MillerKnoll Inc (MLKN) 2024 Q3 法說會逐字稿

Good evening, and welcome to MillerKnoll's quarterly earnings conference call. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Vice President of Investor Relations, Carola Mengolini.

晚上好，歡迎參加 MillerKnoll 的季度財報電話會議。謹此提醒，此通話正在錄音中。現在我想介紹一下今天會議的主持人，投資者關係副總裁卡羅拉·門戈里尼 (Carola Mingolini)。

Good evening, and welcome to MillerKnoll's third-quarter fiscal 2024 conference call. I am joined by Andi Owen, Chief Executive Officer; and Jeff Stutz, Chief Financial Officer. Also available during the Q&A session is John Michael, President of Americas Contract; and Debbie Propst, President of Global Retail.

晚上好，歡迎參加 MillerKnoll 2024 財年第三季電話會議。執行長安迪歐文 (Andi Owen) 也出席了會議；和財務長傑夫·斯圖茨(Jeff Stutz)。出席問答環節的還有 Americas Contract 總裁 John Michael；和全球零售總裁 Debbie Propst。

Before I turn the call over to Andi, please remember our Safe Harbor regarding forward-looking information. During the call, management may discuss information that is forward-looking and involves known and unknown risks, uncertainties, and other factors, which may cause the actual results to be different than those expressed or implied.

在我將電話轉給安迪之前，請記住我們有關前瞻性資訊的安全港。在電話會議期間，管理階層可能會討論前瞻性訊息，並涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果與明示或暗示的結果不同。

Please evaluate the forward-looking information in the context of these factors, which are detailed in today's press release. The forward-looking statements are as of today, and we assume no obligation to update or supplement these statements. We may also refer to certain non-GAAP financial metrics, which are reconciled and described in our press release posted on our Investor Relations website at millerknoll.com.

請在這些因素的背景下評估前瞻性信息，這些因素在今天的新聞稿中進行了詳細介紹。前瞻性陳述截至今天，我們不承擔更新或補充這些陳述的義務。我們也可能會參考某些非 GAAP 財務指標，這些指標已在我們投資者關係網站 millerknoll.com 上發布的新聞稿中進行了核對和描述。

With that, I will turn the call over to Andi. Andi?

這樣，我就把電話轉給安迪。和我？

Thanks, Carola, and good evening, everyone. While this past quarter presented its challenges, we're proud to highlight our resilience and strategic focus. Despite facing a lower volume of orders and sales, we maintained a steadfast commitment to enhancing our business operations. Our efforts yielded significant results as we successfully improved gross margins across all business segments, showcasing our ability to adapt and thrive in dynamic market conditions.

謝謝卡羅拉，大家晚上好。儘管上個季度面臨挑戰，但我們很自豪地強調我們的韌性和戰略重點。儘管面臨訂單量和銷售下降，我們仍堅定致力於加強業務營運。我們的努力取得了顯著成果，成功提高了所有業務部門的毛利率，並展示了我們在動態市場條件下適應和發展的能力。

MillerKnoll is an agile company. We have implemented several programs across our contract and retail business to boost demand, while also putting in place restructuring measures to better align our operating costs with the evolving economic landscape. With our MillerKnoll dealer network firmly established in the US, we've turned our focus now to showrooms, studios, and tools that make it easier to create design solutions for customers. Our showroom strategy is anchored in having fewer and more robust MillerKnoll design centers in targeted cities around the world. We're bringing our brands together so that customers and design partners can experience the full breadth of our offering in one location.

MillerKnoll 是一家敏捷的公司。我們在合約和零售業務中實施了多項計劃來刺激需求，同時也採取了重組措施，使我們的營運成本更好地適應不斷變化的經濟狀況。隨著我們在美國牢固建立的 MillerKnoll 經銷商網絡，我們現在將重點轉向陳列室、工作室和工具，以便更輕鬆地為客戶創建設計解決方案。我們的陳列室策略是在全球目標城市建立更少但更強大的 MillerKnoll 設計中心。我們將我們的品牌整合在一起，以便客戶和設計合作夥伴可以在一處體驗我們的全方位產品。

To this end, we will combine our showrooms in most markets, and we will also invest more heavily in dealer showrooms and dealer programs, especially in markets without a corporate showroom presence. This work is already underway in several major US markets, namely Chicago, Washington DC, and the Greater Los Angeles area. This follows showroom colocation enhancements that we previously announced in New York City, Toronto, and London. Simultaneously, in North America alone, more than 40 dealer showroom refreshes are in progress with many more planned.

為此，我們將合併大多數市場的展廳，我們也將增加對經銷商展廳和經銷商計畫的投資，特別是在沒有企業展廳的市場。這項工作已經在美國幾個主要市場展開，即芝加哥、華盛頓特區和大洛杉磯地區。在此之前，我們先前在紐約市、多倫多和倫敦宣布了展廳託管增強功能。同時，光是在北美，就有 40 多家經銷商展廳正在進行翻新，還有更多的計畫正在規劃中。

At DWR, we recently opened a new concept studio in the San Francisco Design District. The space introduces our products in a new way, showcasing rotating galleries and interactive exhibits. We understand that enhancing our environment yields great results, and we've been encouraged by the increased customer interest and foot traffic in this store.

在 DWR，我們最近在舊金山設計區開設了一個新的概念工作室。該空間以新的方式介紹我們的產品，展示旋轉畫廊和互動展品。我們知道，改善我們的環境會產生巨大的成果，並且我們對這家商店的顧客興趣和人流量的增加感到鼓舞。

Across our retail experience, we know that most orders include a customer touch point in one of our stores. By enhancing these spaces in strategic locations, we believe it will continue to build market share, especially as macroeconomic conditions become more favorable.

根據我們的零售經驗，我們知道大多數訂單都包含我們商店中的客戶接觸點。透過在戰略位置加強這些空間，我們相信它將繼續擴大市場份額，特別是在宏觀經濟條件變得更加有利的情況下。

We are also making significant progress across our technology platform. This past January, we launched our program, portal experience. These are digital hubs, which serve as a singular place for clients, dealers, and our architecture and design partners to access projects and product information in one place, providing a forum for collaboration and streamlined processes.

我們的技術平台也取得了重大進展。今年一月，我們推出了門戶體驗計畫。這些是數位中心，是客戶、經銷商以及我們的建築和設計合作夥伴在一個地方存取專案和產品資訊的單一場所，為協作和簡化流程提供了一個論壇。

Similarly, we've launched augmented reality capabilities on retail and contract websites, a supplement to our highly functional 3D configurators. We've seen that customers who use these tools have a higher conversion rate and are faster to add products to the cart.

同樣，我們在零售和合約網站上推出了擴增實境功能，這是對我們強大的 3D 配置器的補充。我們發現使用這些工具的客戶轉換率更高，並且可以更快地將產品添加到購物車中。

These programs reflect the confidence we have in MillerKnoll's long-term value and the opportunities ahead. However, we are realists, and we understand that while encouraging, these initiatives and organizational enhancements are stepping stones to achieving our goals. Existing demand pressures, including the elevated cost of capital here in North America, are affecting the housing and office space market and slowing the decisions related to capital expenditures.

這些計劃反映了我們對 MillerKnoll 的長期價值和未來機會的信心。然而，我們是現實主義者，我們明白，雖然令人鼓舞，但這些舉措和組織增強是實現我們目標的墊腳石。現有的需求壓力，包括北美資本成本上升，正在影響住房和辦公空間市場，並減緩與資本支出相關的決策。

This is taking a toll on the short-term results of our business. To match the current demand environment this quarter, we implemented targeted workforce reductions and realigned our leadership team against our different business segments and geographic areas. These moves will have a meaningful impact on our SG&A cost structure. Jeff will share more details on this later.

這對我們業務的短期業績造成了影響。為了適應本季當前的需求環境，我們實施了有針對性的裁員，並根據不同的業務部門和地理區域重新調整了我們的領導團隊。這些舉措將對我們的 SG&A 成本結構產生有意義的影響。傑夫稍後將分享更多細節。

For Americas business, while the third quarter is usually a softer period, the step up in activity that customarily comes to the end of the quarter did not materialize as expected. Our team was fast to act, however, focusing on price optimization and launching a series of initiatives to help our clients make decisions and, therefore, coax demand. We continue to see leading indicators trending positively. Client requests for mock-ups are up over 20% year over year, and contract activations and pricing requests are up over 30% in Q3.

對於美洲業務來說，雖然第三季通常是一個疲軟時期，但通常在季度末出現的活動並沒有如預期實現。然而，我們的團隊迅速採取行動，專注於價格優化並推出一系列舉措來幫助我們的客戶做出決策，從而吸引需求。我們繼續看到領先指標呈現正面趨勢。第三季度，客戶對模型的請求年增超過 20%，合約啟動和定價請求增加超過 30%。

This quarter, we are very pleased to report growth across our international contract business as we continue to transition legacy Herman Miller dealers to full MillerKnoll dealers. The transition not only enhances the product portfolio of our existing dealerships, but also involves legacy dealers opening newly branded and furnished MillerKnoll showrooms, thereby enhancing our market presence.

本季度，我們非常高興地報告我們的國際合約業務的成長，因為我們繼續將傳統的 Herman Miller 經銷商轉變為完整的 MillerKnoll 經銷商。此次轉型不僅增強了我們現有經銷商的產品組合，也讓傳統經銷商開設了全新品牌和家具的 MillerKnoll 展廳，從而增強了我們的市場影響力。

Furthermore, we also have aggressive plans underway to bring Knoll to new markets throughout Europe. Our network around the globe is unmatched in reach, and we are in a place to deliver designs for these regions as demand starts growing.

此外，我們還制定了積極的計劃，將 Knoll 推向整個歐洲的新市場。我們在全球的網路覆蓋範圍無與倫比，隨著需求的開始增長，我們有能力為這些地區提供設計。

Similarly, as macroeconomic pressures ease, we anticipate a release intent of retail demand and are preparing ourselves to meet this interest. Throughout our retail organization, we maintain a strong focus on inventory management and optimizing our product assortment. We've accelerated the introduction of more than 100 new styles to designs and reach, adding HAY, Muuto, and Geiger products, introducing new DWR collections and expanding the assortment from our strategic third-party vendors as well as building up the Knoll offering through additional finish and materials options.

同樣，隨著宏觀經濟壓力的緩解，我們預計零售需求將出現釋放意圖，並正在準備滿足這種興趣。在我們的零售組織中，我們始終高度重視庫存管理和優化我們的產品種類。我們加快了 100 多種新款式的設計和覆蓋範圍的推出，添加了 HAY、Muuto 和 Geiger 產品，推出了新的 DWR 系列，擴大了我們的戰略第三方供應商的品種，並通過額外的飾面和材料選項。

Furthermore, we've expanded our design services, which has resulted in an increase in the penetration of orders from design services as well as fewer returns. But right now, we are at 11-year low in the luxury housing market, and our retail and specialty businesses track closely with that market. New home movers spend significantly more than the average. We'll continue to watch Fed rates as they have the potential to move in our favor this year, and when they do, we are prepared to capture the wins.

此外，我們也擴大了設計服務範圍，從而提高了設計服務訂單的滲透率，同時減少了退貨。但目前，我們的豪華住宅市場正處於 11 年來的低點，而我們的零售和專業業務與該市場密切相關。新搬家者的花費明顯高於平均水準。我們將繼續關注聯準會利率，因為它們今年有可能朝著對我們有利的方向發展，而當它們出現這種情況時，我們就準備好贏得勝利。

Over the next few months, we will have exciting and significant opportunities to connect with our key clients around the globe and share the best of our collective with our core audiences at Salone in Milan and Design Days in Chicago. These are moments for us to visually demonstrate the forward-thinking, innovative spirit that will carry us to the future while establishing meaningful connections.

在接下來的幾個月裡，我們將有令人興奮的重要機會與全球主要客戶建立聯繫，並在米蘭沙龍和芝加哥設計日上與我們的核心觀眾分享我們集體的精華。這些時刻讓我們直觀地展現了前瞻性思維和創新精神，這種精神將帶領我們走向未來，同時建立有意義的連結。

Ahead of these events, our research and insights team is conducting seminars in over 40 cities across three continents, sharing actionable insights with organizations on navigating changes in the way we work and adapting your spaces to our evolving world.

在這些活動之前，我們的研究和見解團隊將在三大洲的 40 多個城市舉辦研討會，與組織分享可行的見解，以應對我們工作方式的變化，並使您的空間適應不斷變化的世界。

We're highlighting several successful project profiles in the upcoming launch of season 4 of our About Place podcast. As companies navigate change and invest in their space, they continue to turn to us as a leader for our experienced database perspective on designing for tomorrow.

我們將在即將推出的 About Place 播客第 4 季中重點介紹幾個成功的項目簡介。隨著公司應對變革並投資於他們的領域，他們繼續向我們尋求領導者的幫助，以我們豐富的資料庫視角來設計未來。

Our industry has a once-in-a-lifetime opportunity to redefine how we think about spaces for decades to come. We have a chance right now to push the spaces where we live and work to better support individual wellness, productivity, and a sense of belonging. And when I look across our collective, there is no team more capable of rising to this occasion. We are focused and confident in the hard work we're doing right now.

我們的產業有一個千載難逢的機會來重新定義我們對未來幾十年空間的看法。我們現在有機會推動我們生活和工作的空間更好地支持個人健康、生產力和歸屬感。當我環顧我們的集體時，沒有任何團隊更有能力應對這一刻。我們對目前正在做的艱苦工作充滿專注和信心。

As always, I thank you for your continued support in MillerKnoll, and I will pass it on to Jeff for a deeper dive into this quarter's numbers. Jeff?

像往常一樣，我感謝您對 MillerKnoll 的持續支持，我會將其轉交給 Jeff，以便更深入地了解本季度的數據。傑夫？

Thanks, Andi. Good evening, everyone. This afternoon, we shared our third-quarter results, and I'm pleased to announce that we have achieved adjusted earnings per share of $0.45 in line with our guidance despite softer-than-expected revenue. The robust profitability we demonstrated this quarter showcases the resilience of our gross margin profile and underscores the efforts of our teams in protecting it.

謝謝，安迪。各位晚上好。今天下午，我們分享了第三季業績，我很高興地宣布，儘管收入低於預期，但我們已實現調整後每股收益 0.45 美元，符合我們的指導方針。我們本季展現的強勁獲利能力展現了我們毛利率狀況的彈性，並強調了我們團隊為保護毛利率狀況所做的努力。

We delivered consolidated gross margin of 38.6%, which improved more than 450 basis points over the prior year. This is our fifth consecutive quarter of year-over-year improvement in adjusted gross margin. Improved operational efficiency, moderating input and delivery costs, and incremental pricing benefits were the primary drivers -- all of which align with the themes we have consistently communicated as our focus over the past several quarters. Furthermore, these actions were complemented by disciplined operating expense management and the ongoing benefit of our acquisition synergy program.

我們的綜合毛利率為 38.6%，比前一年提高了 450 個基點以上。這是我們調整後毛利率連續第五個季度年減。提高營運效率、降低投入和交付成本以及增量定價優勢是主要驅動因素——所有這些都與我們在過去幾季中一直強調的重點主題一致。此外，這些行動還得到了嚴格的營運費用管理和我們收購協同計畫的持續效益的補充。

As Andi mentioned, we took further steps this quarter aimed at improving the efficiency of our selling, general and administrative functions. This resulted in a targeted reduction of our management workforce. Additionally, we reviewed our real estate footprint and announced showroom consolidation plans in key markets, which we believe will not only reduce our ongoing cost structure, but also create a more cohesive and compelling expression of our brand collective. Once fully implemented later this spring, these actions are expected to deliver annualized cost reductions of between $14 million and $16 million.

正如安迪所提到的，我們本季採取了進一步措施，旨在提高銷售、一般和行政職能的效率。這導致我們有針對性地減少管理人員。此外，我們審查了我們的房地產足跡，並宣布了主要市場的陳列室整合計劃，我們相信這不僅會降低我們持續的成本結構，而且還會為我們的品牌集體創造一個更有凝聚力和引人注目的表達。一旦今年春季晚些時候全面實施，這些行動預計將帶來每年 1,400 萬至 1,600 萬美元的成本削減。

At the consolidated level, net sales in the third quarter of $872 million, decreased 11.4% on a reported basis, and 10.1% organically compared with the same quarter last year. New orders totaled $830 million, reflecting an organic decrease 4.7% from the same quarter a year ago.

綜合層面，第三季淨銷售額為 8.72 億美元，報告基礎上下降 11.4%，與去年同期相比有機下降 10.1%。新訂單總額為 8.3 億美元，較去年同期有機下降 4.7%。

While we saw declines in both the Americas contract and retail segments, demand levels in the international and specialty segment were more encouraging, particularly in the contract component of our business. Although consolidated order levels for the full quarter did not meet our near-term expectations, the trend improved across all segments as we move through the period. And for the month of February, our consolidated orders were up 2.8% over last year.

雖然我們看到美洲合約和零售領域都出現下滑，但國際和專業領域的需求水準更為令人鼓舞，特別是在我們業務的合約部分。儘管整個季度的合併訂單水準未達到我們的近期預期，但隨著我們在此期間的推移，所有細分市場的趨勢均有所改善。2 月份，我們的綜合訂單比去年同期成長了 2.8%。

Within the Americas contract segment, net sales for the quarter were $441 million, representing an organic decrease of 9.2% from the same quarter a year ago. New orders in the period reflected a similar pattern, coming in 9.4% lower than last year on an organic basis. Here again, demand trends improved as we move through the period and into the early part of Q4. In fact, over the last two weeks, orders have trended up over 5% to last year.

在美洲合約業務領域，本季淨銷售額為 4.41 億美元，較去年同期有機下降 9.2%。這段時期的新訂單也反映了類似的模式，有機數量比去年下降了 9.4%。隨著這段時期進入第四季初期，需求趨勢再次有所改善。事實上，過去兩週訂單量比去年增加了 5% 以上。

Despite lower sales versus last year, we again delivered much improved gross margins in the Americas segment this quarter. Net pricing benefit, moderating input costs, the realization of synergy benefits, and tightly managed operating expenses contributed to achieving a gross margin of 33.1% and adjusted operating margin of 8.1%.

儘管銷售額較去年有所下降，但本季我們美洲業務的毛利率再次大幅提高。淨定價效益、降低投入成本、實現協同效益以及嚴格管理營運費用，使得毛利率達到 33.1%，調整後營運利潤率達到 8.1%。

Although we're not yet seeing their consistent impact on order rates, we remain highly optimistic that improvement is on the horizon given a range of forward-looking data points. Indicators such as customer inquiries, project mock-up requests, and contract activations continue to grow year over year, and the overall funnel of project opportunities remains encouraging.

儘管我們尚未看到它們對訂單率的持續影響，但鑑於一系列前瞻性數據點，我們仍然高度樂觀地認為改善即將到來。客戶諮詢、專案模型請求和合約啟動等指標持續逐年成長，專案機會的整體管道仍然令人鼓舞。

Within the funnel of projects, we are tracking the value of opportunities that we have won, but for which the actual order has not yet been received. We're encouraged to share that this number is double the value it was this time last year. All of this adds to our confidence that we are at or near a demand inflection point in the business.

在項目漏斗中，我們正在追蹤我們已贏得但尚未收到實際訂單的機會的價值。我們很高興地告訴大家，這個數字是去年這個時候的兩倍。所有這些都增強了我們的信心，即我們正處於或接近業務的需求轉折點。

The question remains, however, one of timing. By historical comparison, we continue to experience delays in the time it takes customers to make final order decisions and this has added to the complexity and challenge of forecasting the business.

然而，問題仍然是時機問題。透過歷史比較，我們繼續遇到客戶做出最終訂單決策的時間延遲，這增加了預測業務的複雜性和挑戰。

Considering the current macroeconomic climate with elevated interest rates, lagging ABI readings, and sentiment measures edging higher but still below pre-pandemic levels, none of this is surprising to us. Still, the data we are tracking inside our business and what we hear from customers and our dealers gives us confidence that there is pent-up demand awaiting further improvements in the macro backdrop.

考慮到當前利率上升、ABI 讀數滯後以及情緒指標小幅走高但仍低於大流行前水平的宏觀經濟環境，所有這些對我們來說都不足為奇。儘管如此，我們在業務內部追蹤的數據以及我們從客戶和經銷商那裡聽到的資訊讓我們相信，被壓抑的需求正在等待宏觀背景的進一步改善。

Turning to our international contract and specialty segment, net sales for the quarter totaled $217 million, which is down 10.6% organically year over year, while new orders came to $228 million, reflecting a year-over-year organic increase of 7.9%. Demand patterns month to month continue to be inconsistent. However, orders grew in both December and February primarily driven by portions of Mainland Europe, South Korea, India, China, Australia, and in the Middle East.

談到我們的國際合約和特種業務部門，本季淨銷售額總計 2.17 億美元，年比有機下降 10.6%，而新訂單達到 2.28 億美元，年比有機成長 7.9%。每月的需求模式仍然不一致。然而，12 月和 2 月的訂單成長主要是由歐洲大陸部分地區、韓國、印度、中國、澳洲和中東地區推動的。

One of our key strategic initiatives aimed at enhancing the scope and reach of our international network is completing the transition from Herman Miller to full-line MillerKnoll dealers. This effort is steadily gaining momentum with currently over 40% of this network offering the MillerKnoll product portfolio. We have a consistent schedule of additional transitions planned in the upcoming quarter.

我們旨在擴大國際網路範圍和影響力的關鍵策略舉措之一是完成從 Herman Miller 到全線 MillerKnoll 經銷商的轉變。這項努力正在穩步發展，目前超過 40% 的網路提供 MillerKnoll 產品組合。我們在下個季度規劃了一致的額外過渡計畫。

We were also pleased with the margin profile of this segment. The adjusted operating margin was 10.4% in the third quarter, albeit down 110 basis points year over year due to lower sales volume. Despite this, we continue to expand gross margins, and this past quarter, we achieved a record level of 44.5%. Favorable product mix, improved freight and distribution management, and proactive restructuring initiatives taken earlier in the year all contribute to this improved profit picture.

我們對該部門的利潤狀況也感到滿意。第三季調整後營業利潤率為 10.4%，但由於銷量下降，年減 110 個基點。儘管如此，我們的毛利率仍在繼續擴大，上個季度，我們實現了 44.5% 的創紀錄水平。有利的產品組合、改進的貨運和分銷管理以及今年稍早採取的積極重組措施都有助於改善利潤狀況。

As it relates to our global retail segment, in the third quarter, net sales totaled $214 million, reflecting an organic decrease of 11.3%, while new orders totaled $183 million, marking a 7.1% organic decline primarily due to subdued housing-related demand.

就我們的全球零售業務而言，第三季淨銷售額總計 2.14 億美元，有機下降 11.3%，而新訂單總額 1.83 億美元，有機下降 7.1%，這主要是由於住房相關需求低迷。

Regarding adjusted operating margin for the retail segment this quarter, we achieved 5.6%, 10 basis points higher than last year despite the decrease in net sales. The main drivers of the margin expansion were improved operational and delivery efficiency and favorable product mix.

儘管淨銷售額下降，本季零售業務調整後營業利潤率仍達 5.6%，比去年高出 10 個基點。利潤率擴張的主要驅動力是營運和交付效率的提高以及有利的產品組合。

Despite the challenging retail environment, our retail team remains dedicated to improving in-store experiences, broadening our product offer, enhancing digital capabilities, and elevating brand awareness. And we're confident that this strategic approach will nurture brand loyalty, promote deeper engagement, and position our business to take advantage of pent-up demand as market conditions improve. And we're beginning to see signs of improvement in the economic data.

儘管零售環境充滿挑戰，我們的零售團隊仍致力於改善店內體驗、擴大我們的產品範圍、增強數位能力並提高品牌知名度。我們相信，這種策略方法將培養品牌忠誠度，促進更深入的參與，並使我們的業務能夠在市場狀況改善時利用被壓抑的需求。我們開始看到經濟數據改善的跡象。

As Andi mentioned, home sales in the US are at 11-year lows, and demographic trends point to robust future construction growth. This is evidenced by last month's homebuilder’s sentiment readings which posted its third consecutive monthly gain in February, reaching its highest level since August of 2023. Moreover, renovation activity should also benefit from an aging housing stock and eventual turnover.

正如 Andi 所提到的，美國的房屋銷售量處於 11 年來的最低點，人口趨勢顯示未來建築業將強勁成長。上個月的房屋建築商信心指數證明了這一點，該指數在 2 月連續第三個月上漲，達到 2023 年 8 月以來的最高水準。此外，翻修活動也應受益於老化的房屋存量和最終的周轉。

As we mentioned to you last quarter, we believe that the demand fundamentals for this segment are pointing stronger and expect the retail segment to be a major contributor to both top- and bottom-line growth in our business for years to come.

正如我們在上個季度向您提到的，我們相信該細分市場的需求基本面趨於強勁，並預計零售細分市場將成為未來幾年我們業務收入和利潤成長的主要貢獻者。

Regarding cash flow in the balance sheet this quarter, we saw cash generation of $61 million in cash from operations. This enabled us to repurchase approximately 1.5 million shares for a total cash outlay of approximately $40 million. And at quarter end, our net debt to EBITDA ratio was approximately 2.65 turns.

關於本季資產負債表中的現金流，我們看到營運產生的現金為 6,100 萬美元。這使我們能夠回購約 150 萬股股票，總現金支出約為 4,000 萬美元。截至季末，我們的淨債務與 EBITDA 比率約為 2.65 倍。

Now, let's turn our near-term view to guidance and outlook. Given the macroeconomic conditions currently impacting our demand picture, we expect net sales the fourth quarter of fiscal 2024 to range between $880 million and $920 million. Adjusted diluted earnings per share for the period are expected to be $0.49 and $0.57. The midpoint of this earnings range implies year-over-year growth of approximately 29%, which is notable given the decline in year-over-year revenue. And based on this forecast, we expect full-year adjusted diluted earnings per share of between $1.90 and $1.98.

現在，讓我們將近期觀點轉向指引和前景。鑑於目前宏觀經濟狀況影響我們的需求情況，我們預計 2024 財年第四季的淨銷售額將在 8.8 億美元至 9.2 億美元之間。該期間調整後的稀釋每股收益預計為 0.49 美元和 0.57 美元。該盈利範圍的中點意味著同比增長約 29%，考慮到同比收入下降，這一點值得注意。根據這項預測，我們預計全年調整後攤薄每股收益將在 1.90 美元至 1.98 美元之間。

While economic uncertainty certainly persists in parts of our business, we're growing in our confidence that a favorable shift in demand patterns is on the horizon. And we believe this will translate into broad-based sales and earnings growth as we move through the upcoming fiscal year.

儘管經濟不確定性在我們的部分業務中確實持續存在，但我們越來越有信心，需求模式即將發生有利的轉變。我們相信，隨著我們進入即將到來的財政年度，這將轉化為廣泛的銷售和獲利成長。

So with that overview of the numbers, I'll now turn the call over to the operator to take your questions.

概述了這些數字後，我現在將把電話轉給接線員來回答您的問題。

(Operator Instructions) Greg Burns, Sidoti.

（操作員說明）Greg Burns，Sidoti。

Good afternoon. Could you just talk about your win rates in the Americas and maybe why you think -- maybe it's taking longer for some of this to move through your funnel? And do you feel like there's been any changes in share in the market? And do you feel like you maybe need to get more aggressive with maybe some of your incentives to start converting maybe some of what you're seeing in your pipeline? Thank you.

午安.您能否談談您在美洲的勝率以及為什麼認為——也許其中一些內容需要更長的時間才能通過您的管道？您覺得市佔率有什麼變化嗎？您是否覺得您可能需要更積極地採取一些激勵措施來開始轉換您在管道中看到的一些內容？謝謝。

Hey, Greg, it's Andi. That's a lot of questions, so I'll start with a couple of points. First off, I think demand patterns in the early part of your recovery are always choppy, and they often really vary significantly based on customer size and industry sector. So I think that's really kind of where we find ourselves currently, and I don't think we're either surprised or disheartened to see some relative differences across the competitive landscape, and I think in fact every cycle in the last 25 years has played out this way. I think from a quarter-to-quarter fluctuation demand of a long term, we believe in the right position to protect our market share.

嘿，格雷格，我是安迪。這是很多問題，所以我將從幾點開始。首先，我認為復甦初期的需求模式總是不穩定的，而且根據客戶規模和產業領域的不同，需求模式往往會大不相同。所以我認為這確實是我們目前所處的情況，我認為我們對於看到競爭格局中的一些相對差異並不感到驚訝或沮喪，而且我認為事實上過去 25 年的每個週期都發揮了作用往這邊走。我認為，從長期的逐季度波動需求來看，我們相信保護我們市場份額的正確立場。

From a timing perspective, I think it is still taking customers longer to make decisions on what's in the funnel and what's been won. I think our win rate is actually 3% higher than last year, which is really encouraging. We are not seeing pricing activity that is frightening to us or it feels like we need to discount more. It feels very stable out there. We're addressing pricing on a job-by-job basis, but we're not feeling like it is incredibly competitive.

從時間角度來看，我認為客戶仍然需要更長的時間來決定漏斗中的內容和贏得的內容。我認為我們的勝率實際上比去年高了 3%，這確實令人鼓舞。我們沒有看到令我們害怕的定價活動，或感覺我們需要更多折扣。在那裡感覺非常穩定。我們正在根據具體工作來解決定價問題，但我們並不覺得它具有難以置信的競爭力。

John, I'd let you add a little bit more to that if you want.

約翰，如果你願意的話，我可以讓你補充一點。

Yeah, I would add, Andi. If we look at what's in the funnel in addition to significant increase in new opportunities added to the funnel, as you mentioned, the win rate is up slightly. And Jeff mentioned in his opening comments that as we track an opportunity through the sales process, the second to last step is it's either marked closed or won, and then the final step is it's booked.

是的，我要補充一點，安迪。如果我們看看漏斗中的內容以及添加到漏斗中的新機會的顯著增加，正如您所提到的，獲勝率略有上升。傑夫在開場白中提到，當我們透過銷售流程追蹤機會時，倒數第二步是標記為已關閉或獲勝，然後最後一步是預訂。

And the amount of projects and opportunities in that final step closed won for us has increased significantly versus prior year. So it is really just a matter of timing in terms of that converting into an order. We're still seeing construction delays and supply chain things in other industries that are impacting project timing. But again, looking at all the leading indicators, they are all pointing in the right direction right now.

與去年相比，我們在最後一步贏得的項目和機會數量顯著增加。因此，就轉換為訂單而言，這實際上只是一個時間問題。我們仍然看到其他行業的施工延誤和供應鏈問題正在影響專案進度。但同樣，看看所有的領先指標，它們現在都指向正確的方向。

Okay. And then, when you look at the balance sheet, obviously, generating cash looks like you bought back some stock this quarter. Are you comfortable with the leverage here? Like why not? What's your decision factor between buying back shares versus maybe paying down the debt? Thank you.

好的。然後，當你查看資產負債表時，顯然，產生現金看起來就像你本季回購了一些股票。您對這裡的槓桿感到滿意嗎？喜歡為什麼不呢？您在回購股票還是償還債務之間做出決定的因素是什麼？謝謝。

Yeah, Greg. We've tried -- this is Jeff. We've been buying some shares all fiscal year at different levels, and we've just been opportunistic. We think the shares are undervalued. We think it's good deal and a good investment.

是的，格雷格。我們已經嘗試過——這是傑夫。我們整個財年都在不同層級買了一些股票，我們只是在投機取巧。我們認為股價被低估。我們認為這是一筆不錯的交易，也是一筆不錯的投資。

Now, having said that, we have been balanced. If you look at the course of the first nine months of the fiscal year, we've taken a balanced approach in both bought shares and paid down some debt. This quarter, just due to some timing of accessing some of our international cash, we did see our debt level tick up a little bit at the end of the quarter. But the intent has been in our plan going forward will continue be balanced on that front.

現在，話雖如此，我們已經平衡了。如果你看看本財年前九個月的情況，我們在購買股票和償還一些債務方面都採取了平衡的方法。本季度，僅僅由於我們獲取部分國際現金的時間安排，我們確實看到我們的債務水平在季度末略有上升。但我們的計劃的目的是繼續在這方面保持平衡。

No, we're not concerned with the leverage ratio. Again, we look -- as we look ahead and we look at the internal measures that we've noted on the call, what we see our clouds clearing from a macroeconomic perspective and the trends we've even seen within each of the three business segments from an order entry standpoint, we're confident we're going to see demand improvements on the horizon. Our margins are strong, well above last year's levels, and so we're quite comfortable with the level that we're at.

不，我們不關心槓桿率。再次，我們展望未來，審視我們在電話會議中註意到的內部措施，我們從宏觀經濟角度看到的烏雲消散，以及我們甚至在三個業務中看到的趨勢從訂單輸入的角度來看，我們相信我們將看到需求的改善。我們的利潤率很高，遠高於去年的水平，因此我們對目前的水平感到非常滿意。

All right. Thank you.

好的。謝謝。

Budd Bugatch, Water Tower Research.

巴德·布加奇，水塔研究。

Good morning, Andi. Good morning, Jeff. Good morning -- good afternoon, Carola and John.

早安，安迪。早安，傑夫。早安——下午好，卡羅拉和約翰。

Good afternoon, Budd. How are you?

下午好，巴德。你好嗎？

Hey, Budd.

嘿，巴德。

It is in the afternoon. And congratulations on the profitability in the quarter. I know that's a difficult thing, and you're managing that well. But I am concerned about what I see in the implied backlogs, particularly in the Americas contract, which looks to me to be somewhere, I think, probably in the $355 million to $360 million range, Jeff, if I did the math right?

現在是下午。並祝賀本季實現盈利。我知道這是一件困難的事情，而你處理得很好。但我擔心我在隱含的積壓訂單中看到的情況，特別是在美洲合約中，在我看來，我認為該合約可能在3.55 億美元至3.6 億美元的範圍內，傑夫，如果我算得對的話？

That's right, Budd.

沒錯，巴德。

And that's the lowest backlog in Americas contract since before the acquisition, since the acquisition, time of the acquisition. And it makes it -- I think you told me it makes it very difficult to leverage your manufacturing at that same time, so irrespective of the pricing. What's going on there? When will we see that backlog start to rise?

這是自收購前、收購以來、收購時以來美洲合約積壓量最低的水準。它做到了——我想你告訴我，這使得同時利用你的製造變得非常困難，所以無論定價如何。那裡發生了什麼事？我們什麼時候會看到積壓訂單開始增加？

Well, Budd, I won't disagree with you that -- everyone in this room is nodding. We have every interest to see order rates pick up, and we're spending our full efforts as an organization to support the sales organization, to support the operations organization, to drive order growth. And that's what it's going to take, and I think we are, as we said in the prepared comments, we're on the cusp of seeing order demand pickup. We saw some positive trends as we move through the quarter. I made the comment that Americas orders in the last couple of weeks have increased over last year, same weeks, prior year.

好吧，巴德，我不會不同意你的觀點——這個房間裡的每個人都在點頭。我們非常希望看到訂單率上升，並且作為一個組織，我們正在盡全力支持銷售組織、支持營運組織、推動訂單成長。這就是將要發生的事情，我認為，正如我們在準備好的評論中所說，我們即將看到訂單需求回升。隨著本季度的進展，我們看到了一些積極的趨勢。我評論說，過去幾週美洲的訂單比去年同期有所增加，去年同期也有所增加。

So the trends are pointing in the right direction. I think the macro indicators as we've covered are pointing in the right direction. We fully expect to see that backlog begin to grow. But we have been through 18 months or so of what I would call a contract economic recession, and we're finding our way to the bottom of it, and we will find our way through the other side of it.

因此，趨勢正指向正確的方向。我認為我們所討論的宏觀指標都指向正確的方向。我們完全期望看到積壓訂單開始增加。但我們已經經歷了大約 18 個月的我所說的合約經濟衰退，我們正在找到它的底部，我們也將找到它的另一面。

Okay. I have more on that, but I know I've got one more follow-up. And let me just go to the global retail because, again, that looks like that's a significant drawdown in backlog, not quite as severe as AC. But what -- can you talk a little bit, Andi, on the global retail, what you're seeing in terms of e-commerce versus in-store? How do we look on same store, same location, or same brand kind of basis, however you wanted to give us a flavor on that and the future of that particular segment as well?

好的。我對此還有更多內容，但我知道我還有一個後續行動。讓我談談全球零售業，因為這看起來像是積壓訂單的大幅減少，但不像 AC 那麼嚴重。但是，安迪，您能談談全球零售業，您對電子商務與實體店的看法嗎？我們如何看待同一家商店、同一地點或同一品牌的基礎，但您想讓我們了解這一點以及該特定細分市場的未來？

Yeah, Budd. It's a great question, and Debbie's here, so I'm going to let her answer the specifics. But I think it's actually very promising, and some of the backlog that you're referring to from last year reflected some of the supply chain issues that we were having along with many other retailers as we work through that.

是的，巴德。這是一個很好的問題，黛比也在這裡，所以我將讓她回答具體問題。但我認為這實際上非常有希望，你提到的去年的一些積壓反映了我們與許多其他零售商在解決這個問題時遇到的一些供應鏈問題。

So I think the reduction in backlog is actually a really good thing and a point to how we're managing our inventory much more efficiently. And the cycle time from when you were ordering furniture for us now to when it's showing up in your home is much shorter. So that processing is actually really beneficial because it drives more conversion. And I would say that business is really healthy, outperforming competition.

因此，我認為積壓訂單的減少實際上是一件好事，也顯示我們如何更有效地管理庫存。從您現在為我們訂購家具到家具出現在您家中的週期時間要短得多。因此，這種處理實際上非常有益，因為它可以帶來更多轉換。我想說的是，業務確實很健康，表現優於競爭對手。

So Debbie, do you want to answer some of the specifics?

那麼黛比，你想回答一些具體問題嗎？

Hi, there. As it pertains to some of the channel questions you had, we're seeing fairly consistent patterns across our three channels: stores, web, and wholesale, with one exception that given the design service implementation that we've been doing in our stores, we're really seeing an acceleration of average order value in that channel as the contribution of design service sales picks up. Those orders are about over 2x the size in dollar volume of a non-design service sales.

你好呀。由於它涉及您遇到的一些通路問題，我們在三個管道中看到了相當一致的模式：商店、網路和批發，但有一個例外，考慮到我們一直在商店中實施的設計服務，隨著設計服務銷售貢獻的增加，我們確實看到該通路的平均訂單價值正在加速成長。這些訂單的金額大約是非設計服務銷售額的兩倍以上。

So we're very focused on optimizing the store traffic and the activity around design services. We're in the process of densifying our store floor sets to showcase more of the expanded offering in stores, as well as making sure that we're being much louder and more aggressive about driving traffic towards these design services now that our sales force is fully trained in that capability.

因此，我們非常注重優化商店客流量和圍繞設計服務的活動。我們正在緻密我們的商店樓層，以展示商店中更多的擴展產品，並確保我們更加響亮、更加積極地推動這些設計服務的流量，因為我們的銷售隊伍接受過該能力方面的充分培訓。

So the average ticket in retail, are you in the $2,000 to $3,000 range?

那麼零售的平均票價是在 2,000 美元到 3,000 美元之間嗎？

Yes, that's correct.

對，那是正確的。

Okay. All right. Thank you. Good luck on the following -- on the next quarters and the balance of the year.

好的。好的。謝謝。祝接下來的幾季和今年剩餘的時間一切順利。

Thanks, Budd.

謝謝，巴德。

Thanks, Budd.

謝謝，巴德。

Alex Fuhrman, Craig-Hallum Capital.

亞歷克斯·福爾曼，克雷格·哈勒姆資本。

Hey, guys. Thanks very much for taking my question. Andi, you talked a little bit about consolidating some showrooms in an effort to align the cost structure. What about on the global retail side of the business? Do you think there are opportunities there to maybe consolidate some of your retail stores? Or are there still opportunities to continue to open more stores there?

大家好。非常感謝您提出我的問題。安迪，您談到了整合一些陳列室以調整成本結構的問題。全球零售業務方面又如何呢？您認為有機會整合您的一些零售店嗎？或者還有機會繼續在那裡開設更多商店嗎？

It's a great question, Alex. And just to touch on the showroom consolidation, I think the major driver behind why we've decided to do this is really driven from our customers in the AD community and making sure that we have everything in an easy and convenient place for them to actually see all of our brands. So we're very excited about that. It's not really driven by cost. Cost is a great side benefit, but really driven by the customer and what they're telling us.

這是一個很好的問題，亞歷克斯。就陳列室整合而言，我認為我們決定這樣做的主要驅動力實際上是來自 AD 社區中的客戶，並確保我們將一切都放在一個簡單方便的地方，讓他們能夠實際使用查看我們所有的品牌。所以我們對此感到非常興奮。它實際上並不是由成本驅動的。成本是一個很大的附帶好處，但實際上是由客戶和他們告訴我們的內容所驅動的。

From a retail store standpoint, we are very under stored compared to our competition. And I would say we have opportunity to increase our store footprint. We find that our customer that shops online, as well as in bricks and mortar, is increasingly a better customer. So we think we have a huge opportunity in the next two to three years to increase that footprint.

從零售店的角度來看，與競爭對手相比，我們的庫存非常不足。我想說我們有機會擴大我們的商店足跡。我們發現，在網路上以及實體店購物的客戶越來越成為更好的客戶。因此，我們認為在未來兩到三年內我們有巨大的機會來增加足跡。

We're also seeing really, really successful trends in our stores. Debbie mentioned design services. The work that our AEs are doing to personalize, and really move the sale forward is very helpful. So we're very bullish on store growth.

我們還在我們的商店中看到了非常非常成功的趨勢。黛比提到了設計服務。我們的 AE 所做的個人化工作以及真正推動銷售的工作非常有幫助。因此，我們非常看好商店的成長。

And Andi, are there any brands in particular you think are under stored or perhaps opportunity for multi-branded stores?

Andi，您認為有哪些品牌庫存不足或可能有機會開設多品牌商店？

I think, primarily, our initial growth will be around the DWR brand and Herman Miller. We definitely think there's possibility for Knoll as well, but we carry Knoll within design within reach as well. So all of our brands have potential, but those three other ones we'll focus on first.

我認為，我們最初的成長主要將圍繞 DWR 品牌和 Herman Miller 展開。我們絕對認為 Knoll 也有可能，但我們也將 Knoll 設計在觸手可及的範圍內。因此，我們所有的品牌都有潛力，但我們將首先關注其他三個品牌。

Okay, that's great. Thank you very much.

好的，太好了。非常感謝。

Reuben Garner, The Benchmark Company.

魯本·加納，基準公司。

Thanks. Good evening, everybody. Just wanted to kind of clarify plus square something up, Jeff. You talked about kind of maybe nearing or being at an inflection point. I don't know if that was in Americas specific comment or just kind of in general, but you're also announcing a restructuring, implementing cost savings, I would guess, because you've had kind of consistent order pressure over the last year or 18 months as you put it. Can you kind of walk us through the decision or the thought process there, why restructuring now if we're going to start coming out of this? And then I got a follow-up.

謝謝。晚上好大家。只是想澄清一下並解決一些問題，傑夫。你談到了可能接近或正處於拐點。我不知道這是美國的具體評論還是一般性的評論，但我猜你們還宣布了重組，實施成本節約，因為去年你們一直面臨著持續的訂單壓力或者如你所說的18個月。您能否向我們介紹那裡的決策或思考過程？然後我得到了跟進。

Let me start with that one, Reuben, and then I'll pass it on to Jeff. We're always looking at our structure and how efficient we're being. And remember, we're still finishing up integration between these two companies. And as we finish some of our synergy work, as we move toward into the future, we're becoming more and more efficient in certain functions. So as we've done that, we've taken the opportunity to sort of close the circle on many of the integration activities. We think we're mostly at the end, but this is really kind of the final parts of that.

讓我從那個人開始，魯本，然後我將把它傳遞給傑夫。我們一直在關注我們的結構以及我們的效率。請記住，我們仍在完成這兩家公司之間的整合。當我們完成一些協同工作時，當我們走向未來時，我們在某些​​職能上變得越來越有效率。因此，在我們這樣做的同時，我們也藉此機會在許多整合活動上完成了閉環。我們認為我們已經基本結束了，但這確實是最後的部分。

Jeff, what would you add?

傑夫，你要補充什麼？

No, Andi, I think that's right. Reuben, to your question, I would caution you to read, really anything into that. I mean, one of the things we have always prided ourselves on it at MillerKnoll is trying to be on our front foot and making sure that we are responding to the current market conditions that we see, but also protecting the strategic investment parts of the business that we are confident are going to help grow the business top line and profitability going forward.

不，安迪，我認為這是對的。魯本，對於你的問題，我建議你閱讀相關內容。我的意思是，我們在 MillerKnoll 一直引以為傲的事情之一就是努力站在我們的前沿，確保我們對我們所看到的當前市場狀況做出反應，同時也保護業務的戰略投資部分我們有信心將有助於提高未來的業務收入和獲利能力。

And this is, I think, you can look at this as an ongoing practice of that kind of housekeeping. I mean, this was not a -- this was targeted, as I mentioned in my prepared comments, around the management ranks, and it was not just a cost take out but it was also a simplification set of decisions.

我認為，你可以將其視為這種內務管理的持續實踐。我的意思是，正如我在準備好的評論中提到的那樣，這不是針對管理層的，這不僅僅是成本削減，也是一套簡化的決策。

I mean, Andi said it in her prepared comments, but I'll just emphasize, that the decisions around real estate, it would be wrong to think of that as purely focused on cost take out. This is about creating a much more compelling expression of the combined MillerKnoll brands in these major markets that we serve. So it certainly is not all about cost. And I mean, I guess, I'd leave it at that.

我的意思是，安迪在她準備好的評論中說了這一點，但我只是強調，圍繞房地產的決策，認為純粹關注成本支出是錯誤的。這是為了在我們服務的這些主要市場中創造一個更引人注目的聯合 MillerKnoll 品牌的表達方式。因此，這當然不僅與成本有關。我的意思是，我想，我就這樣吧。

Sorry, I was on mute. Yeah, that's helpful. And then, I guess, this pricing sounds like it's stable. Can you just talk about -- I know you're coming into the end of your fiscal year, but maybe talk about it on a go-forward basis the next kind of year? What's left in the pricing actions that you've already announced? When was the last pricing action you announced? Do you need another one this year to keep up with inflation? Are you seeing your competitors announce them? I guess just kind of an update on price cost in this environment?

抱歉，我當時處於靜音狀態。是的，這很有幫助。然後，我想，這個定價聽起來很穩定。你能談談——我知道你的財政年度即將結束，但也許會在下一年的基礎上談論這個問題？您已經宣布的定價行動還剩下什麼？您宣布的最後一次定價行動是什麼時候？今年你還需要另一筆來跟上通貨膨脹的腳步嗎？您是否看到您的競爭對手宣布了這些消息？我想這只是這種環境下價格成本的更新？

Yes, Reuben, this is Jeff. And John, please jump in. I would characterize where we feel we are as an organization is we're kind of back to, what I would say, are more traditional, more ongoing annual price increases as a cadence. There are still inflationary pressures. They are nowhere near the level that we were seeing when we were having to do multiple price increases per year.

是的，魯本，這是傑夫。約翰，請加入。我認為我們作為一個組織的感覺是，我們有點回到了，我想說的是，更傳統、更持續的年度價格上漲作為一種節奏。通膨壓力依然存在。它們遠低於我們每年不得不多次提價時所看到的水平。

Our last increase was last June. It will probably on roughly that same type of calendar schedule as we move forward and much more in line with kind of pre-COVID annualized price increase percentages.

我們上次加價是在去年六月。隨著我們的前進，它可能會按照大致相同類型的日曆時間表進行，並且更符合新冠疫情前的年化價格上漲百分比。

And then, I guess last question, you kind of answered the share question. I think that was directed at the Americas side. My question is actually, internationally, the business seems to be holding up a little better. And in fact, it looks like the last quarter showing growth again.

然後，我想最後一個問題，你回答了分享問題。我認為這是針對美洲方面的。我的問題實際上是，在國際上，該業務似乎表現得更好一些。事實上，上個季度似乎再次出現成長。

How much of that would you attribute to kind of maybe the benefits that there were between Knoll and Miller versus -- have you seen a stabilization in macro over there kind of quicker? I know it's been a volatile situation, but just kind of thoughts on how things have transpired over the last six to nine months?

您認為這在多大程度上歸因於諾爾和米勒之間可能的好處——您是否看到那裡的宏觀經濟穩定得更快？我知道這是一個不穩定的情況，但只是想一下過去六到九個月裡事情是如何發生的？

I think it's a combination of all of those things, really. I think the great news about our international business is that it is very diverse. So if you still struggle in Europe, then you have China that's beginning to wake up to offset that. So I think we have markets, as we mentioned over the last several calls, the Middle East, India, Asia, and China starting to wake up that are really kicking in. And that stability has driven the business forward.

我認為這是所有這些事情的結合，真的。我認為我們的國際業務的好消息是它非常多元化。因此，如果歐洲仍在苦苦掙扎，那麼中國也開始覺醒，以抵消這種影響。因此，我認為我們的市場，正如我們在過去幾次電話會議中提到的那樣，中東、印度、亞洲和中國開始覺醒，並真正發揮作用。這種穩定性推動了業務的發展。

And the one thing to remember too, Reuben, with the differences in our business in international and the Americas is that international is much more nascent, and we are much more lightly penetrated. So we have a lot of opportunity to grow market share and to expand markets to grow dealers.

魯本，還需要記住的一件事是，我們在國際業務和美洲業務的差異在於，國際業務更為新生，而我們的滲透程度要輕得多。因此，我們有很多機會來增加市場份額並擴大市場來發展經銷商。

And also, Knoll is supplementing part of our product offer that we never had in Europe before. So as we continue to transition Herman Miller dealers to MillerKnoll dealers, there's momentum behind that. And as dealers begin to learn the products, there's momentum behind that. So I would just say it's really just a difference in the maturity of the markets and how we penetrate in the markets.

此外，Knoll 還補充了我們以前在歐洲從未有過的部分產品。因此，當我們繼續將 Herman Miller 經銷商轉變為 MillerKnoll 經銷商時，這背後就有動力。當經銷商開始了解產品時，背後就會有動力。所以我只想說，這實際上只是市場成熟度以及我們滲透市場方式的差異。

And Jeff, what would you add to that?

傑夫，你對此有何補充？

No, I think that covers it. I think it's spot on.

不，我認為這涵蓋了它。我認為這是正確的。

And guys, I said I think I said last one, but I'm going to sneak one more in, if that's all right. Jeff, can you just -- maybe you said this, but just to restate it if you could. The order patterns that you saw throughout the quarter, can you walk through those again? What kind of December, January, February look like? And then were those specific to -- were those consolidated or did you break out Americas? And if you didn't, could you talk about what you're seeing in Americas on a month-by-month basis?

夥計們，我說我想我說了最後一個，但如果可以的話，我會再偷偷地說一個。傑夫，你能不能──也許你說過這樣的話，但如果可以的話，只是重述一下。您在整個季度看到的訂單模式，您能再回顧一下嗎？十二月、一月、二月是什麼樣的呢？然後是那些具體的——這些是合併的還是你突破美洲的？如果沒有，您能談談您在美洲每個月看到的情況嗎？

Yeah. Let me start, Reuben, with just kind of the consolidated picture. We were down from an organic order perspective down to 4.7% on the full quarter Q3, but we came into the quarter down closer to 10%, 11%, and we exited at a consolidated level in February, up almost 3%. So we saw a fairly steady improvement in the year-over-year organic order calcs. As we move through, that was consolidated.

是的。魯本，讓我先介紹一下綜合情況。從有機訂單的角度來看，第三季整個季度我們下降至 4.7%，但進入本季時下降了接近 10%、11%，2 月我們以綜合水準退出，成長了近 3%。因此，我們看到有機訂單計算同比有了相當穩定的改善。當我們前進時，這一點得到了鞏固。

The Americas, not a wildly different story there. I mean, we came into the quarter in December with larger year-on-year declines and we saw improvement. As we moved into January, we were kind of mid-single-digit declines. February, on around that same level, so we ended the full quarter down 9.4%. So we saw that improvement as we move through February, and then what's been most encouraging is quarter to date through the kind of the latest data, the Americas segment is down. That is certainly has improved down 3% and the last couple of weeks up 5%. So it's been a fairly consistent walk toward an improving trend line.

美洲的情況也沒什麼不同。我的意思是，我們進入 12 月的季度時，同比下降幅度更大，但我們看到了改善。當我們進入一月份時，我們出現了中等個位數的下降。2 月份，大致處於同一水平，因此整個季度結束時下降了 9.4%。因此，當我們進入二月時，我們看到了這種改善，然後最令人鼓舞的是季度迄今為止的最新數據，美洲市場出現了下降。這肯定是下降了 3%，而過去幾週上升了 5%。因此，這是一個相當一致的走向改善趨勢線的過程。

Okay. Thanks for the detail, guys. I'll pass it on.

好的。謝謝你們的詳細信息，夥計們。我會把它傳遞下去。

There are no further questions. I'll now turn the floor back President and CEO, Andi Owen, for closing remarks.

沒有其他問題了。現在我請總裁兼執行長 Andi Owen 致閉幕詞。

Thank you so much. I want to thank everyone again for joining us on today's call. And we look forward to connecting with you all again soon. Take care.

太感謝了。我想再次感謝大家參加今天的電話會議。我們期待很快能再次與大家聯繫。小心。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。