MillerKnoll Inc (MLKN) 2025 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.

晚上好，歡迎參加 MillerKnoll 季度財報電話會議。提醒一下，本次通話正在錄音。

I would now like to turn or introduce you to your host for today's conference, Wendy Watson, Vice President of Investor Relations.

現在，我想向大家介紹今天會議的主持人、投資者關係副總裁溫蒂沃森 (Wendy Watson)。

Good evening, and welcome to our third-quarter fiscal 2025 conference call. On with me are Andi Owen, Chief Executive Officer; and Jeff Stutz, Chief Financial Officer. Joining them for the Q&A session are John Michael, President of North America Contract; and Debbie Propst, President of Global Retail.

晚上好，歡迎參加我們的 2025 財年第三季電話會議。和我一起出席的是執行長安迪歐文 (Andi Owen) 和財務長傑夫斯圖茨 (Jeff Stutz)。參加問答環節的還有北美合約總裁約翰‧麥可 (John Michael) 和全球零售總裁黛比‧普羅普斯特 (Debbie Propst)。

We issued our earnings press release for the quarter ended March 1, 2025, after market closed today. Along with our earnings release, we filed an 8-K announcing a change in our segment reporting structure. The 8-K includes recast segment financials from fiscal 2023 to date, reflecting the new reportable segments. The segment change has no impact on our historical consolidated financial results. These documents are available on our Investor Relations website at millerknoll.com.

我們在今天股市收盤後發布了截至 2025 年 3 月 1 日的季度收益新聞稿。在發布收益報告的同時，我們也提交了一份 8-K 報告，宣布了分部報告結構的變更。8-K 報表包括 2023 財年至今的重鑄分部財務狀況，反映了新的可報告分部。分部變更對我們的歷史合併財務表現沒有影響。這些文件可在我們的投資者關係網站 millerknoll.com 上找到。

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. Please evaluate the forward-looking information in the context of these factors, which are detailed in today's press release.

在我將電話轉給安迪之前，請記住我們關於前瞻性資訊的安全港。在電話會議中，管理層可能會討論前瞻性訊息，涉及已知和未知的風險、不確定性和其他因素，這可能會導致實際結果與明示或暗示的結果不同。請根據今天的新聞稿中詳細說明的這些因素來評估前瞻性資訊。

The forward-looking statements are made as of today's date, and except as may be required by law, we assume no obligation to update or supplement these statements. We will also refer to certain non-GAAP financial measures, and our press release includes the relevant non-GAAP reconciliations.

這些前瞻性陳述均截至今日作出，除非法律另有規定，否則我們不承擔更新或補充這些陳述的義務。我們也會參考某些非公認會計準則財務指標，我們的新聞稿中包含相關的非公認會計準則對帳。

A replay of this call will be available on our website within 24 hours. With that, I'll turn the call over to Andi.

本次通話的重播將於 24 小時內在我們的網站上提供。說完這些，我會把電話轉給安迪。

Thanks, Wendy, and good evening, everyone, and thank you for joining us tonight. Our results in the third quarter of fiscal year 2025 reflect the advantages of our diverse business model. Strong performance in certain markets and channels, mitigated softness in others, and a disciplined focus on our cost structure helped us weather unpredictable and dynamic macroeconomic conditions.

謝謝，溫迪，大家晚上好，謝謝你們今晚加入我們。我們2025財年第三季的業績反映了我們多元化業務模式的優勢。某些市場和通路的強勁表現、其他市場和通路的疲軟表現以及對成本結構的嚴格關注幫助我們度過了不可預測和動態的宏觀經濟條件。

During the quarter, we saw a notable difference in demand in our retail businesses compared to most of our contract businesses. Leading indicators within our contract segments are mixed and overall demand in many geographies were sluggish during the quarter amid uncertainty related to tariffs and other macroeconomic factors.

在本季度，我們發現零售業務的需求與大多數合約業務的需求有明顯差異。我們合約部門內的領先指標好壞參半，由於關稅和其他宏觀經濟因素的不確定性，本季許多地區的整體需求低迷。

Our consolidated net sales were up year over year, and we saw impressive order growth in global retail, particularly in North America. Earnings in the quarter met our expectations. I'm especially proud of how nimble and responsive our teams have been. I want to thank them for driving sales and order growth in a challenging environment and for their focus on controlling our costs or preserving our growth investments.

我們的綜合淨銷售額年增，全球零售訂單成長顯著，尤其是北美。本季的收益符合我們的預期。我對我們團隊的敏捷和反應特別感到自豪。我要感謝他們在充滿挑戰的環境中推動銷售和訂單成長，並感謝他們專注於控制我們的成本或保留我們的成長投資。

Next, before I move to segment-specific highlights from the quarter, I wanted to walk through the changes we've made to better align the business with our long-term strategies and to offer more visibility into our performance in key end markets. With the integration of Knoll largely behind us and a pivot towards driving growth, we have re-segmented our operations. Our three business reporting segments are now North America Contract, International Contract, and Global Retail.

接下來，在我介紹本季特定細分市場的亮點之前，我想先介紹我們所做的改變，以便更好地使業務與我們的長期策略保持一致，並讓我們更清楚地了解我們在主要終端市場的表現。隨著 Knoll 的整合基本上完成，並轉向推動成長，我們重新細分了業務。我們現在的三個業務報告部門是北美合約、國際合約和全球零售。

We moved our textile businesses, Maharam, Knoll Textiles and Edelman as well as Spinneybeck FilzFelt into our North America contract segment. Aligning these teams allows us to report all our business-to-business sales in North America through one reporting segment. To that end, as we continue to focus on the tremendous opportunities for growth abroad, our Latin America contract business will now be reported within our International Contract segment. The Latin America region is very similar to our other international markets.

我們將紡織業務、Maharam、Knoll Textiles 和 Edelman 以及 Spinneybeck FilzFelt 轉移到北美合約部門。透過協調這些團隊，我們可以透過一個報告部門來報告北美所有的企業對企業銷售情況。為此，隨著我們繼續關注海外巨大的成長機會，我們的拉丁美洲合約業務現在將在我們的國際合約部門內報告。拉丁美洲地區與我們的其他國際市場非常相似。

Lastly, we're moving Holly Hunt to our Global Retail segment. Holly Hunt shares an important similarity with Design Within Reach because they both have close ties with the residential to the trade designers. As you may have seen in the earnings release, we're now reporting under this new segment structure. And as Wendy mentioned, concurrent with the filings of the earnings release, we also filed recast segment financials back to fiscal 2023 to assist you in understanding the new segments.

最後，我們將把 Holly Hunt 轉移到我們的全球零售部門。Holly Hunt 與 Design Within Reach 有著重要的相似之處，因為它們都與住宅和行業設計師有著密切的聯繫。正如您可能在收益報告中看到的那樣，我們現在按照這個新的細分結構進行報告。正如溫蒂所提到的，在提交收益報告的同時，我們也提交了 2023 財年的重鑄分部財務報表，以幫助您了解新的分部。

So now we'll move to some highlights and trends in these new segments. While sales were up, North American contract orders were lower than expected, marked by caution in the current environment. In international contracts, we continue to see positive signs in less mature markets, and we're pleased with strong orders in APMEA, especially in the Middle East, India, and Japan, along with Mexico, Brazil, and portions of mainland Europe. We also added new team members in key geographies and feel increasingly positive about momentum going forward.

現在讓我們來談談這些新領域的一些亮點和趨勢。儘管銷售額有所上升，但北美合約訂單低於預期，顯示當前環境下人們持謹慎態度。在國際合約中，我們繼續看到不太成熟的市場出現積極跡象，我們對亞太、中東和非洲地區（尤其是中東、印度和日本）以及墨西哥、巴西和歐洲大陸部分地區的強勁訂單感到滿意。我們還在主要地區增加了新的團隊成員，並對未來的發展勢頭感到越來越樂觀。

In global retail, there was much to be excited about in the third quarter. Reported orders were up nearly 15%, organic orders were up 17%, and organic orders adjusted for the year-over-year timing differences in the Black Friday, Cyber Monday period were up over 4%. We were particularly pleased with retail demand in North America, where cyber adjusted orders were up 14%.

在全球零售業中，第三季有很多令人興奮的事情。報告的訂單量增長了近 15%，有機訂單量增長了 17%，而根據黑色星期五和網絡星期一期間的同比時間差異調整後的有機訂單量增長了 4% 以上。我們對北美的零售需求尤其感到滿意，該地區網路調整後的訂單增加了 14%。

In the quarter, we saw strength in both new product introductions and with our bestsellers. We are continuing to grow overall product assortment, and we're approaching new product development with an eye towards unique author design and an appreciation for style, quality, and livability. Our new product pipeline is driven by a strong combination of timeless iconic pieces and new exclusive collaborations with external designers. New product launches in spring, summer 2025 are up over 65% compared to spring, summer 2024.

本季度，我們看到新產品的推出和暢銷產品的強勁表現。我們正在繼續擴大整體產品種類，並在進行新產品開發時著眼於獨特的作者設計以及對風格、品質和宜居性的欣賞。我們的新產品線由永恆的標誌性作品和與外部設計師的全新獨家合作的強大組合推動。2025 年春夏季新產品發表量與 2024 年春夏季相比成長 65% 以上。

As we grow our product assortment, we are also growing our store footprint and brand awareness. In the quarter, we opened a new Design within Reach Studio in Palm Springs, California at a new Herman Miller store in Fairfax, Virginia. In Palm Springs, during Modernism Week, we hosted a series of events and brand activations. The foot traffic during opening week was triple that of some of our most highly visited locations. We plan to open two more stores in the fourth quarter, a Design Within Reach studio in Paramus, New Jersey and a Herman Miller store in Coral Gables, Florida. Currently, we're working on over 15 exciting new locations in North America and expect to open 10 to 15 new locations in fiscal 2026.

隨著我們產品種類的增加，我們的商店足跡和品牌知名度也在擴大。本季度，我們在維吉尼亞州費爾法克斯的一家新的 Herman Miller 商店內開設了位於加州棕櫚泉的 Reach Studio 內的新設計。在棕櫚泉的現代主義週期間，我們舉辦了一系列活動和品牌活化活動。開業第一周的客流量是我們一些客流量最大的門市的三倍。我們計劃在第四季度再開設兩家門市，一家位於新澤西州帕拉姆斯的 Design Within Reach 工作室，另一家位於佛羅裡達州科勒爾蓋布爾斯的 Herman Miller 門市。目前，我們正在北美籌備超過 15 家令人興奮的新門市，並預計在 2026 財年開設 10 至 15 家新門市。

And just in time for Fulton Market Design Days, this June we're opening a newly repositioned design center location just steps away from our existing showrooms. These spaces will create a much improved co-located flagship experience, bringing together the full breadth of our contract and retail design portfolio. A few highlights include new Design within Reach and Herman Miller stores, new showroom presentations from Knoll, Herman Miller, Muuto, HAY, and NaughtOne, and an urban courtyard designed by Michael Van Valkenburgh Associates.

適逢富爾頓市場設計日，今年 6 月，我們將在距離現有展廳僅幾步之遙的地方開設一個全新定位的設計中心。這些空間將創造一個更好的同地旗艦體驗，匯集我們所有的合約和零售設計組合。一些亮點包括新的 Design within Reach 和 Herman Miller 商店、Knoll、Herman Miller、Muuto、HAY 和 NaughtOne 的新展廳展示，以及由 Michael Van Valkenburgh Associates 設計的城市庭院。

We also recently opened a MillerKnoll archive at our space in Holland, Michigan Design Yard location, showcasing 100-plus years of design history. Our archives are a critical resource for MillerKnoll associates as well as our architecture and design partners, curators, and academics. The early response to this new space has been overwhelmingly positive. We are eager and excited to continue to introduce our brands and our spaces to more customers, as we expand our footprint.

我們最近還在位於密西根州荷蘭設計園區的 MillerKnoll 檔案館開設了一個檔案館，展示了 100 多年的設計歷史。我們的檔案是 MillerKnoll 員工以及我們的建築和設計合作夥伴、策展人和學者的重要資源。對這個新空間的早期反應非常積極。隨著我們業務範圍的擴大，我們渴望並興奮地繼續向更多客戶介紹我們的品牌和空間。

Now I'll shift to a supply chain update and discuss how we are navigating tariffs. As we've seen in the past several weeks, recent tariff announcements have created uncertainty in our industries. But as policies evolve, we will remain flexible and seek to adjust our approach to minimize impact to our valued customers. We're using what we've learned from earlier rounds of tariffs and the pandemic, along with our manufacturing and supply chain footprint to manage our approach in this dynamic environment.

現在我將轉向供應鏈更新並討論我們如何應對關稅。正如我們在過去幾週所看到的，最近的關稅公告為我們的行業帶來了不確定性。但隨著政策的發展，我們將保持靈活性並尋求調整我們的方法，以盡量減少對我們尊貴客戶的影響。我們正在利用從前幾輪關稅和疫情中學到的經驗教訓，以及我們的製造和供應鏈足跡來管理我們在這種動態環境中的方法。

To begin, we recently announced a 4.5% list price increase, which will become effective on June 2. In addition, we will partner with suppliers, leverage value engineering and available flexibility within our supply chain and manufacturing footprint to offset cost impacts wherever possible. And we will also consider incremental price surcharges if necessary to manage this period of volatility.

首先，我們最近宣布將標價上調 4.5%，該決定將於 6 月 2 日生效。此外，我們將與供應商合作，利用價值工程和供應鏈和製造足跡中的可用彈性，盡可能抵消成本影響。如果有必要，我們還將考慮增加價格附加費，以應對這段波動時期。

Importantly, all of this will be done with an eye toward what will be the most transparent and least disruptive for our customers and dealers. Jeff will discuss the expected impact of the tariff-related cost increases in connection with our outlook later in the call.

重要的是，所有這一切都將著眼於為我們的客戶和經銷商提供最透明、最少干擾的服務。傑夫將在稍後的電話會議中結合我們的展望討論與關稅相關的成本增加的預期影響。

To close, despite entering the fourth quarter amidst an uncertain macroeconomic environment, we remain focused on our longer-term strategies and growth levers, while managing our costs and remaining as nimble as possible. We have the balance sheet strength to weather the current conditions and that will allow us to invest in profitable growth opportunities.

最後，儘管進入第四季度宏觀經濟環境不確定，但我們仍然專注於我們的長期策略和成長槓桿，同時管理我們的成本並盡可能保持靈活。我們的資產負債表實力足以抵禦當前情勢，這將使我們能夠投資於有利可圖的成長機會。

I'll now turn it over to Jeff to discuss our results in more detail and share our outlook for the remainder of fiscal 2025.

現在我將把時間交給傑夫，讓他更詳細地討論我們的業績，並分享我們對 2025 財年剩餘時間的展望。

Great. Thanks, Andi, and good evening, everyone. I'll start with an overview of our third-quarter performance followed by our outlook, which, as Andi mentioned, will include our most up-to-date view on tariffs. In the third quarter, we generated adjusted earnings of $0.44 per share, consistent with our midpoint of our guidance, driven by proactive cost containment measures. While extremely dynamic tariff and policy uncertainty negatively impacted sales and order pacing this quarter, like Andi, I want to thank our teams across the company for their quick and decisive actions to reduce cost.

偉大的。謝謝，安迪，大家晚上好。我將首先概述我們的第三季業績，然後介紹我們的展望，正如安迪所提到的，其中將包括我們對關稅的最新看法。在第三季度，受主動成本控制措施的推動，我們的調整後每股收益為 0.44 美元，與我們的預期中位數一致。雖然極度動態的關稅和政策不確定性對本季的銷售和訂單節奏產生了負面影響，但和安迪一樣，我要感謝公司各團隊為降低成本所採取的迅速果斷的行動。

Consolidated net sales in the third quarter were $876 million, an increase over last year on a reported basis and up 1.8% organically. Third-quarter consolidated orders of $853 million were up 2.7% as reported and 4.1% higher on an organic basis. Our consolidated backlog in the quarter was $686 million, which is up 7.4% from a year ago.

第三季綜合淨銷售額為 8.76 億美元，較去年同期報告成長，有機成長 1.8%。第三季合併訂單金額為 8.53 億美元，年增 2.7%，有機成長 4.1%。本季我們的綜合積壓訂單為 6.86 億美元，比去年同期成長 7.4%。

In the period our consolidated gross margin was 37.9%, down 70 basis points to last year primarily from unfavorable channel and product mix as well as lower fixed-cost leverage. At the consolidated level, we reported a loss per share of $0.19 for the quarter, compared to diluted earnings per share of $0.30 in the prior year. This loss in the quarter included special charges related to intangible amortization, impairment, and restructuring of $140 million.

期內，我們的綜合毛利率為 37.9%，較去年同期下降 70 個基點，主要原因是通路和產品組合不利以及固定成本槓桿較低。按照合併水平，我們報告本季每股虧損 0.19 美元，而去年每股攤薄收益為 0.30 美元。本季的損失包括與無形資產攤銷、減損和重組相關的 1.4 億美元特殊費用。

Of these special charges, $130 million were related to pre-tax, non-cash impairment of goodwill attributed to the Holly Hunt and Global Retail reporting units and indefinite-lived intangible assets for the Knoll and Muuto trade names. $6 million of the non-cash charges were related to our typical quarterly amortization of Knoll purchased intangibles and the remaining $4 million of special charges related to restructuring actions taken in the quarter to better align our cost structure to the current demand environment through workforce reduction. On an adjusted basis, which excludes these items, diluted earnings per share were $0.44 in the quarter, compared to $0.45 in the same period a year ago.

在這些特殊費用中，有 1.3 億美元與 Holly Hunt 和 Global Retail 報告單位的稅前非現金商譽減損以及 Knoll 和 Muuto 商標的無限期無形資產有關。 600 萬美元的非現金費用與我們對 Knoll 購買的無形資產的典型季度攤銷有關，其餘 400 萬美元的特殊費用與本季度採取的重組行動有關，旨在透過裁員使我們的成本結構更好地適應當前的需求環境。經調整（不包括這些項目）後，本季每股攤薄收益為 0.44 美元，去年同期為 0.45 美元。

Turning to cash flows on the balance sheet, in the third quarter, we generated $62 million in cash flow from operations. We repurchased approximately 786,000 shares for $18 million, and importantly we reduced our long-term debt by $61 million. We finished the quarter with a net debt to EBITDA ratio as defined by our lending agreement of 2.93 terms, and available liquidity at quarter end was $468 million.

談到資產負債表上的現金流，第三季度，我們產生了 6,200 萬美元的營運現金流。我們以 1800 萬美元回購了約 786,000 股股票，重要的是，我們減少了 6,100 萬美元的長期債務。本季結束時，我們的貸款協議定義的淨負債與 EBITDA 比率為 2.93，季末可用流動資金為 4.68 億美元。

Now with that, I'm going to move to our performance by segment. Within our North America contract segment, net sales for the quarter were $468 million, up 1.4% on a reported basis, and up 1.7% organically from the same quarter a year ago. New orders in the period were $434 million, reflecting a 1.8% reported decrease and a 1.5% organic decrease versus last year. Order trends during the quarter were lower than we expected. And while we saw solid year-over-year growth in December, orders declined significantly in January, concurrent with trade policy and larger macroeconomic uncertainty.

現在，我將按照細分市場來介紹我們的業績。在我們的北美合約部門，本季淨銷售額為 4.68 億美元，以報告基礎計算成長 1.4%，比去年同期有機成長 1.7%。本期間新訂單為 4.34 億美元，與去年相比報告下降 1.8%，有機下降 1.5%。本季的訂單趨勢低於我們的預期。儘管 12 月訂單年增穩健，但 1 月訂單大幅下降，同時貿易政策和宏觀經濟不確定性加大。

Encouragingly, we did see orders improve versus the prior year in February, and this improvement has continued into March, where orders in the first three weeks are up more than 30%, highlighting the lumpy nature of projects in the contract segments of our business. Third-quarter operating margin in this segment was 3.6% compared to 5.5% last year. Adjusted operating margin was 9.1% in the quarter, an 80 basis point improvement compared to the same quarter last year, primarily due to lower variable incentive compensation and focused cost control in general.

令人鼓舞的是，我們確實看到 2 月份的訂單量較上年同期有所改善，而且這種改善一直持續到 3 月份，前三週的訂單量增長了 30% 以上，凸顯了我們業務合約部分項目的波動性。該部門第三季的營業利潤率為 3.6%，而去年同期為 5.5%。本季調整後的營業利潤率為 9.1%，較去年同期提高了 80 個基點，這主要歸因於可變激勵薪酬的降低和總體上註重成本控制。

In the International Contract segment of the business, net sales in the third quarter were $146 million, 5% lower on a reported basis and 1.5% lower organically year over year. New orders in the quarter were $159 million, a 1.6% decline on a reported basis but a 1.4% increase organically year over year. Here again, similar to the North America segment, order trends in the quarter were much lower than what we saw in the month of December, with global trade policy and macroeconomic challenges impacting demand significantly more than we expected.

在國際合約業務領域，第三季淨銷售額為 1.46 億美元，按報告基礎計算下降 5%，以有機計算年減 1.5%。本季新訂單為 1.59 億美元，報告期內下降 1.6%，但年比有機成長 1.4%。同樣，與北美地區類似，本季的訂單趨勢遠低於 12 月的水平，全球貿易政策和宏觀經濟挑戰對需求的影響遠遠超出我們的預期。

On the positive side, as Andi mentioned, order growth in the APMEA region among others continues to be strong. And it's worth noting that the international contract orders in the first three weeks of March have trended up 2% to last year. From an operating margin perspective in the third quarter, reported operating margin was 6.8% compared to 11.4% last year and adjusted operating margin was 9.3%, down 260 basis points, primarily from deleverage on lower revenue.

從積極的一面來看，正如安迪所提到的，APMEA 地區的訂單成長持續強勁。值得注意的是，3月前三週國際合約訂單較去年同期呈現2%的上漲趨勢。從第三季的營業利潤率來看，報告的營業利潤率為 6.8%，而去年同期為 11.4%，調整後的營業利潤率為 9.3%，下降 260 個基點，主要原因是收入下降導致的去槓桿。

Turning to the Retail segment, net sales in the quarter were $263 million, up 1.9% on a reported basis and up 3.9% organically. New orders in the quarter were $260 million, which is up 14.7% to last year on a reported basis and up almost 17% organically compared to last year. Although sales and orders in the third quarter benefited from the shift in timing of this year's holiday and cyber promotional period, compared to last year, new orders were up 4% in this segment and up 14% in the North America region after adjusting for this timing difference. Furthermore, Retail segment orders in the first three weeks of March are up 10% to last year.

談到零售部門，本季淨銷售額為 2.63 億美元，報告成長 1.9%，有機成長 3.9%。本季新訂單為 2.6 億美元，按報告基礎計算比去年增長 14.7%，與去年相比有機增長近 17%。儘管第三季的銷售和訂單受益於今年假期和網路促銷期時間的變化，但與去年相比，在調整時間差異後，該部門的新訂單增長了 4%，北美地區的新訂單增長了 14%。此外，3 月前三週零售部門訂單比去年同期成長了 10%。

We did report a negative operating margin in the Retail segment this quarter of 36% compared to positive 4.7% last year and this loss in the current period resulted from the asset impairments I previously described. But excluding these non-cash charges, adjusted operating margin totaled 6.2% in the quarter, which is 80 basis points higher than the same quarter a year ago, driven by higher shipping revenue and increased leverage on higher sales.

我們確實報告稱，本季零售部門的營業利潤率為負 36%，而去年同期為正 4.7%，本期的損失是由我之前描述的資產減損造成的。但不包括這些非現金費用，本季調整後的營業利潤率總計 6.2%，比去年同期高出 80 個基點，這得益於更高的航運收入和更高的銷售額帶來的槓桿率提升。

Now, I'll turn to our Q4 guidance and outlook, which is informed by recent order trends and our most up-to-date information on tariffs and related mitigation efforts. For the fourth quarter of fiscal 2025, we expect net sales to range between $910 million and $950 million, which would be up 4.6% versus last year at the midpoint of $930 million. Our gross margin is expected to range from 37.5% to 38.5%, and adjusted diluted earnings are expected to range between $0.46 and $0.52 per share.

現在，我將談談我們的第四季度指導和展望，這是根據最近的訂單趨勢以及我們關於關稅和相關緩解措施的最新資訊得出的。對於 2025 財年第四季度，我們預計淨銷售額將在 9.1 億美元至 9.5 億美元之間，比去年同期的 9.3 億美元成長 4.6%。我們的毛利率預計在 37.5% 至 38.5% 之間，調整後稀釋收益預計在每股 0.46 美元至 0.52 美元之間。

Our gross margin and EPS outlook includes our estimate of tariff-related costs in the fourth quarter of between $5 million and $7 million before tax and between $0.05 and $0.07 of net earnings per share. This range includes our expected exposure under all-known active tariffs and is net of expected mitigation efforts in the period. Given its fluid nature, as the tariff situation changes, we will provide further updates, of course, in future calls. For all other details related to our outlook for the remainder of fiscal 2025, please refer to our press release.

我們對毛利率和每股盈餘的預期包括：第四季關稅相關成本估計為稅前 500 萬至 700 萬美元，每股淨收益估計為 0.05 至 0.07 美元。該範圍包括我們在所有已知有效關稅下的預期風險敞口，並且扣除了該期間預期的緩解措施。鑑於其流動性，隨著關稅情況的變化，我們當然會在未來的電話會議中提供進一步的更新。有關我們對 2025 財年剩餘時間的展望的所有其他詳細信息，請參閱我們的新聞稿。

With that overview of our financial performance and outlook, I'll now turn the call over to the operator and we'll take your questions.

在概述了我們的財務表現和前景之後，我現在將電話轉給接線員，我們將回答您的問題。

(Operator Instructions) Brian Gordon, Water Tower Research.

（操作員指示） Brian Gordon，水塔研究。

I guess my first question is about the impairment charges, especially in global retail, and how we can square that with the rather impressive performance, especially in North America.

我想我的第一個問題是關於減損費用，特別是在全球零售業，以及我們如何將其與相當令人印象深刻的業績（特別是在北美）相協調。

Yes, Brian. This is Jeff. So there's a couple of things. First of all, we're required under US GAAP to do a quarterly evaluation and be on the lookout for any triggers that might signal impairment, and this quarter there were two things. First off, relative to our own internal expectations, the overall profitability of the segments had lagged expectations. So that was a first signal.

是的，布萊恩。這是傑夫。所以有幾件事。首先，根據美國公認會計準則，我們需要進行季度評估，並留意任何可能預示減損的觸發因素，而本季有兩件事。首先，相對於我們自己的內部預期，各部門的整體獲利能力落後於預期。這就是第一個訊號。

We also re-segmented the business as we outlined in our prepared remarks. And so for that reason, we ended up doing under, as required, a full review and valuation, which would normally take place in the fourth quarter of the fiscal year, but we pulled it ahead of quarter as required under the rules. And so, that really that was the driver behind it.

我們還按照我們在準備好的評論中概述的那樣重新細分了業務。因此，我們最終按照要求進行了全面審查和評估，這通常在財政年度的第四季度進行，但我們根據規則要求將其提前於季度進行。所以，這確實是背後的驅動力。

Okay. That definitely makes sense. And just like a follow-up on the new stores and new locations that you guys are thinking about in that segment. For that 10 to 15 new locations number, how even will that be across the '26 timeframe?

好的。這絕對有道理。就像你們在該領域考慮的新店和新地點的後續情況一樣。對於 10 到 15 個新地點這個數字，在 26 年的時間範圍內這個數字會如何呢？

Hi, there. Thanks for the question. This is Debbie. We're pacing them pretty evenly quarter by quarter. We have two additional locations, as we said, this quarter, and then we'll pace fairly evenly throughout the quarter and throughout next year.

你好呀。謝謝你的提問。這是黛比。我們每季都以相當均勻的節奏進行。正如我們所說，本季度我們增加了兩個地點，然後我們整個季度和明年的步伐將相當均勻。

Greg Burns, Sidoti and Co.

伯恩斯（Greg Burns），Sidoti and Co.

Just in regards to tariffs, I know it's a fluid situation and the net impact is going to be that $5 million to $7 million in the fourth quarter, but do you think you're -- based on what you see now, we'll be able to fully offset that in future quarters?

就關稅而言，我知道這是一個不穩定的情況，其淨影響將在第四季度達到 500 萬至 700 萬美元，但您認為——根據您現在看到的情況，我們能否在未來幾季完全抵消這一影響？

Yeah, Greg, this is Jeff. I'll start, and Andi, if you want to add, please.

是的，格雷格，這是傑夫。我先開始，安迪，如果你想補充的話，請你。

Yeah.

是的。

Yeah, our belief would be -- the wild card is what happens in April, right? There's a whole slew of potential tariff that changes, that seem to be changing a bit by the day. So our power outlook, we carved all that out, that's really difficult for us to estimate right now what that's going to look like until we see some of the movement settle down. So based on what we see that's active today, yeah, our belief is that through pricing and other mitigation efforts, we can offset those.

是的，我們相信──四月會發生什麼未知的事情，對嗎？一系列潛在的關稅都在變化，而且似乎每天都在發生一些變化。因此，我們將我們的權力前景都考慮進去了，現在我們很難估計它會是什麼樣子，直到我們看到一些運動平息下來。因此，根據我們今天看到的活躍情況，是的，我們相信，透過定價和其他緩解措施，我們可以抵消這些影響。

Okay, great. And then in terms of the revenue guidance, you're coming in with a higher backlog, I think you said plus 7%, and the order growth seems to be accelerating at least in the first part. So maybe there's -- you're not fully sure how the quarter is going to shake out, but it seems like things are building a little bit of momentum from the softness you saw this quarter. I'm just trying to like square away that higher backlog plus the improved order growth versus the revenue guidance for like 4% to 5% growth?

好的，太好了。就收入預期而言，你們的積壓訂單量有所增加，我想你們說過會增加 7%，而且至少在第一部分，訂單成長似乎正在加速。因此，也許您並不完全確定本季將如何發展，但從本季看到的疲軟態勢來看，情況似乎正在積聚一些勢頭。我只是想將更高的積壓訂單量加上改善的訂單成長與 4% 至 5% 的成長收入預期相平衡？

I think what you're seeing there, Greg, is I think the lumpy nature of the business between Q3 and Q4. I think we're really excited about what we're seeing at the beginning of Q4. However, we're all reading the headlines, we all know what's happening in the world. And I think as we look at Q4, we're trying to be prudent on how we think about how this could all shake out. So I think what you see there is a little bit of our prudence on how we're guiding right now for the quarter, but I think we're very optimistic about what we're seeing in the momentum. I think given some of the choppiness in this last quarter, what we're hoping for is some stability, and I think that will be welcome.

格雷格，我認為你所看到的是第三季和第四季之間業務的波動性。我認為我們對第四季度初看到的情況感到非常興奮。然而，我們都在閱讀頭條新聞，我們都知道世界上正在發生什麼。我認為，當我們展望第四季時，我們會謹慎地思考這一切將如何發展。所以我認為你所看到的只是我們對本季目前的指導態度的一點謹慎，但我認為我們對所看到的勢頭非常樂觀。我認為，考慮到上個季度的一些波動，我們希望出現一定的穩定性，我認為這將受到歡迎。

Okay. So just maybe digging into like what you saw this quarter in the North American contract segment. In the last couple of quarters, you talked more positively, I think, about some of the pipeline metrics, the pipeline activity that seemed to be a little bit more mixed this quarter. So can you just talk about maybe what you saw there, how it maybe changed this quarter, and if you're seeing any improvement in those pipeline activity metrics that you've talked about in the past, like mock ups, or anything like that?

好的。因此，也許可以深入研究本季北美合約領域的情況。我認為，在過去幾個季度中，您對一些管道指標的評價更加積極，本季的管道活動似乎更加複雜。那麼，您能否談談您在那裡看到了什麼，本季可能發生了怎樣的變化，以及您是否看到過去談到的那些管道活動指標有任何改善，例如模型或類似的東西？

Yeah, I think those metrics are still strong. I think it's a little bit more of a mixed bag, but we're not seeing massive changes. I'll let -- John, I'll let you go into specifics there if you want to.

是的，我認為這些指標仍然強勁。我認為情況有點複雜，但我們並沒有看到巨大的變化。我會讓－－約翰，如果你願意的話，我會讓你詳細說明。

Sure. Thanks, Andi. Yeah, I think from a leading indicators perspective, we still have quite a bit of optimism and momentum. If you look at things like our 12-month funnel, it's up 7% year over year. We look at awarded projects that haven't ordered yet, that's up 27% year over year. Contract activations where we let pricing for projects is up double digits as well.

當然。謝謝，安迪。是的，我認為從領先指標的角度來看，我們仍然有相當的樂觀和動力。如果你看我們 12 個月的漏斗，你會發現它比去年同期成長了 7%。我們查看了尚未下單的已授予項目，發現這一數字同比增長了 27%。我們讓專案定價的合約啟動也上漲了兩位數。

So I think what you're seeing, and as Jeff alluded to the nice start to Q4, it just takes a little longer for some of these leading indicators to show up in the order rate. And as Andi and Jeff alluded to, it's a little bit choppier perhaps than we're accustomed to. But certainly, backlog order momentum and leading indicators are all pointing in the right direction.

所以我認為你所看到的，正如傑夫提到的第四季度開局良好，只是一些領先指標需要更長的時間才能在訂單率中體現出來。正如安迪和傑夫所提到的那樣，它可能比我們習慣的要不穩定一些。但可以肯定的是，積壓訂單動能和領先指標都指向正確的方向。

Alex Fuhrman, Craig-Hallum.

亞歷克斯·福爾曼、克雷格·哈勒姆。

Wanted to ask what you're seeing in terms of demand from consumers on their direct-to-consumer side of the business. I think you mentioned that orders to date in March have been up really nicely year over year. Is that indicative of demand remaining strong from your high-end consumer for your consumer brands, or is there maybe something about the timing of promotions that maybe would have influenced that March result?

想問一下，就其直接面向消費者的業務而言，您對消費者的需求有何看法？我想您提到過，三月迄今的訂單量比去年同期成長非常好。這是否顯示高端消費者對您的消費品牌的需求依然強勁，或者促銷時機可能影響了 3 月份的業績？

I think so far, Alex, we're seeing a plus [10] so far this quarter for orders, which we're really encouraged about. I think we have a couple of things to unpack in our retail business. Number one, as I feel like I say always, we're a very nascent business. We have a lot of opportunity to grow in both locations and assortment. And what you're beginning to see is some of the new assortment and product extensions that Debbie and her team have been putting in place for the last several years are beginning to track. And so, we're very positive about the way that will help us outperform the competition. That's one of the key indicators as well as the locations that we're opening. So we see momentum in that business continuing.

亞歷克斯，我認為到目前為止，本季度到目前為止我們看到訂單量有所增長 [10]，這讓我們感到非常鼓舞。我認為我們的零售業務中有幾個問題需要解決。首先，正如我一直在說的，我們是一家非常新興的企業。我們在地點和品種方面都有很多發展機會。而您開始看到的是，黛比和她的團隊在過去幾年中實施的一些新品種和產品擴展開始取得進展。因此，我們對能夠幫助我們超越競爭對手的方法非常有信心。這是我們開店的關鍵指標之一，也是我們開店的地點之一。因此，我們看到該業務的勢頭仍在持續。

Debbie, what would you add?

黛比，您還有什麼要補充的嗎？

I'd just add, Alex, that as you know, we shared in the remarks that our North America retail business was up 14% last quarter, adjusted for the cyber shift. That business is almost entirely direct-to-consumer or direct-to-trade, whereas our international business is more significantly wholesale. And so, where we are able to control all the levers to drive demand, we are outperforming versus our wholesale business where we are dependent on the open to buy of third-party retailers.

亞歷克斯，我想補充一點，正如你所知，我們在評論中提到，上個季度，我們的北美零售業務根據網絡轉變進行了調整，增長了 14%。該業務幾乎完全是直接面向消費者或直接面向貿易，而我們的國際業務則更多是批發。因此，當我們能夠控制所有槓桿來推動需求時，我們的表現優於依賴第三方零售商開放購買的批發業務。

So we're really excited that our new offerings and our assortment with 30 new collections added last quarter, our new store locations, these things are all off to a great start. And our marketing attribution capabilities are also driving progress. So what's working is repeatable. And as Andi said, we have a lot of market share opportunity and our total addressable market is growing as we expand our assortment offering.

因此，我們真的很高興看到我們的新產品和上個季度增加的 30 個新系列，以及我們的新店位置，這些事情都有了一個很好的開始。我們的行銷歸因能力也在推動進步。所以有效的方法是可重複的。正如安迪所說，我們擁有很大的市場份額機會，而且隨著我們擴大產品種類，我們的整體目標市場也在成長。

Reuben Garner, The Benchmark Company.

魯本‧加納 (Reuben Garner)，基準公司。

So I guess to start on the changes in the outlook for the full year, so I understand the tariffs piece, I have a question on that in a second. But the bulk of the cut seems to be outside of that. I'm trying to figure out what exactly has changed from three months ago when you gave that to make that level of adjustment on the earnings side. And I understand you didn't necessarily give specific top-line guidance before, at least I don't think you did. So maybe the outlook was much higher, but maybe walk me through the components or the pieces that have changed since you last updated us.

所以我想先談談全年前景的變化，我了解關稅部分，我馬上就有一個問題。但削減的大部分似乎都不在此範圍內。我想弄清楚，與三個月前相比，當你在收益方面做出如此程度的調整時，到底發生了什麼變化。我知道您之前不一定會給出具體的頂線指導，至少我認為您沒有。因此，也許前景要高得多，但請您向我介紹一下自您上次更新以來發生變化的組成部分或部分。

Yeah, Reuben. This is Jeff. So maybe I'll confirm, to start, we had not provided a top-line guide for the full year. So we had been talking more from a bottom-line perspective. But look, I would just double down on what Andi just highlighted, and that is we really do view our fourth-quarter guidance as being a prudent view of the next 13 weeks given what we see in the news every day. I mean, this has been a wild ride of changes related to trade policy. And as you know, you have followed the space for a long time, confidence matters and it matters a lot, in this business and that's true for both the contract side of our business with business confidence measures, but it's also true, of course, in the retail side of our business with consumer confidence, and consumer confidence has taken a real beating here the last four months straight.

是的，魯本。這是傑夫。因此，也許我應該確認一下，首先，我們還沒有提供全年的營收指南。因此，我們更多的是從底線角度來討論。但是，你看，我只想強調安迪剛才強調的一點，那就是根據我們每天在新聞中看到的情況，我們確實認為第四季度的指引是對未來 13 週的審慎看法。我的意思是，這是與貿易政策相關的一系列劇烈變化。如你所知，你已經關注這個領域很長時間了，信心很重要，在這個行業中非常重要，這對於我們合約業務的商業信心指標來說都是如此，當然，對於我們零售業務的消費者信心來說也是如此，而消費者信心在過去四個月中連續遭受重創。

We're still waiting on the next reading of CEO Confidence, but I think based on that the headlines and all of the work internally that we've been doing to try to keep abreast of the raft of changes that are coming about potential tariffs, and I emphasize potential, every one of our customers is doing the same thing. So we just viewed it as reasonable and appropriate in the current environment to be more cautious, perhaps more so than normal in the outlook. It really comes down to a top-line story.

我們仍在等待下一次 CEO 信心指數的讀數，但我認為，基於頭條新聞和我們一直在做的所有內部工作，試圖跟上即將發生的有關潛在關稅的一系列變化，我強調潛在的變化，我們的每一位客戶都在做同樣的事情。因此，我們認為，在當前環境下採取更謹慎的態度是合理且適當的，甚至可能比正常情況下更謹慎。這實際上歸結為一個頭條新聞。

Okay. And so I guess that's -- so it's not actually anything you're seeing in your business that's leading to this level of reduction, because, I mean, the bulk of the tariff uncertainty has been in the last 60 days, and it sounds like your orders have accelerated over the last 60 days.

好的。所以我想，這實際上並不是您在業務中看到的任何事情導致了這種程度的削減，因為，我的意思是，大部分關稅不確定性都發生在過去 60 天，聽起來您的訂單在過去 60 天裡有所加速。

That would be correct. That is absolutely correct.

那是正確的。這絕對正確。

That is true, Reuben. And I think, again, as I mentioned, I don't want to overemphasize this because we don't know where this is going to go. But there's an awful lot of next wave talk about what the impact of tariffs could be. And the wildcard question at one level becomes what -- and I'm not an expert in this area, by the way, so I'm going to partly pretend to be one right now. But what happens with retaliatory tariff impact and what that means for end market demand. We certainly are not trying to make a prediction of that, but we're doing the best we can with the outlook. And just again, I'd just say it's probably a bit more cautious than normal, but we felt it was prudent under the circumstances.

確實如此，魯本。而且我認為，正如我所提到的，我不想過度強調這一點，因為我們不知道事情會走向何方。但關於下一波關稅可能產生的影響，有許多討論。在某種程度上，通配符問題變成了什麼——順便說一句，我不是這個領域的專家，所​​以我現在要假裝自己是專家。但報復性關稅會產生什麼影響以及這對終端市場需求意味著什麼。我們當然不會對此做出預測，但我們會盡力做出展望。我再說一遍，這可能比平時更加謹慎，但我們認為在這種情況下這是謹慎的。

And I think given the situation, I think the thing that I think it's important for us to keep outlining here is that our revenue is growing to last year. We are growing even with these circumstances. And I think it's important to note that and not lose sight of that.

我認為，鑑於目前的情況，我們需要繼續強調的一點是，我們的收入與去年相比有所增長。即使在這種情況下，我們仍在成長。我認為注意這一點很重要，不要忽視這一點。

Okay. And then on the tariff side, just given how uncertain it is, why take the approach of putting through -- I think you said a price increase, a list price increase in June, just given some of these tariffs could come and go or already coming and going, why not use a surcharge tactic? I know you referenced you could use that, but why not lead with that?

好的。然後在關稅方面，考慮到它的不確定性，為什麼要採取這種做法——我想您說的是漲價，六月份的標價上漲，只是考慮到其中一些關稅可能會來來去去或已經來來去去，為什麼不使用附加費策略呢？我知道您提到您可以使用它，但為什麼不以此為先呢？

Well, the first thing I would say is the pricing -- it would be wrong to think that the price increase is squarely aimed as a response to tariffs. It's in part that. But I would point out that even domestic US steel prices have run up since the start of the calendar year. And it has been coincident with this tariff conversation, and that has happened in the past, as well.

嗯，我想說的第一件事就是定價——認為價格上漲完全是為了應對關稅是錯誤的。部分原因就是這樣。但我想指出的是，自今年年初以來，美國國內鋼鐵價格也已上漲。這與這次關稅對話是同時發生的，過去也發生過這種情況。

So it's not just the potential cost implications of the tariffs. There are some derivative effects that seem to be having an impact on key input costs, like steel, and there are other cost inflationary pressures in the business as well. So we felt like a base price increase was appropriate. And as we mentioned on the call, we will -- we're at the ready with surcharges, if needed.

因此，這不僅僅是關稅的潛在成本影響。一些衍生效應似乎對鋼鐵等關鍵投入成本產生了影響，而且該行業還存在其他成本通膨壓力。因此我們認為提高基本價格是適當的。正如我們在電話中提到的那樣，如果需要，我們已準備好收取附加費。

Okay. And then, one more clarification for me. I don't think you give backlog specific to North America, maybe you will with the new segmenting, but what -- you're not seeing any cancellations to date in orders. Is that correct?

好的。然後，我還需要澄清一點。我認為您不會給出特定於北美的積壓訂單，也許您會使用新的細分，但是 - 您迄今為止沒有看到任何訂單取消。對嗎？

No.

不。

Yeah, that's correct.

是的，沒錯。

Okay. And I said last one, I'm going to sneak one more in actually, sorry. On the restructuring side, I feel like we didn't really hit necessarily what the goals are or the purpose of that. I understand there's some charges in workforce realignment, but it sounds like you're also adding in retail. You talked about investments last quarter in North America. Where are these cost reductions aimed? And I guess, what are the ultimate savings that come from the one-time expenses?

好的。我說了最後一個，其實我還要偷偷加一個，抱歉。在重組方面，我覺得我們並沒有真正實現目標或目的。我知道勞動力調整會產生一些費用，但聽起來你們也增加了零售費用。您談到了上個季度在北美的投資。這些成本削減的目的是什麼？我想問一下，一次性支出最終能省下多少錢？

Yeah, Ruben, so I'll just directly answer the question. We had $4 million -- as I mentioned in the prepared comments, $4 million of restructuring-related charges. They were principally related to workforce reduction. We expect annualized savings from that on the order of $4 million. It's between $4 million and $4.5 million is our best estimate.

是的，魯本，所以我就直接回答這個問題。我們有 400 萬美元——正如我在準備好的評論中提到的那樣，400 萬美元的重組相關費用。它們主要與裁員有關。我們預計每年可節省約 400 萬美元。我們的最佳估計是 400 萬美元至 450 萬美元之間。

And look, we have a long-track record of when we sense that there's potential for uncertainty in the business, and we're feeling the effects of that on our cost structure and on our leverage, look, we will take action. And so we view that as -- again, with a prudent outlook, we felt like it was appropriate to manage costs. And it was a set of painful decisions, but certainly what we felt were right for the business.

而且，我們有一個長期的記錄，當我們感覺到業務中存在不確定性時，我們會感受到它對我們的成本結構和槓桿的影響，你看，我們就會採取行動。因此，我們認為－再次，從審慎的角度來看，管理成本是適當的。這是一系列痛苦的決定，但我們確實認為這對業務來說是正確的。

I don't know, Andi, if you want to add any other comments.

安迪，我不知道你是否想添加任何其他評論。

And I think it also enables the thing -- this is just good hygiene. I mean, you're always looking at these things as you look at your outlook. And with the uncertainty out there, I think we wanted to be, again, prudent and also to make sure that we are able to continue to invest in our growth strategies like retail, like growth in international, so continuing to invest in research and development around new products. So those are things we're really protecting here.

我認為它也能起到這樣的作用——這只是良好的衛生習慣。我的意思是，當你審視自己的觀點時，你總是會注意這些事情。鑑於存在的不確定性，我認為我們希望再次保持謹慎，並確保我們能夠繼續投資於我們的成長策略，例如零售、國際成長，從而繼續投資於新產品的研發。所以這些是我們真正要保護的東西。

Got it. Thank you guys and good luck.

知道了。謝謝你們，祝你好運。

Thank you. There are no further questions. We turn the floor back to President and CEO, Andi Owen, for any closing remarks.

謝謝。沒有其他問題了。我們將發言權交還給總裁兼執行長安迪歐文 (Andi Owen)，請他發表最後演說。

Thanks again to everyone for joining us on the call, and we appreciate your continued support at MillerKnoll, and we look forward to updating you on our next quarterly call. Have a good night.

再次感謝大家參加電話會議，我們感謝您對 MillerKnoll 的持續支持，我們期待在下次季度電話會議上向您通報最新情況。祝你晚安。

The meeting has now concluded. Thank you all for joining. Have a pleasant day.

會議現已結束。感謝大家的加入。祝您有個愉快的一天。