HNI - Earnings call transcript Q3 2024

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Operator

Thank you for standing by. My name is Amy, and I will be your conference operator for today. At this time, I would like to welcome everyone to the HNI Corporation Third Quarter Fiscal 2024 Results Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to Mr. McCall. ahead. go Please

Matthew McCall

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

Jeffrey Lorenger

thank us. to my I expectations will the our higher were to strong. prior I'm expect period year today $X.XX for morning, pause of results. discuss revenue divide on the where the Then was than our impact internal sections. you providing will expectations into I quarter XX% demand and exceeded going X despite continued fourth near-term pressure. we for some quarter, by results, which Good commentary start highlights and third joining our Non-GAAP EPS

drive continue years. the upcoming growth confident in Finally, I will in why cover our profit ability to are to we

underscore key 'XX will points outlook our I for Specifically, X positive highlight 'XX. and that

have EPS visibility through elevated We XXXX.

and in position encouraging, fundamentals reasons market provide Building unique strong workplace Residential for our remains optimism and long-term outlook Products. demand Our

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

Let's start with the third quarter.

profit strong members growth. delivered Our again

growth a very strong third non-GAAP XX% was more XX% when the than on EPS year-over-year. quarter Our in year comparison, grew profit ago top of

EPS quarter results line synergies profit the support. XX-year plan our KII we profit margin top years, operating in and Workplace more the quarter. third X past the and those acceleration Third without a Furnishings has non-GAAP In delivered drove doubled segment, than to high for transformation segment of

housing in and for market In expanded Residential operating quarter. year-over-year XX% volatility, profit ongoing the exceeded third Building time third the Products, margin despite non-GAAP only

member ability model our dedicated owners, results. all again our helped cycle strong business our customer-first and through deliver proven parts strategies, the Our to of manage economic

comments about few a Next, fourth quarter. the

in optimistic about the segments. we that both are opportunities We see

in businesses. across are pause very However, in demand seeing the our term, a near we

period profit is moderate fourth same demand the result, and As to quarter XXXX. a decline small- with In we expected of Workplace Furnishings, customers. versus seeing are medium-sized

our Within SMB the business space, been particularly soft. has transactional

smaller dealers. item be sensitive transactional As the changes business selling sentiment. cycle involves historically volatile. very It short. business been and flows recall, is wholesalers The This general business to purchases supplies our and national you may can typically economy through and has primarily in

of the hit a hesitant concerns election index spending. high uncertainty the business increasingly of and small elections. monthly business September The about sentiment this leaders U.S. survey. discretionary have Indicative economic optimism is record Currently, ahead small

elections moderate year. leaders' past as into we the and business expect to hesitation move We next

Encouragingly, of are space, contract delays dealer we In selling continued and improving. sentiment cycle. and project activity the the further seeing furniture are lengthening

worst the the past the This to lowest greater lower time CFOs survey illustrates these that XXX XX temporary. take now is the these still XX% negatively is in than again, are large customers only level recent being cautious, we our pandemic. surveyed, be of Of fourth good company and A years, stages were as impacted. pressures said But quarter view risks. However, shipments a will concerns. Deloitte even

Finally, impacted affordability Products that market and and August in quarter, interest the Residential ongoing impacting March concerns, Building negatively XX by Reflecting to the is sentiment a segment, peak economic and issues Workplace inflation volatility, the rate same homeowner reaching during April. in fell political XX these business. builder after the and and uncertainty index our housing was in of

improved rate develops, R&R. in our new products to in XXXX interest eventually expect do and increasing housing both reductions construction we result demand and As turnover for

first my to our quarter. highlighting point, beyond optimism Moving the fourth

we deliver represents and approximately will top $X.XX KII quarter, by third to fourth without XXXX. EPS to XX% help from synergies, that to We extend year least EPS generate slower the XXXX be that in EPS at expect double-digit Mexico EPS and strong we XXXX, which have record streak results. growth. of through our expect of earnings in already growth consecutive Even will growth non-GAAP of our X-year initiatives non-GAAP double-digit of This $X.XX themselves means growth our cycle, with X underway. That XXXX. the on

does been top profit line support. not our without growth, recent achieved Workplace and require margin cyclical transformation plan revenue our Remember, Furnishings expansion has

Residential our in we in to XXXX, Building took actions lower Products. of with the that will visibility. our fourth by approximately demand benefit the continue will in cost structure current addition, profit to in to environment. million adjust Most be In Residential Building our that quarter, $X further adding Products structure align cost Early we recognized

our to providing major synergies highly another realized have on second cover synergies. million, be point, and opportunities total quarter KII increased I'll $XX growth contributor third to million result $XX accretive expected Before KII highly $XX is to continues from to International now with KII the moving comments a acquisition and to 'XX And 'XX. was Kimball us to are be of recognition total additional revenue million and and new strong complementary. the in is with few expected my profit. and a also

within and And segments. generating positioning. both product geographic are care post-pandemic And our attractive KII's well expanding health improves are and offering growth. workplace International's hospitality Kimball positioned businesses

Our confidence accelerate. continues to of and strategic and financial in prove the combination benefits out

orders Workplace demand after early quarter. remains third the optimism. X% Furnishings encouraging. to fourth Moving to growing in quarter outlook the point The second Segment have in my supporting continued for improve our

I'll on the of and order now SMB trends separately. contracts comment

year-over-year. quarter, a of with declined Our in sentiment and transactional in small SMB business orders In the orders comp. moderated our XXXX, year-over-year consistent grew the SMB against X% trends activity third exposure the third to quarter business. SMB X% quarter challenging

consistent As remain past you This segment X backdrop. years, may an fundamental over growth for strength of has us about been time. the area has our business for SMB recall, order the generated we bullish and some of

population geographies tertiary markets higher in relatively usage including dynamics, shifts to return healthy point office a and secondary growth XXXX. Specifically, to to and those in

we on the contract KII see combination orders business, our In the and core third horizon. up X% were quarter. in of basis growth The year-over-year on contract a

projects hospitality and in the strength We reactivate have continued seen space. large

a months As past the result, over have orders improved. X

However, these projects most of will year. ship next

supporting is backlog the our Further X% year. Workplace up quarter-ending outlook, prior versus

our funnel to year-over-year. and be for continues XXXX up sales contract encouraging, Additionally, is over XX%

we market to out, positioned we continues to Furnishings as the Workplace benefit Looking well improve. believe particularly are

product depth. and We have and pricing breadth unmatched

from have multinationals. to We ranging largest businesses that customers small work products for the

widely we workplaces, broadly top across care distributed MSAs. from needs of the can to meet hotels. geographies And health Our facilities brands tertiary schools, are markets the and

optimism. reason for Moving to third my

Single-family additional see We long-term demographics Residential Building market support and growth. undersupplied, will housing Products. fundamentals in demand remains positive continue to

and year, both increased spaces. combined eventually interest expect Over R&R the products anticipated driving demand with construction the next to we rate turnover and new flow these in improved fundamentals, reductions, through, our housing for

new XXXX. to expansion installing product addition to we fireplaces, In turn to the unique now homebuyers, will call market owned efforts such discuss These our Marshall? innovations to as electric the over homeowners in and strong our more to wholly Marshall with footprint. invest become opportunities. the outlook of and fundamentals, distributor capabilities include intimate continue online growth for I builders,

Marshall Bridges

outlook Thanks, mid-single-digit and profit, Jeff. demand summarizing year-over-year. quarter Fourth expected rate by is our demand. low- to Workplace a at beginning with to revenue I'll in decline Furnishings start for

in represents we which growth. new reduction from implied a quarter what July earnings Our outlook fourth release, provided our

Building Products. Residential Moving to

decrease a anticipated our outlook, quarter low pace XXXX. fourth same down in revenue to prior the period quarter. the expect We from single-digit in growth at This also is fourth versus which

outlook. profit our to Shifting

to that year-over-year. of growing lower X to move expected decline, We to full Residential to fourth increase unchanged by Despite years. are driven decline more expect EPS quarter Building Furnishings mostly year expected our to extend In expect margins EPS XX% Margins or by be in we Products volume. are year-over-year, lower modestly in to earnings full total, Workplace streak and down year slightly.

was the down on would in was our quarter higher the improved point sheet. with debt we balance ratio the and Gross strong I X.Xx the like with end Kimball wrap already our few also calculated same at at I'll That had financial up our near profit that agreements. debt ratio to lower a very the accordance of position. X.Xx of that before second out the end to acquisition. leverage quarter levels. International comments leverage we as are due from We

delever, is cash a took So X testament free quarters our generate to which ability it us flow. over just to to consistently strong

million repurchase of of share flexibility flow than our capacity generation consistent more capital During degree combination and strong accelerated $XX deployment. balance provides sheet also financial quarter, we buybacks. with a activity The and high the for our cash of

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

Jeffrey Lorenger

quarters long-term growth Products. results record first Thanks, in X expanding XX%, Residential Marshall. to Furnishings delivering year. growth of year-to-date the of in and and full Workplace earnings We strong We driving we for through XXXX, anticipate remain margins revenue EPS the drove committed Building

positioned year, this for are we success. continued Beyond

them in elevated market-leading and 'XX want our Residential Workplace Building and delivering and broad ability dedication free all supported by have earnings continued for in market HNI each coverage sheet to their 'XX, continued and balance drive Products, diverse quarter we summary, of I results. and and congratulate excellent thank product flow. the strong another on cash in Furnishings member to visibility positions In

ago, we as I Marshall close today thank side-by-side of want the his now XX have last earnings many Board to Marshall's and for your to the Marshall worked through will he be for Before behalf XX team, and I questions, of CFO. HNI years. to joined years. entire call corporation take On HNI years the the contributions and Directors

we projects CFO, part be he no intelligence. are focused will HNI, in working our Marshall assisting be with will on longer be part-time of role to continue and a happy he'll artificial While strategic

today, is the operational with us and last has be who led the leadership years, V.P. for part financial, of Building for our X Berger, CFO and business V.P. serving Products roles. taking on years over organization XX as been call will the various year-end. Residential in at

again, Marshall. to retirement. role We luck and have are a fortunate in transition. step you semi Good to the into V.P. Thank expect seamless ready

We will to now open questions. your call the

Operator

question Garner [Operator of from Instructions] line Your comes first the Reuben with Benchmark.

Reuben Garner

you. Marshall forward V.P. you. look working and I to Thank Congrats, with

we So on the reset know What the I of near-term destocking? And hitting there can we to rates chance? continued let's kind bit that into more seeing, elevated? Residential saw softness by that, see, new detail more it's of Any a further you -- any more just being there's with was seeing, year, you're over signals Products is more of you're guys side, then Building product. there a a But was now? slowdown kind last that heavily should R&R a it start. where last inventoried there? Is little year, you normalize. The not signs of construction go of exactly summer, it

Jeffrey Lorenger

Yes, this and Reuben, I a is piece. think --

really stove is X -- it's [ And X into ] pieces, of equal reduction our -- asking you're in and near-term remodel/retrofit which about a in falls weighted outlook, our it's of large of Our part really business, demand. it them business.

I'll color happening let V.P. on think some provide with stoves. what's I

Unknown Executive

purchase. of Reuben, provides we the this the think that obviously historically, or But then been predictable pretty obviously low outside the cycle business Sure. business with visibility. pandemic. extreme a I oil It's has itself. band like for short start Anything prices

the pretty how finished some the second stabilizing of in half, did we to as growth with through stabilize. quarter in this we And because year-over-year fourth actually up would firmed XXXX. expect strong taken show we So

we recall, we this favorably year. thought low. Backlog you prior that business in were of to was half inventory went As the was deteriorate across year and destocking the starting through, the that back come see And as would comps the happening pretty down.

we So unpack just normalizing slower we this it's It's the is little and certainly the as thought. election. bit a all business dependent happening. whether of upon with warm weather even And that's than the it, products economy,

thought. thought, we all little out than slower as So I would say of it's just playing kind we a

new slower in the shooting came It's about the we on construction growth. thought. stoves thinking also we for into this third ], seeing are side, X%. than not growing But at X% growth. plan, We just It [ came the just a some actually quarter

seeing as as continued that's changed. for to we some But the we this us has quarter, So fourth go haven't And encouraging, grow, that the we're there. are be that not to into actually pace just area probably now. we same an activity fundamentals right at see

for haven't point, that home there as why that improved ] forward. So are about we know is we we They [ would, -- that really the point there thought go they Jeff's reason to that to like believe we should although the optimism conditions. things where

Reuben Garner

we into until the the 'XX can would guidance the to you consumer see part And and at yet, building that lands expect but season kind this next persist the softness of that get of rates so would and -- builders not year where and might early spring time? you you're know I providing

Marshall Bridges

don't Yes, to don't we right -- going that's now. Reuben, the radically something I from are change conditions we see where

project here assessment. the in I given think upcoming think I weeks. we're all to that's anything bit pretty a XXXX, we're a the that in good uncertainty facing But premature

Jeffrey Lorenger

agree. I

Reuben Garner

me And near-term that items on changed that some those quarter? Does and Workplace the versus through -- lead quarter. side seen to forgive of growth orders dichotomy typically the trends walk X is the seem and this transactional for seeing, how the business order have X order but the you've then you're relate are something these fourth therefore, before? you're Okay. Just transactional me in The historically. kind maybe, anticipating questions, negative the

Jeffrey Lorenger

Yes, Reuben.

I start we get that's details, we've the growth I profit to before drive without And point. why support. good continue level those seeing -- line outlook fourth has quarter to a with really want think just But set, changed. we're -- for it's top basically, into -- to I

I 'XX, my remarks, lot prepared we've in we're of So numbers. I and think said and to really visibility a -- have 'XX those as shared we

sensitive on is They're about question, through Shifting the that you're -- there's commented just weighting. probably X to And your of historically, much remains dealers. XX% SMB short and be it national It's cycle. more changes but volatile. businesses transactional right. economy. sales, quarter. the We've flows still the historically been, our purchases, -- fourth it this suppliers in represents It's roughly wholesalers in can of X/X discretionary And it's This more And it has X to areas. equally remains of weighted them. business

that see growth a don't we as So driver.

is the We past, it seen in do We've anything the stabilize. think whether really it's economic it's will now that right piece indicative this it right stuff is short-cycle And of driven. else. But leading the now.

a going of that or or lead in enough It's the what's of it's economy that is cycle, wouldn't lagger. and believe, to happen, we really, situation. it a I reflective dynamics I leader temporary a more a kind think of say than more short-term there's it's election economic lag

weighting the we area the our comment solid see the of -- as outlook out. on And contract of orders continue in second push timing should continue third change the the other to I is is to in shipments growth, -- I business. And and indications

what we're confident. -- The our is currently increasingly dealers XX%. up funnel So than seeing sales XX% is more are

third quarter. ramp spaces orders and Lease market. combination as coming large of And accelerate the up in take off of kind to continue X% office order Our up The return churn improving. of North advantage economics KII most American to was are tenants continues efforts contracting trends nonviable lease to MSAs. the across the

'XX customer the requests. however, activity predominantly is to in due So landing

side, the on an increase positive is driving in longer backlog. timing So

us But with we year-over-year, of to couple about for giving what X% and better seen lengthening year. have visibility up quarters next now. is backlog this we've our talked -- So this a

plates office their they there support when to and complex real office So sorting on has process with that wrestling me more There figure ship candidly, They're let are dynamic the and this, more the order more we many drivers comments to still we and return provide to dynamic decision-makers historically return than are a productive factors there's multiple seeing most attempt floor to through estate in of color talk that out bit Customers decisions. And couple initiatives. dynamic. are to customers. a this as been.

And so to asking decision-making. customers data are facilitate for more

as this of depth us The budget lengthens given iterations is additional design and that process. points good way, challenges getting sales is time of And our more for product customers all So by furniture by going do thing the coverages. only is some on that's has breadth spec, value challenged drive price and engineering. Which, the inflation budgeting. the the

final the ship the to order is by caused they then -- on So issues. lengthening this disruptions chain there dynamic remember supply

they're install. finally extending when so between and order And ordering they order, earlier, time

all design And is results more to specs, kind sales extended So delay. this timing more finally, in then is cycles. iterations, this the -- election economy of adding adding

So that's on. really the we on of of what a give mean I going view wanted kind and behind to kind dynamics cycle. a you and minute take expanding what's what's of the

Operator

comes Greg question Burns the line next Sidoti. of with from The

Gregory Burns

the And to, Are consideration capital that With again? now generally, to levels, leverage Maybe the stock sheet, here maybe buying And think now leveraging back also. guess, how that? how maybe you about, just think back inorganically? your we it priorities? down about just about a you're allocation using you like seems can balance should acquisitions I pre-Kimball talk grow

Marshall Bridges

in some this remarks, our strong free mentioned we're year. prepared I generate cash to as flow Greg, going Yes,

be We $XXX $X.XX range the million expect share. somewhere above is free million for which $XXX a year, the to in cash to flow

net of excess So I strong just that's a that income. point level in out

we repurchase opportunities it, assess the And to of continue committed that, what share to is business, reinvesting and M&A then us. The on course. dividend to important in Now case-by-case remain basis. do a to after we with

We feel from ramping continuing There's We comfortable our have the that. not anticipate delever really share very up with a repurchases to do leverage been and have. to here. need we

Gregory Burns

revenue talked is maybe year-to-year maybe next that terms growth might Okay. the a highlighting basis And profit you visibility, profit in on ongoing initiatives. -- have or next Mexico Like, you know of contribute add you and year to there typically synergies. about could color could you year? any I Kimball your anything how

Marshall Bridges

productivity If history, of something benefit typically from we million to year-over-year $XX our generate you million look profit at like initiatives. $XX

means what got have Now I'm we're ramp off that because not sure on. lot Mexico Hickory up, the next finishing we going We've Greg, a for year, the consolidation.

to expand in of resources we and we as we're 'XX going year-over-year generate initiatives benefits. as So productivity would earlier, productivity I be think our to have Jeff margins in 'XX some the expect but mentioned able would those through executing that initiatives, regardless. to And X well

Gregory Burns

Okay. -- And of both maybe terms segments. in the

office segment, a those a some or improvement place? of volumes then And you goal on the you're have where in segment. the mind terms on where level for you And here. given year? in Products mind know I have a you out get think the you a margins with in maybe Building you similarly, you costs maybe little that Do target out help? operating then First, volume regardless have of taking Do in next shake bit goal can mind business of in where profit initiatives maybe

Jeffrey Lorenger

Greg, a question. good Well, it's

profit to continue, expand margins talked I drive you think just and going growth. about, we as are to

to term, continue we're to near the in So benefit. this see going

is in We have X now over when looking Furnishings X.X% our Workplace that last out operating at margin momentum. our quarters. I'll point

drive flow to with EPS going and you strong record that's next margin the then upcoming And going more in cash to year. that for year. combine free expansion years, this to add quarters it's So visibility

Marshall if think operational, continue Mexico target in $XX XXXX additional the of expansion million math, do, The Workplace an benefit approximately which would Furnishings. as $XX to to margin operating of million in fully when put do the I you facility will Furnishings drive referenced. of just ramp, we Workplace just the synergies near is XX% in or other That bps will our initiatives, margin without -- XXX

So XX%. be consolidated EBIT margin would over

be would expectation. our that So

Operator

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

Steven Ramsey

Workplace. time length the there. and about And all appreciate wanted I to the color think on lines

time state forward XXXX? get you there just any of Or As would near-term this expect is a and look you you this pause, recompress of think past is cogs business key line? the lasts through that that even kind

Jeffrey Lorenger

dynamic initial of good in lengthened I stay wave Steven. activity through, near to we may kind run the of then more remain think lengthened. a I see most And start people we pretty probably think of That's question, I cycle will kind mean, it right And will cycle it's next return. of But until term. this year, and this it's a think project in now.

activity cycle. to that then I business Now said, just tune bit houses. and demand little the long into funnel to out like your lengthened We with side this, having it and X homebuilding see that, length recently That's that will we add how build said go permits and a to the to see takes the months have should you in that months. to X from

the really in to business funnel will activity. to rhythm it's of the the pre-pandemic it So even a say. about it's and or near it returns whether of where the But I it it ago, years right term. tough immediately couple think was don't and watching getting predicting

Steven Ramsey

Okay.

if any one a and evolving you out of and thinking notable post there's office between alluded this non-office and see And how term? it Helpful. between divergence the year? demand in and hospitality. then this it Workplace, activity kind about But office maybe tandem Or there to is sentiment then And non-office to demand, in parse way demand another? thinking is about -- some with near Okay. moving you non-office of

Jeffrey Lorenger

Yes.

been verticals, office. comes mind, has comes there's a if I you Even some general say running of of health to state think been ahead some local to mind. education the care this I and back, year, little could think that look you

in the a I seeing metrics on probably positive horizon, think demand manner. more with we're that those the converge things could

think probably continues it, lead I but year. to up there. Health Steven, I'd think care going other to office Now verticals next to together, been verticals, the they'll be will But probably of don't having what strong. come these about think continues these said education it, will pretty some to some we way have probably but head I pretty frontrunners is catch think And as some there's office of into closer I strong. be that,

Steven Ramsey

then Okay. clearly, I me. XXXX, X early maybe outlook cash thinking this for But the for I'm on last talk know it's Helpful. And about too flow volumes matter and generation. to question. sales about

moves got You've operational to margins. raise the

and shifting impact With magnitude, of about year. the But generation for the capital plant the operations, in how cash order XXXX? do we CapEx trying working about -- maybe the just needs to next think of and think

Marshall Bridges

Yes. well point. normalized at Working this pretty capital is

capital, up you we in freed at working over sequentially, year, where to last we but pretty improved year. capital. $XX If Remember -- similar we're were look we million last working

anticipating not year-over-year kind course, on working we're the we'll capital any of fluctuation. seasonal So a usage basis. of have And

planned. little year, had we this what below bit we're running a CapEx

been cash million year of free to as expect of positive we includes expect that still million year $XXX of think to healthy up But we've million and bit kind talked out the free a deploy projects moves operational flow plenty we've and going about flow finish before. to next a way. $XXX level the a of about to on That in cash that cash to have we of this in year. we're would working go next to generate I that up $XX catch So CapEx.

Operator

Water Research. from the [ with ] next question Tower Brian of Gordon line The comes

Unknown Analyst

questions. want to up follow the just set I on last of

kind care? SMB, the Furnishings, the to hospitality, the of longer out and other about the we how business the term, categories, Looking the contract intermediate think the the government, breakdown towards between health Workplace the of the should

Jeffrey Lorenger

patterns Are demand you talking kind or... of

Unknown Analyst

percentage overall of of sort business. the Just

Marshall Bridges

a little versus We're KII SMB. in higher contract

look going So conditions. around move showing to all expecting mandates of a is that we're think order you we that kind trend strength. seeing We're seeing in to those the of rates return as cetera, lease near depending that I forward, reflects in is growth these lot business et contract upwards earlier. office on the term of the lot What seeing mentioned we're a pattern churn, and we're that that are

the got think going you've on. well still have We strength And we near in that. SMB, some think migration some feel from I I So positioned term population there.

there. to So the take advantage really well strength of positioned

shift Now in that mix we we've I between those But term, the to short little this a discussed. think premature call got a headwind businesses. transactional it's major

the we're well. think market and from as our own going initiatives benefit to I recovers as unique

Unknown Analyst

mean, more projects I maybe sense. coming any kind specifically between contract the Workplace within and makes home? about Furnishings, the for work people are were Okay. sort that you to definitely between greenfield or clients breakdown When you at getting from office that refurbishment business back looking of of to

Jeffrey Lorenger

I activity, pretty seeing think buckets. both we're in healthy activity

and up a You've churn who class we moving talked got that are But you've campuses got lot and of people people of about, the have lease of in building, that kind becomes a how and out. speak. that campus redo experimentation, building at set trial to in a are the campus and so seeing of or they We're a lot it they do of looking place greenfield. redo trial

both. it's think I So

and event. office in hybrid drives others into speak. because just to of the to office, always think to a the they're go more place, they are we've as so active make that I on dynamics, how return they environment trying event the then people lease the work furniture figure about to a productive out lease, have talked And that office whether something return to they in age

Unknown Analyst

very you today. Thank have much. all That's I Great.

Operator

like turn to Lorenger. go back Please the I there questions. At ahead. this over call would further are Mr. time, no to

Jeffrey Lorenger

Thank you.

Before long-time unexpectedly we in we end summer, this away call, August. passed analyst a lost the and Bugatch friend. Budd

was mentor supporter an those to be challenge. missed. enough severely us great Budd outstanding was lucky analyst, unafraid a to was he Budd decades, HNI of him. for joining of great many our For industry and general. a respect the but Have will He know you earned supportive, friend. today. also in And Thank and He day.

Operator

This call. conference concludes today's

You may now disconnect.

HNI (HNI) 29 Oct 242024 Q3 Earnings call transcript