MillerKnoll, Inc. (MLKN) 2026 Q4 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.

晚安，歡迎參加 MillerKnoll 的季度財報電話會議。提醒各位，本次電話會議將被錄音。

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

現在我想介紹今天會議的主持人：投資人關係副總裁 Wendy Watson。

Good evening and welcome to our fourth quarter and full fiscal year 2026 conference call. On with me are Jeff Stutz, MillerKnoll's Chief Operating Officer and incoming Interim CEO; and Kevin Veltman, 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.

晚安，歡迎參加我們 2026 會計年度第四季及全年電話會議。與我一同出席的有 MillerKnoll 營運長暨即將上任的代理執行長 Jeff Stutz，以及財務長 Kevin Veltman。參與問答環節的還有北美合約業務總裁 John Michael，以及全球零售總裁 Debbie Propst。

We issued our earnings press release for the quarter ended May 30, 2026, 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.

我們已於今日收盤後發布截至 2026 年 5 月 30 日止季度的財報新聞稿，並已上傳至 millerknoll.com 的投資人關係網站。本次電話會議的重播將於 24 小時內在我們網站提供。

Before I turn the call over to Jeff, please remember our 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.

在我把電話交給 Jeff 之前，請各位留意我們關於前瞻性資訊的揭露。會議期間，管理團隊可能會討論前瞻性資訊，其中包含已知與未知的風險、不確定性及其他因素，可能導致實際結果與所表達或暗示者不同。

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

請在評估前瞻性資訊時，將其置於上述因素的脈絡中；相關因素已於今日新聞稿中詳述。

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.

前瞻性陳述係以今日日期為準；除法律可能要求外，我們不承擔更新或補充此等陳述之義務。我們亦會提及若干非 GAAP 財務衡量指標，新聞稿中包含相關的非 GAAP 調節表。

With that, I'll turn it over to Jeff.

接下來我把電話交給 Jeff。

Thank you, Wendy. Good evening, everyone, and thanks for joining our call. I'll start by sharing my initial observations and priorities as incoming Interim CEO. And from there, I'll discuss highlights from fiscal 2026, including a recap of our consolidated results and our current outlook.

謝謝你，Wendy。各位晚安，感謝加入本次電話會議。我將先分享我作為即將上任的代理執行長的初步觀察與優先事項，接著將說明 2026 會計年度的重點，包括合併業績回顧以及我們目前的展望。

Let me begin by saying that I am honored to step into this role at an important time for MillerKnoll as we build on the exciting work and momentum underway across the business.

首先我要說，在 MillerKnoll 的關鍵時刻接下這個角色，我深感榮幸；我們將在全公司既有的令人振奮的工作與動能之上持續推進。

After 25 years with this organization, I continue to be proud to stand alongside this tenured and committed leadership team who work tirelessly to drive our organization's success.

在這個組織服務 25 年後，我仍以能與這支資深且投入的領導團隊並肩為榮；他們不懈努力，推動組織成功。

I've been spending significant time with our teams, dealers, and customers reinforcing that my focus is enabling their success while driving improved performance and execution.

我花了大量時間與我們的團隊、經銷商與客戶交流，重申我的重點在於促成他們的成功，同時推動更佳的績效與執行力。

I've also recently had the opportunity to engage with our partners and A&D community at three marquee events for the contract and design industry. Clerkenwell Design Week in London, where our showrooms at The Sans were at the center of the show.

最近我也有機會在合約與設計產業的三個指標性活動中，與我們的合作夥伴及 A&D（建築與設計）社群互動。包括倫敦的 Clerkenwell Design Week，我們位於 The Sans 的展示間成為展會核心。

Three days of design in Copenhagen, where HAY and Muuto served as anchor brands and design days in Chicago's Fulton Market, where MillerKnoll is the pioneering tenant in what has become a vibrant and design-oriented district that more than 75 furnishings providers now call home.

以及哥本哈根的 Three Days of Design，HAY 與 Muuto 擔任主力品牌；還有芝加哥 Fulton Market 的 Design Days，MillerKnoll 是該區的先驅進駐者，如今此地已成為充滿活力、以設計為導向的聚落，超過 75 家家具供應商在此設點。

I always leave events like these with pride, knowing that MillerKnoll shines brightest in these settings. They serve as a good reminder of so many things we do well as an organization.

我每次參加這類活動離開時都充滿自豪，因為我知道 MillerKnoll 在這些場域最能發光發熱。這些活動也提醒我們，作為一個組織，我們有許多做得很好的地方。

At the same time, I want to be clear that our financial performance is not where we want it to be, and we're entering fiscal 2027 with three clear areas of focus. The first of these will be to elevate the level of operating discipline we bring to setting priorities.

同時，我也要明確表示，我們的財務表現尚未達到我們期望的水準；我們將以三個明確的重點進入 2027 會計年度。第一項是提升我們在設定優先事項時所展現的營運紀律水準。

Second, we're focused on cost discipline across our businesses and third, we remain committed to strengthening our balance sheet by reducing debt and improving cash flow.

第二，我們聚焦於各項業務的成本紀律；第三，我們仍致力於透過降低負債與改善現金流來強化資產負債表。

Turning to our fourth quarter results. Kevin will cover the details shortly but let me highlight a few points. We delivered another quarter of steady top line growth with revenue of just over $1 billion, up 4.4% year over year and above our guidance, driven by growth in North America Contract and Global Retail. Adjusted EPS of $0.55 was at the top end of our guidance range.

接著談第四季業績。Kevin 稍後會說明細節，但我先強調幾點。我們再度交出穩健的營收成長，本季營收略高於 10 億美元，年增 4.4%，且高於我們的財測指引，主要由北美合約與全球零售成長帶動。調整後每股盈餘（Adjusted EPS）為 0.55 美元，位於指引區間上緣。

And for the full fiscal year, net sales topped $3.8 billion with an adjusted earnings per share of $1.86.Moving on to some highlights and trends in our segments.

就全年而言，淨銷售額超過 38 億美元，調整後每股盈餘為 1.86 美元。接下來談各事業部的一些亮點與趨勢。

In North America Contract, we're pleased with another quarter of solid sales growth and year-over-year expansion in both gross margin and adjusted operating margin, driven by volume leverage and price capture.

在北美合約業務方面，我們對本季再度實現穩健的銷售成長感到滿意；毛利率與調整後營業利益率均較去年同期擴張，主要受惠於規模效益與價格落袋。

As expected, orders were down in the quarter compared to last year, primarily from lapping $55 million to $60 million in prior year order pull-ahead as a result of customers placing orders ahead of tariff-related surcharges and price increases.

如預期所示，本季訂單較去年下滑，主要是因為去年有約 5,500 萬至 6,000 萬美元的訂單提前拉貨，原因在於客戶為因應關稅相關附加費與漲價而提前下單；今年則面臨該基期效應。

We continue to see encouraging demand signals across key leading indicators despite macro uncertainty. Traffic and showroom visits during design days were up nicely and the internal forward demand indicators we consistently track were all up, both year-over-year and sequentially.

儘管總體環境仍不明朗，我們在關鍵領先指標上持續看到令人鼓舞的需求訊號。設計活動期間的人流與展示間來訪量明顯增加，而我們持續追蹤的內部前瞻需求指標，不論年增或季增皆全面上升。

Industry benchmarks show that across geographies healthy leasing demand continues. In calendar Q1, four quarter rolling net absorption reached its highest post-pandemic level, and Class A spaces continue to outperform, which reflects demand for the higher quality spaces that we are well positioned to serve. And finally, you may recall that we recently announced the consolidation of our manufacturing plant in Muskegon, Michigan into other facilities.

產業基準顯示，各地區的租賃需求仍然健康。以曆年第一季而言，四季滾動的淨吸納量達到疫情後最高水準；而 A 級空間持續優於其他等級，反映市場對更高品質空間的需求，而我們具備良好條件可提供相應服務。最後，各位或許記得我們近期宣布，將密西根州 Muskegon 的製造工廠整併至其他廠區。

We will continue to evaluate capacity utilization opportunities across our manufacturing operations with the aim of improving overall operational efficiency.

我們將持續評估製造營運中的產能利用機會，以提升整體營運效率。

In the International Contract segment, global geopolitical concerns impacted segment order activity in the core, but we remain encouraged by ongoing signs of strength in key Asian markets as well as Central and Eastern Europe, where order growth has been strong.

在國際合約業務方面，全球地緣政治疑慮影響了核心市場的訂單活動；但我們仍對亞洲主要市場以及中東歐持續展現的強勁跡象感到鼓舞，這些地區的訂單成長一直相當強勁。

Over the past year, I've personally spent a great deal of time on the ground with our team members and many dealer partners across these regions of the world. Our potential for further profit growth is clear to me. Our international team is looking forward with a strategic approach to targeting key growth opportunities and managing costs in a disciplined manner.

過去一年，我個人花了很多時間在這些地區與我們的團隊成員及眾多經銷夥伴一同深入市場。我清楚看到我們進一步提升獲利的潛力。國際團隊正以前瞻的策略方式鎖定關鍵成長機會，並以嚴謹的紀律管理成本。

Our Global Retail segment delivered a strong fourth quarter and continued to gain market share, which Kevin will detail shortly. We remain confident that we have the right strategy and the right leadership to successfully scale our retail business.

我們的全球零售事業部在第四季表現強勁，並持續提升市占率，Kevin 稍後會進一步說明。我們仍有信心，我們具備正確的策略與領導團隊，能成功擴大零售業務規模。

As we grow, we're learning every day and applying our learnings to refine our approach. We will continue to expand our store footprint across North America, deepen our product assortment and increase our brand awareness while focusing on operational discipline.

隨著我們成長，我們每天都在學習，並將所學用於精進方法。我們將持續在北美擴大門市版圖、深化產品組合並提升品牌知名度，同時聚焦於營運紀律。

Now, with that said, I want to be clear that we are making some strategic shifts to drive both growth and returns. Going forward, more of our new stores will be the smaller, approximately 1,800 square feet Herman Miller store format.

話雖如此，我要明確表示，我們正在進行一些策略調整，以同時推動成長與報酬。未來，我們的新店將有更高比例採用較小型、約 1,800 平方英尺的 Herman Miller 門市店型。

These locations are resonating with customers, broadening our demographic reach, and delivering attractive economics. They require lower upfront capital, reach productivity more quickly, and generate payback in well under three years.

這些據點正獲得顧客青睞，擴大我們的客群覆蓋，並帶來具吸引力的經濟效益。其前期資本需求較低、達到生產力的速度更快，且回收期遠低於三年。

These stores further build brand awareness and are an excellent lead generator for our contract business, serving as a gateway to our broader ecosystem to support demand generation across both retail and contract channels.

這些門市也進一步提升品牌知名度，並且是我們合約業務極佳的商機來源，作為通往更廣泛生態系的入口，支持零售與合約兩大通路的需求創造。

In fiscal 2026, we opened 8 Herman Miller stores, and we expect to open 9 to 11 in fiscal 2027. At the same time, we remain enthusiastic for Design Within Reach, our channel to market in North America for our portfolio of brands that serve residential and hospitality environments.

在 2026 會計年度，我們新開了 8 家 Herman Miller 門市，並預期在 2027 會計年度新開 9 至 11 家。同時，我們對 Design Within Reach 仍充滿期待；它是我們在北美將品牌組合推向市場的通路，服務住宅與飯店／旅宿等環境。

We will maintain a measured pace of new openings, incorporating learnings around location strategy, store productivity, cost structure, and marketing effectiveness. In fiscal 2026, we opened seven DWR stores, and we expect to open five to seven in fiscal 2027.

我們將維持審慎的新店開設節奏，並納入在選址策略、門市生產力、成本結構與行銷成效方面的學習。在 2026 會計年度，我們新開了 7 家 DWR 門市，並預期在 2027 會計年度新開 5 至 7 家。

Another important priority within Global Retail is improving the performance of our Holly Hunt business. Holly Hunt remains a premier to the trade brand in the ultra-premium segment of residential furnishings.

全球零售的另一項重要優先事項，是改善我們 Holly Hunt 業務的表現。Holly Hunt 仍是超高端住宅家具領域中，面向專業設計／貿易客群（to the trade）的頂級品牌。

Lagging demand patterns and operational inefficiencies for this business proved challenging for us in fiscal 2026. In response, we've implemented a range of actions aimed at repositioning this storied brand for long-term success.

需求型態走弱與營運效率不彰，使該業務在 2026 會計年度對我們而言充滿挑戰。為此，我們已採取一系列行動，旨在重新定位這個歷史悠久的品牌，以實現長期成功。

These include restructuring to better align costs with demand and strengthening leadership to enhance commercial execution.

這些措施包括進行重組，以更好地使成本與需求相匹配，並強化領導團隊以提升商業執行力。

We are confident that our repositioning efforts will help improve performance over time while preserving the brand's strong market position and with those opening comments.

我們有信心，隨著時間推移，我們的重新定位努力將有助於改善績效，同時維持品牌強勁的市場地位；在以上開場說明之後，

I'll now turn the call over to Kevin, who will take us through the numbers.

我現在把電話會議交給 Kevin，由他帶我們回顧各項數字。

Thanks, Jeff, and good evening, everyone. I'll begin with our fourth quarter results in segment detail, followed by a review of our full year highlights, including an update on our uses of cash during the year. I'll conclude with details on our outlook for the first quarter and full year of fiscal 2027, along with some framing of the full fiscal year.

謝謝你，Jeff，各位晚安。我將先按事業部門細項說明我們第四季的業績，接著回顧全年重點，包括更新我們今年的現金用途。最後，我會說明我們對 2027 會計年度第一季及全年的展望，並就全年走勢提供一些框架。

As Jeff mentioned, in the fourth quarter, we generated adjusted earnings per share of $0.55 compared to $0.60 in the same quarter last year.

如 Jeff 所提及，第四季我們的調整後每股盈餘為 0.55 美元，去年同期為 0.60 美元。

Consolidated net sales for the quarter were $1 billion, up 4.4% year-over-year on a reported basis and 3.7% higher organically, driven by growth in our North America Contract and Global Retail segments. Orders at the consolidated level for the quarter were $972 million, down 6.3% as reported and 6.9% lower on an organic basis.

本季合併淨銷售額為 10 億美元，按報告基礎年增 4.4%，有機成長 3.7%，主要由北美合約（North America Contract）與全球零售（Global Retail）部門成長所帶動。本季合併層級訂單為 9.72 億美元，按報告基礎下降 6.3%，有機基礎下降 6.9%。

As noted earlier, prior year orders included $55 million to $60 million of pull forward ahead of price increases in our North America Contract segment. Adjusting for this, orders in the quarter were down approximately 1% year over year.

如先前所述，去年訂單包含在北美合約部門因應漲價前提前拉貨的 5,500 萬至 6,000 萬美元。若排除此因素，本季訂單年減約 1%。

Our consolidated backlog was $679 million at quarter end, down 10.8% from a year ago, reflecting both the prior year order pull forward dynamic and the timing of shipments at year end. Fourth quarter consolidated gross margin increased 20 basis points to 39.4%.

本季季末合併在手訂單（backlog）為 6.79 億美元，較去年同期下降 10.8%，反映去年提前拉貨的影響以及年末出貨時點。第四季合併毛利率上升 20 個基點至 39.4%。

Turning to cash flow and capital allocation, we generated $65 million in cash flow from operations in the quarter and reduced our total debt by $15 million.

接著談現金流與資本配置：本季我們營運活動產生現金流 6,500 萬美元，並將總負債降低 1,500 萬美元。

We finished the fourth quarter with $572 million in liquidity, and our net debt-to-EBITDA ratio was 2.8 times as defined by our lending agreement. In April, our Board of Directors declared a quarterly cash dividend of $0.1875 per share.

第四季結束時，我們的流動性為 5.72 億美元；依照我們的貸款協議定義，淨負債對 EBITDA 比率為 2.8 倍。4 月，我們董事會宣告每股 0.1875 美元的季度現金股利。

This dividend is payable on July 15 to shareholders of record on May 30, 2026. The annual indicated dividend of $0.75 per share brings a yield of 4.7% based on yesterday's closing stock price.

該股利將於 2026 年 7 月 15 日支付給截至 2026 年 5 月 30 日登記在冊的股東。以每股 0.75 美元的年化指示股利計算，按昨日收盤股價計算殖利率為 4.7%。

For the full year we generated $200 million in cash flow from operations, invested $122 million in capital expenditures, reduced our outstanding debt by $41 million, and returned approximately $67 million to our shareholders in the form of $51 million in dividends and $16 million in share repurchases.

全年而言，我們營運活動產生現金流 2 億美元，資本支出投資 1.22 億美元，將未償債務減少 4,100 萬美元，並以 5,100 萬美元股利與 1,600 萬美元庫藏股回購的形式，合計約 6,700 萬美元回饋股東。

Our capital allocation remains focused on reinvesting in the business, reducing debt and returning capital to shareholders.

我們的資本配置仍聚焦於再投資於業務、降低負債，以及回饋資本給股東。

With that, I will move to our performance by segment in the fourth group. Net sales in the North America Contract segment were $530 million, up 6.9% on a reported basis and 6.7% higher organically.

接下來我將說明第四季各部門表現。北美合約部門淨銷售額為 5.30 億美元，按報告基礎成長 6.9%，有機成長 6.7%。

Orders were $511 million, down 10% on both the reported and organic basis from prior year. Adjusted for the prior year pull forward, orders in the segment would have been essentially flat year-over-year.

訂單為 5.11 億美元，按報告與有機基礎均較去年下降 10%。若調整去年提前拉貨因素，該部門訂單年比將基本持平。

Operating margin was 8.2% and adjusted operating margin was 10.4%, expanding 40 basis points year-over-year, primarily from gross margin expansion driven by leverage on higher sales and pricing realization, partially offset by inflationary cost pressures.

營業利益率為 8.2%，調整後營業利益率為 10.4%，年增 40 個基點，主要來自毛利率擴張（受惠於較高銷售帶來的規模效益與價格落實），但部分被通膨成本壓力所抵銷。

The International Contract segment sales were $179 million, down 3.8% on a reported basis and 5.8% organically year-over-year.

國際合約（International Contract）部門銷售額為 1.79 億美元，按報告基礎下降 3.8%，有機年減 5.8%。

Orders were $173 million, down 8.7% versus prior year on a reported basis and down 10.6% organically, driven primarily by lower orders in parts of Europe, the UK, and parts of Asia and Latin America, partially offset by strength in China and India.

訂單為 1.73 億美元，按報告基礎較去年下降 8.7%，有機下降 10.6%；主要因歐洲部分地區、英國，以及亞洲與拉丁美洲部分地區訂單較低，部分被中國與印度的強勁表現所抵銷。

Fourth quarter reported operating margin was 7.5%, with adjusted operating margin of 8.2%, down 470 basis points compared to last year, primarily from deleverage on lower sales, driven largely by the uncertain macro environment in many regions associated with the Middle East conflict, regional sales mix, foreign currency impacts, and the timing of program spend.

第四季報告口徑營業利益率為 7.5%，調整後營業利益率為 8.2%，較去年下降 470 個基點，主要因銷售下滑導致規模效益不足（deleverage）；而銷售下滑很大程度上源於多個地區受中東衝突相關的不確定宏觀環境影響、區域銷售組合、外匯影響，以及專案支出時點。

In the Global Retail segment, net sales were $295 million, up 5.5% on a reported basis and up 4.5% organically. Segment comparable sales increased 3.6% and comparable sales in North America increased 4.2%.

在全球零售部門，淨銷售額為 2.95 億美元，按報告基礎成長 5.5%，有機成長 4.5%。部門同店銷售成長 3.6%，北美同店銷售成長 4.2%。

Orders in the quarter improved to $288 million, up 2.8% year-over-year on a reported basis and up 2% on an organic basis. In North America, where we continue to outpace the market, orders grew 8.7%. Operating margin was 4.6% in the quarter.

本季訂單改善至 2.88 億美元，按報告基礎年增 2.8%，有機成長 2%。在我們持續領先市場的北美地區，訂單成長 8.7%。本季營業利益率為 4.6%。

On an adjusted basis, operating margin was 5.4%, down 110 basis points year over year, primarily reflecting planned investments in new store openings and the underperformance of the Holly Hunt brand.

按調整後口徑，營業利益率為 5.4%，年減 110 個基點，主要反映對新店開幕的計畫性投資，以及 Holly Hunt 品牌表現不如預期。

To our teams across MillerKnoll, I am proud of your commitment to delivering the best products and experiences for our customers and dealers. Thank you for your diligence and hard work this fiscal year.

致 MillerKnoll 各地團隊：我為你們致力於為客戶與經銷商提供最佳產品與體驗的承諾感到自豪。感謝你們在本會計年度的盡責與辛勤付出。

Now let's turn to fiscal 2027 and our Q1 and full year outlook. Our Q1 guide reflects the normal seasonality we experience in the Global Retail segment as consumer shifts spending to experience and travel in the summer months.

現在讓我們展望 2027 會計年度，以及第一季與全年指引。我們的第一季指引反映全球零售部門的正常季節性：消費者在夏季月份將支出轉向體驗與旅遊。

It also reflects the order pull ahead in Q4 of fiscal 2025 that shifted sales into Q1 of last year. Taking these things into consideration in the first quarter of fiscal 2027, we expect net sales to range between $928 million and $968 million.

此外也反映 2025 會計年度第四季的訂單提前拉動，使部分銷售移轉至去年第一季。綜合考量上述因素，在 2027 會計年度第一季，我們預期淨銷售額介於 9.28 億至 9.68 億美元。

Gross margin is expected to range from 38.7% to 39.7%. Adjusted operating expense is expected to range from $316 million to $326 million and adjusted earnings are expected to range between $0.33 and $0.39 per share after tax.

毛利率預期介於 38.7% 至 39.7%。調整後營業費用預期介於 3.16 億至 3.26 億美元；稅後調整後每股盈餘預期介於 0.33 至 0.39 美元。

For the full year, we expect net sales of $3.93 billion to $4.13 billion, reflecting 5% growth year=over-year at the midpoint. Adjusted earnings per share expected to be $1.85 to $2.15, an increase of 7.5% at the midpoint.

全年方面，我們預期淨銷售額為 39.3 億至 41.3 億美元，以中位數計算年增 5%。調整後每股盈餘預期為 1.85 至 2.15 美元，以中位數計算增加 7.5%。

We also want to provide expectations for the cadence of our fiscal results during fiscal 2027. Our guidance contemplates approximately 40% of our full-year estimated EPS in the first half of the year and 60% in the second half of the year, driven by two primary dynamics.

我們也想提供 2027 會計年度期間業績節奏的預期。我們的指引假設全年預估 EPS 約 40% 來自上半年、60% 來自下半年，主要由兩項動態所驅動。

First, as maturing retail stores opened in fiscal '25 and '26, we're increasingly offsetting the incremental impact of new store investments.

第一，隨著在 2025 與 2026 會計年度開設的零售門市逐步成熟，我們將愈來愈能抵銷新店投資帶來的增量影響。

Second, as the benefits of reaching pricing actions to mitigate inflation layer into our results over the course of the year.

第二，為緩解通膨而採取的定價措施，其效益將在全年逐步反映於我們的業績之中。

In fiscal 2027, from an operating expense perspective, our guidance assumes estimated incremental new store expense of approximately $6 million per quarter on a year-over-year comparison.

在 2027 會計年度，就營業費用角度而言，我們的指引假設相較去年同期，每季新增門市費用的增量約為 600 萬美元。

We are also returning to a more normalized incentive compensation program, which represents incremental year-over-year costs on a full-year basis of approximately $25 million. For all other details related to our outlook, please refer to our press release.

我們也將回到較為常態化的獎酬激勵計畫；以全年計算，這代表年比增量成本約 2,500 萬美元。關於展望的其他所有細節，請參閱我們的新聞稿。

With that overview, I'll turn the call back over to Jeff.

以上為概述，接下來我把電話會議交回給 Jeff。

Okay. Thank you Kevin. As we begin the new fiscal year, I'm optimistic about the progress we expect to make on our key initiatives this year. To our employees, thank you for everything you do to drive this company forward. To our dealers, thank you for showing the industry what successful partnerships look like.

好的。謝謝你，Kevin。隨著新會計年度開始，我對我們今年在關鍵倡議上預期取得的進展感到樂觀。致我們的員工：感謝你們所做的一切，推動公司持續向前。致我們的經銷商：感謝你們向產業展現成功的合作夥伴關係應有的樣貌。

And to our investors, customers, and other external stakeholders, thank you for your support as we embark on a new chapter to move this great company forward.

也致我們的投資人、客戶及其他外部利害關係人：感謝你們在我們開啟新篇章、推動這家優秀公司持續向前之際給予支持。

And with those opening comments, we will now open the call and take your questions.

在以上開場說明之後，我們現在將開放電話會議並回答各位的提問。

(Operator Instructions) Greg Burns, Sidoti & Company.

（接線員指示）Greg Burns，Sidoti & Company。

For the full year guidance for revenue, could you give us maybe a little bit of a bit of detail by segment of expectations for growth embedded in that guidance?

關於全年營收指引，能否請您就該指引中隱含的各事業部門成長預期，提供一些更細部的說明？

Yeah, Greg, it's Kevin. We're not providing a full year guide across the segments, but definitely we expect to see growth driven through retail as we continue on our new store opening journey, but not going to call out specifically for all the businesses as there's a number of moving parts related to mitigating inflation and things of that nature.

好的，Greg，我是 Kevin。我們不會提供按事業部門拆分的全年指引，但我們確實預期，隨著我們持續推進新店開設的進程，成長將主要由零售端帶動。不過我們不會針對所有業務逐一點名，因為在抑制通膨以及諸如此類的因素上，仍有許多變動因素。

Yeah, Greg, this is Jeff. I just would tag one additional comment to that, and I agree with Kevin. We're not going to unpack details by segment, but I will say this. We have an expectation that our operating margin performance in the Global Retail segment will show year-over-year expansion in each of the four quarters. And I think that's just an important point to highlight in terms of our go forward expectations.

Greg，我是 Jeff。我想再補充一點，我同意 Kevin。我們不會按部門拆解細節，但我會這麼說：我們預期全球零售（Global Retail）事業部的營業利益率表現，在四個季度都將呈現年對年擴張。我認為這是就我們未來展望而言，一個值得強調的重點。

Okay, great. And then last quarter, you called out specifically some order delays or shipment delays in the Middle East, I think the number was like $12 million and some inflationary impact from oil. Now that looks like that's unwinding. So how will that impact? Do you see that still impacting the business in the first quarter or are we unwinding that and there'll be a little bit of a benefit going forward?

好的，很好。接著，上季你們特別提到中東有一些訂單延遲或出貨延遲，我記得金額大概是 1,200 萬美元，另外還有油價帶來的一些通膨影響。現在看起來這些正在消退。那麼這會帶來什麼影響？你們認為第一季仍會影響業務嗎？還是正在解除，未來會有一些正面效益？

Greg, this is Jeff again. I'll let Kevin kind of cover any additional color he wants to provide. But I will say this, ironically, the order performance in the Middle East for our business, it exceeded our expectations coming into the quarter.

Greg，我又是 Jeff。我先讓 Kevin 補充他想提供的其他說明。不過我會先說，頗具諷刺的是，我們在中東的訂單表現其實超出我們在進入本季時的預期。

I think that the -- where we felt the challenge was kind of the derivative impact of the energy inflation on demand patterns, mainly across Europe, UK, and Ireland.

我認為我們感受到的挑戰，主要是能源通膨對需求型態的衍生影響，尤其是在歐洲、英國與愛爾蘭。

Our opening comments kind of highlighted there were a couple pockets of like Central and Eastern Europe were pretty good, but the impact of the Middle East conflict seemed to have the biggest economic impact on our business, at least in the short run in those regions of the world.

我們在開場談到，中歐與東歐有幾個區域表現相當不錯，但中東衝突對我們業務造成的最大經濟影響，至少在短期內，似乎是在世界上那些地區。

But the Middle East itself, we ended up with an ability to ship more into the region than we thought, and we took more orders than we were expecting.

但就中東本身而言，我們最終能夠向該地區出貨的量比原先預期更多，接到的訂單也比預期多。

Kevin, I don't know if you'd add anything.

Kevin，我不知道你是否要再補充什麼。

Yeah. No, I think the ability to ship through some of the alternate ports in the Middle East was helpful. So part of our over-delivery on the top line was doing better from a Middle East perspective. And then on the demand view.

是的。我認為能夠透過中東一些替代港口出貨是有幫助的。因此，我們在營收端的超預期表現，有一部分來自中東表現較佳。至於需求面。

As a reminder, we've sized the Middle East as typically been about $50 million a year of annual sales for us. And in the fourth quarter, our order levels were $13 million.

提醒一下，我們通常將中東市場的規模估計為每年約 5,000 萬美元的年銷售額。而在第四季，我們的訂單水準是 1,300 萬美元。

So roughly the quarterly pace would be $12.5 million. So we had a fairly typical level of orders during the quarter.

因此，按季度換算大約是 1,250 萬美元。所以本季的訂單水準相當典型。

Longer term, we continue to expect the Middle East to be a growth region for us, particularly healthcare is an area we feel very suited longer term as an opportunity but that's kind of the state of where things are at for us right now in the region.

從較長期來看，我們仍預期中東會是我們的成長區域，特別是醫療保健（healthcare）是我們認為長期非常契合、具備機會的領域；以上大致就是我們目前在該區域的狀況。

Okay. And then just lastly, Holly Hunt. How much revenue does that business generate? And how much is it down? Could you just give us a little bit more color on the challenges that, that business is currently facing?

好的。最後一題，Holly Hunt。那個業務的營收規模有多少？下滑了多少？能否就該業務目前面臨的挑戰，再提供一些更具體的說明？

Greg, this is Jeff. Let me start with a perspective, but then Debbie, you can chime in and talk a little bit more about the types of things we're going after with the restructuring. We've never sized individual brands within the portfolio, so I'm not going to provide that level of color here.

Greg，我是 Jeff。我先從整體角度說明，接著 Debbie 也可以補充談談我們透過重整（restructuring）要推進的事項。我們從未對投資組合中的單一品牌做規模揭露，因此我不會在這裡提供那種程度的細節。

But principally, the challenges that we're facing are cost related. And candidly, we had some leadership challenges that are being addressed. And go ahead, Debbie, to add any additional color.

但主要而言，我們面臨的挑戰與成本相關。坦白說，我們也有一些領導層面的挑戰正在處理中。Debbie，請你再補充一些說明。

I'd say longitudinally, we've had a lack of product development in that particular brand and the newness that was launched has not been resonating. So we are, of course, correcting on our creative and design capabilities in that brand.

我會說，從長期來看，該品牌在產品開發上有所不足，而推出的新品也未能引起共鳴。因此，我們當然正在修正該品牌的創意與設計能力。

And then we think that there are many opportunities for leverage across our total businesses as it pertains to manufacturing, sample logistics, et cetera. So we've got a series of tactics underway to right-size the operating income and invest more in revenue-driving initiatives than we have been.

另外，我們認為在製造、樣品物流等方面，跨我們整體業務有許多可發揮槓桿的機會。因此，我們正在推動一系列策略，以調整至合適規模的營業利益，並把更多資源投入到帶動營收的計畫上，而不是像過去那樣。

Okay. All right. Thank you.

好的。明白了。謝謝。

Phillip Blee, William Blair.

Phillip Blee，William Blair。

Thanks for the question. So there's been a lot of noise and volumes over the past few years. Things, I guess, seem to be moving in the right direction, but the macro still remains pretty choppy.

謝謝讓我提問。過去幾年有很多雜音與量能波動。我想事情似乎正朝正確方向發展，但總體環境仍相當顛簸。

So outside of sort of these larger forces that are outside of your control, what levers do you have at your disposal that could improve demand or accelerate share gains on the contract side? And then to what extent are you leaning on those currently?

因此，撇開這些你們無法控制的較大外部力量，你們手上有哪些槓桿可以用來改善需求，或在合約（contract）端加速市占提升？另外，你們目前在多大程度上正倚重這些槓桿？

Want me to take that, Jeff? Sure. Thanks for the question. This is John. I think primary lever of demand is doing a great job solving customer problems.

要我回答嗎，Jeff？好的。謝謝你的問題。我是 John。我認為帶動需求的首要槓桿，是把解決客戶問題這件事做得非常出色。

And as we're engaging with customers in the market today, we're seeing really a different set of questions from them and issues that they're trying to tackle than maybe we've seen over the past couple of years, specifically, a lot of focus on improving employee experience and how tailoring the space to specific team needs, balancing focus and collaboration, those types of issues have an impact on their ability to attract and retain talent as well as get as much productivity out of those associates as they can.

而當我們今天在市場上與客戶互動時，我們看到他們提出的問題與想解決的議題，確實與過去幾年不同。具體來說，他們非常聚焦在提升員工體驗，以及如何依不同團隊需求來打造空間、在專注與協作之間取得平衡等。這些議題會影響他們吸引與留任人才的能力，也會影響他們能從員工身上獲得多少生產力。

They're also preparing for new ways of working, right? Obviously, a lot of talk across all channels around AI and the impact that will have on teams, the future of work, et cetera.

他們也在為新的工作方式做準備，對吧？顯然，各通路都在談 AI 以及它對團隊、未來工作型態等的影響。

And I think they're also really rethinking real estate success. In the past, that conversation has been very metric driven around cost, and I think we see a lot more alignment with HR and a focus on people outcomes in the workplace as more and more people are returning to the office.

我認為他們也正在重新思考不動產（real estate）成功的定義。過去那個對話非常以指標為導向、圍繞成本，但我認為我們看到更多與人資（HR）的對齊，以及在越來越多人回到辦公室之際，更聚焦於職場中的「人」的成果。

And then finally, a lot of clients jettisoned a lot of real estate over the last few years. Now they've got a lot more people coming back into the workplace and they're trying to figure out how to deal with that.

最後，許多客戶在過去幾年大幅處分了不動產。現在有更多人回到職場，他們正試著弄清楚要如何因應。

So those are all things that we do really well in terms of supporting our clients in those areas. And we do that through research and insights, one-on-one consultations, as well as a lot of collaborative work on workplace strategy.

因此，這些都是我們非常擅長支援客戶的領域。我們透過研究與洞察、一對一諮詢，以及在職場策略上的大量協作來做到這些。

So I think we've got a lot of levers, and we obviously have the portfolio of great people brands to support those solutions that we develop.

所以我認為我們有很多槓桿可用，而我們也擁有一系列優秀的品牌與人才組合，來支援我們所提出的解決方案。

Yes, Philip, Jeff here, and I might just add a little bit of color that's specific to the international contract segment of our business. I've spent a fair amount of time on the ground with our team over the last year.

是的，Philip，我是 Jeff。我再補充一些更聚焦於我們國際合約（international contract）事業部的說明。過去一年我花了不少時間在第一線與團隊一起工作。

In many of those markets, and I'd say two levers or two opportunities for us, we continue to expand dealer relationships in key markets. This past year, we added nine dealer relationships.

在許多市場中，我會說我們有兩個槓桿或兩個機會：我們持續在關鍵市場擴大經銷商（dealer）關係。過去一年，我們新增了 9 個經銷商合作關係。

Always proven to be a helpful and effective tool for us because it's the opportunity to find more channel or more distribution or access to the customer, but it doesn't require a great deal of overhead investment on our part, so it's kind of a low-cost way of finding a path to the customer. In addition to that. We've really been highlighting what we view as some of the highest growth potential markets in adding targeted selling resources that can kind of run alongside and work in conjunction with those new distribution opportunities or partners that we have.

這一向被證明對我們很有幫助且有效，因為它讓我們有機會找到更多通路、更多分銷能力或更多接觸客戶的方式，但不需要我們投入大量的間接成本（overhead），因此這是一種以低成本找到觸達客戶路徑的方法。除此之外，我們也一直在強調我們認為具備最高成長潛力的市場，並增配有針對性的銷售資源，使其能與我們新的分銷機會或合作夥伴並行、協同運作。

Okay, excellent. That's helpful. And then kind of on the flip side of that, so price, there's been a lot of price taken in furniture, both on the commercial and residential side of the industry over the past few years. So can you maybe talk a bit about demand elasticity on both sides of the business, contract and retail?

好的，非常好，這很有幫助。接著從另一面來看，關於價格：過去幾年家具產業不論商用或住宅端都進行了不少漲價。你們能否談談在業務兩端——合約與零售——需求的價格彈性（demand elasticity）？

If you leaned on discounts or promotions a bit more, would the incremental volumes from winning a big new project or a new consumer be enough to help kind of offset the gross margin impact?

如果你們在折扣或促銷上再多用力一些，透過拿下大型新專案或新增消費者所帶來的增量銷量，是否足以在某種程度上抵銷對毛利率的影響？

Or are the macro factors that are impacting demand in the space just too tough to overcome or even a bit of a giveback on price isn't really enough to help stimulate conversion here?

還是說，影響該領域需求的總體因素實在太嚴峻，難以克服；甚至即便在價格上稍微讓利，也不足以在這裡刺激轉換？

Yes. Phillip, it's Kevin. I'll start with maybe some contract commentary and then pass it over to Debbie for retail.

是的。Phillip，我是 Kevin。我先就合約業務做一些評論，然後再交給 Debbie 談零售。

But contract, one thing over time, the industry and ourselvess within the industry has been very consistent and able to, when there are cost pressures, whether it's supply chain disruption from a few years ago, or tariffs or the current situation. It's tended to be something very consistent, and we've been able to, where we've needed to, pass along the cost.

就合約業務而言，長期以來，整個產業以及我們（作為產業的一員）一直都非常一致且有能力在面臨成本壓力時——不論是幾年前的供應鏈中斷、關稅，或是目前的情況——都能在需要時把成本轉嫁出去。這一直是相當一致的做法，而我們也能在必要時把成本反映到價格上。

That said, we're also constantly looking at, are there other things that we can do within our business? And so the closure of the Muskegon facility is a good example of that.

話雖如此，我們也持續在檢視：在我們的業務內，是否還有其他可以做的事？因此，關閉 Muskegon 廠就是一個很好的例子。

Are there things within our portfolio that can help mitigate the need to pass along price? And are there other ways that we can provide value. So that's the perspective I would provide from the contract side, and then I'll pass it over to Debbie for retail.

在我們的產品組合中，是否有什麼能幫助降低必須調漲價格的需求？以及我們是否還有其他方式可以提供價值。以上是我從合約端提供的觀點，接著我把時間交給 Debbie 談零售。

From a retail side, Phillip, we actually took our biggest price increase of the year in Q4. We took about a net 8% increase in North America midway through the quarter. And we believe that the consumer absorbed that really well. We actually took our discounting rate down 50 bps year-on-year and held the number of promotional days flat. So we took that pricing increase really for two reasons.

從零售端來看，Phillip，我們其實在第四季做了今年最大的一次漲價。我們在該季中段於北美進行了約淨 8% 的調漲。我們認為消費者對此吸收得非常好。我們的折扣率年對年下降了 50 個基點，促銷天數則維持不變。因此，我們之所以進行這次調價，主要有兩個原因。

First being that the market has created room for that. As you noted, the market has taken a lot of moves over the last few years.

第一是市場已經為此創造了空間。如你所提到的，過去幾年市場已經有很多次調整。

But we're also just seeing incredible elasticity in our icons, where we feel like we have the authority to set the price on those products.

但我們也在我們的經典產品（icons）上看到驚人的價格彈性，我們覺得我們有能力為這些產品定價。

Okay, great. And then just one more if I could. So you talked a bit about prioritizing margin expansion or better fall-through on sales and then a cleaner balance sheet during your opening remarks. What are some of these cost buckets that you're going after more near term? Is it more about kind of cutting overhead or improving efficiencies? And then to what extent could any sort of brand portfolio optimization play a role here? Thank you all.

好的，很棒。那我再問最後一個問題。如果可以的話：你在開場談到會優先推動毛利擴張、或提升銷售的利潤落袋（fall-through），以及更乾淨的資產負債表。短期內你們主要會針對哪些成本項目著手？是比較偏向削減管理費用，還是提升效率？另外，品牌組合的優化在這裡可能扮演多大角色？謝謝各位。

Yeah, thanks, Phillip. Good question. So maybe let me take a step back and offer maybe this can be filed into the category of just observations, you know, after a short amount of time in this new role. You know, I maybe would just simply start by saying we are here at MillerKnoll good at many things, but we can't do everything that comes before us as an opportunity.

是的，謝謝你，Phillip。問得很好。也許我先退一步，提供一些——可以歸類為觀察——在我擔任這個新職務不久後的看法。我可能會先簡單說：我們 MillerKnoll 在很多事情上做得很好，但我們不可能把每一個出現在眼前的機會都做。

There's a real need, I think, in internally here to establish clear priorities for the organization and establish improved hygiene and discipline around managing those priorities.

我認為公司內部確實需要為組織建立清楚的優先順序，並在管理這些優先事項上建立更好的基本衛生（hygiene）與紀律。

You know, the great strength of this business has always been creativity in many ways. We're this kind of creative machine as an organization.

你知道，這個企業一直以來最大的強項之一，就是在很多方面的創造力。我們作為一個組織，就像是一台創意機器。

And if I think back over our history, we're at our best when that collective creativity is focused on problem solving and unlocking opportunities and innovation.

如果我回顧我們的歷史，當這種集體創造力聚焦在解決問題、解鎖機會與創新時，我們表現最好。

And as I look at our business today, I think there's no question we can do a better job turning up the volume, if you will, on that creativity and being guided by it, but making sure that it's within a framework of clear wide-eyed, clear priorities and financial discipline.

而當我看我們今天的業務，我認為毫無疑問，我們可以做得更好——可以說是把創造力的音量調大——並以此作為指引，但同時要確保它是在一個清楚、坦率、明確的優先順序與財務紀律框架之內。

And I think an important point I want to make, this does not, from my perspective, require reinvention of MillerKnoll.

我想強調一點：以我的觀點，這並不需要重新發明 MillerKnoll。

This is more an exercise in reinvigorating skills and capabilities that we have and have always had.

這更像是一個重新激活我們既有、且一直以來就具備的技能與能力的過程。

So now to your question, when we talk about elevating our performance, it's really about focusing all of those efforts that will help us grow the top line and improve profitability. And the key piece of that needs to be improved discipline on costs and cash flow.

回到你的問題，當我們談到提升績效，核心其實是把所有努力聚焦在能幫助我們成長營收並改善獲利能力的事項上。而其中關鍵的一塊，是在成本與現金流上提升紀律。

And that means finding ways to better leverage our manufacturing capacity, which was alluded to in the prepared comments, focus on productivity improvements and being really selective where we choose to add incremental costs to the business that support the priorities that we need to define.

這意味著要找到方法更好地運用我們的製造產能（這在事先準備的講稿中也有提到），聚焦生產力提升，並且在我們選擇為業務增加增量成本時要非常審慎，確保這些成本是用來支持我們需要界定的優先事項。

And I would also add cash flow and debt reduction really needs to be a renewed focus for the business as well. So that's just maybe a high-level overview of what we were trying to highlight in the prepared comments.

我也要補充，現金流與降債也確實需要成為公司重新聚焦的重點。所以，以上大概是我們在事先準備的講稿中想要強調的高層次概述。

Excellent. You guys. Best of luck.

非常好。各位，祝你們一切順利。

Reuben Garner, Benchmark Company.

Reuben Garner，Benchmark Company。

Thank you. Good evening, everyone. I understand you don't want to get into the segment necessarily breakdown of your outlook. But maybe just a little more color, jeff and Kevin, you both obviously were at Design Days a couple weeks ago, what specifically you're seeing in North America of late?

謝謝。各位晚上好。我知道你們不一定想把展望拆到各個分部來談。不過也許可以再多給一點顏色：Jeff 和 Kevin，你們兩位幾週前顯然都去了 Design Days，最近在北美你們具體看到了什麼？

It's kind of hard to tell with the results and the price increases in pull forward and everything else going on of late. How confident are you in that business? And maybe kind of what's embedded in your outlook from just a macro perspective?

考量到近期的業績、漲價帶來的提前拉貨（pull forward）以及其他各種因素，現在其實很難判斷。你們對那塊業務有多大信心？另外，從總體環境的角度，你們的展望裡大概隱含了什麼假設？

Yeah, Reuben, thanks for your question. And as we step back and look at some of the elements of our business, to your point, the order pull ahead creates some comparison challenges to have a look through. And so we look to a lot of the pre-order metrics.

是的，Reuben，謝謝你的問題。當我們退一步看業務的一些要素時，正如你所說，訂單提前拉貨會造成一些比較上的挑戰，讓人不容易看清趨勢。因此我們會看很多下單前（pre-order）的指標。

And if you look at things like our full year funnel, how much is getting added to the funnel, the value of projects won, backups. We were seeing both year-over-year and sequential improvement in those types of metrics.

如果你看像是我們全年漏斗（funnel）、漏斗新增了多少、贏得的專案價值、以及備援/後備（backups）等，我們看到這些類型的指標不論是年對年或季對季都有改善。

So we feel like there's good activity from that perspective. As the quarter unfolded, maybe another point I would call out is if you set a some of the year-over-year noise from the order pull ahead, just our average weekly order rates on a consolidated basis we're going up each month as we went through the quarter. And so we're feeling fairly supportive.

所以從這個角度來看，我們覺得活動量是健康的。隨著季度推進，我還想補充一點：如果把因訂單提前拉貨造成的一些年對年雜訊先放一邊，我們在合併基礎上的平均每週接單率，在該季每個月都在上升。因此我們的感受是相當正向、也算有支撐。

Obviously, in our prepared remarks, we talked about pockets in different places, like Middle East was flattish compared to last year from an order perspective better than we thought it might be, but that will probably continue in that type of zone.

當然，在我們事先準備的講稿中也提到，不同地區會有不同的「口袋」表現，例如中東從訂單角度看相較去年大致持平，比我們原先想的要好一些，但大概會持續維持在那樣的區間。

But those are some of the things that we're kind of looking at. Some of the Class A spacing and lease absorption I think are good things to call out as well.

不過以上就是我們正在觀察的一些事情。我也認為，像是 A 級辦公空間（Class A）的供給/空置變化與租賃吸收（lease absorption）等，也是值得一提的正向指標。

If you look at a couple of the external measures or even dealer sentiment and what their view of the world is recently has been fairly supportive.

如果你看一些外部衡量指標，甚至是經銷商情緒以及他們近期對市場的看法，也都相當具有支撐性。

Okay, great. And then in terms of the priorities, Jeff, you mentioned a couple of things on the retail side that sounds like gives you confidence that profitability is going to improve on a year over year basis. Is the same kind of thought process there in the contract space? Or are the operational and profitability improvement targets more geared towards global retail?

好的，很棒。那再問關於優先事項：Jeff，你提到零售端有幾件事，聽起來讓你對獲利能力年對年改善有信心。在合約業務那邊也是同樣的思路嗎？還是營運與獲利改善目標比較偏向全球零售？

Oh, no. I think my comments on priorities were meant to be maybe an assessment of at the enterprise level, I think we would do -- we do ourselves a great favor by helping our own associates that show up every day and are doing great work, helping them with a bit more clarity on where specifically we think we have some advantage to go leverage in the marketplace and as a result of that, provide a bit of a, maybe a better than we have in the past screen for how and where we should place our time and energy and investment dollars, both expense and capital.

喔，不是。我對優先事項的評論，主要是想從企業整體層級做一個評估。我認為，如果我們能幫每天來上班、做得很棒的同仁更清楚地了解：我們具體認為在哪些地方具備優勢、可以到市場上去放大槓桿；並因此提供一個——也許比過去更好——的篩選機制，來判斷我們應該把時間、精力與投資資金（不論是費用或資本支出）放在哪裡、以及如何配置，那對我們會是很大的幫助。

So this is not a specific comment to retail. I think it's opportunity for us to just sharpen our execution across the broader enterprise.

所以這不是針對零售的特定評論。我認為這是我們在更廣泛的企業範圍內全面強化執行力的機會。

Okay, and then from a pricing perspective, Kevin, I think you mentioned more of a layering expectation as the year comes along.

好的。那從定價角度來看，Kevin，我想你提到隨著年度推進，會有更多「疊加」的預期。

Is that -- I guess, update us on your latest pricing I know that there was a combination of surcharges and list increases.

那是——我想請你更新一下你們最新的定價狀況。我知道之前有附加費（surcharges）和價目表調漲（list increases）的組合。

Have the surcharges been pulled and there's more of an emphasis on the list increase and that takes time to flow -- to continue to flow through or is this a new increase that's recently been announced? Just an update on what you're seeing from a pricing and a price cost standpoint.

附加費是否已經取消，現在更著重於調漲牌價，而這需要時間才能逐步反映——持續反映出來？還是這是最近才宣布的新一輪調漲？想請你更新一下，從定價以及價格—成本的角度，你們目前看到的情況。

Yeah, so there's a lot of moving parts right now in price cost, as we all know. And if you look at it, the three things we've been focused on have been: one, navigating tariffs; two, just regular, more traditional inflation; and then the recent inflationary pressures that are moving around a little bit, some like diesel has been a little bit sticky, even as oil has moved.

是的，所以如大家所知，目前在價格與成本方面有很多變動因素。如果你把它拆開來看，我們一直聚焦的三件事是：第一，因應關稅；第二，一般、較傳統的通膨；第三，近期通膨壓力有些波動，例如柴油的價格就有點黏著，即使油價已經有所變動。

But it's all of those moving parts that we've been focused on. And the way I would net it out in both Q4 and Q1 is slightly favorable from a price-cost perspective. And how that comes out is we continue to capture the tariff-related things that we're going to offset. So that's been helpful.

但我們關注的就是所有這些變動因素。我會把第四季與第一季的整體結果歸納為：從價格—成本的角度來看是略為有利的。之所以會這樣，是因為我們持續把與關稅相關、我們將用來抵銷的項目逐步落實到位，所以這對我們有幫助。

In April, as Debbie was talking, in our retail business, but also in our contract businesses, we had a standard list price increase and so that will start to flow through. And that was a regularly scheduled type of increase for core inflation. And then right now, we have an inflation surcharge in place that went live at the beginning of June. And we're also looking internationally at a September list price increase for that business. So we have a number of levers.

在四月，正如 Debbie 提到的，在我們的零售業務、也包括合約業務，我們進行了一次標準的牌價調漲，這將開始逐步反映。這是一種針對核心通膨、按既定時程進行的例行調漲。另外目前我們有一項通膨附加費，已於六月初生效。我們也在國際市場評估於九月對該業務進行牌價調漲。所以我們有多個槓桿可以運用。

We're utilizing the playbook that we've used, but some of those will continue to roll forward in the first half of the year, as I mentioned in the prepared remarks, as they gain traction. But the net of all of it has been slightly positive from our price-cost perspective.

我們正在運用既有的作戰手冊，但如我在事先準備的發言中提到的，其中一些措施會在上半年持續往前推進，並在逐步發揮效果時持續滾動。整體而言，從價格—成本的角度看，淨效益對我們是略為正面的。

Great. Thanks, guys. I will pass it on.

很好。謝謝各位。我把問題交給下一位。

Doug Lane, Water Tower Research.

Doug Lane，Water Tower Research。

Yeah. Thank you and good evening everybody. I was looking at the sales number. It looks like the number beat pretty handily and as I go through the segments, the beat looks like it really came from North America contract where sales accelerated in the quarter on a much more difficult comparison. So did North America Contract beat your outlook in the fourth quarter? And where was the upside versus maybe what you were looking coming into the quarter?

是的，謝謝，大家晚安。我在看營收數字，看起來明顯優於預期；當我檢視各個部門時，這個優於預期似乎主要來自北美合約業務，因為在更具挑戰的比較基期下，本季銷售仍加速成長。所以北美合約在第四季是否超出你們原先的展望？相較於你們在季初的預期，上行主要來自哪些地方？

Yes. So a couple that I would call out, and I'll let John provide some color on North America Contract, but we had both North America Contract and International sales come in higher than our expectations. So those were the two key drivers for us relative to what we thought at the start of the quarter. I don't know if you want to chime in with any additional, John, on?

是的。我想點出幾個重點，然後我也讓 John 補充一些北美合約的細節。我們的北美合約與國際業務銷售都高於我們的預期。所以相較於我們在季初的想法，這兩項是主要驅動因素。John，你要不要再補充一些？

I think we also saw the velocity of orders through the manufacturing facilities be even a little more, maybe even faster than we expected.

我想我們也看到，訂單在製造工廠端的流轉速度甚至比我們預期的還要快一些。

So some orders that we thought maybe would have shipped out into Q1 actually entered and shipped into Q4. And so that was really more of a positive impact of some timing and a shout out to our ops team who does a great job getting the products out the door in an efficient manner.

所以有些我們原本以為可能會在第一季出貨的訂單，實際上在第四季就進來並完成出貨。因此這更多是時點上的正面影響，也要特別肯定我們營運團隊，他們在有效率地把產品出貨方面做得非常好。

Okay, fair enough, thanks for the color. And then looking at gross margins where, again, North America contracts showed nice gross margin expansion throughout the year and International contracts showed some gross margin expansion in the quarter, even with down sales. So are those -- are we solidly in gross margin expansion mode in the contract business heading into 2027?

好的，了解，謝謝補充。接著看毛利率，同樣地，北美合約在全年呈現不錯的毛利率擴張，而國際合約即使銷售下滑，本季毛利率也有所擴張。所以——合約業務在邁向 2027 年時，我們是否已經穩定進入毛利率擴張模式？

Hey, Doug, this is Kevin. Thanks for the question. Price costs in Q4 and Q1, I would echo the comment earlier that it's been slightly positive for us as we navigate. Some of it is the continued progress we made on tariffs as well as regular price increases and then interest rates and then dealing with the more near-term inflation.

Doug 你好，我是 Kevin。謝謝你的問題。第四季與第一季的價格—成本，我會呼應先前的評論：在我們因應各項因素的過程中，對我們而言是略為正面的。其中一部分來自我們在關稅方面持續取得進展，以及例行的價格調漲，另外還有利率因素，以及因應較短期的通膨。

So we have to get to the other side of the near-term inflation, and that's a little bit of the factor as to how our mix of earnings is in the first half of fiscal '27 versus the second half that we talked about in the prepared remarks.

所以我們必須度過這一段短期通膨，而這也是我們在事先準備的發言中提到的原因之一：為什麼我們在 27 財年上半年與下半年之間，獲利組合會有所不同。

But when you step back overall, obviously, volume is key to us as well. When we see growth, we're going to get leverage through our fixed manufacturing strategy plants as part of that.

但如果你退一步看整體，顯然對我們而言，量也很關鍵。當我們看到成長時，透過我們固定製造策略的工廠配置，我們也會在固定成本上取得槓桿效益。

Right, right, of course. And then looking at the Global Retail business, I know you called out segment margin expansion in all 4 quarters. But should we -- what is the cadence on gross margin expansion for retail next year or this year?

對，對，當然。再看全球零售業務，我知道你提到四個季度的部門利潤率都有擴張。但零售在明年或今年的毛利率擴張節奏會是怎樣？

Yeah, so we expect that a key driver to the operating margin expansion comes from the scale. You know, we started this journey towards the back half of FY25, and as we continue to open stores, and then I think the other key is as we've shifted our fuel mixture to the Herman Miller stores and the DWR stores.

是的，所以我們預期營業利益率擴張的一個關鍵驅動因素來自規模效益。你知道，我們在 FY25 下半年開始這段旅程，隨著我們持續開店，另外我認為另一個關鍵是我們已把「燃料組合」轉向 Herman Miller 門市與 DWR 門市。

Both important vehicles for us, but as those Herman Miller stores in particular ramp up quickly, that's going to be a key driver of it. Pricing is another area that we're looking at and continuing to be very disciplined about what's the level of discounting that's required in the market.

這兩者對我們都很重要，但尤其是那些 Herman Miller 門市快速爬坡時，將會是主要驅動因素。定價也是我們正在關注的另一個面向，我們會持續非常自律地評估市場上需要的折扣水準。

Debbie referred to, the pricing activity that we had in Q4 that is just really beginning to flow through our business. So a number of levers that will contribute to helping us expand operating margins next year.

Debbie 提到我們在第四季採取的定價行動，現在才剛開始真正逐步反映到我們的業務中。因此有多個槓桿將共同促成，幫助我們在明年擴大營業利益率。

I may just add, we're continuing to get. Sequential improvement in our marketing economics as well, where our marketing spend as a percent of orders was down 40 bits year on year. And so as we continue to invest differently in our marketing funnel, we're getting more leverage out of that.

我再補充一下，我們的行銷經濟效益也在持續出現環比改善；我們的行銷支出占訂單的比例年對年下降了 40 個基點。因此，隨著我們以不同方式投資於行銷漏斗，我們正從中取得更大的槓桿。

Okay, that makes sense. And just lastly, Kevin, let's talk about capital allocation in 2027. I noticed that your leverage ratio actually stepped back 0.5 point from 2.75 to 2.80 in the fourth quarter, and I thought the goal was to go the other way. So, what do you see for leverage as the year progresses? And what does that mean for stock buyback and capital expenditures?

好的，這很合理。最後一點，Kevin，我們談談 2027 年的資本配置。我注意到你們的槓桿比率在第四季其實上升了 0.5 個點，從 2.75 到 2.80，而我原本以為目標是往相反方向走。所以，隨著年度推進，你們對槓桿的看法是什麼？這對庫藏股回購與資本支出意味著什麼？

Yeah, Doug, the minor tick up in the quarter was really tied to our total debt was paid down during the year, but the bank definition of net debt, there was a little bit of timing noise.

是的，Doug，本季小幅上升主要與我們的總負債在年度內已經償還下降有關，但依銀行對淨負債的定義，當中有一些時點上的雜訊。

So we ticked up just a touch, but that was really a blip in the general -- the trajectory that we have continues to be we want to get in the midterm to the 2 to 2.5 range for our net debt to EBITDA. And so the priorities as we have them right now is invest in areas where we see an opportunity to earn a strong return on capital, pay down debt, and then continue to maintain a dividend and be opportunistic on share repurchase when we see opportunity.

所以我們只是小幅上揚了一點，但那其實只是整體趨勢中的一個小波動——我們的軌跡仍然是：中期希望把淨負債對 EBITDA 拉到 2 到 2.5 倍的區間。因此目前的優先順序是：投資於我們看到能取得強勁資本報酬的領域、償還負債，然後持續維持股利，並在看到機會時機動進行股票回購。

Okay. That's very helpful. Thanks, everybody.

好的。這非常有幫助。謝謝大家。

There are no further questions. We turn the floor back to Vice President of Investor Relations, Wendy Watson, for any closing remarks.

沒有其他問題。我們把時間交還給投資人關係副總裁 Wendy Watson，請她做結語。

Thank you everybody for joining tonight and we look forward to talking to you again next quarter.

謝謝各位今晚的參與，我們期待在下個季度再與各位交流。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。