HNI - Earnings call transcript Q1 2024

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Operator

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the HNI Corporation First Quarter Fiscal 2024 Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Matt McCall. Please go ahead.

Matthew McCall

morning. Good Matt is McCall. name My Vice Relations HNI Corporate for Investor I'm and Corporation. Development President, for discuss Thank fiscal us joining you to XXXX our results. quarter first CEO; website. Vice With Marshall and our non-GAAP today are posted Lorenger, release President me on are our Jeff financial news Bridges, and President and Senior reconciliations CFO. Copies of Chairman, and risks. forward-looking are subject to Statements made are that which call not strictly and statements, unknown during this historical facts are known factors that Actual differ additional our financial website release news on affect results posted could could materially. The results. actual includes no corporation statements Jeff The call to update made during obligation to assumes to turn any the Lorenger. over pleased forward-looking call. I'm now the Jeff?

Jeffrey Lorenger

Thanks, Matt. for us. Good you joining and morning, thank

the prior reaching first progress earnings operating We During upon delivered EPS teams made year build margin were and X to the we triple nearly since period, years. quarter, that strong seen XXXX. with the first over our quarter continued have the not levels past

EPS X% softness. This was non-GAAP housing market up quarter decline, $X.XX driven continued year-over-year. primarily revenue was organic XXX% of by First an despite was which

strong actions a year term, broadly support and the market-leading note. by Workplace soft plan we quarter recent fueled transformation Furnishings first profit our of the prospects started continued cost margin our the the profit strong XXXX. In Residential deliver Longer our continue helped since Products, results operating inclusion on to market Furnishings housing International, profitability specifically. Overall, remain and market. the to housing Kimball Workplace legacy a highest despite Building which Our combined of bullish about very position be we

key X topics. will the On I call today, highlight

the expanded International, Workplace improvement points First, XXX to Furnishings in non-GAAP our benefits profit When drive continue margin excluding legacy actions basis year-over-year. operating Workplace Kimball of transformation Furnishings.

margin we expansion forward, to continue. growth and profit Looking expect

already value more come. providing Second, addition delivered to KII and shareholders, is accretion. The creation to significant there our strong is of Kimball International

cost million annual mature. from expect the $XX total synergies when with KII to to resulting continue We combination

and ongoing despite the cost posted to return solid and actions Third, continue profitability, Building housing expansion profit support reduction growth Recent through market Residential Products margin revenue to challenges. expect year. we

Marshall conclude closing review the your highlights, comments open those questions. will call outlook. Following some with to I before general our we will

the to first topic. Moving

improvement actions Furnishings. transformation continue Workplace in to profit drive Our

first additional in profit quarter margin XXXX for there year-over-year. the plan As during That and non-GAAP XXX to Furnishings the year-over-year straight quarter benefits basis mentioned, profit segment, our improved I operating come Workplace from transformation operating was improvement margin legacy is we beyond. eighth of expect as more and points

legacy driving of our first, transformation helping X second, price-cost improved we consists drive are structure; we price benefits business. -- to actions: finally, and Workplace profit simplify cost As Furnishings our plan we continue have positive a streamlined to our third, primary are reminder, increased profitability; productivity; from

results of benefits have the this these helped in recognized of Some margins. drive strength recent our and are plan in our

to We opportunity. continue see also

profit primarily Our to mature efforts additional growth. This help investments, in in productivity the our years. over Mexico, our operational next of will new and help as they drive will add lean couple benefits continued substantial drive facility

actions expect benefit the price-cost from XXXX we XX Next, past the continued pricing announced net of remainder through months. over

Finally, will support from program profit in rollover savings our XXXX. incremental cost the provide benefits corporate-wide

Furnishings growth beyond. margin improvement. XXXX All I we and us to to profit line of in of this sight earlier, expansion and expect continue margin gives additional year-over-year said And Workplace as in

to demand. Workplace shift Furnishings' Let's

is the our mostly market view last Our of call. from unchanged

including first XX% year-over-year contract. near choppy, of population SMB continues usage first on X.X% organic price in quarter In in increase XX of grew business This in markets consistent healthy timing. markets. office the to by to our quarter outperformed impacted increase positively shifts orders segment dynamics, First was range. outside SMB top those the higher stable which is remains the demand revenue again XXXX, and benefit but year-over-year, is an quarter term, our the top within of with X% relatively down the from expectations. a

and XX%, increasing also demand. Switching also improved factors, was indicators. in of The continue order first to also We on to metrics, with along trends preorder The customers price order contract, Orders basis. is increases. further is SMB up timing in demand, support the with other contract to was with the comp XXXX contract ago of year-over-year in from many the impacted trend which by challenging X% quarter a positively growth encouraging X-year first expect quarter demand these consistent were quarter. of year

unique and activity as and is accelerate tenants and continue elevated, metrics repurposed, coverage. recent work continue take companies particularly we see summary, economics in highs market return-to-office overall lease further and and Our the reached quoting adapt for to weeks. need to preorder spaces attractive trends for their office our of expected space demand. In advantage support hybrid related to up market remain to position demand, will post-pandemic churn future to given encouraging is tick nonviable Lease

transformation quarters, require as for our our we communicated have volume plan only growth. profitability. not However, enhance Volume does profit several growth will

non-GAAP second International delivered quarter. strong X.X% EPS in topic. Kimball accretion. of margin my KII added estimated and operating an profit to the $X.XX generated Moving an to first

$XX to and to mature. reach cost $XX total million to fully million synergies reach XXXX, expect synergies continue are We when expected in annual

last KII well. Hospitality solidly From perspective, segment. The hospitality outperformed from the came a expectations has been the we shared revenue quarter. upside performing with you

which did to hospitality the delays However, expected not expectations. Red recognition to negatively the our helped revenue entering related impacted we quarter, Those drive revenue in disruption shipping by above materialize, had be Sea. delays

creation. positioning of KII KII's by post-pandemic complementary providing is significant We attractive encouraged be offering. nature continue value of The and the addition to

in several highlighted, we Kimball care out namely confidence our KII ancillary hospitality. opportunities trends and and profit combination's secondary growth, and new Each market have and benefits a strategic to accelerate. product, the geographies, strengthens As complementary important and is products, International financial prove to perspective. continues from our exposure for and provides cultural markets, health

quarter Building margin quarter first ongoing Residential reduction year solid Segment above was continue profit first decline extend represents despite XX.X%. Recent cost margin housing a quarter. This topic, actions segment level consecutive performance the operating revenue third non-GAAP pressure this Products 'XX at able XX% to of year-over-year in or were for with challenges. posted weakness the despite profitability. continued to seventh the XX%. market support housing in as trends non-GAAP We demand My to operating

decline Let in first Building me Products. provide quarter color on revenue some Residential the

First, has the noise it. in year-over-year some rate

year built of half comparing prior are had period We that during against XXXX. the from up back demand that the unwinding benefited

are that to Our issue. first due quarter somewhat revenue and order rates distorted growth

R&R new basis year-over-year construction. revenue weather primarily inconsistent decrease higher new and interest builder by housing which third, negatively with impacted trends, performed the worse sentiment. recently and to worse rates slower by incrementally consistent was modestly And Second, early a in due was construction, expected, on broader more than than year-over-year the quarter,

forward, showing orders headwinds, Looking bullish for starts intermediate with improvement quarter. with year-over-year. Despite Orders remodel/retrofit, some the in and near-term first the the year-over-year broader going market long-term permits consistent the are healthy only single-family in in supports single new business. XXXX. down indicators construction dynamics which new on low orders outperformed digits growth, we Segment are to build improvement new showed forward construction

in have order Building intermediate solid footprint. In capabilities product for long-term distributor dynamics category during and installing summary, wholly-owned to remain areas continue of this and long-term encouraging innovation, Products our quarter the Residential trends to expansion and improved demand our segment to business. the awareness, of addition opportunities growth online we invest the market fundamentals, the continue the new In unique in to

now remainder turn to Looking expect Marshall and the return of to call growth year. I the to over to margin outlook discuss XXXX. our the XXXX, expansion will for we through Marshall?

Marshall Bridges

Jeff. Thanks,

with outlook. start demand our Let's

to a on rate outlook XXXX our is unchanged That what expect we year-over-year. We last grow revenue from Workplace organic in communicated call. low-single-digit at Furnishings

continue last the the We expect those range. In and to as revenue improve but conditions will expected to year year-over-year trends experienced Building months, choppy, in the the be progresses, over line with stable growth half. in expect are in remain demand second returning with Residential Products, to X demand we generally

down be revenue right. XXXX flat full to expected slightly year, For Products Residential the levels. All Building to versus is

Let's shift XXXX to our outlook earnings. for

We benefit the margin Furnishings to strongly full KII. to due levels, Workplace continued primarily year from in and XXXX EPS accretion expect increase year of full from expansion

the per to share solidly transformation year-over-year. XXXX, Workplace legacy in at to of we increase. of earnings second Again, benefit the we Kimball Furnishings quarter continued the profit expect drive expect increase Looking and International

transformation to initiatives. like XXXX out point now profit ago increasingly benefits quarter second difficult year I'd that facing the we comps our from showed noticeable are of as

second quarter same to organic be quarter of versus down expect revenue Workplace the Furnishings' slightly XXXX. We

International. Kimball to Moving

the to second $XX quarter. $XX of be line For expect expected KII million to is with accretive first results. add quarter to EPS, in to KII million non-GAAP incremental quarter of we revenue to the generally XXXX, second

closing As we this revenue a of in the of June. transaction reflective is months the reminder, incremental as X of anniversary

moderate, Building quarter We sheet. second in the the period. Residential in our to growth Products balance This are in reflects moderating R&R. Shifting Finally, versus ago year-over-year down expected the financial year construction with new digits low maintained and single to declines declines strong position. revenue

of ratio increase below offset in a seasonal remained Xx leverage quarter debt. modest the straight second X.Xx gross Our as profit for higher

our expect we to the already sheet rest year. modestly strong of the leverage and reduce forward, improve balance Looking over

our during accelerated addition, activity. share we In the repurchase quarter,

characteristics. speaks was leverage total to our cash While deploying quarter during cash strong the ability flow hold modest, while the outlay steady our to

flexibility consistent and Our capacity leverage cash low generation ample for financial capital provides substantial and deployment. flow

remain M&A Our share current dividends, over deployment I'll and cash for call reinvesting to turn and in back Jeff. opportunities. All priorities business, right. buybacks pursuing the funding the now

Jeffrey Lorenger

deliver growth. start excellent to had Marshall. Thanks, We XXXX an earnings strategies outstanding as our continue to

to long-term Residential committed growth Products. are expanding and revenue Workplace Furnishings in Building We margins in driving

begin to our of XXXX the another business year in of economic dedication And we and anticipate member our model strength XXXX. our all through cycle. owners, Our to ability results the strong of the manage parts reflect

We questions. call now the your to will open

Operator

will the Company. Garner Instructions] question with The Reuben come first [Operator line Benchmark Our of from

Reuben Garner

for start So picture question. performance quarters a with Earnings maybe big remarkable. or the has margin X last or pretty X been to

kind the in of in earnings expansion next mentioned terms left the Can starting progresses year? control talk second terms of what about of and year quarter. in you You as comps, you difficult into what's to go Marshall,

Marshall Bridges

Yes, Reuben.

have productivity, just that of think all on are It's against SG&A and course, comps. stronger still we drivers, the I price-cost. same line cost the primary up those control

was That is of will it first year, be bit. quarter, a benefit a in less taper and here still the decent the going so. particular, price-cost little expect for we the So a just in benefit off remainder to

Jeffrey Lorenger

Marshall got the we're hit Workplace going I'd Mexico that flow, Furnishing from to our Reuben, both segments, labor businesses, efforts mainly -- and investments, benefits materials, both mean both add procurements early really, then well. we savings we're and Yes, seeing it. just I lean side, in our as

I But out 'XX. about So we've in the so $XX think another I million anticipate 'XX million $XX number. 'XX, of in as I'd comped you $XX of to think, look probably top million benefit or on past

Marshall Bridges

We'd be million, as from investment top And synergies that KII. of $XX as well from our usual would have lean Mexico that. efforts Reuben, on the

this after year, that's So to clarify. just

Reuben Garner

terms the you in home? Okay. the bigger or on the to of have I becomes if do headwinds Or signs That's Products helpful. issue? you of for then it price builders running you've the guess affordability point that that anything offering of we a per the Building an concerns be or kind at number size of offset And fireplaces and homebuyers might that seen side, on affordability into where homes guys

Jeffrey Lorenger

a question. while mean, been Yes, for issue a it's good Reuben, affordability I now. has an

we and accounts And that. our that, so we've product watched -- for pipe

going newer electric of a other that -- in category we've about that got talk lot that really The I some as we units there. is some are got that innovation well thing address of would the

the being candidly no, So see any of years. been last the headwinds than don't for I they've couple more

Reuben Garner

X Okay. me. late. for up moving here again And last of Rates

changed like has than are guess, that? basis? it think Your SMB sound conversations, more to risk it the on specifically I a lot. doesn't other on drivers offsetting side, Or Any you the the go-forward outlook a

Jeffrey Lorenger

Yes.

up. business that the holding 'XX But interesting of economic most and the solid. given we we the what at, is slightly those, are think, an areas I time it's pretty running in -- I election kind are of say a those look, the year. most and or part, And would cycle drivers where for see orders at -- that we've most look of been

Marshall Bridges

good on for several -- done strong a about comps, pretty seeing that's quarters, pretty and the with thing Reuben, we're contract think Yes, growth encouraging and those we're And last I is still that's well the we're top that of pretty starting see growth. to it. feel converge business

both reasonable some the we're half expecting So and contract contract the first from numbers second were quarter, up growth SMB. and in in

Operator

Your next question of Sidoti will & come from Greg Burns with the line Company.

Gregory Burns

of revenue was the this lower mentioned to trying guess, I pulled the just there were dynamic this normal have otherwise? like is to like Like expecting business expecting the these gauge like I'm some been for issue the forward? is gauge trying I'm if would quarter, is it with you to expecting The going kind seasonality Or second just you timing you're just -- that are this around? your forward? orders quarter for you with if impacting shift recognition, guide Kimball that than of

Marshall Bridges

it's it Yes, a did issue, the second timing and from pull quarter.

oriented. first guide quarter, if was KII, but that's got So we at And the it's that in for of pretty the our much last quarter. it from you business revenue same incremental a it project more the look is as

of the to projects occur. it, just a necessarily on when timing depends not those there's So it seasonality

Gregory Burns

your split Has much? and that on the revenue Okay. And what's side new then remodel/retrofit? now changed Building the Product construction of between

Marshall Bridges

much. more to It being maybe new tad new to to Certainly, construction, ratio. not hasn't construction XX-XX that it's close remodel/retrofit XX-XX. more change but a changed very the It's with close right enough than now, down

Gregory Burns

Okay.

improving activity see in your you kind guess your conversations talk there? more that seems there, of of you're funnel better outlook color Okay. any touched Maybe give and what can you there? customers? this, business terms it businesses about could the Just seems seeing contract like side side you to more be just feel Do of you maybe on the the demand with of some guess. -- And then showing I I about activity, but

Jeffrey Lorenger

Fed growth characterize metrics. say pretty would Yes, that would is Greg, some What quoting, Current in all pipe, decent got in our trends, double-digit it. accounts I space rates is preorder our funnel, well. preorder activity that's how we It's solid. Gov, I think we've both those project activity, some think corporate are that our we've showing actually that as I segments got

would I said think all going not having moon. it's up. that, grind Now to It's slow, I be a what say the is, steady to

good think so we forward. those kind be elongated, outlook nicely. growth is metrics it's the contract But little -- but it and preorder -- And having are does we're predict the are space the it's news to steady as just be think of to cycle grind. in will up I is a convert, starting a those slow, I go the going

Operator

line of Bugatch question next Tower Your with will come Water from the Budd Research.

Beryl Bugatch

in terms that quarter, items, positive, you was I the very very, Jeff, talk less left on and of other performance still about and talked productivity, quarter or but Congratulations so simplifying? importance the get Can terms price-cost during heartening. those and X in think going the forward. remains X in rank stressed this costs Marshall this what's in you important of to streamlining quarter, about, which

Marshall Bridges

million Yes, first the $XX Budd. In had price-cost. we quarter, about of favorable

cost The very So that which But actual of close the year-over-year. million SG&A benefit that. productivity, a second $XX about smaller was item. is biggest was was than

as but ramps it's mentioned, of Price-cost going the and productivity is less rest so, productivity. positive, the Moving to still be year, I forward, about up.

mentioned, year-over-year. expecting as million of we're So incremental net benefit around $XX Jeff productivity

that of You to year $XX $XX which already the can in $XX price-cost the of of million compare million, to first was million quarter. maybe

Beryl Bugatch

still Is by the And Furnishings the And where the be? legacy what's still do you digit? will goal goal? of year, Workplace Okay. margins the HNI think end double

Marshall Bridges

we'll is forward. get -- year, there our we double see expansion we're may certainly trying more Look, to ambitious margin expect but digit, this quite goal than and but not going

Beryl Bugatch

a the think, used, the to is going describe to is you which for performance I word that in word ask and second adjective an define Okay. me, I'm quarter. you solidly, to

on solidly? framework some put to want You

Marshall Bridges

one. tricky a that's Budd, Gosh,

Beryl Bugatch

That's you, why Marshall. I asked

You than me. know better that

Marshall Bridges

not got sure for quarter a I point I'd estimate of you lot think for that that on is I'm Budd, one. What color we've Yes. the maybe like $X.XX. is to, consensus second the

color would so to think it. prior that give some And kind solidly I up year be the of versus to

Beryl Bugatch

half, that the you the tack let's different seasonality -- of we Okay. to the maybe way. X/X thinking? earnings per half, X/X, your for Well, performance or second share normal was get first year will XX-XX Do a

Marshall Bridges

what on. exactly that's X/X, range is right XX-XX, thinking. Yes, we're That X/X

Beryl Bugatch

Okay. much optimism, we that's I'm said, forward. Building for everybody that? the understand going curious helpful. improvement? hear orders? to Products, we're solid And you is it in giving to and that In where Residential optimistic pretty the the you seeing That's business book a little punk, very -- reasons so trying but are seeing you has Are order Is

Jeffrey Lorenger

I we would low order in side. on to single the is, positive now flipped construction growth new the you orders, digits, look QX what construction Yes, down a new our Budd, and at side, were say rate that's if

what that talk probably about. XXs talking was about R&R, -- low that's book, it's the you moderating. but we're in now if But is order decline decline the So even in the

So some year go that's 'XX in we of the side. on out sign it's RVP -- a optimism as throughout the

Marshall Bridges

just to distorted. are his quarter to Maybe, first in prepared this Jeff add that, mentioned of I think rates, kind comments, the Budd,

they what good all like be in don't very of prior quarter's the noise because provide the through the would comp. year So a look of revenue next

So too. helps maybe that a bit,

Beryl Bugatch

Got I to -- understand something. in seeing sure with just no am improvement that want problem you. to it contract. I'm had And for hear very that And was me, I've the delighted make that until Dissuade forward you're thought I part and out concern. -- the sometime in always me sizable last a that is of issue. week when pretty me about with a the And face going to grind hit worrisome came middle of ABI I drop.

Marshall Bridges

mixed. think a contract of we're good see believe to to are in drivers going the lot Budd, reasons I There's growth. some

hybrid of people down, mentioned, you are taking the all then of people adoption creates furnisher are But advantage metrics moving things is ABI rates Certainly, good. rates are lease those just worried, preorder there's are up. like attractive the and Our events, up. space,

So where not up. why at. in it or maybe be growth that's kind small We're to the kind half in dramatically that grind a we -- high digits we're of in of thinking back but that's slow contract. together the half, something think year-over-year mid-single the mixes But the a seeing back for

Jeffrey Lorenger

Budd, we it's as just kind just still up, all those out snap factors on mentioned. a there line margins choppy that's expanded of slight slightly ticking that of this, clearly pretty which couple great But points, able once it -- on Yes, see Marshall us. a through for that. lever to going we're growth, comes, to good news is for of because even us you And deliver kind a without volume

Beryl Bugatch

Got you. X more Kimball do $XX that you the the $XX that. $XX of have quarter revenues, $XX And or I on lied, in incremental I above to is question $XX that million reported million -- 'XX? million second million million of

Marshall Bridges

That's incremental versus yes, Yes. year. Budd. correct, That's Correct. last --

that's their So the That's not for the incremental total revenue quarter. just year-over-year.

Beryl Bugatch

to guess million million your will it range now? is $XXX in $XXX be So that best

Marshall Bridges

Correct.

Beryl Bugatch

And as say, Jeff a really, quarter. you and congratulations team, would solid on

Jeffrey Lorenger

Budd. Thanks,

Operator

next line Your question Kathryn Research the Thompson of Group. with comes from Thompson

Kathryn Thompson

the ways and at aren't some does and participate captured you look win? projects that which ways what the our the guess than sharing ABI, that leads a to the mega the market ABI, little and different contractors are being us question, on is research and picture the end by feedback I bit nonres in can you primary ABI the projects, and up from paints field with mega large Following HNI projects what commercial as simply

Marshall Bridges

good Kathryn, question.

participate large you're there? in to Just how referring projects Furnishings, clarify, and we would to Workplace

Kathryn Thompson

Correct. Correct.

Jeffrey Lorenger

Kathryn. mean those in yes, -- I yes. We participate we Yes, strongly projects.

in a we have corporate sidelines can There agree positioned, We've I the space. on now can't some lot activity kicked of and a to lot and that And leases kicked that with and activity tend We account have the have well are people the be that teams. people been of for sales quite time, is got dealers you. have anymore.

starting people And are that space. active to in so get

uniquely than always mega those so about we kind lot positioned And there. clearly is XX projects dialogue But have say have. space. types we're as couple in because of more our and those has SMB that been those there and to talk last for positioned of I exposure well, there funnel markets on would in the We that the years. routinely them. And have top a we're events We of track

Kathryn Thompson

Yes.

again HNI peers been contractor focused on terms in commercial on America, has Following middle once Historically, for the on space. the have your some of whereas just it's Middle been it shift, coasts talked of been of population and just in America, with of much a so lot Southwest, still the And strength. south. about shifted Southeast relative kind but is it's just

you kind just makes As half share you hope at in fair capture versus are middle southern capturing to your of where these mainly sense. that shift cities, I for of population of is growth the America fair the in portions look your question just It's about midwestern the going. big able share that U.S.?

Marshall Bridges

Yes.

participate clarify, to large large in broadly cities. through we the maybe coastal U.S. cities. in Just We're We're

have cities. share in good those We

So in sure the Midwest. just just the we're want make don't that case. get that to impression the definitely not That's

We are broadly distributed.

Kathryn Thompson

It Well, mainly type, like sure, yes. versus Manhattan for Midtown [indiscernible], was Nashville. Miami versus yes, yes, that

Marshall Bridges

Right.

base I where the U.S. we've in employment position lot think strong markets shift well better like as that's we that going not really not out. And position. population spread where of non-top as for shift also our the course, a I And in think the the we unique very larger participating product positions XX on. KII have is But we're look it us got say to markets. a that's

So growth out we the to about is good feel able that being catch pretty Kathryn. there,

Jeffrey Lorenger

Yes, absolutely.

of have a sitting think these some people because in I have markets have larger sitting kind of neutral. we clients in of neutral the in been lot been been like

only points, strengthens up are So are warm -- as those geographies, Marshall a secondary because to starting the I that population the engines and just we bit. And as those commented, KII, like said, migration starting than if allows those capture us and all our in share more that's flexibility, not product going price mixing the the fair breadth for share, fair depth, to on markets. the our product that

Kathryn Thompson

for question Kimball. the today Okay. a Great. then final on And

some come as to margin to you in maybe clearly and you for the made You've you X solid deal, acquire company back for X anniversarying call of been what a standpoint. a future? on have that given that that from But the trees expansion that upside the after and learned or some today hope progress course we things are Q&A. looking detail and stepping optimism It the you gives great

Jeffrey Lorenger

in and all kind the nice Yes, I I remarks. have, piece we I said has we is of And and product nice have that like surprise that's a would opening we upside. to that say of I a And real didn't imagined. care Kathryn, health you that, didn't I the the probably a The would even than lot well has space, business think my hospitality been know say exposure cultural -- we really application ingredient health which they health fit. but the then stronger exposure, they lot what about, is say care a care, super wrap in have that added. as in of but that

and all you around and that things X my and it a to culture tend wrap it's plus, that stack on a And people. just deals a but perspective. was knew the been mentioned, been from it's These plus-plus I turn We plus-plus.

Operator

remarks. there this turn any call back Lorenger And to further are at no for I'll time. Mr. the over questions closing

Jeffrey Lorenger

great morning. taking you. this Yes. interest for you join and Monday time day. everybody in the Thank on Thank Have a to thanks HNI us your

Operator

that will joining. for Thank call today. conclude for you And all our

disconnect. You now may

HNI (HNI) 29 Apr 242024 Q1 Earnings call transcript