HNI Corp (HNI) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to HNI Corporation third-quarter results conference call. Please note that this call is being recorded. (Operator Instructions) I'd now like to hand the floor over to Mr. Matt McCall. Please go ahead, sir.

大家好，歡迎參加HNI公司第三季業績電話會議。請注意，本次通話正在錄音。（操作說明）現在我把發言權交給馬特‧麥考爾先生。請繼續，先生。

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 third-quarter 2025 results. With me today are Jeff Lorenger, Chairman, President, and CEO; and VP Berger, Executive Vice President and CFO. Copies of our financial news release and non-GAAP reconciliations are posted on our website.

早安.我叫馬特‧麥考爾。我是 HNI 公司的投資者關係和企業發展副總裁。感謝您參加我們關於2025年第三季業績的討論會。今天陪同我的是董事長、總裁兼執行長傑夫·洛倫格；以及執行副總裁兼財務長VP·伯傑。我們的財務新聞稿和非GAAP財務報表已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.

本次電話會議中所作的陳述，若非嚴格意義上的歷史事實，則均為前瞻性陳述，存在已知和未知的風險。實際結果可能與此有重大差異。我們網站上發布的財務新聞稿中包含可能影響實際結果的其他因素。本公司不承擔更新電話會議期間所作任何前瞻性陳述的義務。

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

現在我很高興將電話交給傑夫·洛倫格。傑夫？

Thanks, Matt. Good morning, and thank you for joining us. I'm going to divide my commentary today into three sections. First, I will provide some comments about our third-quarter results. Non-GAAP earnings per share increased 7% year-over-year, driven by a record third-quarter non-GAAP operating margin.

謝謝你，馬特。早安，感謝各位的參與。我今天將把我的評論分成三個部分。首先，我將對我們第三季的業績做一些評論。受創紀錄的第三季非GAAP營業利潤率推動，非GAAP每股收益較去年同期成長7%。

Next, I will discuss our expectations for the fourth quarter of 2025. Our full-year earnings outlook is unchanged from what we provided on last quarter's call. We continue to anticipate a fourth consecutive year of double-digit non-GAAP earnings improvement.

接下來，我將討論我們對 2025 年第四季的預期。我們對全年獲利的預期與上季財報電話會議上給出的預期相同。我們繼續預期非GAAP獲利將連續第四年實現兩位數成長。

And finally, I will provide additional detail about recent demand activity and how we see our markets playing out in the fourth quarter and as we move into 2026. Following those highlights, VP will provide additional color around our fourth-quarter outlook.

最後，我將詳細介紹近期的需求活動，以及我們對第四季和2026年市場趨勢的看法。在上述要點之後，副總裁將進一步闡述我們第四季的展望。

He will also comment on the strength of our balance sheet, both currently and what we anticipate after the completion of the pending acquisition of Steelcase. I will conclude with some closing comments, including some additional thoughts on our Steelcase transaction before we open the call to your questions.

他也將對我們目前的資產負債表實力以及我們對完成對 Steelcase 的收購後的預期發表評論。最後，我將作一些總結性發言，包括對我們與 Steelcase 的交易的一些補充看法，之後我們將開始回答大家的問題。

I'll begin with the third quarter. Our members delivered another strong quarter despite ongoing tariff-driven volatility and continuing macro uncertainty. The positive momentum of our strategies, the benefits of our diversified revenue streams, our focus on items within our control, and the merits of our customer-first business model continue to deliver strong shareholder value.

我先從第三季開始。儘管關稅波動持續，宏觀經濟情勢不明朗，但我們的會員企業又取得了強勁的季度業績。我們策略的積極動能、多元化收入來源帶來的好處、對可控事項的關注以及以客戶為先的商業模式的優勢，持續為股東創造強勁價值。

For the quarter, we delivered non-GAAP diluted earnings per share of $1.10. EPS grew 7% versus last year, which was modestly ahead of our internal expectations. Total net sales in the third quarter increased 3% organically over the same period a year ago and profit margins in the third quarter were strong. Our non-GAAP operating margin expanded 10 basis points year-over-year to 10.8%. This non-GAAP EBIT margin was the highest on record for the third quarter.

本季度，我們實現了非GAAP稀釋後每股收益1.10美元。每股盈餘較去年同期成長7%，略高於我們內部預期。第三季總淨銷售額較去年同期有機成長 3%，第三季利潤率表現強勁。我們的非GAAP營業利潤率年增10個基點至10.8%。第三季非GAAP EBIT利潤率創歷史新高。

In the Workplace Furnishings segment, organic net sales increased 3% year-over-year, fueled by growth across all major brands. We delivered similar organic growth rates in our brands focused on small- and medium-sized businesses and on contract customers.

在辦公家具領域，有機淨銷售額年增 3%，這得益於所有主要品牌的成長。我們面向中小企業和合約客戶的品牌也實現了類似的自然成長率。

From a profitability perspective, Workplace Furnishings' non-GAAP segment operating profit margin expanded 40 basis points year-over-year and exceeded 12%. Third quarter profitability benefited from our profit transformation efforts, recognition of KII synergies, and modest volume growth.

從獲利能力的角度來看，辦公家具業務的非GAAP分部營業利潤率年增40個基點，超過12%。第三季獲利能力得益於我們的利潤轉型努力、KII綜效的實現以及銷售的適度成長。

In Residential Building Products, third-quarter revenue was roughly unchanged versus the prior year period. New construction revenue was down slightly, while remodel retrofit sales grew modestly, both on a year-over-year basis. We delivered this top line performance despite continued challenging housing market dynamics as we continue to compete well and our internal growth investments are bearing fruit.

在住宅建築產品方面，第三季營收與去年同期相比基本持平。新建建築收入略有下降，而改建改造銷售額則小幅增長，兩者均同比下降。儘管房地產市場持續面臨挑戰，但我們依然取得了這樣的業績，因為我們繼續保持著良好的競爭力，而且我們的內部成長投資也正在取得成效。

Consistent with expectations discussed on last quarter's call, third-quarter segment operating profit margin contracted year-over-year driven by continued investment. However, segment operating margin still came in at a strong 18%.

與上季電話會議上討論的預期一致，受持續投資的影響，第三季分部營業利潤率較去年同期下降。然而，該業務部門的營業利潤率仍達到了強勁的 18%。

Despite expectations of ongoing uncertainty, we remain encouraged about the opportunities tied to the broader housing market, and we continue to invest to grow our operating model and revenue streams. And the consistently strong profit margins in this segment are evidence of the business' unmatched price point breadth and channel reach, along with the benefits of its vertically integrated business model and overall operational agility.

儘管預計未來仍存在不確定性，但我們仍然對更廣泛的住房市場帶來的機會感到鼓舞，並將繼續投資以發展我們的營運模式和收入來源。該業務板塊持續強勁的利潤率證明了公司無與倫比的價格點廣度和通路覆蓋範圍，以及其垂直整合的商業模式和整體營運靈活性帶來的優勢。

To summarize, our third-quarter performance demonstrates the strength of our strategies and our ability to manage through varying macroeconomic conditions while remaining focused on investing for the future. We expect strong results to continue, driven by our margin expansion efforts and continued volume growth.

總而言之，我們第三季的業績證明了我們策略的實力，以及我們在不斷變化的宏觀經濟環境下進行管理的能力，同時始終專注於為未來進行投資。我們預計在利潤率提升和銷售持續成長的推動下，業績將繼續保持強勁勢頭。

That leads to my comments about our outlook for the fourth quarter. Overall, we expect our margin expansion efforts and continued revenue growth will support ongoing year-over-year EPS improvement, all while we continue to invest to drive future growth.

這就引出了我對第四季前景的看法。總體而言，我們預計利潤率擴張的努力和持續的收入成長將支持每股收益逐年改善，同時我們將繼續投資以推動未來的成長。

In Workplace Furnishings, segment orders increased 2% after excluding the estimated impact of prior quarter pull-forward activity and hospitality orders. We are again excluding hospitality from our adjusted order growth and backlog metrics as the business has experienced meaningful tariff-related volatility over the past two quarters, which has temporarily skewed results.

在辦公家具領域，剔除上一季提前交付活動和飯店訂單的估計影響後，該細分市場的訂單增加了 2%。由於過去兩季飯店業業務受到關稅相關波動的影響，導致業績暫時出現偏差，因此我們再次將飯店業從調整後的訂單成長和積壓訂單指標中剔除。

Adjusted orders from contract customers performed better than those from small- to medium-sized businesses. Our adjusted segment backlog at the end of third quarter was up 7% from the third quarter of 2024. I will discuss our outlook for our workplace markets, including hospitality more in a moment.

來自合約客戶的調整後訂單表現優於來自中小企業的訂單。截至第三季末，我們調整後的分部積壓訂單比 2024 年第三季成長了 7%。稍後我將詳細討論我們對工作場所市場（包括酒店業）的展望。

Moving to Residential Building Products, orders in the third quarter increased 2% year-over-year. Remodel retrofit orders outperformed and were up mid-single digits from third-quarter 2024 levels, while new construction orders were down low-single-digits. Overall, year-over-year segment order growth accelerated towards the end of the quarter.

住宅建築產品方面，第三季訂單年增 2%。改造翻新訂單表現優異，比 2024 年第三季水準成長了中等個位數，而新建訂單則下降了低個位數。整體而言，各細分市場訂單年增率在本季末加速成長。

Builder sentiment has weakened in recent months and continues to reflect the impacts of elevated interest rates, ongoing affordability issues, and weaker consumer confidence. And housing trends have broadly followed builder sentiment with permits moving lower. Despite expectations of ongoing uncertainty and headwinds, we remain encouraged about the opportunities tied to the broader housing market, and we continue to invest to grow our operating model and revenue streams.

近幾個月來，建築商的信心有所減弱，並持續反映出高利率、持續的住房負擔能力問題以及消費者信心疲軟的影響。房屋市場趨勢總體上與建築商的情緒相符，建築許可證數量有所下降。儘管預計未來仍存在不確定性和不利因素，但我們仍然對更廣泛的住房市場帶來的機會感到鼓舞，並將繼續投資以發展我們的營運模式和收入來源。

I will finish by making a few comments about our markets and provide additional detail around our elevated EPS growth visibility. On our last few calls, we highlighted an increased focus on investing to drive growth in both segments.

最後，我將就我們的市場發表一些看法，並詳細介紹我們提高每股盈餘成長預期的情況。在最近幾次電話會議中，我們重點介紹了加強投資力度，以推動這兩個領域的成長。

Our 2025 to-date revenue strength and encouraging leading indicators have provided added support for our growth initiatives and investments. As we look at our Workplace Furnishings segment, we are encouraged about the developing fundamentals of this business.

截至目前，我們2025年的收入實力和令人鼓舞的領先指標為我們的成長計劃和投資提供了額外的支持。當我們審視辦公家具業務板塊時，我們對該業務不斷發展的基本面感到鼓舞。

The macro and industry backdrops have shown consistent improvement in recent months. Return-to-office data appears to be indicating an inflection. The castle card swipe data following Labor Day reached post-COVID highs with Class A buildings in the top 10 markets approaching 98% peak day occupancy.

近幾個月來，宏觀經濟和產業環境持續改善。返崗數據顯示情況似乎出現了轉捩點。勞動節過後，城堡酒店的刷卡入住率達到了新冠疫情後的最高水平，排名前 10 的市場中 A 級酒店的入住率高峰日接近 98%。

Further, in a recent KPMG survey, nearly 80% of CEOs surveyed now expect employees to be full-time in office over the next three years. This is up from fewer than 40% in the April 2025 survey. And according to CBRE, non-viable space is being converted at record levels.

此外，畢馬威最近的一項調查顯示，近 80% 的受訪 CEO 預計員工在未來三年內將全職在辦公室工作。這一比例高於 2025 年 4 月調查中的不到 40%。據世邦魏理仕 (CBRE) 稱，非營利空間正以創紀錄的速度被改造。

This positively impacts our business in two ways. First, it results in more forced moves as landlords encourage current tenants of this non-viable space to relocate. And second, it will accelerate the expected Class A square footage shortage, which will either drive the addition of new space or increased investment in upgrading existing Class B space. Each of these dynamics result in more furniture events.

這對我們的業務產生了兩方面的正面影響。首先，這會導致更多被迫搬遷的情況，因為房東會鼓勵這棟不適合居住的房屋的現有租戶搬遷。其次，這將加速預期的甲級辦公室面積短缺，這將推動新增辦公室面積或加大對現有乙級辦公室面積升級改造的投資。這些因素都會導致更多的家具交易發生。

Finally, calendar year 2025 is expected to see the highest net absorption of office space since 2019. Historically, absorption has been an important indicator of office furniture demand. JLL estimates more than 6 million square feet was absorbed on a net basis in the third quarter of 2025 alone.

最後，預計 2025 年辦公空間淨吸收量將達到 2019 年以來的最高水準。從歷史上看，吸納量一直是衡量辦公家具需求的重要指標。仲量聯行估計，光是 2025 年第三季度，淨吸收面積就超過 600 萬平方英尺。

This compares to total negative net absorption of more than 100 million -- 150 million square feet over the past five years. Office vacancy rates are falling for the first time in seven years as we enter what JLL has deemed a new office growth cycle.

相較之下，過去五年的總淨吸收量為負 1 億至 1.5 億平方英尺。隨著我們進入仲量聯行所稱的新一輪辦公大樓成長週期，辦公大樓空置率七年來首次下降。

In New York City alone, businesses leased 23 million square feet of additional office space during the first nine months of 2025. This is the largest amount of new workspace rented for that period in two decades. And in total, 18 of the largest US markets are exceeding pre-pandemic leasing activity over the past year. The macro and industry backdrops are clearly improving, and we expect our contract business to disproportionately benefit from these trends as much of the industry growth cycle to date has been in secondary and tertiary markets.

光是在紐約市，企業在 2025 年前九個月就租賃了 2,300 萬平方英尺的額外辦公空間。這是二十年來同期新增辦公空間租賃量最大的一次。整體而言，過去一年美國最大的 18 個租賃市場都超過了疫情前的租賃活動水準。宏觀經濟和行業背景顯然正在改善，我們預計我們的合約業務將不成比例地受益於這些趨勢，因為迄今為止，行業成長週期的大部分都發生在二級和三級市場。

Finally, I will comment on our hospitality business. As I mentioned earlier, compared to our other businesses, this vertical has seen more tariff-related demand volatility over the past two quarters. Despite this pressure, we expect revenue in this business to be relatively flat in 2025 overall. We have seen recent improvement in preorder activity, and our pipeline continues to build, pointing to a solid growth year in 2026.

最後，我想談談我們的酒店業務。正如我之前提到的，與我們的其他業務相比，在過去的兩個季度裡，這個垂直行業的需求波動性更大，這與關稅有關。儘管面臨這種壓力，我們預計到 2025 年，該業務的整體收入將相對持平。我們看到預購活動最近有所改善，我們的訂單儲備也不斷增加，這預示著 2026 年將迎來穩健成長的一年。

Looking ahead, we believe we are particularly well positioned to benefit as the Workplace Furnishings market continues to improve. We have strong market positions and offer compelling value to our targeted customers with a diversified portfolio of brands.

展望未來，我們相信隨著辦公家具市場的持續改善，我們將處於非常有利的地位，並從中受益。我們擁有強大的市場地位，並透過多元化的品牌組合為目標客戶提供極具吸引力的價值。

Moving to Residential Building Products. We believe in the positive long-term market fundamentals. We continue to perform well despite an ongoing soft new construction environment, and we acknowledge a market-driven revenue recovery will take some time.

轉至住宅建築產品領域。我們相信市場長期基本面向好。儘管新建築環境持續疲軟，但我們依然保持良好的業績，我們也意識到，市場驅動的收入復甦需要一些時間。

We are, however, optimistic about our opportunities to increase revenue through our growth initiatives. Specifically, we continue to invest in developing market-leading new products that offer customers more options and features.

然而，我們對透過成長計劃增加收入的機會持樂觀態度。具體而言，我們將繼續投資開發市場領先的新產品，為客戶提供更多選擇和功能。

We are driving new programs to increase homeowner and homebuyer awareness of their fireplace options, ensuring our products are considered in all remodel and new construction projects. And we are strengthening our already strong relationships with builders across the country, helping them deliver the best overall value to the homeowner.

我們正在推行新的計劃，以提高房主和購房者對壁爐選擇的認識，確保我們的產品在所有改造和新建項目中都能得到考慮。我們正在加強與全國各地建築商之間業已牢固的關係，幫助他們為業主提供最佳的整體價值。

Encouragingly, we are outperforming the market in this segment despite still being in the early days of each of these initiatives. And while we invest in growth, we will continue to deliver high-margin results and strong profits in this business.

令人鼓舞的是，儘管這些措施仍處於初期階段，但我們在該領域的表現優於市場。在投資成長的同時，我們將繼續在這個業務領域實現高利潤率和強勁盈利。

Longer term, single-family housing remains undersupplied and demographics will support additional demand growth. The results of our ongoing investments, which will enhance our connection to customers and build on our leading brands, will fortify our position of strength in the industry.

從長遠來看，獨棟住宅供應仍然不足，人口結構將支撐需求進一步成長。我們持續的投資將加強我們與客戶的聯繫，並鞏固我們的領先品牌，從而鞏固我們在行業中的強大地位。

Finally, and importantly, we continue to have elevated earnings visibility this year and next. Our outlook for 2025 revenue continues to include full-year growth in both segments. Our outlook for 2025 earnings reflects expectations for mid-teens percent EPS growth.

最後，也是非常重要的一點，我們今年和明年的獲利前景依然十分明朗。我們對 2025 年營收的展望仍包括這兩個業務部門的全年成長。我們對 2025 年獲利的展望反映了對每股收益成長 15% 左右的預期。

In addition to increased profits and volume growth, KII synergies and the ramp of our Mexico facility are expected to continue to drive significant savings. These two initiatives are expected to contribute a total of $0.75 to $0.80 of EPS in 2025-2026 period.

除了利潤和銷售的成長外，KII 的協同效應以及我們在墨西哥工廠的產能提升預計將繼續帶來顯著的成本節約。預計這兩項舉措將在 2025-2026 年期間為每股收益貢獻 0.75 美元至 0.80 美元。

I will now turn the call over to VP to discuss our outlook for the remainder of 2025 and our balance sheet. VP?

現在我將把電話交給副總裁，討論我們對 2025 年剩餘時間的展望以及我們的資產負債表。副總裁？

Thanks, Jeff. I'll start by discussing our outlook for revenue and profit. Beginning with the top line. Fourth-quarter revenue in Workplace Furnishings is expected to increase at a high single-digit rate year-over-year organically. The impact of divestitures is expected to reduce the year-over-year organic revenue growth rate in Workplace Furnishings by a little less than 100 basis points.

謝謝你，傑夫。我將首先討論我們對收入和利潤的展望。從第一行開始。預計第四季度辦公家具業務的收入將實現高個位數年增。資產剝離預計將使辦公家具業務的年度有機收入成長率下降近 100 個基點。

The benefits of our order and backlog growth, along with an extra week in our fiscal year are expected to drive solid revenue growth in the fourth quarter. For Residential Building Products, fourth-quarter net sales are also projected to increase at a high single-digit rate compared to the same period in 2024. Pricing actions are expected to be the primary driver of growth.

訂單和積壓訂單的成長，加上財政年度多出的一周，預計將推動第四季度營收實現穩健成長。預計住宅建築產品第四季淨銷售額也將比 2024 年同期實現高個位數成長。價格策略預計將成為成長的主要驅動力。

However, we also expect volume growth for the segment in the fourth quarter, driven by the remodel retrofit market. For the full year, we continue to project revenue improvement without market growth.

不過，我們也預期該細分市場在第四季銷售將有所成長，這主要得益於改造翻新市場的推動。全年來看，我們預期收入將有所成長，但市場成長卻不會。

Shifting to our fourth-quarter profit outlook, non-GAAP earnings per share in the fourth quarter are expected to increase slightly from 2024 levels. This improvement is expected to be driven by price costs, volume growth, and productivity benefits, while we'll be partially offset by increased investment levels and some insurance-related expenses.

展望第四季獲利，預計第四季非GAAP每股收益將比2024年的水準略有成長。預計價格成本、銷售成長和生產力提升將推動這一改善，但投資水準的提高和一些保險相關支出將部分抵消這些改善。

In the fourth quarter, we expect operating margin and workplace furnishings to expand solidly year over year, driven by volume improvement and continued profit transformational benefits, partially offset by increased investment. Three years ago, we communicated a goal to achieve double-digit operating earnings in this segment, and in 2025, we expect to hit this target with our members delivering a full-year double-digit non-GAAP operating margin.

預計第四季度營業利潤率和辦公家具銷售額將同比增長，這主要得益於銷售增長和持續的利潤轉型效益，但部分增長將被增加的投資所抵消。三年前，我們提出了在該業務板塊實現兩位數營業利潤的目標，到 2025 年，我們預計將實現這一目標，屆時我們的成員將實現全年兩位數的非 GAAP 營業利潤率。

Residential Building Products fourth-quarter operating margin is expected to compress slightly year over year as a result of increased investments. For the full year, we expect modest non-GAAP operating margin expansion.

由於投資增加，住宅建築產品第四季營業利潤率預計將比去年同期略有下降。我們預計全年非GAAP營業利潤率將小幅成長。

I'll wrap up with a few comments on our balance sheet and cash flow. We reduced debt by $120 million during the quarter in advance of the anticipated closing of the Steelcase acquisition. As a result, growth debt leverage at the end of the third quarter was 0.9 times as calculated in accordance with our debt agreements.

最後，我再就我們的資產負債表和現金流量表談幾點看法。在預期完成對 Steelcase 的收購之前，我們在本季減少了 1.2 億美元的債務。因此，根據我們的債務協議計算，第三季末的成長債務槓桿率為 0.9 倍。

Following the closing of the Steelcase acquisition, our strong cash flow generation and available borrowing capacity will continue to provide us with significant financial flexibility. Moreover, while we expect our initial post-closing net leverage to approximate 2.1 times, we continue to project our debt levels will return to our targeted range of 1 times to 1.5 times within 18 to 24 months of closing. In the meantime, we remain committed of payment of our long-standing dividend and continuing to invest in our business to drive future growth.

在完成對 Steelcase 的收購後，我們強勁的現金流和可用的借貸能力將繼續為我們提供相當大的財務靈活性。此外，雖然我們預計交割後的初始淨槓桿率約為 2.1 倍，但我們仍然預計，交割後 18 至 24 個月內，我們的債務水準將恢復到 1 倍至 1.5 倍的目標範圍內。同時，我們將繼續履行支付長期股息的承諾，並繼續投資我們的業務，以推動未來的成長。

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

現在我將把電話轉回給傑夫。

Thanks, VP. During the third quarter, we remained financially disciplined, managing the middle of the income statement to drive profit improvement while pursuing revenue growth. As we look forward, several positive secular trends and our HNI-specific initiatives will help offset macro-related risks and continued tariff-driven volatility.

謝謝，副總裁。第三季度，我們保持了財務紀律，透過管理損益表的中段來推動利潤成長，同時追求營收成長。展望未來，一些積極的長期趨勢和我們針對高淨值人士的專案舉措將有助於抵消宏觀經濟相關風險和持續的關稅驅動波動。

We will remain focused, conservative, and ready to adjust as required. And as a result, our earnings outlook for the full year is essentially unchanged, and we continue to expect the fourth consecutive year of double-digit non-GAAP EPS growth. This outlook demonstrates the benefits of a stronger-than-expected third quarter, our ongoing visibility story, and our proven ability to manage through changing economic conditions.

我們將保持專注、穩健的作風，並隨時準備根據需要進行調整。因此，我們對全年的獲利預期基本保持不變，我們繼續預期非GAAP每股收益將連續第四年實現兩位數成長。這項展望體現了第三季業績強於預期、我們持續展現出的業務前景以及我們應對不斷變化的經濟環境的成熟能力所帶來的益處。

Before we take your questions, I wanted to provide some thoughts on the pending Steelcase acquisition. As we approach the closing, we are excited about the future of bringing together our combined capabilities to create new career growth opportunities for our team members, deliver more value for our customers and dealer networks and further support and invest in the communities in which we operate.

在回答你們的問題之前，我想先談談我即將進行的 Steelcase 收購案的看法。隨著交易即將完成，我們對未來充滿期待，希望能夠整合雙方的優勢，為我們的團隊成員創造新的職業發展機會，為我們的客戶和經銷商網絡帶來更多價值，並進一步支持和投資我們營運所在的社區。

The deal is right from a strategic, financial, and cyclical perspective, and our two companies are highly complementary on many fronts. We currently expect synergies to reach $120 million and ultimate accretion to total $1.20 per share when fully mature, excluding purchase accounting.

從策略、財務和週期角度來看，這筆交易是正確的，而且我們兩家公司在許多方面都高度互補。我們目前預計協同效應將達到 1.2 億美元，最終增值將達到每股 1.20 美元（不包括收購會計處理）。

And as VP highlighted, our anticipated strong free cash flow will help us quickly deleverage our balance sheet. The addition of Steelcase will further strengthen the tenets of the HNI investment thesis, and we are positioned for continued success.

正如副總裁強調的那樣，我們預計強勁的自由現金流將幫助我們快速降低資產負債比率。Steelcase 的加入將進一步鞏固高淨值投資者投資理念，我們已做好持續成功的準備。

We have elevated earnings growth visibility for several years, broad and diverse product and market coverage in Workplace Furnishings, market-leading positions in Residential Building Products, and we continue to invest to drive growth. All this is supported by our strong balance sheet and the ability to generate continued free cash flow. I want to thank each HNI member for their continued dedication and congratulate them on another excellent quarter.

多年來，我們的獲利成長前景良好，在辦公家具領域擁有廣泛而多元化的產品和市場覆蓋，在住宅建築產品領域佔據市場領先地位，我們將繼續投資以推動成長。這一切都得益於我們強勁的資產負債表和持續產生自由現金流的能力。我要感謝每一位 HNI 會員的持續奉獻，並祝賀他們又一個季度取得了優異的成績。

We will now open the call to your questions.

現在開始回答各位的問題。

(Operator Instructions) Greg Burns, Sidoti & Co.

（操作說明）Greg Burns，Sidoti & Co.

That $1.20 of accretion from Steelcase that you just mentioned, is that considering just the synergies that you've already outlined? Or is that --

您剛才提到的從 Steelcase 獲得的 1.20 美元收益，是否僅僅考慮了您已經概述的協同效應？或者說，那是--

Yeah, Greg, that's the $120 million that we talked about on the investor call back in August. So that number has not changed. And just the way the share count works, that now converts to about $1.20 in accretion.

是的，格雷格，那就是我們在8月投資者電話會議上談到的1.2億美元。所以這個數字沒有改變。按照股份數量的計算方式，現在這相當於增加了約 1.20 美元。

Okay. So that's just your initial outlook, maybe there's potential upside to that if you get your hands around the business and drive additional savings.

好的。所以這只是你的初步看法，如果你能掌控業務並進一步節省成本，也許會有潛在的收益。

Greg, I think for that -- I think just one comment there. That's a number that we're really confident in. And we're going to use our disciplined integration process. And once we get in there and if there's more, we'll look for more. But that's what we're on record for right now.

格雷格，我覺得──我覺得只需要補充一點。我們對此數字非常有信心。我們將採用我們嚴謹的整合流程。一旦我們進入其中，如果還有更多，我們會繼續尋找。但這就是我們目前有據可查的說法。

Okay. Great. And then where are you in terms of the $0.75 to $0.80 from KII and Mexico? How much have you gotten so far and what remains?

好的。偉大的。那麼，你認為從KII到墨西哥的0.75美元到0.80美元的差價是多少呢？你目前已經獲得了多少，還剩下多少？

Yeah. We had said that $45 million to $50 million would be recognized between '25 and '26. We had mentioned splitting it half and half. We're seeing a little bit more come forward of '26 in the last quarter here of '25.

是的。我們曾說過，2025 年至 2026 年間將確認 4,500 萬至 5,000 萬美元的收入。我們之前提過平分。在 2025 年最後一個季度，我們看到 2026 年的數據增加。

So I would tell you, maybe a little bit more in '25 and '26. But I think more importantly, to Jeff's point on visibility, we do see the $45 million to $50 million coming through.

所以我會告訴你，也許在 2025 年和 2026 年會多一些。但我認為更重要的是，正如傑夫所說，關於可見性，我們確實看到了 4500 萬至 5000 萬美元的資金流入。

Okay. And you gave us a lot of data points around some of the positive industry level fundamentals in the office space. We've seen this slow and steady demand improvement happening over the last couple of years, low-single-digit growth.

好的。您向我們提供了許多關於辦公領域中一些積極的行業基本面的數據點。過去幾年，我們已經看到這種需求緩慢而穩定地改善，實現了個位數低成長。

But when we think about the -- where the industry is at relative to maybe pre-pandemic levels, I know you've passed along a lot of pricing. Where are we in terms of volume, like relative to maybe where we were pre-pandemic? Like where are we in terms of industry-wide volumes? I'm just trying to get a sense of where we're at in the cycle and maybe what the potential uplift from here could be if we do get a more positive demand environment going forward?

但當我們思考——相對於疫情前的水平，該行業目前所處的位置，我知道你們已經承擔了很多定價責任。就銷量而言，我們現在處於什麼水平？例如與疫情前相比？就整個產業的銷量而言，我們目前處於什麼位置？我只是想了解我們目前處於週期的哪個階段，以及如果未來需求環境更加積極，可能會出現怎樣的潛在成長？

Yeah, Greg. I think we're probably -- with all the pricing, it's a little tough to say. But I think confidently, we probably are 30% to 35% on the volume side, still down just given pricing actions and tariffs. But -- so that's -- I think as you think about that, that's how we think about the post-COVID cycle and some of these other macro backdrop items starting to turn around. So that's how I think about, that's how we think about, and that's why we're bullish about the space.

是的，格雷格。我覺得我們可能——考慮到價格因素，現在很難說。但我很自信地認為，銷售方面我們可能下降了 30% 到 35%，這主要是由於價格政策和關稅的影響。但是——所以——我認為當你思考這個問題時，這就是我們對後新冠疫情週期以及其他一些宏觀背景因素開始轉變的看法。這就是我的想法，也是我們的想法，所以才如此看好這個領域。

Yeah. Even if it returns half that, Greg, you're looking at mid-single-digit volume growth for a significant number of years. So the backdrop is set up. Even if it doesn't get back to the 30% more, there's still a lot of volume growth opportunity.

是的。即使收益只有一半，格雷格，你也只能看到未來幾年個位數的銷售成長。背景布幕已經佈置好了。即使增幅達不到 30%，銷量成長的空間仍然很大。

Reuben Garner, Benchmark.

Reuben Garner，基準。

Can you give us a compare and contrast about your full-year guidance? I guess, what's embedded in the fourth quarter now versus maybe how it looked a few months ago? It looks like maybe the top line is a little higher, but there's some more cost in there as well. Can you just give us the breakout of that?

您能否提供一份關於您全年指導情況的對比分析？我想問的是，現在的第四季與幾個月前相比，有哪些改變？看起來總價可能略高一些，但成本也相應增加了一些。能給我們詳細解釋一下嗎？

Yeah, I can walk you through that, Reuben. Starting with revenue, I think it's probably -- if I look at Workplace and Residential revenue, it's mostly actually in line with prior expectations. Both are expected to be in the fourth quarter, up high-single-digits with the extra week.

好的，我可以一步一步教你，魯本。先從收入來看，我認為——如果我看一下工作場所和住宅的收入，它實際上基本上符合先前的預期。預計兩者都將在第四季度實現增長，加上額外一周的時間，增幅將達到接近兩位數。

So I think where we're seeing a little bit of the pressure is the product mix. When we look at what's come through in backlog and the pipeline, there's more project-driven business and systems.

所以我覺得我們目前面臨的一些壓力來自於產品組合方面。當我們查看積壓工作和流程中出現的內容時，會發現更多的是以專案為導向的業務和系統。

So that's really a timing issue. It draws a little bit lower margin, but on the backside of that comes other business that goes with that, with ancillary products that will come probably in Q1. So a little timing there.

所以這其實是時機問題。雖然利潤率略低，但隨之而來的是其他業務，例如可能在第一季推出的輔助產品。所以，這其中需要一點時機來把握。

I think the second part of our Q3 beat is going to be timing of investments. Some of it slid in the fourth quarter or into the fourth quarter, and it's part of that actually saved in the third quarter. So those are going to come back.

我認為我們第三季業績超預期的第二個因素是投資時機的選擇。其中一些球是在第四節滑落的，或者滑進了第四節，而實際上，第三節就挽救了一部分。所以這些東西還會回來的。

I think the key there is our second half is still unchanged. So I think you got a little bit going between the two quarters. And I think a couple of other things to mention. Jeff mentioned, I mentioned insurance-related pressure year-over-year. That's hitting us on the SG&A side.

我認為關鍵在於我們的下半場陣容仍然保持不變。所以我覺得你們在這兩個季度之間取得了一些進展。我覺得還有幾點要補充。傑夫提到了，我也提到了與保險相關的壓力逐年增加。這會影響到我們的銷售、管理及行政費用。

And I think we probably need to update our tax rates. Our second half tax rate is now at 24.4%. That's about 80 bps higher than we talked about prior in the year that gets us to a full-year tax rate of 23%. So when you boil that all together, the back half is really not changing. It's got a little bit of timing and dealing with some one-time expenses.

我認為我們可能需要調整稅率了。我們下半年的稅率現在是24.4%。這比我們今年稍早討論的稅率高出約 80 個基點，使全年稅率達到 23%。所以，把所有這些因素綜合起來考慮，後半部其實並沒有改變。這其中涉及到一些時間安排和處理一些一次性費用。

Okay. That's really helpful. And then on the Residential Building Products side, you guys have definitely outperformed what the end markets have been like so far this year. And I know you've got some investments ongoing there to drive growth.

好的。這真的很有幫助。而在住宅建築產品方面，你們的表現絕對優於今年迄今終端市場的整體表現。我知道你們在那裡有一些正在進行的投資，以推動成長。

How much runway do you have on that front? I guess maybe to ask it differently, if we're looking at a flattish environment next year, like can you -- do you think you can still grow above and beyond the market on the volume side?

你們在這方面還有多少迴旋餘地？或許可以換個方式問，如果明年市場環境較為平穩，你認為你們還能在銷售方面超越市場平均嗎？

Yeah, Reuben, it's a good question. I think we can. It's all relative to the macro environment, right? I mean -- but we -- I think given the investments we're making, like right now, the new construction business -- I'll give you an example, we're outperforming, for instance, in October, our orders were flat and permits 90 days prior to that were down high-single-digits, and that's the lag time we've been seeing.

是的，魯本，問得好。我認為我們可以。這一切都取決於宏觀環境，對吧？我的意思是——但是我們——我認為鑑於我們正在進行的投資，比如現在的新建築業務——我舉個例子，我們表現優異，例如，在 10 月份，我們的訂單持平，而在此之前的 90 天，許可證數量下降了接近兩位數，這就是我們一直看到的滯後時間。

So that tells you we believe we can outperform this market. The question is where is the market ultimately going? And your guess is as maybe good as ours, but we definitely, we can outperform. We got retail performing well. Our gas inserts are up year-over-year.

這說明我們相信我們能夠跑贏大盤。問題是，市場最終會走向何方？你的猜測或許和我們的一樣好，但我們肯定能做得更好。零售業務表現良好。我們的瓦斯壁爐銷量年增。

We've got stoves now going into the big box channel, and that's early innings. Our wholesale business is actually up year-over-year because the operating model is strong in that part of the world to support smaller independent dealers. And just overall investments in our superior service model, our vertical integration and builder intimacy efforts are starting to take shape.

現在我們的爐灶已經開始進入大型零售通路，但這只是初期階段。我們的批發業務實際上比去年同期成長了，因為該地區的營運模式很強大，能夠支援規模較小的獨立經銷商。我們對卓越服務模式、垂直整合以及與建築商建立緊密聯繫的整體投資也開始初見成效。

So these are in the early innings, but they are bearing some fruit. So we do believe we'll be able to stay ahead of the demand curve, if you will. The question is, where is that macro demand curve and what gap can we put on top of that?

雖然這些項目還處於早期階段，但已經取得了一些成果。所以我們相信我們能夠始終領先於需求曲線。問題是，宏觀需求曲線在哪裡？我們又能在此基礎上增加多少缺口？

Okay. And I'm going to sneak one more in on the contract business. It seems like some good momentum on that side and the timing of you guys adding Steelcase seems nice. Can you talk about any risks out of the gate as you're integrating the company? And if we did see an acceleration in demand, just what gives you confidence that you'd be able to, I guess, participate in that upswing as you're putting the two companies together?

好的。我還要偷偷地再接一個合約生意。看來你們這邊勢頭不錯，而且你們選擇在這個時候加入Steelcase也挺好的。在公司整合初期，您能否談談可能的風險？如果需求真的加速成長，是什麼讓您有信心在合併兩家公司的過程中，能夠參與到這種成長趨勢中來呢？

Yeah. That's a great point, Reuben. Let me start with, first of all, we're going to -- there's really no change on the front. Our dealer partnerships are going to remain intact as they are. The brand distribution is going to remain intact. Sales force is intact, both for HNI and Steelcase companies. So I think our approach there will avail us the ability to take advantage of some of those trends because everybody's heads down in that regard.

是的。魯本，你說得很有道理。首先，我要說的是，我們將要──正面實際上沒有任何變化。我們的經銷商合作關係將保持不變。品牌分銷管道將保持不變。HNI 和 Steelcase 兩家公司的銷售團隊都保持完整。所以我認為我們採取的方法將使我們能夠利用其中的一些趨勢，因為在這方面每個人都非常專注。

And the cultures are good. We're out of the blocks. And so we're bullish about being able to work on what we need to work on, as we've talked about, cost synergies in some of those areas while keeping the front end of these businesses separate and focused on their unique brand position so that we continue to work to build on those. So we would anticipate being able to participate in any of this as these trends continue to evolve, particularly in some of these larger markets.

而且這些文化都很好。我們已經起跑了。因此，我們對能夠著手我們需要做的事情充滿信心，正如我們之前討論過的，在某些領域實現成本協同效應，同時保持這些業務的前端獨立運作，專注於其獨特的品牌定位，以便我們繼續努力鞏固這些優勢。因此，我們預計能夠參與這些趨勢的持續發展中，尤其是在一些較大的市場中。

Steven Ramsey, Thompson Research Group.

Steven Ramsey，湯普森研究小組。

This is Brian Biros on for Steven.

這裡是布萊恩·比羅斯，替史蒂文報道。

Sure.

當然。

On the resi side, I guess, sales were flat. Orders grew 2% and really accelerated at the end of the quarter, it sounds like. So I guess can you just parse out maybe like why orders grew and if there's anything to call out really that drove the acceleration into the quarter end?

就住宅方面而言，銷售額基本上持平。訂單量增加了 2%，而且在季度末加速成長，聽起來是這樣。所以我想請您分析訂單成長的原因，以及是否有任何因素真正推動了季度末的加速成長？

Yeah. And are you talking about the resi side or Workplace, Brian, just to make sure I'm --

是的。布萊恩，你指的是住宅端還是辦公室端？我確認一下。--

Sorry, the resi side.

抱歉，是住宅區那邊。

Yeah. You nailed it. So the -- if you look at orders for the quarter, we're up 2% for the segment. The actual remodel retrofit was up 7%, and it actually was accelerating as we went through the quarter. We actually grew backlog to 13%. So that's given us confidence in the high-single -digits for the quarter.

是的。你做得太棒了。所以——如果你看一下本季的訂單情況，我們這個部門的訂單量增加了 2%。實際改造翻新工程量增加了 7%，而且隨著季度的推進，這一增長速度還在加快。我們的積壓訂單實際上增加到了 13%。因此，我們有信心本季實現接近兩位數的成長。

The backdrop of everything that Jeff just talked about is supporting that, which is allowing us to outpace the market. We're starting to see good signs for a retail season in most of the country outside the West Coast. All those support our high-single-digits with the extra week.

傑夫剛才談到的一切都為這一點提供了支持，這也使我們能夠跑贏大盤。除了西海岸以外，全國大部分地區的零售旺季都開始出現好兆頭。所有這些因素都支持我們憑藉額外一周的時間將勝率提升到個位數。

So when we look at that business for the full year, I think it's more important, we're going to grow mid-single digits in a very tough market that didn't grow. And although most of it will be price, we actually are going to show unit volume growth in the fourth quarter and a bit for the full year.

所以，當我們展望全年業務時，我認為更重要的是，我們將在一個成長停滯的非常艱難的市場中實現個位數中段的成長。雖然大部分成長將體現在價格上，但我們實際上將在第四季度實現銷售成長，並且全年銷售也將略有成長。

Got it. Helpful. And secondly, I guess, just on the Workplace segment, the opportunity set there, maybe by sector, is there a way to think of how much that reflects return-to-office compared to non-office verticals?

知道了。很有幫助。其次，我想，就工作場所細分領域而言，那裡的機會，也許按行業劃分，有沒有辦法考慮這在多大程度上反映了重返辦公室的情況，與非辦公室垂直領域相比呢？

So yeah, I think that's -- it's pretty hard to parse that. I think it's some of both. The verticals have been holding up well. You look at education, you look at healthcare. Obviously, Federal government is in a weird spot right now.

所以，是的，我覺得——這很難理解。我認為兩者兼而有之。垂直板塊表現良好。看看教育，看看醫療保健。顯然，聯邦政府目前處境尷尬。

But I think the return to office stuff, if I had to say, is probably in the earlier innings definitely than some of the other vertical plays. But we do see some of those verticals as we look out into the future that's still staying strong. But I'd say verticals have been a little stronger than return-to-office and return-to-office is just really getting going.

但我覺得，如果非要我說的話，重返辦公室這件事可能比其他一些縱向發展要早得多。但展望未來，我們確實看到其中一些垂直領域依然保持強勁勢頭。但我認為垂直行業的發展勢頭比重返辦公室的趨勢稍強一些，而重返辦公室的趨勢才剛開始。

I'd now like to hand the call back to Mr. Lorenger for final remarks.

現在我把電話交還給洛倫格先生，請他作最後總結發言。

Great. Appreciate it. Thanks -- thank you for taking an interest in HNI, and have a great day. Appreciate the time.

偉大的。謝謝。謝謝——感謝您對HNI的關注，祝您有美好的一天。感謝您抽出時間。

Thank you so much for attending today's call. You may now disconnect.

非常感謝您參加今天的電話會議。您現在可以斷開連線了。