HNI Corp (HNI) 2023 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the HNI Corporation First Quarter Fiscal 2023 Results Conference Call. (Operator Instructions)

早上好。我叫奧德拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 HNI Corporation 2023 財年第一季度業績電話會議。 （操作員說明）

Mr. McCall, you may begin your conference.

麥考爾先生，您可以開始會議了。

Good morning. My name is Matt McCall. I'm Vice President, Investor Relations and Corporate Development for HNI Corporation. Thank you for joining us to discuss our First Quarter Fiscal 2023 Results. With me today are Jeff Lorenger, Chairman, President and CEO; and Marshall Bridges, Senior Vice President and CFO. Copies of our financial news release and non-GAAP reconciliations are posted on our website.

早上好。我叫馬特·麥考爾。我是 HNI Corporation 的投資者關係和企業發展副總裁。感謝您加入我們討論 2023 財年第一季度業績。今天與我在一起的有董事長、總裁兼首席執行官傑夫·洛倫格 (Jeff Lorenger)；以及高級副總裁兼首席財務官馬歇爾·布里奇斯 (Marshall Bridges)。我們的財務新聞稿和非 GAAP 調節表的副本發佈在我們的網站上。

Statements made during this call that are not strictly historical facts are forward-looking statements, which are subject to known and unknown risks. Actual results could differ materially. The financial news release posted on our website includes additional factors that could affect actual results. The corporation assumes no obligation to update any forward-looking statements made during the call.

本次電話會議中做出的並非嚴格歷史事實的陳述屬於前瞻性陳述，可能會受到已知和未知風險的影響。實際結果可能存在重大差異。我們網站上發布的財務新聞稿包含可能影響實際結果的其他因素。該公司不承擔更新電話會議期間所做的任何前瞻性陳述的義務。

I'm now pleased to turn the call over to Jeff Lorenger. Jeff?

我現在很高興將電話轉給傑夫·洛倫格。傑夫？

Good morning, and thank you for joining us. Our first quarter results were better than expected, reflecting the momentum we have with our strategies, our market positions and our actions to streamline our businesses. On the call today, I will highlight 3 key topics. First, our profit improvement actions in Workplace Furnishings continued to deliver results. Second, recent Workplace Furnishings demand trends are encouraging. And third, our Residential Building Products segment is performing well despite a period of weaker demand.

早上好，感謝您加入我們。我們第一季度的業績好於預期，反映了我們的戰略、市場地位和精簡業務行動的勢頭。在今天的電話會議上，我將強調 3 個關鍵主題。首先，我們在工作場所家具領域的利潤改善行動繼續取得成果。其次，最近的工作場所家具需求趨勢令人鼓舞。第三，儘管需求疲軟，我們的住宅建築產品部門仍表現良好。

Following those highlights, I will provide a brief update on the Kimball International transaction. Marshall will then review our outlook. I will conclude with some general closing commentary before we open the call to your questions. Moving to the first topic. Our profit improvement actions in Workplace Furnishings are delivering results. The first quarter of 2023 marked the fourth consecutive quarter of year-over-year profit improvement in Workplace Furnishings.

在這些要點之後，我將提供金博爾國際交易的簡要更新。然後馬歇爾將回顧我們的前景。在我們開始回答你們的問題之前，我將做一些一般性的總結評論。轉到第一個主題。我們在工作場所家具領域的利潤改善行動正在取得成果。 2023 年第一季度是工作場所家具行業利潤連續第四個季度同比增長。

During the quarter, multiple drivers supported our profit improvement. Specifically, our annual net productivity savings returned following a year of elevated investment, benefits from streamlining efforts and cost actions implemented in 2022 continue to deliver, and price benefits exceeded cost inflation. As a result, our first quarter seasonal non-GAAP operating loss in Workplace Furnishings narrowed by more than 40% on a year-over-year basis, and segment gross margin expanded 190 basis points from the prior-year period. This was despite demand pressure associated with prior year backlog dynamics and weakening macroeconomic conditions.

本季度，多重驅動因素支持了我們的利潤改善。具體而言，經過一年的投資增加，我們的年度淨生產率節省得到回報，2022 年實施的精簡工作和成本行動所帶來的效益繼續顯現，而且價格效益超過了成本通脹。因此，我們第一季度工作場所家具的季節性非 GAAP 運營虧損同比縮小了 40% 以上，部門毛利率較上年同期擴大了 190 個基點。儘管需求壓力與上一年的積壓動態和宏觀經濟狀況疲軟有關，但還是出現了這種情況。

While macro conditions are still uncertain, we remain confident in our ability to drive Workplace Furnishings profit growth in 2023 and beyond. It is important to note that we are not dependent on volume growth and are driving 4 primary profit growth actions. First, we continue to simplify our business, focusing on our most attractive markets. The actions we took late last year to divest Lamex and rationalize our e-commerce offering are currently improving our profitability. Second, we have streamlined our cost structure. We continue to expect $25 million of our previously announced $30 million to $35 million cost savings initiative to impact Workplace Furnishings this year.

儘管宏觀環境仍存在不確定性，但我們對 2023 年及以後推動工作場所家具利潤增長的能力仍然充滿信心。值得注意的是，我們並不依賴銷量增長，而是推動 4 項主要利潤增長行動。首先，我們繼續簡化業務，專注於最具吸引力的市場。我們去年年底採取的剝離美時和合理化我們的電子商務產品的行動目前正在提高我們的盈利能力。其次，我們精簡了成本結構。我們仍然預計，之前宣布的 3000 萬至 3500 萬美元成本節約計劃中的 2500 萬美元將在今年對工作場所家具產生影響。

Third, our productivity efforts are driving profit growth and our future results will benefit ongoing operational investments. And fourth, price cost will continue to be a tailwind through the remainder of this year. Moving to my second topic, recent Workplace Furnishings demand trends are encouraging. On our last earnings call, we discussed our expectations for soft first quarter volume. We were projecting first quarter organic sales to decline at a high teens rate year-over-year, driven by the unwind of backlog in the prior year, macroeconomic conditions and inconsistent office reentry patterns.

第三，我們的生產力努力正在推動利潤增長，我們未來的業績將有利於持續的運營投資。第四，價格成本將在今年剩餘時間內繼續成為推動因素。轉到我的第二個主題，最近的工作場所家具需求趨勢令人鼓舞。在上次財報電話會議上，我們討論了對第一季度銷量疲軟的預期。我們預計，由於上一年積壓訂單的減少、宏觀經濟狀況以及辦公室重新進入模式不一致，第一季度有機銷售額將同比以高位雙位數下降。

Actual results were down only 11%. Shipments to small- and medium-sized businesses and the contract customers both exceeded our expectations. Order growth was also better than expected. Organic orders in the Workplace Furnishings segment grew 13% versus the same period a year ago, reflecting improving market demand trends, our unique market positions and the benefit of pull-forward activity driven by price increases implemented during the quarter.

實際結果僅下降了11%。對中小企業和合同客戶的出貨量均超出了我們的預期。訂單增長也好於預期。工作場所家具領域的有機訂單與去年同期相比增長了 13%，反映出市場需求趨勢的改善、我們獨特的市場地位以及本季度實施的價格上漲推動的拉動活動的好處。

We are encouraged by the order trends. However, we still believe we're in a period of slow improvement that is being dampened by macroeconomic uncertainty. We believe the improving order rates reflect intermediate and long-term trends related to employment growth with small to midsize offices, population shifts to secondary geographies, increased furniture events driven by the adoption of hybrid work models and more large corporate customers ramping up their return to office plans.

我們對訂單趨勢感到鼓舞。然而，我們仍然認為我們正處於一個緩慢改善的時期，並且受到宏觀經濟不確定性的抑制。我們認為，訂單率的提高反映了與中小型辦公室就業增長、人口向第二地理位置轉移、採用混合工作模式推動的家具活動增加以及更多大型企業客戶加速返回相關的中長期趨勢。辦公室計劃。

These trends all align with our strong market coverage and our product and price point breadth and depth, positions that will only be enhanced through our combination with Kimball International. And the third topic, our Residential Building Products segment is prepared for a period of weaker demand. Consistent with our previously discussed expectations, weakening macroeconomic conditions and softer housing-related demand negatively impacted Residential Building Products during the first quarter. However, productivity savings, cost reduction actions and continued price cost improvement offset nearly half of the volume-related pressure. As a result, segment operating margin remained in the mid-teens. This was the 11th straight quarter with an operating margin in excess of 15%. Not unexpectedly, segment orders softened in the quarter. As I previously mentioned, we are prepared for a slower near-term demand environment.

這些趨勢都與我們強大的市場覆蓋範圍以及我們的產品和價格點的廣度和深度相一致，只有通過我們與 Kimball International 的合併，這些地位才會得到增強。第三個主題是我們的住宅建築產品部門已為需求疲軟時期做好準備。與我們之前討論的預期一致，宏觀經濟狀況疲軟和住房相關需求疲軟對第一季度住宅建築產品產生了負面影響。然而，生產力節省、成本削減行動和持續的價格成本改善抵消了近一半與銷量相關的壓力。因此，該部門的營業利潤率保持在十幾歲左右。這是營業利潤率連續第 11 個季度超過 15%。不出所料，該季度的細分市場訂單有所疲軟。正如我之前提到的，我們已經為近期需求放緩的環境做好了準備。

We, however, remain bullish about our mid- to long-term growth given the housing market's strong fundamentals. Housing is undersupplied, demographic trends point to robust future construction growth and renovation activity will begin, will benefit from an aging housing stock. In addition to strong market fundamentals, we have unique growth opportunities.

然而，鑑於房地產市場強勁的基本面，我們仍然看好我們的中長期增長。住房供應不足，人口趨勢表明未來建築業將強勁增長，翻修活動將開始，並將受益於老化的住房存量。除了強大的市場基礎之外，我們還擁有獨特的增長機會。

We continue to invest in our initiatives aimed at expanding the market, including in the areas of category awareness, new product innovation, including the electric category; online capabilities, including tools that assist homebuyers in selecting the right fireplace for their home; and the expansion of our wholly-owned installing distributor footprint. The market's strong fundamentals are unique growth opportunities and our category-leading positions point to the return of strong growth beyond 2023.

我們繼續投資於旨在擴大市場的舉措，包括品類認知、新產品創新（包括電動品類）等領域；在線功能，包括幫助購房者為自己的家選擇合適壁爐的工具；以及擴大我們全資安裝分銷商的足跡。市場強勁的基本面帶來了獨特的增長機會，而我們的行業領先地位預示著 2023 年之後將恢復強勁增長。

Before I turn the call over to Marshall, I wanted to provide an update on our combination with Kimball International. On March 8, we announced an agreement to acquire Kimball International in a transaction currently valued at approximately $455 million. The transaction is cleared in a trust review, and the vote of Kimball International shareholders is scheduled for May 31. We expect the transaction to close in early June. The combination creates a market leader with pro forma revenue of approximately $3 billion and combined EBITDA of approximately $305 million when including $25 million of expected synergies. Together, we will be strongly positioned for post-pandemic trends with an expanded presence in secondary geographies and leading positions in ancillary products.

在將電話轉給馬歇爾之前，我想提供有關我們與金博爾國際公司合併的最新信息。 3 月 8 日，我們宣布達成協議，收購 Kimball International，目前交易價值約為 4.55 億美元。該交易已通過信託審查，金博爾國際股東投票定於 5 月 31 日進行。我們預計該交易將於 6 月初完成。此次合併創造了一個市場領導者，預計收入約為 30 億美元，合併 EBITDA 約為 3.05 億美元，其中包括 2500 萬美元的預期協同效應。我們將共同努力，擴大在二級市場的影響力，並在輔助產品領域佔據領先地位，從而為大流行後的趨勢做好準備。

With that, Marshall will now discuss our outlook for 2023. Marshall?

現在，Marshall 將討論我們對 2023 年的展望。Marshall？

Thanks, Jeff. Let's start with expected seasonality. As we discussed last quarter, we expect sales and earnings seasonality during 2023 to be more in line with pre-pandemic trends. As a result, our quarterly year-over-year comparisons of sales and profit will be distorted. Specifically, first half year-over-year comparisons will be more challenging due to backlog dynamics that positively impacted both segments in the first half of 2022; and our second half comps will be less challenging, particularly in Workplace Furnishings where demand slowed in the second half 2022.

謝謝，傑夫。讓我們從預期的季節性開始。正如我們上季度討論的那樣，我們預計 2023 年的銷售和盈利季節性將更符合大流行前的趨勢。因此，我們的季度銷售額和利潤同比比較將被扭曲。具體而言，由於積壓動態對 2022 年上半年這兩個細分市場產生了積極影響，上半年同比比較將更具挑戰性；我們下半年的競爭將減少，特別是在工作場所家具領域，2022 年下半年需求放緩。

We now expect approximately 80% of our annual non-GAAP earnings per share be generated in the second half of 2023. That compares to approximately 60% in the second half of 2022. Let's move on to our outlook for the second quarter. In Workplace Furnishings, we expect second quarter revenue to decline at a year-over-year rate in the mid-teens. I would like to point out that 2 unusual factors are contributing to that decline. First, we're comparing against a strong prior year result. In the second quarter of 2022, net sales in Workplace Furnishings grew 18% year-over-year. That growth rate was driven by strong activity with transactional customers and the final unwind of excess backlog built up during 2021. Neither of those benefits are expected to repeat in this year's second quarter.

我們現在預計約 80% 的年度非 GAAP 每股收益將在 2023 年下半年產生。相比之下，2022 年下半年約為 60%。讓我們繼續展望第二季度。在工作場所家具領域，我們預計第二季度收入同比下降幅度為百分之十左右。我想指出有兩個不尋常的因素導致了這種下降。首先，我們將與去年的強勁結果進行比較。 2022 年第二季度，工作場所家具的淨銷售額同比增長 18%。這一增長率是由交易客戶的強勁活動以及 2021 年積累的過剩積壓的最終解除推動的。預計這些好處都不會在今年第二季度重複。

Second, the sale of Lamex will lower growth in Workplace Furnishings by 6 percentage points or $27 million in the second quarter. Excluding that divestiture, organic revenue is expected to decline at a high single-digit rate. Moving to second quarter Residential Building Products revenue, we expect segment revenue to decline at a year-over-year rate in the high 20% to low 30% range. This decline reflects both a return to normal seasonality and weakening new construction and remodel/retrofit demand.

其次，出售美時將導致工作場所家具第二季度的增長下降 6 個百分點，即 2700 萬美元。不包括該剝離，有機收入預計將以高個位數的速度下降。談到第二季度住宅建築產品收入，我們預計該部門收入將同比下降 20% 至 30% 左右。這種下降反映了正常季節性的回歸以及新建和改建/改造需求的減弱。

The second quarter in Residential Building Products is typically our seasonally weakest quarter with revenue nearly 10% below first quarter levels. Last year, we did not see that dip as the second quarter benefited from excess backlog and strong incoming demand. Having that seasonal dip return is expected to drive approximately one-third of the second quarter revenue decline in Residential Building Products. Weaker market conditions are driving the other two-third of the decline. So in total, consolidated second quarter revenue for HNI overall is expected to decline at a rate in the high teens to low 20s. Excluding the sale of Lamex, organic revenue is expected to be down at a mid- to high teens rate in the second quarter. We expect consolidated non-GAAP operating income in the second quarter to exceed first quarter of 2023 levels.

住宅建築產品第二季度通常是我們季節性最弱的季度，收入比第一季度水平低近 10%。去年，我們沒有看到這種下降，因為第二季度受益於過多的積壓和強勁的需求。季節性下降的回報預計將導致住宅建築產品第二季度收入下降約三分之一。市場狀況疲軟是導致另外三分之二下降的原因。因此，總的來說，HNI 第二季度的綜合收入預計將以 10 多歲到 20 多歲的速度下降。不包括美時的銷售，預計第二季度的有機收入將以中雙位數下降。我們預計第二季度綜合非 GAAP 營業收入將超過 2023 年第一季度的水平。

I would also like to note that our second quarter outlook excludes any impact from our expected closing of the Kimball International transaction. Let's move on to our outlook for 2023 overall. First off, our main point is our outlook for the remainder of the year is essentially unchanged. We expect productivity benefits, reduce structural cost and improved price cost will create $85 million to $95 million of total benefit during 2023. This will drive profit growth in Workplace Furnishings despite top line pressures, and those drivers will offset much of the negative impact from lower volume in Residential Building Products that's being driven by the weakening housing market.

我還想指出的是，我們的第二季度展望排除了我們預計金博爾國際交易完成的任何影響。讓我們繼續展望 2023 年的總體前景。首先，我們的主要觀點是，我們對今年剩餘時間的展望基本沒有變化。我們預計，生產力提升、結構成本降低和價格成本改善將在 2023 年創造 8500 萬至 9500 萬美元的總效益。儘管面臨營收壓力，這仍將推動工作場所家具行業的利潤增長，而這些驅動因素將抵消較低成本帶來的大部分負面影響。住宅建築產品的銷量受到房地產市場疲軟的推動。

Shifting to the balance sheet, we now have our permanent financing in place for the Kimball International transaction. During the quarter, we replaced the initial bridge loan financing with a new term loan facility and an amendment to our revolver. Looking forward, we expect to maintain reasonable leverage levels. We have a history of generating strong free cash flow through a variety of economic conditions. The combination with Kimball International will further strengthen our cash flow, and we expect free cash flow in 2023 to benefit from a return to more normal working capital levels. Our reasonable leverage and cash generation provides flexibility for the dynamic environment and continued investments.

轉向資產負債表，我們現在已經為金博爾國際交易提供了永久融資。在本季度，我們用新的定期貸款融資和對我們的循環貸款的修訂取代了最初的過橋貸款融資。展望未來，我們預計將維持合理的槓桿水平。我們有著在各種經濟條件下產生強勁自由現金流的歷史。與 Kimball International 的合併將進一步加強我們的現金流，我們預計 2023 年的自由現金流將受益於恢復到更正常的營運資本水平。我們合理的槓桿和現金生成為動態環境和持續投資提供了靈活性。

I'll now turn the call back over to Jeff.

我現在將把電話轉回傑夫。

Thanks, Marshall. In closing, we are well positioned for both the current environment and the long term. In Workplace Furnishings, our profit improvement actions will continue to drive results. Our future profit growth is not dependent on volume. However, we expect demand to eventually benefit from employment shifts, population migration and the accelerated adoption of hybrid work models. These trends all align with our strong market positions. We are excited about our soon-to-be combination with Kimball International. The complementary nature of the business will create compelling value for all of our stakeholders.

謝謝，馬歇爾。最後，我們對於當前環境和長期而言都處於有利位置。在工作場所家具領域，我們的利潤改善行動將繼續推動業績。我們未來的利潤增長並不取決於銷量。然而，我們預計需求最終將受益於就業轉移、人口遷移和混合工作模式的加速採用。這些趨勢都與我們強大的市場地位相一致。我們對即將與 Kimball International 合併感到非常興奮。業務的互補性將為我們所有利益相關者創造引人注目的價值。

In Residential Building Products, while we are prepared for weak near-term demand, we remain focused on driving long-term growth. High-margin, high-return businesses possess market-leading brands, unmatched product depth and price point breadth and unequal distribution capabilities, and its vertically integrated model and regional distribution infrastructure will continue to provide superior customer service and support for our market leadership positions.

在住宅建築產品方面，雖然我們為近期需求疲軟做好了準備，但我們仍然專注於推動長期增長。高利潤、高回報的企業擁有市場領先的品牌、無與倫比的產品深度和價位廣度以及不平等的分銷能力，其垂直整合模式和區域分銷基礎設施將繼續為我們的市場領導地位提供卓越的客戶服務和支持。

We will now open the call to your questions.

我們現在將開始電話詢問您的問題。

(Operator Instructions) We'll take our first question from Budd Bugatch at Water Tower Research.

（操作員說明）我們將回答 Water Tower Research 的 Budd Bugatch 提出的第一個問題。

Congratulations on good performance for the first quarter. I think I was most -- or one of the things that really raised my eyebrows was the 13% order growth in Workplace Furnishings, which -- when you compare that to the reports -- results reported by BIFMA, at least so far to date in '23, was much higher than what the industry looks like. Is there some explanation for that? Can you provide color? Was it because of March because BIFMA hasn't yet like -- post March or -- can you give us any thoughts on that?

祝賀第一季度取得良好業績。我認為最令我驚訝的事情之一是工作場所家具的訂單增長了 13%，當您將其與 BIFMA 報告的結果進行比較時，至少到目前為止是這樣23 年，這一數字遠高於行業的預期。對此有什麼解釋嗎？可以提供顏色嗎？是因為 3 月份的原因嗎，因為 BIFMA 在 3 月份之後還沒有喜歡，或者您能給我們對此有何想法嗎？

Yes, Budd, this is Jeff. First, I would say what it pertains to BIFMA, I think what we've kind of witnessed over our years is it will bounce around a bit quarter-to-quarter. Everyone does price increases at a different time, and there's a lag there. So I can't -- I don't get too caught up on the BIFMA numbers on a point in time, but maybe over a longer time period, it's a little more accurate to compare. I would say for us, we continue to see strength in the mid-market in the SMB portion of the mid-market and that, that surprised us a bit. And in the contract side, I think what you saw, both of those segments benefited from some price increase pull ahead, but we also were encouraged because we see customers were close to pulling the trigger. And recall, a lot of customers have been sitting on the sidelines in planning mode, and I think it forced them to make decisions and move. And so from an overall industry standpoint, I think that was a really good sign for us anyway to see that customers were close enough, and we're willing to make the investments.

是的，巴德，這是傑夫。首先，我要說一下它與 BIFMA 的關係，我認為我們多年來所目睹的是它會按季度略有反彈。每個人在不同的時間進行價格上漲，並且存在滯後。所以我不能——我不會太關注某個時間點的 BIFMA 數據，但也許在更長的時間段內，比較起來會更準確一些。我想說的是，對我們來說，我們繼續看到中端市場的中小型企業部分的實力，這讓我們有點驚訝。在合同方面，我認為您所看到的，這兩個細分市場都受益於價格上漲的拉動，但我們也受到鼓舞，因為我們看到客戶即將扣動扳機。回想一下，很多客戶一直在計劃模式中袖手旁觀，我認為這迫使他們做出決定並採取行動。因此，從整個行業的角度來看，我認為這對我們來說是一個非常好的跡象，因為我們看到客戶足夠接近，並且我們願意進行投資。

But a little bit -- maybe a little further into that. We've heard from others that there's a lot of activity, but it's taking longer to bring that to fruition. You also made a comment that you had pricing pull forward and that would imply that there were price increases that were actually happening during 1Q. Otherwise, the pull forward would have been ahead of that. I have that right? And you said SMID and contract were about the similar rates. And I just want to make sure I understand why you think that might be that way.

但有一點——也許更深入一點。我們從其他人那裡聽說有很多活動，但需要更長的時間才能實現。您還評論說，您將定價提前，這意味著第一季度實際上發生了價格上漲。否則的話，拉動就會提前。我有這個權利嗎？你說 SMID 和合同的費率差不多。我只是想確保我理解為什麼你會這麼認為。

Price -- but I think our price increase went into effect March 1, but I think it wasn't -- it did occur in the quarter. So I think we did see an impact from the price increase.

價格——但我認為我們的漲價是在 3 月 1 日生效的，但我認為沒有——它確實發生在本季度。所以我認為我們確實看到了價格上漲的影響。

And how much was that, Jeff? Or what does it look like...

那多少錢，傑夫？或者說它看起來像什麼...

I'd say overall, when you kind of net it all up, about 50%, we probably attribute to pull forward ahead of price increase. And that -- we got historical benchmarks we look at, and we're obviously in a bit of a unique position, but that's our best guess, 50%.

我想說的是，總體而言，當你將其全部加起來時，大約 50%，我們可能會將其歸因於價格上漲之前的提前。我們查看了歷史基準，我們顯然處於一個獨特的位置，但這是我們最好的猜測，50%。

Do you think 6.5% of the delta thereabouts was due to the price increase?

您認為 6.5% 的增量是由於價格上漲嗎？

Yes. That's a fair way to say it.

是的。這是一個公平的說法。

Okay. My second question, again, the performance in RBP, certainly, the profit performance is certainly notable, and there's demand issues in the quarter. A couple of things surprised me on that, that one that -- that it looks like remodel/retrofit was impacted more than new housing construction because I thought that would and what we've seen with interest rates and mortgage rates, I would have thought new housing would have been more impacted. And secondly, usually at a time like this when others are bruised or when you're bruised, others are pretty much hemorrhaging. So there might be more opportunities to acquire in that. Do you see that -- and if there are, does the Kimball acquisition say, my appetite may not be so good at this point in time.

好的。我的第二個問題，RBP 的表現當然，利潤表現肯定是引人注目的，並且本季度存在需求問題。有幾件事讓我感到驚訝，那一件事——看起來改造/改造比新住房建設受到的影響更大，因為我認為這會發生，而且我們在利率和抵押貸款利率方面看到的情況，我也認為新住房受到的影響會更大。其次，通常在這樣的時候，當別人受傷或你受傷時，其他人也幾乎在流血。因此，這方面可能會有更多的機會。你看到了嗎——如果有的話，金博爾收購是否表明，我現在的胃口可能不太好。

Yes. Budd, let me parse that. There's a lot there. I would say, first of all, I'd start with and I always start with, we continue to invest through this in RBP. And we tend to find with our leading categories and leading positions, investments to grow the category, work out well for us, and we pick up a disproportionate share on any expansion from our position. So that's a good thing. On your question around R&R, I think for the year, I would say we still anticipate that new construction will be worse than R&R for the year. In the quarter, I think we saw -- we have an early buy program that impacts R&R, and the assumption we made, it wasn't basically -- the trade didn't take advantage of it as much as they have in the past. Particularly, I think it's a phenomenon around lead times and are getting back to normal and not hoarding products, like they were kind of gotten to a mental state of doing that for the last couple of years. And so that impacted the quarter in R&R, I think, and that's a little bit distorted. But overall, we believe new construction for the year will still be now more than R&R.

是的。巴德，讓我解析一下。那裡有很多東西。我想說，首先，我會從而且總是從我們開始，我們繼續通過這一點對 RBP 進行投資。我們往往會發現，憑藉我們的領先類別和領先地位，投資來發展該類別對我們來說效果很好，而且我們在任何擴張中都會獲得不成比例的份額。所以這是一件好事。關於你關於 R&R 的問題，我認為今年，我們仍然預計今年的新建築將比 R&R 更糟糕。在本季度，我認為我們看到 - 我們有一個影響 R＆R 的早期購買計劃，而我們所做的假設，它基本上不是 - 交易並沒有像過去那樣充分利用它。特別是，我認為這是一種圍繞交貨時間的現象，並且正在恢復正常，而不是囤積產品，就像他們在過去幾年中已經進入了這樣做的精神狀態一樣。我認為這影響了本季度的休息與休息，這有點扭曲。但總體而言，我們認為今年的新建工程仍將超過 R&R。

Got you. Okay. And...

明白你了。好的。和...

And I think you had another question in there that -- what was it that you...

我認為你還有另一個問題——你...

Yes. Well, do you -- with the idea of others being hurt, how is your -- what's your view of pipeline of transactions and maybe potential acquisitions on that. You've been mostly acquiring at least in the last couple of years, distribution. Is that something that you see continuing? And are there opportunities in that side?

是的。好吧，你認為其他人會受到傷害，你對交易渠道以及潛在的收購有何看法？至少在過去幾年裡，你主要是在獲取分銷。您認為這種情況會持續下去嗎？那方面有機會嗎？

Yes, good question. I think we continue and we'll always be on the lookout in that space, and I don't think our posture will change post acquisition versus what it was preacquisition.

是的，好問題。我認為我們會繼續，並將永遠在這個領域保持警惕，而且我認為我們的態度在收購後與收購前相比不會發生變化。

Okay. Just -- I'll take 2 more and then defer. Just -- if we can get walk-throughs of maybe the year-over-year changes in gross profit and some -- and for SG&A, if Marshall can give us maybe some quantification of what made the major components of change in gross margin and SG&A margin?

好的。只是 - 我會再拿 2 個，然後推遲。只是——如果我們能夠了解毛利潤的同比變化以及一些——對於SG&A，如果馬歇爾能給我們一些關於毛利率變化的主要組成部分的量化， SG&A 利潤率？

Yes, happy to do that, Budd. As it relates to gross profit margin, we saw about 160 basis points of headwind from volume -- lower volume with a negative impact. And we were able to more than offset that with favorable price cost, which added about 130 basis points; and the impact of our costings program, which added about 100 basis points, so I think of that as productivity. And then we had maybe 3 other categories, which added about 140 basis points collectively. They included the divestiture of Lamex, some product mix and some program changes. So all in, we saw 210 points of gross profit margin expansion on a non-GAAP basis. As it relates to SG&A -- go ahead, sorry.

是的，很高興這樣做，巴德。由於與毛利率相關，我們看到成交量出現約 160 個基點的逆風——成交量下降帶來負面影響。我們能夠通過有利的價格成本來抵消這一影響，這增加了約 130 個基點；以及我們的成本計算計劃的影響，該計劃增加了約 100 個基點，所以我認為這就是生產力。然後我們可能還有其他 3 個類別，總共增加了約 140 個基點。其中包括美時的剝離、一些產品組合和一些計劃變更。總而言之，我們看到非 GAAP 基礎上的毛利率增長了 210 個百分點。因為它與 SG&A 相關——請繼續，抱歉。

Got it. Okay. Yes, SG&A, the same way. I'm sorry, apologize.

知道了。好的。是的，SG&A，同樣的方式。對不起，抱歉。

Yes. This was a little bit of a simpler story. We did see SG&A as a percent of sales increase, and it really is driven by the volume decline, partially offset by our cost reduction program, which reduced SG&A dollars by about $5 million in the quarter.

是的。這是一個稍微簡單一點的故事。我們確實看到 SG&A 佔銷售額增長的百分比，這實際上是由銷量下降推動的，部分被我們的成本削減計劃所抵消，該計劃在本季度減少了約 500 萬美元的 SG&A 美元。

We'll move to our next question from Reuben Garner at Benchmark Company.

我們將轉向 Benchmark Company 的 Reuben Garner 提出的下一個問題。

So the price increase in Workplace Furnishings that went into effect March 1. I guess, one, is that something that you're seeing across the industry? Was that specific to 1 side of your workplace business, meaning the small business channel or was that both in contract and small business? And then the second part of the question is what have kind of order trends look like since that increase went into place in March and April, if you could help with more recent trends.

因此，工作場所家具的價格上漲於 3 月 1 日生效。我想，第一，這是您在整個行業中看到的情況嗎？這是特定於您的工作場所業務的一方面，即小型企業渠道，還是合同和小型企業都如此？問題的第二部分是，自 3 月和 4 月訂單增長以來，訂單趨勢是什麼樣的，如果您能幫助了解最近的趨勢。

Yes, Reuben, I think the price increases kind of are generic across the board. It wasn't -- we look at it year-over-year, look at cost inputs and make the best determination. But it was not specific to 1 category of the business or 1 segment of the business. And since the price increase, I mean, what we've seen is still -- first of all, orders throughout the quarter sequentially got better. Second of all, the mid-market, we still see our 5-week most recent is still up low single digits. The transactional piece of the SMB, which is a smaller piece of our businesses continues to be weak. And the contract is flattish to prior year right now on the recent 5-week average.

是的，魯本，我認為價格上漲是普遍的。事實並非如此——我們逐年審視它，審視成本投入並做出最佳決定。但它並不特定於某一業務類別或某一業務部門。我的意思是，自從價格上漲以來，我們所看到的仍然是——首先，整個季度的訂單連續好轉。其次，在中期市場上，我們仍然看到最近 5 週的漲幅仍然較低。中小企業的交易部分是我們業務中較小的一部分，但仍然疲軟。從最近 5 週的平均水平來看，該合約目前與去年持平。

Reuben, maybe just to add to that, this is your typical normalization pattern you see post price increase. And we're also up against -- we're starting to get up against last year's price increase. There's a lot of noise in the system right now. But generally speaking, things that behave like you would think they would after a price increase.

魯本，也許只是補充一下，這是價格上漲後看到的典型標準化模式。我們還面臨著——我們正開始應對去年的價格上漲。現在系統中有很多噪音。但一般來說，價格上漲後表現與您想像的一樣的東西。

Okay. Flattish year-over-year is pretty encouraging, I think, in this environment. I guess, that speaks to where you guys are in the market. Maybe on the hearth product side, can you talk to me about how we should think about margins as they progress through the year. Are the productivity savings, are they kind of tilted more towards one of your businesses than the other? I'm just asking if your workplace business is running flat year-over-year and there's a little bit more pressure in hearth, does that allow you to get more done from a productivity standpoint in the hearth segment?

好的。我認為，在這種環境下，同比持平是相當令人鼓舞的。我想，這說明了你們在市場上的位置。也許在壁爐產品方面，你能和我談談我們應該如何考慮今年的利潤率進展嗎？生產力節省是否更傾向於您的一項業務而不是另一項業務？我只是想問一下，如果您的工作場所業務同比增長平穩，並且爐灶方面的壓力稍大一些，那麼從生產力的角度來看，這是否能讓您在爐灶領域完成更多工作？

Look, Reuben, if you look at our cost savings program, we're expecting to be about $35 million of benefit on the year. That is going to impact both segments. And it's really split about 6% workplace and 40% Residential Building Products, and that also includes the benefit of price cost. So the net result of that is we're going to see workplace grow profit and margin this year, and we're going to see some compression in Residential Building Products, just maybe not as much as you might expect. I'm not sure if that answers your question.

魯本，如果你看看我們的成本節約計劃，我們預計今年將帶來約 3500 萬美元的收益。這將影響這兩個領域。它實際上分為約 6% 的工作場所和 40% 的住宅建築產品，這還包括價格成本的好處。因此，最終的結果是，我們今年將看到工作場所的利潤和利潤率增長，並且我們將看到住宅建築產品的一些壓縮，只是可能沒有您預期的那麼多。我不確定這是否能回答你的問題。

That's helpful. I guess, I was wondering about the progression for margins. I mean, the comps are choppy on the top line as we go through the year. Do you expect the kind of margins that we saw in the first quarter to be the right way of looking at the business as the year progresses.

這很有幫助。我想，我想知道利潤率的進展。我的意思是，在我們度過這一年的過程中，營收情況不穩定。您是否認為我們在第一季度看到的利潤率是隨著時間的推移看待業務的正確方式？

In Residential Building Products, we'll see margin changes more to the seasonal volumes. So no, first quarter is a decent quarter, right? Remember second quarter is the seasonal trough, and we build our way back up. So you're going to see different margins by quarter. No, I don't think the first quarter is a great read on the rest of the year, and it never is.

在住宅建築產品中，我們將看到季節性銷量的利潤率變化更大。所以不，第一季度是一個不錯的季度，對吧？請記住，第二季度是季節性低谷，我們會努力恢復。所以你會看到每個季度都有不同的利潤率。不，我不認為第一季度是今年剩餘時間的好讀物，而且從來都不是。

Okay. And I'm going to sneak 1 more in. Sorry to bounce around, but I'm going to go back to workplace for a second. So I think I either heard or read the trends in SMB continue to be better than contract. Is that right? And thank you for the detail on the most recent 5 weeks by segment. Did they kind of -- did they look similar in the first quarter relative to each other transactional, SMB and contract?

好的。我還要再偷偷溜進去一次。很抱歉來來回回，但我要回到工作場所一會兒。所以我想我要么聽到要么讀到中小企業的趨勢繼續優於合同。是對的嗎？感謝您提供最近 5 週（按細分）的詳細信息。相對於交易、中小企業和合同，它們在第一季度看起來是否相似？

Yes. So in the first quarter, SMB was up in the high teens, and contract was up in the mid-teens. So they are pretty similar, but the SMB was a bit stronger. When you look into SMB, we saw the same pattern we've been seeing for 6, 9 months, where the mid-market is strong and the transactional business was weak and they averaged out to be up in the high teens.

是的。因此，在第一季度，SMB 的漲幅達到了十幾歲，而合同的漲幅達到了十幾歲。所以它們非常相似，但 SMB 更強一些。當你研究中小型企業時，我們看到了六、九個月以來的相同模式，其中中端市場強勁，而交易業務疲軟，平均增長率在十幾歲左右。

And is the transactional piece weak, is that just tied to the macro uncertainty? Is that something bigger than that? Has that business historically been a leading indicator for what you can expect in the other, more of the project base on a go-forward basis?

交易部分是否疲軟，是否僅與宏觀不確定性有關？還有比這更大的事情嗎？該業務歷來是否是您對其他更多項目未來預期的領先指標？

I'm not sure it's a great read in given that we've had such a unique situation from the pandemic. But yes, we do believe the transactional business is being impacted by the macroeconomic conditions. It's -- these are like small purchases that are easy to defer when you're worried about cost. But I'm not sure it necessarily is indicative of a future problem in the other segments, right? We've got a lot of pent-up demand out there from several years of employment growth growing faster than industry shipments, which seems like at some point needs to catch up.

鑑於我們在大流行中遇到瞭如此獨特的情況，我不確定這是否值得一讀。但是，我們確實相信交易業務正在受到宏觀經濟狀況的影響。這些就像小額採購，當您擔心成本時很容易推遲。但我不確定這是否一定預示著其他領域未來會出現問題，對吧？由於幾年來就業增長速度快於行業出貨量，我們有大量被壓抑的需求，這似乎在某個時候需要迎頭趕上。

We'll go next to Greg Burns at Sidoti & Company.

我們將前往西多蒂公司 (Sidoti & Company) 的格雷格·伯恩斯 (Greg Burns)。

I just wanted to, I guess, touch on the, I guess, positive trends you're seeing in the Workplace Furnishings segment. When you look at what's been going on more recently with decisions being delayed and maybe spending being halted maybe for macro or for other reasons. The inflection of the change you saw this quarter, what gives you confidence that, that might be more of a change or a change in trend versus maybe a one-off thing? Are you seeing like your funnel fill, your pipeline of business increasing? Is there any kind of forward-looking indicators that might give us confidence that this is maybe the beginning of an inflection in the industry?

我想，我只是想談談您在工作場所家具領域看到的積極趨勢。當你看看最近發生的事情時，決策被推遲，支出可能因宏觀或其他原因而停止。您本季度看到的變化的拐點是什麼讓您有信心，這可能更多地是一種變化或趨勢的變化，而不是一次性的事情？您是否看到您的漏斗被填滿，您的業務渠道在增加？是否有任何前瞻性指標可以讓我們相信這可能是行業拐點的開始？

Yes. That's a good question, Greg. I think -- look, I mean, it's encouraging. Our activity levels are high. It's encouraging that people got off the sidelines. What I would say -- so long-term trends, I think we're seeing some signs of positivity there. Inflection point may be a little muted though, I would say, just given the economic cycle we're in. I think it's encouraging that even though some of the headline news is pretty gloom and doom, we saw some pretty nice activity and our customers are pretty active. And I think that's indicative of just, we've been in this holding pattern for quite some time and people -- although we may see some short-term economic pod, people are realizing that they want to move forward and they can't stay in a holding pattern forever. So I think that piece of this is a positive and I think bodes well for the future.

是的。這是個好問題，格雷格。我認為——看，我的意思是，這令人鼓舞。我們的活動水平很高。人們不再袖手旁觀，這令人鼓舞。我想說的是，從長期趨勢來看，我認為我們看到了一些積極的跡象。不過，我想說，考慮到我們所處的經濟周期，拐點可能有點溫和。我認為令人鼓舞的是，儘管一些頭條新聞相當悲觀和厄運，但我們看到了一些相當不錯的活動和我們的客戶非常活躍。我認為這表明，我們已經處於這種持有模式相當長一段時間了，儘管我們可能會看到一些短期經濟增長，但人們意識到他們想要前進，而不能停留永遠處於停滯狀態。所以我認為這是積極的，我認為這對未來來說是個好兆頭。

Okay. And then in terms of the price increase, it seems like inflation is kind of cooling down a little bit and you've caught up in terms of like price cost. So is that just your natural every year price increase that you put in? Like, what's the rationale behind raising price again here at this point? And is there any risk that the market won't accept pricing going higher from here?

好的。然後就價格上漲而言，通貨膨脹似乎有所降溫，並且您已經趕上了價格成本。那麼，這只是您每年自然增加的價格上漲嗎？那麼，此時再次提價的理由是什麼？是否存在市場不接受價格上漲的風險？

Greg, I think the thing to recognize is that inflation hasn't gone away. It's just become reduced. So we're still seeing inflation. We're expecting inflation in the neighborhood of $10 million to $20 million this year. And we're going to offset that with pricing, some of which was carryover from last year and some of which is from the new price increases. As far as their acceptance so far, we're seeing pretty reasonable acceptance across the board, as you might expect, given the industry conditions.

格雷格，我認為需要認識到的是，通貨膨脹並沒有消失。只是變少了而已。所以我們仍然看到通貨膨脹。我們預計今年的通貨膨脹率將在 1000 萬至 2000 萬美元左右。我們將通過定價來抵消這一影響，其中一些是去年的結轉，其中一些來自新的價格上漲。就目前為止他們的接受度而言，考慮到行業狀況，正如您所料，我們看到了相當合理的全面接受度。

Yes. And I would say, Greg, to your first part of the question, it was more -- we're back in line to a more normal cycle price increase. I mean, just -- we got -- we do have, as Marshall said, there's still -- it surprised -- it's not headline news as much as it was, but we can tell you it's still out there. But with this, I would say -- I would call this more of a typical price increase, not something that was meant to catch up or plug holes.

是的。我想說，格雷格，對於你問題的第一部分，更多的是——我們回到了更正常的周期價格上漲。我的意思是，只是——我們得到了——我們確實得到了，正如馬歇爾所說，仍然有——令人驚訝的是——它不像以前那樣成為頭條新聞，但我們可以告訴你它仍然存在。但我想說的是，我更願意稱之為典型的價格上漲，而不是為了趕上或填補漏洞。

We'll take our next question from Steven Ramsey at Thompson Research Group.

我們將回答湯普森研究小組的史蒂文拉姆齊提出的下一個問題。

I wanted to ask a question, workplace orders being strong ahead of the pricing. Was it enough pull ahead to limit the margin outlook for the rest of the year in a meaningful way given you may not get a full of a benefit of the pricing in the next few months.

我想問一個問題，工作場所訂單在定價之前就很強勁。鑑於您在未來幾個月內可能無法充分享受定價帶來的好處，是否足以以有意義的方式提前限制今年剩餘時間的利潤前景。

No, Steven, we don't see any material impact from that. I do understand your point, but it wasn't enough to make a big difference on the year, and we feel confident in our profit improvement actions is going to deliver profit growth in workplace for the year.

不，史蒂文，我們沒有看到任何實質性影響。我確實理解您的觀點，但這還不足以對今年產生重大影響，我們對我們的利潤改善行動將帶來今年工作場所利潤增長充滿信心。

Okay. Helpful. And then thinking in workplace on your advantages and long-term strength in the SMB vertical, are you seeing an increase of competition in that vertical from other players?

好的。有幫助。然後在工作場所思考您在中小型企業垂直領域的優勢和長期實力，您是否看到該垂直領域來自其他參與者的競爭加劇？

That's a good question, Steven. What I would say about that is, look, that space is always competitive. It's been competitive and it will remain competitive. We've spent years tuning our model for that space with our selling and fulfillment capabilities. And we've been competing there for decades against the wide array, big, large and medium competitors, product-specific competitors. So we -- I wouldn't say we've really seen anything other than business as usual and we're going to continue to invest in our model to maintain our leadership position.

這是個好問題，史蒂文。我想說的是，看，空間總是競爭激烈。它一直具有競爭力，並將繼續保持競爭力。我們花了數年時間利用我們的銷售和履行能力來調整我們的模型以適應該領域。幾十年來，我們一直在與各種各樣的大型、大型和中型競爭對手、特定產品的競爭對手競爭。因此，我不會說我們真的看到了一切如常的情況，我們將繼續投資我們的模式以保持我們的領導地位。

Okay. Helpful. Another one on workplace. Recent results at Kimball. Curious what your view of their results were? It seems like solid sales, but order rates even better broadly. Just curious if you have a view on their results and maybe how they read into the marketplace that you're looking at.

好的。有幫助。另一篇關於職場。金博爾的最新結果。好奇您對他們的結果有何看法？銷售看起來很穩定，但訂單率總體上更好。只是好奇您是否對他們的結果有何看法，以及他們如何解讀您正在關注的市場。

I think the story is fairly similar to what we're saying, Steven. We're both making good progress on the cost and margin side, but we're not really in a position to provide additional detail on their results right now.

我認為這個故事與我們所說的非常相似，史蒂文。我們在成本和利潤方面都取得了良好的進展，但我們現在無法提供有關其結果的更多詳細信息。

Okay. Helpful. And then last one for me, thinking long term on the RBP segment, margins were in the 18% to 19% range in 2018 through 2022, softer patch maybe this year. But thinking about the actions you're taking and the new products displayed at (inaudible) a few months ago, do you think 18% to 19% is the low area or even better when you get to the other side of 2023.

好的。有幫助。最後一個對我來說，從長遠來看 RBP 領域，2018 年至 2022 年的利潤率在 18% 至 19% 範圍內，今年可能會更加疲軟。但想想幾個月前您正在採取的行動以及在（聽不清）上展示的新產品，您是否認為 18% 到 19% 是較低區域，或者當您到達 2023 年的另一邊時甚至更好。

Yes, Steven, if you remember, our main strategy kind of battle cry in that segment is to maintain our strong margins. I'm referring to the margins we had before this year and really drive top line growth. And so yes, I mean, I think we can absolutely get back to where we were and more importantly, drive the top line beyond where we were over the intermediate to long term.

是的，史蒂文，如果你還記得的話，我們在該領域的主要戰略口號是保持強勁的利潤率。我指的是我們今年之前的利潤率，確實推動了營收增長。所以，是的，我的意思是，我認為我們絕對可以回到原來的水平，更重要的是，在中長期內推動營收超越我們的水平。

We'll take a follow-up from Budd Bugatch at Water Tower Research.

我們將接受 Water Tower Research 的 Budd Bugatch 的跟進。

Yes. Thank you for that. Just to clarify what you were talking about with Steven a moment ago. I think if I understood Jeff right, about half of the delta between -- for RBP's profit performance in the first quarter was due to the profit improvement actions, and that would imply -- I think it was a 270 basis point differential between this year and last year in the operating margin for that. So is that the right way to understand that?

是的。謝謝你。只是為了澄清你剛才和史蒂文談論的內容。我想，如果我對 Jeff 的理解正確的話，RBP 第一季度利潤表現的大約一半增量是由於利潤改善行動造成的，這意味著——我認為今年與 RBP 之間存在 270 個基點的差異和去年的營業利潤率一樣。那麼這是理解這一點的正確方法嗎？

Yes. But for the year, we expect some pretty severe pressure on the top line and we expect to offset about half or maybe a little more than half of that pressure with our profit improvement actions. Basically, Residential Building Products share of that $85 million to $95 million of profit report that we mentioned earlier.

是的。但今年，我們預計營收將面臨相當嚴峻的壓力，我們預計將通過利潤改善行動抵消大約一半或略多一點的壓力。基本上，住宅建築產品佔據了我們之前提到的 8500 萬至 9500 萬美元的利潤報告。

Okay. And you did talk about 80% of the profitability of the company will be in the second half of the year. Is there any different -- major difference in the segment? Are they both in the same kind of relative positioning?

好的。您確實談到公司80%的盈利將在下半年實現。該細分市場有什麼不同的主要差異嗎？它們的相對定位是否相同？

No, that's an average, right? The 80% of non-GAAP EPS being due in the second half of the year is obviously accounts for both segments. We typically see more seasonality in workplace. Last year, 75% of workplace's non-GAAP operating income was in the second half, we'd expect it to be more in the 90% plus range this year. And Residential Building Products is a little less seasonal on a first half, second half basis. So they were 52% last year. We expect them to be more in the 60% range this year.

不，這是平均值，對嗎？今年下半年到期的非 GAAP 每股收益的 80% 顯然是由這兩個部分組成的。我們通常會在工作場所看到更多的季節性。去年，工作場所 75% 的非 GAAP 營業收入來自下半年，我們預計今年將在 90% 以上的範圍內。住宅建築產品上半年、下半年季節性稍弱。所以去年他們的比例是 52%。我們預計今年這一數字將更多地落在 60% 的範圍內。

Okay. That makes sense to me. And just talking about the Kimball acquisition to the extent you can, and if you can't, I understand that because it's still there. But are there any surprises so far in the due diligence? And what about the expectation for reporting structure? Any changes in the way you think you'll report segments?

好的。這對我來說很有意義。只是盡可能地談論 Kimball 收購，如果你不能，我理解這一點，因為它仍然存在。但到目前為止，盡職調查有什麼驚喜嗎？對報告結構的期望又如何？您認為報告細分的方式有什麼變化嗎？

Yes, Budd. I mean, no surprises, I would say, just in response to your question, we are receiving very positive commentary from the trade and dealers confirming kind of our thesis around the transaction. So that's, I think, been encouraging as well. On reporting, we're really not in a position other than to say what we've announced, which is the 3 primary commercial leaders within that business will report to me, and that's all we've said at this point.

是的，巴德。我的意思是，我想說，毫不奇怪，只是為了回答你的問題，我們收到了來自貿易和經銷商的非常積極的評論，證實了我們圍繞交易的論點。我認為這也是令人鼓舞的。在報告方面，我們除了說出我們已經宣布的內容外，實際上沒有其他立場，即該業務中的 3 位主要商業領導者將向我報告，這就是我們目前所說的全部內容。

I was actually thinking about the accounting structure and the accounting reporting. I'm sorry, I didn't mean to imply anything in the organizational -- people that -- we now have Workplace Furnishings and RBP, or is that -- is it all going to go into RBP or how do you look at that?

我實際上在考慮會計結構和會計報告。抱歉，我並不是想暗示組織中的任何人 - 我們現在有工作場所家具和 RBP，或者是 - 這一切都會進入 RBP 或者你如何看待這一點？

Yes, we'll still have 2 segments, Budd. That's our expectation. The Kimball International business is very, very similar to our Workplace Furnishings business. So that would be accounted for under 1 segment. .

是的，我們仍然有 2 個部分，巴德。這是我們的期望。金博爾國際業務與我們的工作場所家具業務非常相似。因此，這將計入 1 個細分市場。 。

Okay. And finally for me, you did file a new 425 this morning, and I realized that the SEC has got specific, but it look -- if I read it right, it's simply the same as the 8-K. Was there anything different in the 425 filed this morning and just a requirement that -- does the communication be having that label?

好的。最後對我來說，你今天早上確實提交了一份新的 425，我意識到 SEC 已經明確了，但它看起來 - 如果我沒看錯的話，它與 8-K 完全一樣。今天早上提交的 425 中是否有任何不同之處，只是要求 - 通信內容是否帶有該標籤？

Correct. Any time you mention or refer to the Kimball International transaction, we have to include it in the 425 filing. So even if it has a separate 8-K or other document, it has to go in the 425. So you've seen the press release come out today, and both forms, and you've also seen some other kind of small communication items come out on the 425, none of which changed anything related to the deal.

正確的。每當您提及或提及 Kimball International 交易時，我們都必須將其包含在 425 備案中。因此，即使它有單獨的 8-K 或其他文檔，它也必須放入 425 中。因此，您已經看到了今天發布的新聞稿，以及兩種形式，並且您還看到了其他一些小型通信425 上出現的物品都沒有改變與交易相關的任何內容。

Okay. Will you update guidance once the acquisition is done? Or will you just wait for the next quarter?

好的。收購完成後您會更新指導嗎？或者你會等待下一個季度嗎？

I think, Budd, we're contemplating having more commentary on that on our next earnings call and not having a special announcement, but we'll take that in consideration and see what we need to do.

我認為，巴德，我們正在考慮在下一次財報電話會議上對此進行更多評論，而不是發布特別公告，但我們會考慮到這一點，看看我們需要做什麼。

Okay. And the Q, when will the Q be filled, the expectation for that?

好的。還有問題，什麼時候能得到滿足，對此的期望？

Our Q will be filed tomorrow.

我們的問題將於明天提交。

And that does conclude our question-and-answer session. At this time, I'd like to turn the conference back over to Mr. Lorenger for closing remarks.

我們的問答環節到此結束。現在，我想將會議轉回由 Lorenger 先生致閉幕詞。

Yes. Thank you. I'd like to thank everybody for your interest in HNI, and joining us today on the call, and have a great rest of your day. Thanks.

是的。謝謝。我要感謝大家對 HNI 的關注，感謝大家今天加入我們的電話會議，祝大家度過愉快的一天。謝謝。

That does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。