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EAST GREENVILLE, Pa., July 24, 2019 (GLOBE NEWSWIRE) — Knoll, Inc. (NYSE: KNL), a arch artist and architect of furnishings, bolt and accomplished leathers for the abode and home, today appear after-effects for the added division concluded June 30, 2019.
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“The able top and basal band after-effects we delivered this division anon breeze from the afterward of a differentiated strategy, amoebic investments to advance our top and basal band and acquisitions like Muuto that we’ve been able to move through our absolute administration channels,” acclaimed Altitude Chairman and CEO, Andrew Cogan. “Our co-founder Florence Altitude already wisely commented that ‘Knoll became acknowledged because it was unique, not aloof accession appliance company.’ That could not be truer than in the 2nd division of 2019 back we were the aboriginal to bless our countdown Architecture Days appearance at our new flagship home in the arising Fulton Bazaar adjacency of Chicago.”
Second Division Results
Net sales were $367.3 actor for the added division of 2019, an admission of 13.6%, from the added division of 2018. Net sales for the Office articulation were $223.2 actor during the added division of 2019, an admission of $28.6 million, or 14.7% compared to the added division of 2018. The admission was apprenticed primarily by investments we’ve fabricated in accretion our ambit of acme adjustable tables and bigger accumulator arrangement offerings, as able-bodied as connected advance from DatesWeiser and Rockwell Unscripted. Net sales for the Lifestyle articulation were $144.1 actor during the added division of 2019, an admission of $15.3 million, or 11.9% compared with the added division of 2018. Sales advance was led by able advance at Muuto, Spinneybeck and KnollStudio, primarily from added crossover assimilation in bartering abode settings.
Gross allowance for the added division of 2019 was 38.3%, an admission of 140 base credibility compared to 36.9% in the above-mentioned year. Gross allowance in the added division of 2018 was abnormally impacted by an accretion accompanying account acclimation of $0.9 million, or 30 base points. The admission in gross allowance was primarily the aftereffect of added aggregate and connected advance initiatives, partially account by busline and article inflation.
Operating costs were $106.8 actor for the added division of 2019, or 29.1% of net sales, compared to $94.4 million, or 29.2% of net sales, for the added division of 2018. Operating costs in the added division of 2019 included accretion accompanying costs of $2.2 million. Accretion accompanying costs included acquittal of acquired abstract assets of $2.1 actor and affiliation accompanying costs of $0.1 million. Excluding these items, adapted operating costs were $104.6 actor for the added division of 2019, or 28.5% of net sales, compared to $89.5 million, or 27.7% of net sales in the added division of 2018. The admission in adapted operating costs was accompanying primarily to college allurement based advantage from added volume, and cardinal investments in added sales force headcount, advice technology basement and our showrooms.
During the added division of 2019, absorption amount was $5.5 million, an admission of $0.2 actor compared to the added division of 2018. This admission was due primarily to college absorption rates, partially account by bargain boilerplate outstanding debt in the added division of 2019.
Other assets was $0.5 actor during added division of 2019 compared to added amount of $1.8 actor in the above-mentioned year. Added assets and amount included alimony acclimation accuse of $0.5 actor and $4.6 actor in added division of 2019 and 2018, respectively. Alimony acclimation accuse resulted from banknote payments of agglomeration sum elections in the added division of 2019 and the acquirement of annuities for assertive alimony plan retirees as able-bodied as banknote payments from agglomeration sum elections in the added division of 2018. Excluding alimony acclimation charges, added assets decreased $1.8 actor compared to the added division of 2018, due primarily to adopted barter losses apprenticed by the abrasion of the US dollar adjoin the Canadian dollar and a abridgement in net alternate account assets from the Company’s alimony and added post-employment account affairs in the added division of 2019 compared to the added division of 2018.
Net antithesis for the added division of 2019 were $21.7 million, or $0.44 per adulterated share, compared to $13.1 million, or $0.27 per adulterated share, for the added division of 2018. Excluding the appulse of accretion accompanying costs and alimony acclimation charges, adapted net antithesis for the added division of 2019 were $23.6 million, or $0.48 per adapted adulterated share, compared to $20.8 million, or $0.42 per adapted adulterated allotment for the added division of 2018.
The able tax amount was 25.1%for the added division of 2019, compared to 26.0% for the added division of 2018. The mix of pretax assets and the capricious able tax ante in the countries and states in which we accomplish anon affects our circumscribed able tax rate.
Capital expenditures for the added division of 2019 totaled $12.7 actor compared to $7.6 actor in the above-mentioned year. The Accession paid a anniversary allotment of $8.3 million, or $0.17 per allotment in the added division of 2019 compared to a anniversary allotment of $7.3 million, or $0.15 per allotment and payments of accrued assets of $0.4 actor in the added division of 2018.
Business Articulation Results
The Accession has two reportable segments: Office and Lifestyle. The Office reportable articulation is comprised of the operations of the Office operating segment. The Lifestyle reportable articulation is an accession of the Lifestyle, Europe, and Muuto operating segments. All unallocated costs are included aural Corporate.
The Office articulation includes a complete ambit of abode articles that abode assorted abode planning paradigms in North America and Europe. These articles include: systems furniture, seating, storage, tables, desks and KnollExtra® accessories as able-bodied as the all-embracing sales of our Office products. The Office articulation includes DatesWesier, accustomed for its adult affair and appointment tables and credenzas, sets a accustomed of design, affection and technology integration.
The Lifestyle articulation includes KnollStudio®, HOLLY HUNT®, Muuto, KnollTextiles®, Spinneybeck® (including Filzfelt®), and Edelman® Leather. KnollStudio products, which are broadcast in North America and Europe, accommodate iconic seating, lounge furniture, side, bistro and dining chairs as able-bodied as conference, training and dining and casual tables. HOLLY HUNT® is accustomed for aerial affection residential furniture, lighting, rugs, bolt and leathers. In addition, HOLLY HUNT® additionally includes Vladimir Kagan Architecture Group, a acclaimed accumulating of avant-garde affluence furnishings. The KnollTextiles®, Spinneybeck® (including Filzfelt®), and Edelman® Covering businesses accommodate a advanced ambit of barter with high-quality fabrics, felt, covering and accompanying architectural products. Muuto circuit out the Lifestyle articulation with its accessory articles and affordable affluence accoutrement to accomplish the Lifestyle articulation an all-embracing “resimercial”, high-performance workplace, from uber-luxury active spaces to affordable affluence residential living.
During the aboriginal division of 2019, the Accession afflicted the anatomy of its centralized alignment which acquired the agreement of its reportable segments to change. As a result, DatesWeiser is now a basic of the Office operating articulation as against to the Lifestyle operating segment.
The tables beneath present the Company’s articulation advice with Accumulated costs afar from operating articulation results. Above-mentioned year amounts accept been adapt to accommodate to the accustomed presentation.
Reconciliation of Non-GAAP Banking Measures
This columnist absolution contains assertive non-GAAP banking measures. A “non-GAAP banking measure” is a after admeasurement of a company’s banking achievement that excludes or includes amounts so as to be altered than the best anon commensurable admeasurement affected and presented in accordance with U.S. about accustomed accounting attempt (“GAAP”) in the statements of income, antithesis sheets, or statements of banknote breeze of the company. Pursuant to applicative advertisement requirements, the accession has provided reconciliations beneath of non-GAAP banking measures to the best anon commensurable GAAP measure.
The non-GAAP banking measures presented aural the Company’s antithesis absolution are Adapted Operating Expense, Adapted Operating Profit, Adapted Operating Accumulation Margin, Adapted Net Earnings, Adapted EBITDA, Adapted EBITDA Margin, and Adapted Adulterated Antithesis Per Share. These non-GAAP measures are not indicators of our banking achievement beneath GAAP and should not be advised as an another to the applicative GAAP measure. These non-GAAP measures accept limitations as analytic tools, and you should not accede them in abreast or as a acting for assay of our after-effects as appear beneath GAAP. In addition, in evaluating these non-GAAP measures, you should be acquainted that in the approaching we may acquire costs agnate to the adjustments in this columnist release. Our presentation of these non-GAAP measures should not be construed as an inference that our approaching after-effects will be artless by abnormal or exceptional items. We atone for these limitations by accouterment according bulge to our GAAP after-effects and application non-GAAP measures alone as added presentations.
The non-GAAP measures presented are activated by administration to appraise the Company’s business achievement and advantage by excluding assertive items that may not be apocalyptic of our alternating amount business operating results. The Accession believes that these measures accommodate added accuracy for investors by excluding specific costs in an accomplishment to appearance commensurable business operating after-effects for the periods presented.
The afterward table reconciles Knoll, Inc. Operating Costs to Adapted Operating Costs for the periods indicated.
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The afterward table reconciles Knoll, Inc. Operating Accumulation and Operating Accumulation Allowance to Adapted Operating Accumulation and Adapted Operating Accumulation Allowance for the periods indicated.
The afterward tables accommodate Operating Accumulation and Operating Accumulation Allowance to Adapted EBITDA and Adapted EBITDA Allowance by business articulation for the periods indicated.
(1) Accretion accompanying costs included an accretion accompanying account adjustment, assimilation agreements for key employees, and accepted accretion accompanying costs for the three months concluded June 30, 2018.
The afterward table reconciles Knoll, Inc. Net Antithesis and Net Antithesis Allowance to Adapted EBITDA and Adapted EBITDA Allowance for the periods indicated.
The afterward table reconciles Knoll, Inc. Net Antithesis to Adapted Net Antithesis for the periods indicated.
(1) Tax aftereffect of non-GAAP adjustments was affected application the Knoll, Inc. circumscribed able tax amount for the period.
The afterward table reconciles Knoll, Inc. Adulterated Antithesis Per Allotment to Adapted Adulterated Antithesis Per Allotment for the periods indicated.
(1) Tax aftereffect of non-GAAP adjustments was affected application the Knoll, Inc. circumscribed able tax amount for the period.
The afterward table illustrates the ciphering of our coffer advantage adding in accordance with our Third Adapted and Restated Acclaim Agreement anachronous January 23, 2018.
(1)Outstanding debt levels accommodate outstanding belletrist of acclaim and agreement obligations. Per the agreement of the acclaim adeptness filed with the Securities and Barter Commission on January 23, 2018, banknote up to $15.0 actor reduces the outstanding debt.(2) Non-cash and Added items include, but are not bound to, accretion accompanying expenses, restructuring charges, alimony acclimation charges, stock-based advantage expenses, and abeyant assets and losses on adopted exchange.(3) Debt disconnected by LTM Adapted EBITDA, as affected in accordance with our acclaim facility.
Cautionary Statement Apropos Forward-Looking Information
This columnist absolution includes advanced statements aural the acceptation of Area 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Barter Act of 1934, as amended. All statements apropos Knoll, Inc.’s accepted approaching banking position, after-effects of operations, acquirement and accumulation levels, banknote flows, business strategy, budgets, projected costs, basic expenditures, products, aggressive positions, advance opportunities, affairs and objectives of administration for approaching operations, as able-bodied as statements that accommodate words such as “anticipate,” “if,” “believe,” “plan,” “goals,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and added agnate expressions are advanced statements. This includes, after limitation, our statements and expectations apropos our about appear affairs for added basic and advance spending to accomplish our abiding acquirement and advantage advance goals, our affiliation of acquired businesses, and our expectations with account to leverage. Such advanced statements are inherently uncertain, and readers charge admit that absolute after-effects may alter materially from the expectations of Altitude management. Altitude does not undertake a assignment to amend such advanced statements. Factors that may account absolute after-effects to alter materially from those in the advanced statements accommodate accumulated spending and service-sector employment, amount competition, accepting of Knoll’s new products, the appraisement and availability of raw abstracts and components, adopted bill exchange, busline costs, appeal for aerial quality, able-bodied advised appliance solutions, changes in the aggressive marketplace, changes in the trends in the bazaar for appliance or coverings, the banking backbone and adherence of our suppliers, barter and dealers, admission to capital, our success in designing and implementing our new action adeptness planning system, our adeptness to auspiciously accommodate acquired businesses, our accumulation alternation access initiatives and added risks articular in Knoll’s anniversary address on Form 10-K, and added filings with the Securities and Barter Commission. Many of these factors are alfresco of Knoll’s control.
Charles RayfieldSenior Vice President and Chief Banking OfficerTel 215 [email protected]
David E. BrightSenior Vice President, CommunicationsTel 212 [email protected]
Conference Alarm Information
Knoll will host a appointment alarm on Thursday, July 25, 2019 at 10:00 a.m. ET to altercate its banking results.
The alarm will accommodate slides; participants are encouraged to accept to and appearance the presentation via webcast at http://www.knoll.com; go to “Discover Knoll” and bang on “Investor Relations.”
The appointment alarm may additionally be accessed by dialing:
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North America (844) 778-4138
International (661) 378-9550
Conference ID 667 4375
A epitomize of the webcast can be beheld by visiting the Broker Relations area of the Altitude accumulated website. In addition, an audio epitomize of the appointment alarm will be accessible through August 1, 2019 by dialing (855) 859-2056. All-embracing replay: (404) 537-3406 (Conference ID: 667 4375).
We additionally animate abeyant investors to appearance our added division 2019 video presentation at http://www.knoll.com/investors accessible Wednesday, July 24, 2019 afterward the abutting of the market.
The Accession additionally appear that it has partnered with Say, the fintech startup reimagining actor communications. Say anon verifies all shareholders and allows them to abide questions to the Altitude administration team, who will acknowledgment a alternative alive on the call. With Say, Altitude expects to accomplish its broker Q&As added cellophane and engaging.
Knoll shareholders can articulation their brokerages through Say’s belvedere via say.com/qa/knoll, and deeply verify their shares. Bang “sign up” and chase the guided accomplish to verify your ownership, abide a question, and upvote added questions. Shareholders can email [email protected] for any abutment inquiries.
Knoll, Inc. is a afterlife of design-driven brands and people, alive calm with our audience to actualize aggressive avant-garde interiors. Our internationally accustomed portfolio includes furniture, textiles, leathers, accessories, and architectural and acoustical elements. Our brands — Altitude Office, KnollStudio, KnollTextiles, KnollExtra, Spinneybeck | FilzFelt, Edelman Leather, HOLLY HUNT, DatesWeiser and Muuto— reflect our charge to avant-garde architecture that meets the assorted requirements of aerial achievement workplaces and affluence interiors. A almsman of the National Architecture Award for Accumulated and Institutional Achievement from the Smithsonian`s Cooper-Hewitt, National Architecture Museum, Knoll, Inc. is accumbent with the U.S. Green Building Council and the Canadian Green Building Council and can advice organizations accomplish the Leadership in Energy and Environmental Architecture (LEED) abode certification. Our articles can additionally advice audience accede with the All-embracing Active Approaching Institute to accomplish Active Building Challenge Certification, and with the All-embracing WELL Building Institute to attain WELL Building Certification. Knoll, Inc. is the founding sponsor of the World Monuments Fund Modernism at Risk program.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per allotment data)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
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