← MILLERKNOLL, INC.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $136.7m | $123.9m | $128.1m | $160.5m | ($9.1m) | $173.1m | ($27.1m) | $42.1m | $82.3m | ($36.9m) | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $137.5m | $124.1m | $128.7m | $160.5m | ($14.4m) | $178.8m | ($19.7m) | $46.1m | $84.6m | ($33.2m) | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | $200k | $600k | $0 | ($5.3m) | $5.7m | $7.4m | — | — | — | |
| Depreciation, Depletion and Amortization | $53.0m | $58.9m | $66.9m | $72.1m | $79.5m | $87.2m | $190.6m | $155.1m | $155.1m | $140.5m | |
| Amortization | $6.0m | $6.0m | $6.0m | $6.2m | $11.4m | $15.2m | $78.6m | — | — | — | |
| Amortization of Intangible Assets | — | — | — | — | — | — | — | $39.8m | $37.6m | $37.9m | |
| Depreciation | $47.0m | $52.9m | $60.9m | $65.9m | $68.1m | $72.0m | $112.0m | $115.3m | $117.5m | $102.6m | |
| Deferred Income Tax Expense (Benefit) | $10.4m | $13.0m | ($2.8m) | $1.3m | ($25.0m) | $6.7m | ($23.4m) | ($44.2m) | ($38.1m) | ($44.8m) | |
| Share-based Payment Arrangement, Noncash Expense | $11.9m | $8.7m | $7.7m | $7.3m | $2.7m | $9.0m | $31.4m | $20.2m | $20.7m | $31.8m | |
| Share-based Payment Arrangement, Expense | — | — | — | — | — | — | — | — | $20.6m | $31.8m | |
| Gain (Loss) on Sale of Assets and Asset Impairment Charges | — | — | — | — | — | — | ($15.5m) | ($57.9m) | ($16.8m) | ($130.0m) | |
| Goodwill, Impairment Loss | $600k | $0 | — | — | $125.5m | — | $125.5m | $125.5m | $125.5m | $92.3m | |
| Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 | $7.1m | — | — | $53.3m | — | — | — | $16.8m | $37.7m | |
| Operating Lease, Impairment Loss | — | — | — | — | $19.3m | $19.3m | $19.3m | $6.1m | — | — | |
| Restructuring Costs and Asset Impairment Charges | $0 | $12.5m | $5.7m | $10.2m | — | — | — | — | — | — | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | — | — | — | — | $0 | $0 | ($400k) | $0 | |
| Gain (Loss) on Disposition of Assets | — | — | — | — | — | — | — | $0 | $0 | — | |
| Gain (Loss) on Disposition of Property Plant Equipment | $5.8m | $0 | $500k | ($800k) | — | — | — | — | — | — | |
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | $0 | $0 | ($13.4m) | $0 | $0 | $0 | |
| Income (Loss) from Equity Method Investments | $400k | $1.6m | $3.0m | $5.0m | $5.0m | $300k | $0 | — | ($400k) | $0 | |
| Income Tax Expense (Benefit) | $59.5m | $55.1m | $42.4m | $39.6m | $6.0m | $47.9m | $11.1m | $4.5m | $14.7m | $11.6m | |
| Interest Expense Nonoperating | — | — | — | — | — | — | — | — | $76.2m | $76.7m | |
| Other Nonoperating Income (Expense) | ($300k) | ($200k) | ($300k) | $1.6m | ($1.0m) | $7.6m | ($12.2m) | $300k | $2.6m | ($1.1m) | |
| Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | — | $1.5m | $200k | $2.1m | $4.8m | $400k | ($800k) | — | — | — | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $30.5m | ($17.3m) | $33.1m | $24.8m | ($68.6m) | $14.8m | $92.4m | ($15.6m) | ($35.2m) | $41.9m | |
| Increase (Decrease) in Inventories | $6.0m | $29.9m | $12.4m | $31.9m | ($6.0m) | $8.5m | $166.4m | ($81.5m) | ($59.0m) | $16.9m | |
| Increase (Decrease) in Accounts Payable | $8.7m | ($11.2m) | $16.0m | $500k | ($59.5m) | $43.2m | $51.5m | ($82.5m) | ($28.9m) | $26.7m | |
| Foreign Currency Transaction Gain (Loss), before Tax | $700k | $700k | $400k | $300k | — | — | — | — | — | — | |
| Foreign Currency Transaction Gain (Loss), Unrealized | — | — | — | — | — | — | $0 | $0 | $0 | $0 | |
| Gain (Loss) on Sale of Properties | — | — | — | — | — | — | $1.0m | — | — | — | |
| Goodwill | $305.3m | $304.5m | $304.1m | $303.8m | $346.0m | $364.2m | $1.2b | $1.2b | $1.2b | $1.2b | |
| Nonoperating Income (Expense) | ($14.9m) | ($13.2m) | ($9.4m) | ($8.4m) | — | — | — | — | — | — | |
| Operating Expenses | $662.7m | $673.4m | $695.5m | $726.4m | $949.1m | $718.6m | $1.3b | $1.3b | $1.3b | $1.4b | |
| Payments of Financing Costs | — | — | — | — | $0 | $0 | $9.3m | $0 | $0 | $300k | |
| Proceeds from Stock Options Exercised | — | — | $4.4m | $10.0m | $12.0m | $3.0m | $3.1m | $1.0m | $1.7m | $2.0m | |
| Restructuring Costs | — | — | — | — | — | — | — | $34.0m | $30.8m | $14.8m | |
| Revenue from Contract with Customer, Including Assessed Tax | — | — | $2.4b | $2.6b | $2.5b | $2.5b | $3.9b | $4.1b | $3.6b | $3.7b | |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | — | $0 | — | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Operating Activities | $210.4m | $202.1m | $166.5m | $216.4m | $221.8m | $332.3m | ($11.9m) | $162.9m | $352.3m | $209.3m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $85.1m | $87.3m | $70.6m | $85.8m | $69.0m | $59.8m | $94.7m | $83.3m | $78.4m | $107.6m | |
| Payments to Acquire Businesses, Net of Cash Acquired | $3.6m | $0 | $0 | — | $111.2m | $0 | $1.1b | $0 | $0 | — | |
| Payments for (Proceeds from) Other Investing Activities | $1.1m | $1.9m | $1.2m | $2.2m | ($13.3m) | $13.5m | ($300k) | $1.9m | ($500k) | $3.3m | |
| Net Cash Provided by (Used in) Investing Activities | ($80.8m) | ($116.3m) | ($62.7m) | ($165.0m) | ($168.1m) | ($59.9m) | ($1.2b) | ($76.5m) | ($86.3m) | ($100.9m) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | $800.8m | — | — | $0 | $50.0m | $0 | $1.0b | $0 | $0 | $123.1m | |
| Repayments of Long-term Debt | $0 | $0 | $150.0m | $0 | $0 | $50.0m | $63.1m | $26.3m | $31.3m | $75.7m | |
| Proceeds from Issuance of Common Stock | $9.2m | $11.7m | $17.0m | $12.3m | $15.6m | $5.0m | $7.5m | $5.5m | $5.9m | $6.0m | |
| Payments for Repurchase of Common Stock | $14.1m | $23.7m | $46.5m | $47.9m | $26.6m | $900k | $16.2m | $16.0m | $138.2m | $84.9m | |
| Dividends paid | $34.9m | $39.4m | $42.4m | $45.6m | $36.4m | $34.5m | $54.5m | $57.1m | $55.6m | $51.7m | |
| Proceeds from (Payments for) Other Financing Activities | ($100k) | $1.8m | $500k | ($600k) | ($3.3m) | ($2.3m) | $700k | ($1.7m) | ($100k) | ($700k) | |
| Net Cash Provided by (Used in) Financing Activities | ($106.5m) | ($74.6m) | $2.5m | ($91.9m) | $244.0m | ($347.7m) | $1.0b | ($86.8m) | ($258.8m) | ($150.3m) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $100k | $1.4m | ($4.2m) | ($2.9m) | $17.7m | ($21.7m) | ($6.4m) | ($300k) | $5.2m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | $100k | $1.4m | ($4.2m) | ($2.9m) | ($57.6m) | ($166.1m) | ($6.8m) | $6.9m | ($36.7m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | $396.4m | $230.3m | $223.5m | $230.4m | $193.7m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | — | — | $11.4m | $12.5m | $28.8m | $70.6m | $70.6m | $69.1m | |
| Income Taxes Paid, Net | $57.6m | $35.6m | $34.2m | $41.0m | $39.6m | $15.8m | $36.9m | $34.8m | $28.1m | $51.3m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.