Herman Miller, Inc. First Quarter Fiscal 2016 Investor Conference Call September 17, 2015

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1 Herman Miller, Inc. First Quarter Fiscal 2016 Investor Conference Call September 17, 2015 The following document is a replication of the notes used in Herman Miller, Inc. s First Quarter Fiscal 2016 conference call presentation. Brian Walker, President and CEO; Jeff Stutz, Executive Vice President and CFO; and Kevin Veltman, Vice President Investor Relations and Treasurer, hosted the call. These notes represent an abridged version of the conference call and do not include the Q & A portion. Those wishing to hear the associated Q & A segment can do so by listening to the archived webcast version of the call on the investor relations page at This presentation will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include those risk factors discussed in the Company s reports on forms 10-K and 10-Q and other reports filed with the Securities and Exchange Commission. Also, the financial amounts and references to internal measures mentioned today are unaudited. OPENING BRIAN WALKER, PRESIDENT AND CEO Good morning everyone and thank you for joining us today. In yesterday s earnings press release, we announced another quarter of encouraging results, demonstrating the progress we are making against our strategic and operational initiatives. As we noted on our fourth quarter earnings call, we ended fiscal year 2015 on a positive note with steady improvement, and we are pleased to see that momentum continue into the first quarter of fiscal year This is particularly true as it relates to our North American segment, where organic order growth of over 7% was double the level we reported last quarter. At the consolidated level, we delivered sales in-line with the upper-end of our guidance, and posted our highest operating margin performance in over six years. These factors contributed to a very strong bottom-line performance, well exceeding our EPS estimate. I will begin the call this morning with a review of our progress and performance for the quarter by business segment. I will then turn it over to Jeff and Kevin to cover the first quarter financials in more detail

2 Looking at our headline numbers, we reported consolidated net sales in the first quarter of $565 million, which were at the high end of the guidance we provided in June. Earnings per share of $0.56 came in ahead of our expectations, driven by continued strong gross margin performance and well-managed expenses. At a macro level, our gains this quarter were achieved against a backdrop of mixed global economic conditions. The U.S. is experiencing a generally positive environment with a growing service sector labor market, positive Institutional ABI trends and improved levels of non-residential construction all of which bodes well for continued industry growth in North America. Outside of North America there are areas of economic uncertainty that we re watching closely. These include China, Brazil and the oil producing regions of Russia and the Middle East. Moving on to our segment results, We continue to see steady improvement in our North American Contract business. North American orders grew by approximately 7% organically in the first quarter of this fiscal year. This is a marked improvement from our performance in recent periods, which included a year-over-year order decline in the third quarter of last year followed by growth of only 3.6% in Q4.This confirms that our business in North America is recovering and we believe our progress demonstrates that we have the right team in place and are taking the right actions to continue driving the business forward. The encouraging results in North America were driven by continued execution against our action plan, which is focused on getting Herman Miller closer to our customers and dealers to better align our solutions with their changing needs and the evolving landscape. As we ve previously discussed, we have implemented changes within the structure of our sales organization, resolved gaps in selling capacity, launched key new products and reset our showrooms to better reflect the solutions we offer. In addition, we have put in place a strong leadership team for our North America business to effectively oversee these initiatives. We are pleased with the early market response to our recent product launches, illustrating our alignment with industry demands. We recently completed Product Bootcamp, a comprehensive product training event for our sales force and dealers. We hosted the event in a newly dedicated workshop environment designed to provide a hands-on experience of both new and existing products from across the business. The feedback we ve received on this experience has been very positive, and we believe it will serve as an effective model and curriculum for preparing our sales team and dealer partners to better serve our customers around the world. It s one of many ways we are transforming Herman Miller from an office product provider to a solutions provider by creatively rethinking space and design and the evolving needs of our customers. We re coming up with solutions that help them realize higher performing and better utilized environments

3 Outside of North America, our ELA business segment continues to report solid growth and profitability. However, we continue to face currency headwinds and economic uncertainties around the globe. On a constant currency basis, ELA delivered order growth in the first quarter of 8%. The business also posted improved profitability, with operating margins expanding more than 300 basis points from the same quarter last year. The order growth in this quarter was driven largely by strong project activity in Australia, the United Kingdom, Japan and India. Operating performance benefitted from a favorable product mix during the quarter and ongoing operational efficiency improvements in operations in China. This performance highlights the underlying strength of our international business, and why our focus on leveraging our brands and capabilities to enhance profitable growth around the world remains a key element of our SHIFT strategy. As part of that strategic goal, we have worked aggressively on our global expansion by identifying markets and regions where our business can prosper, establishing a presence there and partnering appropriately with dealers in those markets. We ve made exciting progress in the United Kingdom, where we launched a consolidated manufacturing and distribution site and in India, where we began chair assembly in a new leased facility earlier this quarter. Our Specialty and Consumer segments are important elements of the SHIFT strategy as we expand the reach of our brands and solutions. Our Specialty segment continued to gain momentum in the first quarter, reporting growth in sales, orders, and profitability. Herman Miller Collection led the way with double digit sales and order growth during the period, winning with both new product launches and existing offerings. Maharam delivered year-over-year sales, order and profitability growth. This industry-leading performance textile business is a key contributor to segment profitability and provides a platform for attractive future growth opportunities. Our Geiger craft wood furnishings business showed continued sales momentum in the quarter and further profitability improvement achieved through operational efficiencies and leverage from additional volume. The Consumer segment reached a milestone at the end of July with the one year anniversary of the Design Within Reach acquisition. Not unexpectedly, we ve faced some clear challenges in this first year of integration - but on balance we feel good about the progress we ve made and the opportunities we see ahead of us. The blend of DWR with our legacy wholesale and e-commerce businesses is a powerful combination, and we remain confident that the value drivers we described for you at the start transitioning DWR studios to larger, more efficient store formats and increasing the mix of exclusive products will prove effective at increasing sales and margins. We plan to open up to six new large-format studios in fiscal Today, we have five of those studios under development which will add almost 40,000 incremental square feet when completed. The first - 3 -

4 two of these studios Scottsdale, Arizona and Berkeley, California are slated to open next month. Thus far, the transition to these larger studios is working, resulting in higher revenue per square foot and four-wall profitability that on average drives an investment payback of less than two years. The integration of our Consumer leadership team, led by John Edelman and John McPhee, has been seamless, and I continue to be impressed by their deep knowledge of the business and the positive energy they bring to the team. On a combined basis, our Consumer segment posted organic order growth of 2% in the first quarter. This increase was largely driven by strength in our e-commerce platform and, to a lesser extent, continued traction in DWR s small, but fast growing, contract furnishings offer. Our year-on-year comparisons for the Consumer segment this quarter are a bit messy given a number of moving pieces impacting the results. With this complexity, I want to offer you some additional color to help you make better sense of how the business is performing. First, our reported sales and order data in last year s first quarter included only five weeks of DWR activity. Second, on our call last quarter, we mentioned a shift in the timing of promotional events at DWR. The Herman Miller sale at DWR was held in May of this year, putting it in the fourth quarter of fiscal By comparison, last summer this same event fell within the first quarter. This shift in timing unfavorably impacted our Q1 sales by approximately $5 million. Third, we are in the middle of a plan to move the DWR studio model to larger formats. As part of this we have planned to close under-performing stores and markets when the leases end. As a result, our store count was down year over year. We believe in the long run, this will result in both top line growth and increased profitability. But, there will be some cross over as we implement this plan. Looking at the data on a 6-month pro forma basis, which normalizes for this change in timing, sales at DWR are up approximately 3% compared to last year. Within our legacy Herman Miller wholesale and ecommerce business, we did feel some pressure this quarter resulting from the actions we ve taken to rationalize the wholesale distribution channel. Frankly this isn t a complete surprise as we knew it would take time to recoup the revenue lost from rationalized distributors through increased online, catalog and studio sales. We have a number of upcoming brand awareness initiatives and targeted promotions aimed at driving more volume to DWR, Herman Miller.com and our wholesale partners who remain an important part of our collective future

5 Netting all of this together, pro forma sales within our combined Consumer segment on a trailing 6-month basis are approximately flat year-over-year. While this hasn t met our expectations, we expect growth to accelerate in the near-term given the new DWR studios coming online and the actions we are taking to recapture volume displaced at the wholesale level. In addition, we are moving forward with a new ERP system at DWR a cloud based solution that will enhance the ability of our sales associates to serve our customers, enable us to optimize the supply chain and give us greater visibility to what is driving value for us and our customers. The new system is just now coming on line and we expect it to be a long-term positive investment for the company and our customers. In summary, we believe we re focused on the right actions to drive positive nearterm performance. At the same time, we are confident we have the right strategy in place to position the business for success over the long-term. Our underlying financial position and operating performance remain robust, allowing us to generate strong cash flows to support our strategy and create value for our shareholders. With that, I ll turn the call over to Jeff who will provide more detail on the financials. Q1 FINANCIAL REVIEW JEFF STUTZ, CFO Thanks, Brian... Consolidated sales in the first quarter of $565 million were 11% higher than the same quarter last year. Excluding the impact of the Design Within Reach acquisition and foreign currency translation, sales increased almost 8% from the prior year. Sequentially, net sales in the first quarter increased 3% from the fourth quarter level, while orders improved 1%. Within our North American segment, sales were $338 million in the first quarter, representing a 5% increase from the same quarter last year. Adjusting for the impact of foreign currency translation, segment sales were up nearly 7% on a year-over-year basis. New orders in this segment totaled $332 million in the first quarter. This reflects an increase of 6% from last year on a reported-basis, and an organic increase of over 7% - which, as Brian mentioned, marks the second straight quarter of improvement in year-on-year order trends. Our ELA segment reported sales of $103 million in the first quarter, reflecting an increase of 7% compared to last year. New orders totaled $108 million, representing a year-over-year decrease of 3%. Excluding the negative impact of currency translation, segment sales increased almost 19% and orders were up - 5 -

6 8% - driven by strong project activity in Australia, the United Kingdom, Japan and India. Sales in the first quarter within our Specialty segment were $58 million, an increase of 6% over the same quarter last year. New orders in the quarter of $58 million increased 2% from the year ago period. Geiger and The Herman Miller Collection were the major contributors to sales growth in the quarter. As Brian outlined at the start, our Consumer segment had a lot of moving pieces this quarter. In total, the Consumer business reported sales of $67 million in the first quarter - an increase of $28 million from the same quarter last year. New orders in this segment of $65 million were $29 million above last year s level, driven primarily by the addition of DWR for a full 13 weeks. On an organic basis, segment sales declined 3.9% and orders were 2.0% higher than the first quarter of last year. The impact of a strengthening U.S. dollar has been significant and we estimate this drove a negative year-over-year translation impact on net sales of $16 million in the quarter. Our consolidated gross margin in the first quarter was 38.3%, a 130 basis point improvement over last year's first quarter adjusted gross margin of 37.0%. Product mix, including the addition of higher margin DWR products, favorable commodity trends, operational improvements, and net price realization all combined to more than offset the pressure from foreign exchange translation of approximately 60 basis points. I ll now move on to operating expenses and earnings in the period. In total, operating expenses in the first quarter were $162 million compared to $143 million in the same quarter a year ago. This represents a year-over-year increase of $19 million, the majority of which relates to the acquisition of DWR. Operating income this quarter was $55 million, or 9.7% of sales, compared to $42 million, or 8.3% of sales, in the prior year period. After adjusting for certain acquisition-related items, we reported adjusted operating income of $47 million or 9.3% of sales in the first quarter of fiscal Adjusted operating income increased 17% over the first quarter last year. The effective tax rate in the first quarter was 33.6%.This compares to an effective tax rate of 33.0% reported last year. Finally, net earnings in the first quarter totaled $34 million, or $0.56 per share on a diluted basis. This compares to adjusted earnings of $0.47 per share in the first quarter of last year. I would also comment that foreign currency translation had - 6 -

7 an unfavorable impact on EPS of approximately $0.06 in the quarter relative to the first quarter last year. With that, I ll now turn the call over to Kevin to give us an update on our cash flow and balance sheet. KEVIN VELTMAN, VICE PRESIDENT INVESTOR RELATIONS & TREASURER Thank you, Jeff. We ended the quarter with total cash and cash equivalents of $52 million, a decrease of $12 million from where we ended last fiscal year. Cash flows from operations in the period were $33 million compared to $42 million in the same quarter of last year. Changes in working capital resulted in a net cash use of $18 million this quarter compared to a net cash inflow of $5 million in the prior year quarter. The largest contributors to the change in working capital were higher accounts receivable and inventory levels, offset by the timing of payments for accrued liabilities. Capital expenditures in the quarter were $17 million. We anticipate capital expenditures of $70 to $80 million for the full fiscal year. We made further progress paying down the debt incurred in the acquisition of DWR with the repayment of $22 million in borrowings during the quarter. This brings our remaining outstanding acquisition debt to $18 million. Cash dividends paid in the quarter were $8 million. As a reminder, last quarter we announced an increase of over 5% in our quarterly dividend rate that will be paid beginning in October. This increase brings our annual cash dividend payout to approximately $35 million. We remain in compliance with all debt covenants and as of quarter-end our gross-debt to EBITDA ratio was approximately 1.1 to 1. The available capacity on our bank credit facility stands at $171 million. Given our current cash balance, ongoing cash flows from operations, and our total borrowing capacity, we are confident we can meet the financing needs of the business moving forward. With that, I ll now turn the call back over to Jeff to cover our sales and earnings guidance for the second quarter of fiscal OUTLOOK JEFF STUTZ Thanks Kevin. We anticipate sales in the second quarter to range between $570 million and $590 million. We estimate the year-over-year impact of foreign exchange on sales for the quarter to be approximately $13 million. On an organic basis, - 7 -

8 adjusted for foreign exchange translation, this forecast implies revenue growth of approximately 5% at the mid-point of the range. Consolidated gross margin in the second quarter is expected to range between 37.5% and 38.0%. Our starting backlog reflects a combination of larger projects and slightly less favorable product mix than we saw this past quarter. Accordingly, we expect gross margin at the mid-point of our revenue range to be slightly lower than we reported in Q1. Operating expenses in the second quarter are expected to range between $164 million and $168 million, and we anticipate earnings per share to be between $0.52 and $0.56 for the period. This also assumes an effective tax rate of 32% to 34%. With that, I ll now turn the call back over to the operator for your questions. [Q&A] CLOSING BRIAN WALKER Thanks everyone. We appreciate your joining us today and your continued interest in Herman Miller. We will look forward to reporting further advances in December and the opportunity to talk to you again. Have a great day

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