 |
|
| % of Net Sales | 9.7 | % | 9.6 | % | 8.3 | % | 9.7 | % | 9.3 | % |
| | | | | | |
| Less: Non-recurring Gains | — |
| — |
| — |
| (6.1 | ) | (6.1 | ) |
| Adjusted Operating Earnings (Loss) | 55.1 |
| 55.5 |
| 44.3 |
| 50.5 |
| 205.4 |
|
| % of Net Sales | 9.7 | % | 9.6 | % | 8.3 | % | 8.7 | % | 9.1 | % |
| | | | | | |
| Other Income (Expense), net | (0.5 | ) | 0.4 |
| (0.6 | ) | 1.2 |
| 0.5 |
|
| Add: Depreciation and Amortization | 13.7 |
| 13.9 |
| 12.3 |
| 13.1 |
| 53.0 |
|
| Adjusted EBITDA | $ | 68.3 |
| $ | 69.8 |
| $ | 56.0 |
| $ | 64.8 |
| $ | 258.9 |
|
| % of Net Sales | 12.1 | % | 12.0 | % | 10.4 | % | 11.1 | % | 11.4 | % |
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
B. Organic Sales Growth (Decline) by Segment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fiscal 2017 | Fiscal 2016 |
| | Three Months Ended | YTD | Three Months Ended | YTD |
| | September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 |
| North American Furniture Solutions | | | | | | | | | | |
| Net Sales | $ | 347.2 |
| $ | 313.9 |
| $ | 294.5 |
| $ | 321.0 |
| $ | 1,276.6 |
| $ | 322.1 |
| $ | 333.2 |
| $ | 295.7 |
| $ | 318.4 |
| $ | 1,269.4 |
|
| % change from prior year | 7.8 | % | (5.8 | )% | (0.4 | )% | 0.8 | % | 0.6 | % | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| — |
| (2.8 | ) | (6.0 | ) | (8.8 | ) |
| Currency Translation Effects | 0.3 |
| 0.1 |
| (0.9 | ) | 1.2 |
| 0.7 |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (21.7 | ) | — |
| — |
| — |
| (21.7 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Sales, proforma | $ | 325.8 |
| $ | 314.0 |
| $ | 293.6 |
| $ | 322.2 |
| $ | 1,255.6 |
| $ | 322.1 |
| $ | 333.2 |
| $ | 292.9 |
| $ | 312.4 |
| $ | 1,260.6 |
|
| % change from prior year | 1.1 | % | (5.8 | )% | 0.2 | % | 3.1 | % | (0.4 | )% | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ELA Furniture Solutions | | | | | | | | | | |
| Net Sales | $ | 97.3 |
| $ | 107.6 |
| $ | 88.0 |
| $ | 92.6 |
| $ | 385.5 |
| $ | 102.5 |
| $ | 100.7 |
| $ | 98.9 |
| $ | 110.5 |
| $ | 412.6 |
|
| % change from prior year | (5.1 | )% | 6.9 | % | (11.0 | )% | (16.2 | )% | (6.6 | )% | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| (8.8 | ) | (4.9 | ) | (6.6 | ) | (10.5 | ) | (30.8 | ) |
| Currency Translation Effects | 3.2 |
| 4.3 |
| 3.6 |
| 2.8 |
| 13.9 |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (6.3 | ) | — |
| — |
| — |
| (6.3 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Sales, proforma | $ | 94.2 |
| $ | 111.9 |
| $ | 91.6 |
| $ | 95.4 |
| $ | 393.1 |
| $ | 93.7 |
| $ | 95.8 |
| $ | 92.3 |
| $ | 100.0 |
| $ | 381.8 |
|
| % change from prior year | 0.5 | % | 16.8 | % | (0.8 | )% | (4.6 | )% | 3.0 | % | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Specialty | | | | | | | | | | |
| Net Sales | $ | 78.7 |
| $ | 76.4 |
| $ | 69.3 |
| $ | 73.6 |
| $ | 298.0 |
| $ | 73.8 |
| $ | 72.6 |
| $ | 71.7 |
| $ | 76.1 |
| $ | 294.2 |
|
| % change from prior year | 6.6 | % | 5.2 | % | (3.3 | )% | 3.3 | % | 1.3 | % | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Currency Translation Effects | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (4.3 | ) | — |
| — |
| — |
| (4.3 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Sales, proforma | $ | 74.4 |
| $ | 76.4 |
| $ | 69.3 |
| $ | 73.6 |
| $ | 293.7 |
| $ | 73.8 |
| $ | 72.6 |
| $ | 71.7 |
| $ | 76.1 |
| $ | 294.2 |
|
| % change from prior year | 0.8 | % | 5.2 | % | (3.3 | )% | (3.3 | )% | (0.2 | )% | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Consumer | | | | | | | | | | |
| Net Sales | $ | 75.4 |
| $ | 79.6 |
| $ | 73.1 |
| $ | 90.0 |
| $ | 318.1 |
| $ | 67.0 |
| $ | 73.9 |
| $ | 70.2 |
| $ | 77.6 |
| $ | 288.7 |
|
| % change from prior year | 12.5 | % | 7.7 | % | 4.1 | % | 16.0 | % | 10.2 | % | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Currency Translation Effects | 0.1 |
| — |
| (0.1 | ) | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (4.7 | ) | — |
| — |
| — |
| (4.7 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Sales, proforma | $ | 70.8 |
| $ | 79.6 |
| $ | 73.0 |
| $ | 90.0 |
| $ | 313.4 |
| $ | 67.0 |
| $ | 73.9 |
| $ | 70.2 |
| $ | 77.6 |
| $ | 288.7 |
|
| % change from prior year | 5.7 | % | 7.7 | % | 4.0 | % | 16.0 | % | 8.6 | % | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Herman Miller, Inc. | | | | | | | | | | |
| Net Sales | $ | 598.6 |
| $ | 577.5 |
| $ | 524.9 |
| $ | 577.2 |
| $ | 2,278.2 |
| $ | 565.4 |
| $ | 580.4 |
| $ | 536.5 |
| $ | 582.6 |
| $ | 2,264.9 |
|
| % change from prior year | 5.8 | % | (0.5 | )% | (2.2 | )% | (0.9 | )% | 0.6 | % | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| (8.8 | ) | (4.9 | ) | (9.4 | ) | (16.5 | ) | (39.6 | ) |
| Currency Translation Effects | 3.6 |
| 4.4 |
| 2.6 |
| 4.0 |
| 14.6 |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (37.0 | ) | — |
| — |
| — |
| (37.0 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Sales, proforma | $ | 565.2 |
| $ | 581.9 |
| $ | 527.5 |
| $ | 581.2 |
| $ | 2,255.8 |
| $ | 556.6 |
| $ | 575.5 |
| $ | 527.1 |
| $ | 566.1 |
| $ | 2,225.3 |
|
| % change from prior year | 1.5 | % | 1.1 | % | 0.1 | % | 2.7 | % | 1.4 | % | | | | | |
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
C. Organic Orders Growth (Decline) by Segment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fiscal 2017 | Fiscal 2016 |
| | Three Months Ended | YTD | Three Months Ended | YTD |
| | September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 |
| North American Furniture Solutions | | | | | | | | | | |
| Net Orders | $ | 333.3 |
| $ | 322.1 |
| $ | 318.4 |
| $ | 311.6 |
| $ | 1,285.4 |
| $ | 316.4 |
| $ | 333.5 |
| $ | 280.8 |
| $ | 339.0 |
| $ | 1,269.7 |
|
| % change from prior year | 5.3 | % | (3.4 | )% | 13.4 | % | (8.1 | )% | 1.2 | % | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| — |
| (4.7 | ) | (8.0 | ) | (12.7 | ) |
| Currency Translation Effects | 0.4 |
| 0.1 |
| (1.5 | ) | 1.1 |
| 0.1 |
| — |
| — |
| — |
| — |
| — |
|
| Price Increase Pull Forward Impact | — |
| — |
| (20.0 | ) | 20.0 |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (20.0 | ) | — |
| — |
| — |
| (20.0 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Orders, proforma | $ | 313.7 |
| $ | 322.2 |
| $ | 296.9 |
| $ | 332.7 |
| $ | 1,265.5 |
| $ | 316.4 |
| $ | 333.5 |
| $ | 276.1 |
| $ | 331.0 |
| $ | 1,257.0 |
|
| % change from prior year | (0.9 | )% | (3.4 | )% | 7.5 | % | 0.5 | % | 0.7 | % | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ELA Furniture Solutions | | | | | | | | | | |
| Net Orders | $ | 109.8 |
| $ | 99.7 |
| $ | 85.6 |
| $ | 89.8 |
| $ | 384.9 |
| $ | 108.2 |
| $ | 112.7 |
| $ | 94.5 |
| $ | 101.7 |
| $ | 417.1 |
|
| % change from prior year | 1.5 | % | (11.5 | )% | (9.4 | )% | (11.7 | )% | (7.7 | )% | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| (15.9 | ) | (6.8 | ) | (5.4 | ) | (4.7 | ) | (32.8 | ) |
| Currency Translation Effects | 2.0 |
| 2.6 |
| 1.9 |
| 2.1 |
| 8.6 |
| — |
| — |
| — |
| — |
| — |
|
| Price Increase Pull Forward Impact | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (8.1 | ) | — |
| — |
| — |
| (8.1 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Orders, proforma | $ | 103.7 |
| $ | 102.3 |
| $ | 87.5 |
| $ | 91.9 |
| $ | 385.4 |
| $ | 92.3 |
| $ | 105.9 |
| $ | 89.1 |
| $ | 97.0 |
| $ | 384.3 |
|
| % change from prior year | 12.4 | % | (3.4 | )% | (1.8 | )% | (5.3 | )% | 0.3 | % | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Specialty | | | | | | | | | | |
| Net Orders | $ | 81.4 |
| $ | 70.7 |
| $ | 66.3 |
| $ | 75.8 |
| $ | 294.2 |
| $ | 73.9 |
| $ | 77.0 |
| $ | 69.0 |
| $ | 81.3 |
| $ | 301.2 |
|
| % change from prior year | 10.1 | % | (8.2 | )% | (3.9 | )% | (6.8 | )% | (2.3 | )% | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Currency Translation Effects | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Price Increase Pull Forward Impact | — |
| — |
| (1.0 | ) | 1.0 |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (4.8 | ) | — |
| — |
| — |
| (4.8 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Orders, proforma | $ | 76.6 |
| $ | 70.7 |
| $ | 65.3 |
| $ | 76.8 |
| $ | 289.4 |
| $ | 73.9 |
| $ | 77.0 |
| $ | 69.0 |
| $ | 81.3 |
| $ | 301.2 |
|
| % change from prior year | 3.7 | % | (8.2 | )% | (5.4 | )% | (5.5 | )% | (3.9 | )% | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Consumer | | | | | | | | | | |
| Net Orders | $ | 71.1 |
| $ | 83.4 |
| $ | 73.0 |
| $ | 90.9 |
| $ | 318.4 |
| $ | 64.8 |
| $ | 78.2 |
| $ | 64.5 |
| $ | 84.2 |
| $ | 291.7 |
|
| % change from prior year | 9.7 | % | 6.6 | % | 13.2 | % | 8.0 | % | 9.2 | % | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Currency Translation Effects | — |
| — |
| (0.1 | ) | 0.1 |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Price Increase Pull Forward Impact | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (4.0 | ) | — |
| — |
| — |
| (4.0 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Orders, proforma | $ | 67.1 |
| $ | 83.4 |
| $ | 72.9 |
| $ | 91.0 |
| $ | 314.4 |
| $ | 64.8 |
| $ | 78.2 |
| $ | 64.5 |
| $ | 84.2 |
| $ | 291.7 |
|
| % change from prior year | 3.5 | % | 6.6 | % | 13.2 | % | 8.1 | % | 7.8 | % | | | | | |
Herman Miller, Inc. Supplemental Financial Data
Revised Segment Data for the Fiscal Years Ended June 3, 2017 and May 28, 2016
(Unaudited) ($ in millions)
C. Organic Orders Growth (Decline) by Segment (Continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fiscal 2017 | Fiscal 2016 |
| | Three Months Ended | YTD | Three Months Ended | YTD |
| | September 3, 2016 | December 3, 2016 | March 4, 2017 | June 3, 2017 | June 3, 2017 | August 29, 2015 | November 28, 2015 | February 27, 2016 | May 28, 2016 | May 28, 2016 |
| Herman Miller, Inc. | | | | | | | | | | |
| Net Orders | $ | 595.6 |
| $ | 575.9 |
| $ | 543.3 |
| $ | 568.1 |
| $ | 2,282.9 |
| $ | 563.3 |
| $ | 601.4 |
| $ | 508.8 |
| $ | 606.2 |
| $ | 2,279.7 |
|
| % change from prior year | 5.7 | % | (4.2 | )% | 6.8 | % | (6.3 | )% | 0.1 | % | | | | | |
| Proforma Adjustments | | | | | | | | | | |
| Dealer Divestitures | — |
| — |
| — |
| — |
| — |
| (15.9 | ) | (6.8 | ) | (10.1 | ) | (12.7 | ) | (45.5 | ) |
| Currency Translation Effects | 2.4 |
| 2.7 |
| 0.3 |
| 3.3 |
| 8.7 |
| — |
| — |
| — |
| — |
| — |
|
| Price Increase Pull Forward Impact | — |
| — |
| (21.0 | ) | 21.0 |
| — |
| — |
| — |
| — |
| — |
| — |
|
| Impact of Extra Week in FY17 | (36.9 | ) | — |
| — |
| — |
| (36.9 | ) | — |
| — |
| — |
| — |
| — |
|
| Net Orders, proforma | $ | 561.1 |
| $ | 578.6 |
| $ | 522.6 |
| $ | 592.4 |
| $ | 2,254.7 |
| $ | 547.4 |
| $ | 594.6 |
| $ | 498.7 |
| $ | 593.5 |
| $ | 2,234.2 |
|
| % change from prior year | 2.5 | % | (2.7 | )% | 4.8 | % | (0.2 | )% | 0.9 | % | | | | | |
