MillerKnoll Inc (MLKN) 2026 Q2 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 的季度財報電話會議。再次提醒，本次通話正在錄音。

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

現在我謹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。

Good evening, and welcome to our second quarter fiscal 2026 conference call. On with me are Andi Owen, Chief Executive Officer; and Kevin Veltman, Chief Financial Officer. Joining them for the Q&A session are Jeff Stutz, Chief Operating Officer; John Michael, President of North America Contract; and Debbie Propst, President of Global Retail.

晚上好，歡迎參加我們2026財年第二季電話會議。與我一同上台的有執行長安迪歐文和財務長凱文·維爾特曼。出席問答環節的還有營運長傑夫·斯圖茨、北美合約總裁約翰·邁克爾和全球零售總裁黛比·普羅普斯特。

We issued our earnings press release for the quarter ended November 29, 2025, after market closed today, and it is available on our Investor Relations website at millerknoll.com. A replay of this call will be available on our website within 24 hours.

我們於今日股市收盤後發布了截至2025年11月29日的季度獲利新聞稿，該新聞稿可在我們的投資者關係網站millerknoll.com上查閱。本次電話會議的錄音回放將於24小時內發佈在我們的網站上。

Before I turn the call over to Andi, please remember our safe harbor disclosure 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，請記住我們關於前瞻性資訊的安全港披露。在電話會議期間，管理階層可能會討論一些具有前瞻性的信息，這些信息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有所不同。

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 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 also refer to certain non-GAAP financial metrics, and our press release includes the relevant non-GAAP reconciliations.

請結合今天新聞稿中詳細列出的這些因素來評估前瞻性資訊。這些前瞻性陳述僅代表截至今日的觀點，除法律可能要求的情況外，我們不承擔更新或補充這些陳述的義務。我們也參考了一些非GAAP財務指標，我們的新聞稿中包含了相關的非GAAP調節表。

With that, I'll turn the call over to Andy.

這樣，我就把電話交給安迪了。

Thanks, Wendy. Good evening, everyone, and thank you for joining us. I'm pleased to report MillerKnoll delivered another strong quarter, exceeding expectations and demonstrating the effectiveness of our strategy to drive long-term value. Our performance this quarter is a result of disciplined execution across our core growth levers. Expanding our total footprint, delivering innovative new products across our portfolio and deepening customer engagement globally.

謝謝你，溫迪。各位晚上好，感謝各位的參與。我很高興地報告，MillerKnoll 又迎來了一個強勁的季度，業績超出預期，證明了我們推動長期價值策略的有效性。本季業績的取得得益於我們在核心成長槓桿方面嚴格的執行。擴大我們的全球商業版圖，在我們的產品組合中推出創新產品，並加深與全球客戶的互動。

We are entering the second half of our fiscal year with solid order growth in every segment.

我們進入本財年下半年，各個業務部門的訂單均實現了穩健成長。

Let me begin with our Global Retail segment. Second quarter orders increased 6% year-over-year, with sales up 5% and comparable sales growth of 3.5%. In North America retail, we navigated one of the busiest periods of the year. Our orders were up 8% and comparable sales growth was also up 8%, while holding promotions and marketing spend flat to last year.

首先，讓我從全球零售業務部門開始介紹。第二季訂單年增 6%，銷售額成長 5%，同店銷售額成長 3.5%。在北美零售業，我們順利度過了一年中最繁忙的時期之一。我們的訂單量成長了 8%，同店銷售額也成長了 8%，同時促銷和行銷支出與去年持平。

During our holiday, cyber Promotional period, the 12 days from the Friday before Thanksgiving through Giving Tuesday, orders rose 12% compared to the same period last year when orders were up mid-single digit. We set multiple records in North America retail, including the highest orders in DWR brand history, both in-store and online as well as the most single day web visits for DWR.

在我們的假期網路促銷期間（從感恩節前的星期五到「捐贈星期二」的 12 天），訂單量比去年同期增長了 12%，而去年同期訂單量僅增長了個位數。我們在北美零售業創造了多項紀錄，包括 DWR 品牌歷史上最高的訂單量（包括實體店和線上訂單量）以及 DWR 單日網站訪問量的最高紀錄。

We continued our store expansion, opening four new locations in Q2, a DWR in Salt Lake City and Herman Miller stores in Nashville and in El Segundo in Walnut Creek, California. We also relocated 2 stores, opening a new DWR location in Houston and a new Herman Miller location in Berkeley, California. For the full fiscal year, we now anticipate opening 14 to 16 new stores in the US, advancing our strategy to double our DWR and Herman Miller store footprint over the next several years.

我們繼續擴大門市規模，在第二季開設了四家新店，一家是鹽湖城的 DWR 門市，還有一家是納許維爾和加州核桃溪埃爾塞貢多的 Herman Miller 門市。我們還搬遷了 2 家門市，在休士頓開設了一家新的 DWR 門市，在加州柏克萊開設了一家新的 Herman Miller 門市。在本財年，我們預計將在美國開設 14 至 16 家新店，推進我們的策略，在未來幾年內將 DWR 和 Herman Miller 的門市數量翻倍。

Our North American retail growth is driven by four strategic levers: new store openings; expanded product assortment; e-commerce acceleration; and increased brand awareness. We are encouraged by our customers' engagement with our brands and positive response as we execute this strategy. Another key advantage we have in this business is the strength of our supply chain. With approximately 70% of North America retail cost of goods sourced from the US, our pricing is significantly less exposed to tariff risk compared to most competitors.

我們在北美零售業的成長由四大策略槓桿驅動：開設新店；擴大產品種類；加速電子商務發展；以及提高品牌知名度。我們對客戶與我們品牌的互動以及在執行該策略過程中給予的正面回饋感到鼓舞。我們在這個行業擁有的另一個關鍵優勢是我們強大的供應鏈。由於北美零售商品成本的約 70% 來自美國，與大多數競爭對手相比，我們的定價受關稅風險的影響要小得多。

Turning to our contract businesses. Momentum continues to build in North America and internationally as organizations prioritize bringing employees together and refreshing their workspaces. Orders, industry benchmarks and dealer sentiment were all up this quarter. The return to office trend is positively impacting demand for commercial real estate, design services and in contract furniture. And we're winning projects globally in resilient sectors such as healthcare, where solutions for the entire care journey from waiting rooms to labs to patient rooms are making a meaningful impact. Our total healthcare orders are up 5% year-to-date.

轉向我們的合約業務。在北美和國際上，隨著各組織優先考慮讓員工聚在一起並更新工作空間，這種勢頭持續增強。本季訂單量、產業基準和經銷商信心指數均上升。重返辦公室的趨勢對商業房地產、設計服務和合約家具的需求產生了積極影響。我們正在全球範圍內贏得醫療保健等具有韌性的行業的項目，這些項目涵蓋從候診室到實驗室再到病房的整個護理過程，其解決方案正在產生有意義的影響。今年迄今為止，我們的醫療保健訂單總量增加了 5%。

New product innovation also remains a key driver. Our Knoll Dividends Skyline launch has been met with strong enthusiasm from customers in the A&D community, resulting in several large project awards well ahead of the official order entry date in January 2026.

新產品創新仍是關鍵驅動力。我們的 Knoll Dividends Skyline 產品發布受到了 A&D 界客戶的熱烈歡迎，在 2026 年 1 月正式訂單錄入日期之前，就已獲得了多個大型項目訂單。

Internationally, we continue to enhance our global showroom footprint. Last month, we introduced the MillerKnoll showroom in Shanghai to engage A&D, global accounts and key partners in Mainland China. Through my ongoing conversations and visits from our international dealers, I am energized by the significant growth opportunities these markets present. Looking ahead, we expect to grow share with the most desired product portfolio in the market and through expanding our dealer share of wallet while continuing to generate enviable margins.

在國際上，我們不斷擴大全球展廳佈局。上個月，我們在上海開設了 MillerKnoll 展廳，旨在與中國大陸的 A&D、全球客戶和重要合作夥伴進行交流。透過與國際經銷商的持續交流和來訪，我深受這些市場所蘊含的巨大成長機會的鼓舞。展望未來，我們期望透過市場上最受歡迎的產品組合和擴大經銷商的錢包份額來提高市場份額，同時繼續創造令人羨慕的利潤率。

In closing, we remain optimistic based on our execution and accomplishments in the first half of the fiscal year. Looking ahead, we see encouraging signals that indicate we will continue to grow through our enhanced innovation initiatives, our expanding retail footprint and our powerful partnerships and dealer networks.

總之，基於我們在本財年上半年的執行情況和所取得的成就，我們仍然保持樂觀。展望未來，我們看到了一些令人鼓舞的跡象，表明我們將繼續透過加強創新舉措、擴大零售版圖以及強大的合作夥伴關係和經銷商網路實現成長。

Our strategy is developing as planned. We are highly focused on flawless execution. We have demonstrated that we are tenacious, and we have the capacity to adapt in order to capture our full potential and navigate disruptions. We are on pace to our plans and disciplined, focused on meeting our potential as a growth-minded company. We have the cash flow and balance sheet strength to capitalize on our opportunities and drive continued momentum.

我們的策略正在按計劃推進。我們高度注重完美執行。我們已經證明我們堅韌不拔，並且有能力適應變化，從而充分發揮我們的潛力並應對各種挑戰。我們正按計劃穩步前進，紀律嚴明，專注於發揮我們作為一家具有成長型公司的潛力。我們擁有充足的現金流和穩健的資產負債表，能夠抓住機遇，並保持持續發展動能。

December is also a time to reflect on our achievements and look forward. I want to extend a heartfelt thank you to our associates across MillerKnoll for their extraordinary commitment every day. Your dedication is the foundation of our success. I am so proud of your unwavering commitment to delight our customers in every brand and our collective with products that define modern design around the globe.

十二月也是回顧過去、展望未來的時刻。我要衷心感謝 MillerKnoll 的全體員工，感謝他們每天的卓越奉獻。你們的奉獻精神是我們成功的基石。我非常自豪您始終如一地致力於透過我們旗下每個品牌和我們共同體的產品，為全球客戶帶來現代設計理念的創新和愉悅體驗。

With that, I'll turn it over to Kevin to discuss our financial results in more detail and share our outlook for the fiscal third quarter.

接下來，我將把發言權交給凱文，讓他更詳細地討論我們的財務業績，並分享我們對第三財季的展望。

Thanks, Andy, and good evening, everyone. I'll begin with a summary of our second quarter results and then discuss our outlook. In the second quarter, adjusted earnings per share of $0.43 exceeded expectations, reflecting stronger-than-expected sales and gross margin. Consolidated net sales for the quarter were $955 million, down 1.6% year-over-year on a reported basis and 2.5% lower organically. As we have previously discussed, we expected lower year-over-year sales this quarter given the $55 million to $60 million in pull-ahead activity in North America contract that pulled forward sales into our first quarter. For the first half of the fiscal year, consolidated net sales reached $1.9 billion, up 4% year-over-year, with this normalized view demonstrating the strength of our business.

謝謝安迪，大家晚上好。我會先總結我們第二季的業績，然後再討論我們的展望。第二季調整後每股盈餘為 0.43 美元，超出預期，反映銷售額和毛利率均強於預期。本季合併淨銷售額為 9.55 億美元，以報告基準計算年減 1.6%，以有機成長計算年減 2.5%。正如我們之前討論過的，由於北美地區提前交付的合約金額高達 5500 萬至 6000 萬美元，將銷售額提前到了第一季度，因此我們預計本季度銷售額將同比下降。本財年上半年，合併淨銷售額達到 19 億美元，年增 4%，這一正常化數據顯示了我們業務的強勁勢頭。

Orders for the quarter grew to $973 million, up 5.5% as reported and 4.5% higher on an organic basis. Our order momentum across all three segments reinforces our confidence in an improving demand environment and our ability to execute our growth strategy.

本季訂單金額成長至 9.73 億美元，按報告數據計算成長 5.5%，以自然成長計算成長 4.5%。我們在所有三個業務領域的訂單成長動能增強了我們對需求環境改善的信心，也增強了我們執行成長策略的能力。

Second quarter consolidated gross margin was a strong 39%. This includes approximately $1 million in net tariff-related costs. We expect our proactive mitigation actions to fully offset tariff costs in the second half of our fiscal year, supporting both gross margin and earnings per share resilience.

第二季合併毛利率高達 39%。這其中包括約 100 萬美元的淨關稅相關成本。我們預計，我們積極主動的緩解措施將在下半年的財政年度完全抵消關稅成本，從而支持毛利率和每股盈餘的穩健成長。

Turning to cash flows in the balance sheet. We generated $65 million in operating cash flow and ended the second quarter with $548 million in liquidity. Our net debt-to-EBITDA ratio of 2.87 times remains comfortably below our lending covenant limits, reflecting our disciplined approach to capital allocation and financial flexibility.

接下來我們來看資產負債表中的現金流量。我們產生了 6,500 萬美元的營運現金流，第二季末流動資金為 5.48 億美元。我們的淨債務與 EBITDA 比率為 2.87 倍，遠低於我們的貸款契約限制，這反映了我們在資本配置和財務靈活性方面的嚴謹態度。

We continue to balance investments in growth with maintaining a strong balance sheet. Our disciplined approach focuses on driving operational efficiency, leveraging scale and optimizing production capabilities across our facilities. As part of this approach, we recently announced the consolidation of our Mesquegan Michigan facility with production transitioning to other plants. This consolidation is expected to deliver $10 million in annual run rate savings by fiscal 2028.

我們將繼續在成長投資和維持穩健的資產負債表之間取得平衡。我們嚴謹的方法著重於提高營運效率、利用規模優勢和優化我們各個工廠的生產能力。作為這項舉措的一部分，我們最近宣布將位於密西根州梅斯奎根的工廠進行整合，生產將轉移到其他工廠。預計到 2028 財年，這項整合將每年節省 1,000 萬美元。

With that, I will move to the second quarter performance by segment. Net sales in the North America Contract segment were $509 million, down 3.1% year-over-year following last quarter's 12.1% sales growth that was partially driven by the tariff-related pull forward. For the first half of the fiscal year, segment sales were up 4.1%. Orders increased to $507 million, up 4.8% from prior year. Operating margin was 8.7% and adjusted operating margin was 9.7%, down 50 basis points year-over-year, primarily from deleverage on lower sales.

接下來，我將介紹第二季各業務區的業績。北美合約業務部門的淨銷售額為 5.09 億美元，年減 3.1%，而上一季的銷售額成長了 12.1%，部分原因是關稅相關的提前到期。本財年上半年，該部門銷售額成長了 4.1%。訂單金額增至 5.07 億美元，較上年增長 4.8%。營業利益率為 8.7%，調整後營業利益率為 9.7%，較去年同期下降 50 個基點，主要原因是銷售額下降導致槓桿率降低。

International Contract segment net sales were $171 million, down 6.3% on a reported basis and down 9.2% on an organic basis year-over-year. Orders rose to $162 million, up 6.6% versus prior year on a reported basis and up 3.4% organically, driven by strength in Europe, the UK, china and India, partially offset by lower orders in Korea and the Middle East.

國際合約業務部門淨銷售額為 1.71 億美元，按報告基準年減 6.3%，以有機基準年減 9.2%。訂單金額增至 1.62 億美元，按報告數據計算比上年增長 6.6%，以有機增長計算增長 3.4%，主要得益於歐洲、英國、中國和印度市場的強勁增長，但部分被韓國和中東地區訂單的減少所抵消。

Second quarter reported operating margin was 9.3%, with adjusted operating margin of 9.7%, down 280 basis points, primarily due to deleverage on lower sales and regional and product mix of sales in the quarter.

第二季報告營業利潤率為 9.3%，調整後營業利潤率為 9.7%，下降 280 個基點，主要原因是本季銷售額下降以及區域和產品組合變化導致槓桿率降低。

In the Global Retail segment, net sales were $276 million, up 4.7% on a reported basis and up 3.4% organically. Orders improved to $304 million, up 6% year-over-year on a reported basis and up 4.5% on an organic basis. Operating margin was 1.5% in the quarter. On an adjusted basis, operating margin was 2.1%, down 170 basis points year-over-year primarily due to costs related to the new stores, net tariff costs and foreign currency impact. As Andi mentioned, we opened four net new stores in the second quarter. We expect to open 2 to 3 additional stores in the third quarter and anticipate opening a total of 14 to 16 new stores in the full fiscal year.

在全球零售業務類股，淨銷售額為 2.76 億美元，按報告資料計算成長 4.7%，以有機成長計算成長 3.4%。訂單金額增至 3.04 億美元，按報告數據計算年增 6%，以自然成長計算年增 4.5%。本季營業利益率為1.5%。經調整後，營業利益率為 2.1%，較去年同期下降 170 個基點，主要原因是與新店相關的成本、淨關稅成本和外匯影響。正如安迪所提到的，我們在第二季度淨增了四家門市。我們預計第三季將新增 2 至 3 家門市，並預計本財年將新增 14 至 16 家門市。

Turning to our Q3 guidance. Our outlook incorporates the latest information on tariffs and new store investments as well as the typical seasonal softness in our contract businesses as the calendar year comes to a close, and the timing of the Chinese New Year holiday.

接下來談談我們第三季的業績指引。我們的展望包含了有關關稅和新店投資的最新信息，以及隨著日曆年結束，我們的合約業務通常出現的季節性疲軟，還有中國新年假期的時間表。

We expect net sales to range between $923 million and $963 million, up 7.6% versus prior year at the midpoint. Gross margin is projected between 37.9% and 38.9%, and adjusted expense is expected to range from $300 million to $310 million, higher year-over-year primarily due to increased variable selling and incentive expenses, along with new store costs.

我們預計淨銷售額將在 9.23 億美元至 9.63 億美元之間，以中間值計算，比上年增長 7.6%。毛利率預計在 37.9% 至 38.9% 之間，調整後支出預計在 3 億美元至 3.1 億美元之間，同比增加主要是由於可變銷售和激勵支出增加以及新店成本增加。

Adjusted diluted earnings are expected to range between $0.42 and $0.48 per share. Based on current tariffs in place, we expect our proactive pricing and tariff mitigation actions to fully audit tariff impacts to gross margin and EPS in the second half of the fiscal year. Included in our expectations for operating expense and EPS are costs associated with new stores in Global Retail.

經調整後的稀釋後每股收益預計在 0.42 美元至 0.48 美元之間。根據現行關稅規定，我們預計我們積極的定價和關稅緩解措施將在本會計年度下半年全面評估關稅對毛利率和每股盈餘的影響。我們對營運費用和每股盈餘的預期包含了全球零售業務新店的相關成本。

We estimate approximately $5 million to $6 million in incremental operating expense year-over-year for the new locations in Q3 with a similar range expected in Q4. These investments are aligned with our strategy to expand our retail footprint and drive long-term growth. For further details related to our outlook, please refer to our press release.

我們預計第三季新地點的營運費用將比上年同期增加約 500 萬至 600 萬美元，預計第四季也將出現類似情況。這些投資符合我們擴大零售版圖和推動長期成長的策略。有關我們展望的更多詳情，請參閱我們的新聞稿。

With that overview, I'll turn the call over to the operator. As always, we welcome your questions and look forward to discussing our progress, outlook and strategic priorities.

有了以上概述，我將把電話轉接給接線生。一如既往，我們歡迎您的提問，並期待與您探討我們的進展、前景和策略重點。

(Operator Instructions)

（操作說明）

Reuben Garner, The benchmark.

魯本‧加納，《標竿》。

Thank you. Good evening, everybody. Maybe just to start, having the second quarter that you just reported, gross margin came in above what was expected, revenue came in at the high end, and OpEx was a little higher. It was that mix of business, or can you talk about what drove kind of the puts and takes relative to what you were expecting a few months ago?

謝謝。各位晚上好。或許可以先從你剛公佈的第二季業績說起，毛利率高於預期，收入達到高位，營運支出略高。是這種業務組合嗎？或者您能否談談是什麼因素導致了您幾個月前的預期與現在的走勢有所不同？

Yeah. So if you look at gross margin for the quarter coming in better than expected, it was a bit of channel mix and a bit of product mix. We also had some good pricing realization, particularly credit to our teams on working through the tariff mitigation as we work through both price increases and surcharges. And then operating expenses was variable selling costs from the sales over delivery as well as the timing of some expenses and FX was something else that played a factor.

是的。因此，如果從季度毛利率高於預期來看，這既得益於通路組合，也得益於產品組合。我們在定價方面也取得了一些不錯的成果，這尤其要歸功於我們的團隊在應對價格上漲和附加費的同時，努力減輕關稅的影響。此外，營運費用包括銷售超額交付產生的可變銷售成本，以及一些費用的發生時間，外匯波動也是影響因素之一。

Okay. And then in the press release, you talked about kind of the order rate, the 12-day holiday period, those growth rates are pretty strong and later in the quarter. On the contract side, specifically in the Americas, can you talk about kind of how that ebbed and flowed? Or orders through the quarter, were they a little softer during the shutdown period and just kind of more recent talking points in terms of pipeline or any other data points you have internally would be helpful.

好的。然後在新聞稿中，您談到了訂單率、12 天假期期間的成長率，這些成長率相當強勁，而且在季度後期也是如此。就合約方面而言，尤其是在美洲地區，您能否談談合約的起伏變化？或者，本季訂單情況如何？停工期間訂單是否略有疲軟？以及您內部掌握的關於銷售管道或其他數據點的最新討論要點，都將有所幫助。

Yeah. So we had from an orders perspective, really across all the businesses with orders up organically 4.5% in the quarter. It was consistent across all 3 months of the quarter. So seeing a lot of consistency there. And then even in the first couple of weeks of the new quarter, we're in that mid-single-digit range. So it's been fairly consistent. The other thing I would call out is we look at a number of both external measures and internal measures is if you go back to the spring time, the world was at its highest point of tariff uncertainty. And so we're seeing a lot of sequential improvement in a lot of both external, whether it's leasing activity, but also some of our own internal measures that as we kind of get past that, we're seeing sequential improvements as well.

是的。從訂單的角度來看，所有業務的訂單在本季度都實現了 4.5% 的有機成長。該情況在整個季度的三個月中保持一致。所以，這方面有很多一致性可言。即使到了新季度的頭幾個星期，我們的成長率仍然維持在個位數的中等水準。所以一直都比較穩定。我還要指出一點，我們考察了許多外部和內部指標。回顧今年春季，當時世界關稅不確定性達到了最高點。因此，我們看到許多外部指標都出現了連續改善，無論是租賃活動，還是我們自己的一些內部指標，隨著我們克服了這些困難，我們也看到了連續改善。

Sorry, I got stuck on mute. And then I'm going to sneak one more in on Americas contract. Any specific geographies or customer types, industries, I guess, that you're seeing particular strength or changes?

抱歉，我的麥克風被靜音了。然後我還要偷偷地在美洲隊的合約裡再加一份。您是否觀察到某些特定地區、客戶類型或產業出現了特別強勁的成長或變化？

And then AI has been a question we've gotten a lot lately. Just wanted to kind of get your thoughts on how that may or may not be impacting demand going forward in the contract space?

最近我們常被問到人工智慧方面的問題。我只是想了解一下您對這可能會對未來合約領域的需求產生怎樣的影響有何看法？

Reuben, it's John. I would say from a geographic perspective, some of the markets that have been slower to come back are starting really percolate. So if you think about the Bay Area, Southern California, we're definitely seeing a pickup there. Really, the Northeast Coast has been strong for a number of months. I think in terms of industries, energy, professional services, legal, are all very active. Obviously, public sector or federal government is a little softer than normal given earlier in the year, the DOGE work and then the government shutdown that's had a bit of an impact. And pharma and banking are down slightly over prior year. But others than the public sector, pretty strong across the board. And as Andi mentioned in her opening comments, healthcare continues to be a growth driver.

魯本，我是約翰。從地理角度來看，一些復甦較慢的市場現在開始真正活躍起來。所以，如果你看看舊金山灣區、南加州，我們肯定會看到那裡的經濟成長勢頭強勁。事實上，東北沿海地區的經濟狀況已經持續強勁好幾個月了。我認為就各行各業而言，能源、專業服務、法律等產業都非常活躍。顯然，由於年初的 DOGE 工作以及後來的政府停擺造成了一定的影響，公共部門或聯邦政府的情況比平常要好一些。醫藥和銀行業板塊較上年略有下降。但除公部門以外，其他各部門整體表現都相當強勁。正如安迪在開場白中提到的那樣，醫療保健仍然是成長的驅動力。

And Reuben, can you clarify your question on AI? Are you asking about AI implementation in the company? Or are you asking about from customers. Just to be clear.

魯本，你能把關於人工智慧的問題解釋得更清楚嗎？您是在詢問公司內部人工智慧的實施嗎？還是你在向客戶詢問狀況？澄清一下。

From customers, how that may impact employment, how that may impact how the office looks going forward? Are you seeing changes in floor price or anything else in the way that we work?

從客戶的角度來看，這可能會對就業產生什麼影響？又會對辦公室未來的面貌產生什麼影響？您是否注意到底價或其他方面的任何變化？

I think we'll see changes. It's a little early to tell kind of from our customer viewpoint. But as we kind of plan and innovate for the future, we imagine that there will be productivity gains and absolutely changes on how we work together. So we're thinking about that in a more future forward way. I think today, the impact on actual workspaces has been pretty minimal, but I do think the conversations are pretty broad and vast in how all of our customers are thinking about it and using it.

我認為我們會看到一些變化。從客戶的角度來看，現在下結論還為時過早。但隨著我們對未來進行規劃和創新，我們設想生產力將會提高，而且我們的合作方式也必將改變。所以我們正在以更具前瞻性的方式來考慮這個問題。我認為目前對實際工作空間的影響非常小，但我認為我們所有客戶都在廣泛地討論如何思考和使用它。

Thanks for the detail guys. Good luck, in the new year and happy holidays.

謝謝各位提供的詳細資料。祝您新年快樂，節日愉快！

Thanks you too.

謝謝你。

Phillip Blee with William Blair.

菲利普·布利與威廉·布萊爾。

Thank you. Good evening, everyone. Can you maybe just talk about your expectations for the contract business in the third quarter a bit more, maybe some color around key drivers between price versus volume, whether we're fully through the prior quarter pull forward, or whether or not any of that. Sort of still bleeding into the third quarter as well. And then obviously it's a slow time of year for contracts seasonally, but anything to suggest volume trends shouldn't continue at current levels or potentially move up from here in the second half, assuming all macro remains the same. Thank you.

謝謝。各位晚上好。您能否再多談談您對第三季合約業務的預期，例如價格與銷售量之間的關鍵驅動因素，我們是否已經完全擺脫了上一季的拖延效應，或其他相關方面的情況。這種情況似乎也延續到了第三季。當然，從季節性角度來看，現在是合約交易的淡季，但任何跡像都表明，在宏觀經濟保持不變的情況下，下半年交易量趨勢不應繼續維持在目前的水平，甚至可能進一步上升。謝謝。

Yeah. Phillip, this is Kevin. I'll start. North America contract, our orders in the quarter were up about 5% on an organic basis. And similar to the comments earlier, we've been seeing some pretty good consistency. And so we think in that mid-single digits is kind of a nice spot that, that business was in during the quarter and seems to be running from an order level perspective as well. Year-to-date, the to your question on order pull ahead, we think our orders are clear of any of that activity. If you normalize our sales year-to-date in North America contract, those are up about 4%, so also kind of in that mid-single-digit range.

是的。菲利普，這位是凱文。我先來。北美合約方面，本季我們的訂單量以有機成長計算成長了約 5%。與先前的評論類似，我們看到了一些相當不錯的穩定性。因此，我們認為這個中個位數的成長率是一個比較理想的水平，該業務在本季度處於這種水平，而且從訂單水平來看，似乎也處於這種水平。今年迄今為止，關於您提出的訂單提前處理的問題，我們認為我們的訂單沒有受到任何此類活動的影響。如果將我們在北美的年初至今的銷售額按合約進行標準化處理，則成長了約 4%，也達到了中等個位數的成長水準。

John, what would you add?

約翰，你還有什麼要補充的嗎？

Yeah. I would add that, in terms of external indicators for continuing demand, if I think about the conversations we're having of late with commercial real estate brokers. They seem to generally be very bullish across the board on 2026, and that obviously bodes well for our industry. Similarly, architectural and design firms, while the overall ABI is down a bit. The more premium-based firms seem to be very busy. And if you look at from an absorption perspective in commercial real estate, it's the Class A space and even the Class A+ space that is getting the most attention right now as companies are trying to elevate the office experience to get their employees back and our brands tend to play very well in that sector.

是的。我想補充一點，就持續需求的外部指標而言，如果我回顧我們最近與商業房地產經紀人進行的對話。他們似乎普遍對 2026 年非常樂觀，這顯然對我們這個行業來說是個好兆頭。同樣，建築和設計公司也面臨困境，儘管整體 ABI 略有下降。那些主打高端服務的公司似乎都很忙。從商業房地產的吸收角度來看，目前最受關注的是 A 級辦公空間，甚至是 A+ 級辦公空間，因為公司都在努力提升辦公體驗，以吸引員工回歸，而我們的品牌在這個領域往往表現出色。

Okay. Excellent. That's very helpful. Oh, go ahead.

好的。出色的。那很有幫助。哦，請便。

I was just going to add, you asked about price versus volume. And it tends to be in the contract businesses. you tend to be able to pass along inflation fairly well through the industry. And so over the long run, you're passing along that 2% to 3%. And we've been seeing a fairly even mix at those levels of growth rates of price and volume.

我正要補充一點，你問的是價格與銷售量的關係。而且這種情況往往出現在合約業務中。在這些行業裡，通貨膨脹往往能夠比較有效地傳導出去。因此，從長遠來看，你實際上是將這 2% 到 3% 的成本轉嫁給了別人。我們看到價格和銷售量的成長率在這些水準上相當均衡。

Okay. Excellent. Very helpful. And then our growth in retail is very exciting, particularly with the insight into how North America performed during the peak holiday week. So you can maybe you talk about a bit about the acceleration there? What drove that sort of response from the consumer, the competitive environment seems particularly promotional. So did you have to lean in there? Or how do you kind of think about the durability of that kind of growth, particular as we exit the holiday season?

好的。出色的。很有幫助。此外，我們在零售領域的成長也令人振奮，尤其是我們深入了解了北美在假日高峰週的表現。所以您能否談談那裡的加速情況？是什麼促使消費者產生這種反應？競爭環境似乎特別具有促銷作用。所以你當時必須湊過去嗎？或者說，您如何看待這種增長的持久性，尤其是在假期即將結束之際？

Phillip, one thing I'll add and then I'm going to have Debbie give you some of her thoughts. I think the team has done a great job building brand awareness. And since this is such a nascent business for us. I think as we open new stores and as people become more familiar with the DWR and Herman Miller brands, that's really helping us. I think our promotions were at the same level as they were last year, which I think is pretty phenomenal considering the results we showed. Our marketing spend was also equivalent to last year. So I think building brand awareness, opening new stores, having people be more familiar with their proposition was a winning combination for us in the Cyber period. And Debbie then what would you add?

菲利普，我再補充一點，然後我要黛比也跟你說說她的想法。我認為團隊在提升品牌知名度方面做得非常出色。而且這對我們來說還是一項剛起步的事業。我認為隨著我們開設新店，人們對 DWR 和 Herman Miller 品牌越來越熟悉，這對我們真的很有幫助。我認為我們的促銷力道與去年持平，考慮到我們所取得的成績，我認為這相當了不起。我們的行銷支出也與去年持平。所以我認為，在網路時代，提高品牌知名度、開設新店、讓人們更熟悉我們的產品/服務，對我們來說是一個成功的組合。那麼黛比，你還會補充什麼呢？

I would add the assortment acceleration that we've been pursuing with our collection count up 22% year-on-year is really helping to contribute to that growth as well.

我想補充的是，我們一直在努力加快產品種類的豐富化進程，產品系列數量同比增長了 22%，這也確實有助於推動這一增長。

Awesome, very helpful. Thank you all and have a great holiday.

太棒了，很有幫助。謝謝大家，祝大家假期愉快。

Philip, you too.

菲利普，你也是。

Greg Burns with Sidoti & Company.

Greg Burns，Sidoti & Company公司。

Good evening, just to follow-up on the retail momentum, are you seeing with the with the Assortment growth, are you seeing.

晚上好，關於零售業的發展勢頭，您認為商品種類成長方面的情況如何？

Bigger order sizes, more net customers coming through your retail locations and e-commerce or, more engagement with existing customers, higher order rates like what is the dynamic you're seeing within your customer segment?

更大的訂單規模、透過零售店和電子商務管道獲得的更多淨客戶，或與現有客戶更高的互動、更高的訂單率，您在客戶群中觀察到的動態是什麼？

Thanks for the question, Greg. I'd say there's two real highlights that we're seeing. Our average order value is up year-on-year beyond our pricing increases or net pricing increases are only about 2.5% year-on-year. Thanks to our sourcing strategy, which proves to have 70% of our COGS in North America from North America. So we've we been able to be more conservative in our pricing increases. But average order value up, that's really being driven by the assortment expansion that we're doing as well as design services as we continue to drive up the penetration of those in stores.

謝謝你的提問，格雷格。我認為目前有兩個真正的亮點。我們的平均訂單價值較去年同期成長，超過了我們的價格上漲幅度，或淨價格上漲幅度僅比去年同期高出約 2.5%。由於我們的採購策略，我們北美地區 70% 的銷售成本來自北美。因此，我們在價格上漲方面能夠更加保守。但平均訂單價值的提升，實際上是由我們正在進行的商品種類擴張以及設計服務所推動的，因為我們不斷提高這些服務在商店中的滲透率。

And I think through opening stores in new markets, we're obviously attracting new customers to the brands as well. Greg, So it's a combination of those things.

我認為，透過在新市場開設門市，我們顯然也在為品牌吸引新客戶。格雷格，所以這是這些因素的綜合作用。

Absolutely. We're seeing greater demand of our new customers than we have historically as well.

絕對地。我們發現，新客戶的需求也比以往更大。

Yeah. Okay. And can you talk about the kind of the road map to doubling the store count. Is that are you going to stay on this kind of 14 to 15 stores a year? Is that your thought right now? And how should we think about maybe the margin profile of that business? Like are we are you going to operate it kind of at this low single-digit range for the foreseeable future? How should we think about maybe leverage on some of these investments starting to show through?

是的。好的。能否談談門市數量翻倍的路線圖？你們打算每年只開14到15家店嗎？你現在是不是在想這個？那我們該如何看待這家企業的利潤率狀況呢？例如，你們打算在可預見的未來一直把營運成本維持在這個較低的個位數範圍內嗎？我們該如何考慮利用這些開始顯現成效的投資呢？

So yes, we are planning to open in the range of 14% to 16% a year. And as you can imagine, we have leases signed through middle to back half of next fiscal year already. We have seasonality in our operating income. So the back half of the year always looks better than the front half of our year based on largely where marketing spend falls in support of the cyber period. And we expect by the beginning of next fiscal year, we'll start to see accretive operating income dollars from these new store investments.

是的，我們計劃每年增長 14% 到 16%。正如您所料，我們已經簽訂了到下一個財政年度中下半年的租賃合約。我們的營業收入有季節性波動。因此，下半年的業績總是比上半年好，這主要是因為行銷支出較多用於支援網路行銷時期。我們預計到下一個財政年度開始時，這些新店投資將開始帶來可觀的營業收入。

I think, Greg, as we've mentioned to you guys a few quarters now, we're sort of in a depth of investment right now to open new stores. And as we get into Q3 and Q4, you'll start to see that impact on our bottom line get smaller and smaller, and that's the new stores begin to add revenue to really offset that investment. So we're optimistic that, that will turn around in Q4 and Q1 of next year, and we'll start to leverage some of that overhead and expense.

格雷格，我想，正如我們幾個季度前跟你們提到的那樣，我們目前正在進行大量的投資，以開設新店。隨著我們進入第三季和第四季度，你會發現這對我們利潤的影響越來越小，因為新店開始增加收入，這真正抵消了這項投資。因此我們樂觀地認為，這種情況將在第四季和明年第一季好轉，我們將開始利用一些管理費用和開支。

Okay. So the like gross 5 to 6 a quarter net declining starting to decline as we move into next fiscal year. That net number will start to decline?

好的。所以，類似每季 5 到 6 的毛利潤淨額開始下降，隨著我們進入下一個財政年度，這種下降趨勢也將開始。淨成長數字會開始下降嗎？

That's right.

這是正確的。

Yeah. Okay, alright, thank you.

是的。好的，謝謝。

Doug Lane with Water Tower Research

道格·萊恩（Doug Lane），水塔研究公司（Water Tower Research）

Yeah, hi, good evening, everybody, just looking at the, top-line here with the beat in the 1st quarter, the beat in the second quarter, the 3rd quarter is pretty meaningfully above consensus, and your orders went from down mid single-digits to up mid single-digits sequentially, so something's getting better out there and. I don't know, what it sort of goes counter to what I'm reading anyway about the macro. So what are the two or three key macro trends that are really starting to work here? Is it back to office or really what's going on?

是的，大家好，晚上好，各位。讓我們來看看第一季和第二季的業績都超出預期，第三季也顯著高於預期，而且你們的訂單量也從個位數百分比的下降轉為個位數百分比的上升，所以情況正在好轉。我不知道，這似乎與我讀到的關於宏觀經濟的觀點相違背。那麼，目前真正開始發揮作用的兩三個關鍵宏觀趨勢是什麼呢？是回辦公室上班了，還是另有隱情？

I think in the contract business globally, probably primarily in North America, but definitely globally, we are seeing return to office really taking off. I think the debate about whether to be together is kind of over. And so we are we're busy in our showrooms, we're busy in our corporate headquarters. We are seeing people make decisions faster.

我認為在全球合約業務領域，尤其是在北美，但肯定在全球範圍內，我們看到重返辦公室的趨勢正在迅速發展。我認為關於是否要在一起的爭論差不多已經結束了。所以，我們的展場很忙，我們的公司總部也很忙。我們發現人們做決定的速度越來越快。

We're seeing orders that are coming through our funnel with more velocity and less people waiting as long as they were waiting during COVID. So I think the emphasis is there. I think some of the noise you see in the economy and from a macro standpoint is also driving senior leaders and organization to get more serious about their spaces and more serious about bringing people together, and it helps us a lot, especially in Class A space. So I think we're in the right place at the right time from a contract standpoint.

我們看到訂單通過銷售漏斗的速度更快了，等待時間也比新冠疫情期間要短了。所以我覺得重點就在那裡。我認為，經濟和宏觀層面上的一些噪音也促使高階領導和組織更加重視他們的辦公空間，更加重視將人們聚集在一起，這對我們幫助很大，尤其是在甲級辦公室領域。所以我覺得從合約的角度來看，我們正處於天時地利人和的有利位置。

And then International, we have a ton of growth potential just in general. We're adding in many markets as we could be. We can add dealers and still gain a lot of market share. That business tends to be a little lumpier with the size of orders, so you really have to look at a 6-month, 9-month, 12-month trend to understand the growth potential there, but at very enviable margins. And I think with retail, we're in a really good spot. We're attracting a consumer right now that is resilient and that is attracted to the proposition that we're offering. So I think we're in a really good place in both sides of our business and in all channels.

此外，在國際市場，我們整體上擁有巨大的成長潛力。我們正在盡可能地拓展市場。我們可以增加經銷商，並且仍然能夠獲得很大的市場份額。業務的訂單規模往往波動較大，因此你必須查看 6 個月、9 個月、12 個月的趨勢才能了解其成長潛力，但利潤率非常可觀。我認為我們在零售業方面處於非常有利的地位。我們現在吸引的消費者俱有很強的適應能力，並且被我們提供的產品和服務所吸引。所以我認為，我們在業務的各個方面，包括銷售和分銷管道，都處於非常有利的地位。

Yeah, no question. Something is really coming together there. So what shifting gears a little bit with the consolidation going on in the industry, how have you thought about? Or what changes are you thinking about with in reaction to the consolidation now that you've had about 6 months or so to digest it?

是的，毫無疑問。事情正在朝著好的方向發展。鑑於產業整合的趨勢，您是如何考慮稍微轉變一下思路的呢？或者說，在經歷了大約 6 個月的整合之後，您正在考慮做出哪些改變來應對整合的影響？

Listen, I think we've been down that road. We know how hard consolidations are. We think the industry the contract industry has definitely shrunk. So consolidation in the end is good for everyone. We also know the consolidations and integrations can be distracting. So we plan to definitely be on the front foot now that we're on the other side of that.

聽著，我覺得我們已經走過這條路了。我們都知道企業合併有多難。我們認為承包業肯定已經萎縮了。所以，從長遠來看，整合對每個人都有好處。我們也知道，合併和整合可能會分散注意力。既然我們已經度過了難關，我們計劃一定要佔據主動。

That's true. You've been through a lot of consolidation yourself over the years. And just finally, on capital allocation, can what is the is there a target for a leverage ratio here? You seem to be hovering just under 3 times. And is that sort of a target, a soft target of where you want to be? And then how do you think about capital expenditures and share repurchases in that context?

這是真的。這些年來，你自己也經歷了許多整合過程。最後，關於資本配置，這裡的槓桿率目標是多少？你似乎徘徊在略低於 3 次的位置。那算是你想要達到的目標嗎？一個比較容易達成的目標？那麼，在這種背景下，您如何看待資本支出和股票回購？

Yes. So the way we're thinking about capital allocation right now is, one, you've heard us talk about some of the growth investments that we're making sure we can fund. And so we feel well positioned with the balance sheet to fund those. Paying down debt is the second priority. We would see kind of a midterm target to get to that 2 times to 2.5 times turns range from the 2.87 times. We are now, as we continue to pay that down. Those would be the first 2 priorities and then obviously continuing to maintain dividend at periodic share repurchase to offset dilution.

是的。所以，我們目前對資本配置的思考方式是，第一，你們已經聽我們談到了一些我們正在確保能夠提供資金的成長投資。因此，我們感覺我們的資產負債表狀況良好，足以提供資金支持這些項目。償還債務是第二要務。中期目標是將轉換率從 2.87 倍提高到 2 倍至 2.5 倍。我們現在正在繼續償還這筆債務。以上是首要的兩項任務，然後顯然還要繼續維持股息，並透過定期回購股票來抵銷稀釋效應。

Okay, that's helpful, thank you.

好的，這很有幫助，謝謝。

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

沒有其他問題了。現在我們把發言權交還給執行長安迪歐文，請她作總結發言。

Thank you again, everyone, for joining us on the call tonight. With solid order momentum across every segment and encouraging signals in our markets, we were entering the third quarter with confidence. Our teams remain focused on delivering operational excellence, scaling innovation and executing against our strategic priorities. We appreciate your support, wish you all Happy Holidays and look forward to updating you next quarter. Thank you.

再次感謝各位今晚參加我們的電話會議。憑藉著各個細分市場的穩健訂單動能和令人鼓舞的市場訊號，我們充滿信心地進入了第三季。我們的團隊將繼續專注於實現卓越營運、擴大創新規模並執行我們的策略重點。感謝您的支持，祝您節日快樂，期待下季與您分享最新進展。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。