Steelcase Q2, 2022 Earnings Presentation

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Q2 2022

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#1Investor Presentation FY2022 Second Quarter Steelcase#2Steelcase Q2, 2022 Investment thesis We believe the office will continue to be very relevant for innovation, culture, and collaboration ➤ An industry leader in a changing workplace environment that we believe provides growth opportunities Experienced management team has led the company through similar previous cycles ➤ Liquidity position is very strong Ideation Studio Thursday, Our 7 Free until 12:00p 59 m Reserve 2#3Steelcase Q2, 2022 We're a respected leader — Strong global market share $2.6 billion revenue in FY2021 ― $185 million adjusted EBITDA in FY2021 - 2.6x total debt/adjusted EBITDA (FY2021 year-end) US World Busines Better Plants Ⓡ U.S. DEPARTMENT OF ENERGY reddot winner 2020 POINTS OF LIGHT THE CIVIC 50 Newsweek Tech & Science Culture News Sports Health The Debate America's Most Responsible Companies 2020 AMERICA'S MOST RESPONSIBLE COMPANIES 2020 Newsweek statista LOCH SUBSCRIBE Weather SQ FORTUNE RANKINGS MAGAZINE NEWSLETTERS VIDEO PODCASTS CONFERENCES COVID-19 World's Most Admired Companies SEARCH SIGN IN Subscribe Now - ~11,100 employees (FY2021 year-end) - ~800 Steelcase dealer locations NEW 0000000 ompanies, we all know need to make a proto prosper and survive Making a buck ater Cottovestors, employees and vendors. But over the years, executives have M come to that they need to do much more. That by giving back to the community Recognized for innovative design, sustainability leadership and civic engagement - Named one of the World's Most Admired Companies by Fortune for fifteen years Seven-time perfect score recipient of the Human Rights Campaign's Best Places to Work for LGBTQ Equality Named a 2020 Most Responsible Company by Newsweek Recognized by WSJ as a Most Sustainably-Managed Company in 2020 Multinational Finalist in the Circulars Awards from the World Economic Forum for circular economy leadership The Steelcase Flex Collection ™ received a Product Design Award in the prestigious Red Dot Awards 2019 Breakfast of Corporate Champions recognition for gender parity on our board of directors Awarded 2021 Better Practice Award from the U.S. Department of Energy's Better Plants Program For an astounding 13th straight year, Apple claims the top spot in Fortune's annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts. 20% BY 2020 2020 WOMEN < 2020 2019 2018 2017 2016 2015 2014 > The Top 50 N BOARDS ON □ BEST HUMAN RIGHTS CAMPAIGN FOUNDATION PLACES TO WORK 2020 for LGBTQ Equality 100% CORPORATE EQUALITY INDEX WSJ 100 MOST SUSTAINABLY MANAGED COMPANIES 2020 https://webreprints.djre prints.com/57699.html 3#4Steelcase Q2, 2022 We have a proven track record of managing through a cycle Adjusted Operating Income (Million) $300 $3.4B $250 * $200 $2.3B $150 Financial $100 crisis $50 $0 FY08 FY09 FY10 FY11 FY12 TFQ: Trailing Four Quarters FY13 FY14 FY15 Adjusted Operating Income ($ Million) $3.0B Revenue (Billion) $3.7B $4.0 $3.5 $2.6B $3.0 $2.5 COVID-19 $2.0 Pandemic $1.5 $1.0 $0.5 $- FY16 FY17 Revenue ($ Billion) FY18 FY19 FY20 FY21 TFQ* 4#5Steelcase Q2, 2022 Our global scale makes us a preferred partner for leading organizations STEELCASE Q2 FY22 SEGMENT REVENUE (%) GLOBAL OFFICE FURNITURE MARKET REVENUE* ($ IN BILLIONS) $3.5 Other Category 9% $3.0 $2.5 EMEA 19% $2.0 $1.5 Americas 72% $1.0 $0.5 $- Miller Knoll** Steelcase Haworth HNI*** Kokuyo*** *Most recently published trailing four quarters data and/or internal estimates ** Noting the recent merger of Herman Miller and Knoll completed in July 2021, only workplace furniture segments included (HM retail and KNL residential excluded) *** Only furniture segments included 5#6Steelcase Q2, 2022 Our global capability allows us to serve customers wherever they are ~800 Steelcase dealer locations Over 65 locations in 17 countries 15 Manufacturing locations, including 8 outside North America WorkLife Centers Manufacturing Facilities Business Learning Centers + Innovation Centers Sales Offices Distribution Centers Innovation Centers 6#7Steelcase Q2, 2022 We employ user-based research to drive innovation Create a robust research network Select Research Partners - Center for Healthcare Design - Built Environment Network - G3ict - Huddly - IFTF Institute of the Future Illinois Institute of Technology, Institute of Design - MaRS Innovation Hub · Microsoft (Research, Global Real Estate and Envisioning Group) ― Oregon Institute of Technology ― Philips (Virtual Care) ― Signify (UVC air purification) - Spectrum Health - University of Florida Health Develop insights on work, workers and the workplace MEASURE UNDERSTAND B - Université Gustave Eiffel - University of Melbourne Virginia Tech - MIT (Fluid Dynamics of Disease Transmission Lab, Pathogen research) Example of research leading to insights OBSERVE Six-step research and design process SYNTHESIZE Sneeze cloud particle transmission Provide products, strategies and customer solutions 7#8Steelcase Q2, 2022 Our brands serve leading organizations by creating places that amplify the performance of their people, teams and enterprise Steelcase coalesse AMQ Smith System Steelcase® EDUCATION Revenue Mix by Vertical Market Corporate/Other 72% Education 16% Healthcare 12% orangebox Steelcase HEALTH DESIGNTEx Chart represents Americas FY21 percentage of revenue by vertical market 8#9Steelcase Q2, 2022 Sustainability is a lens for innovation and growth contributing to the financial wellbeing of our company Our Core Values We believe every team member, in every location, lives our shared Steelcase values. Act with integrity Tell the truth Keep commitments Treat people with dignity and respect Promote positive relationships Protect the environment Excel 6 Environmental Healthy Planet Create products and operations that are good for the world. We're carbon neutral now and pushing to go beyond net zero • . Science based targets aligned with a 1.5°C climate scenario. Goal to reduce our own carbon emissions by 50% by 2030. Social Healthy People Cultivate opportunities for people and communities to thrive. We've set goals to increase diversity at Steelcase by 2025 • . Build diverse teams that reflect our communities Ensure equitable development opportunities • Create a culture of inclusion Governance Healthy Culture Curate a culture of trust and integrity. >50% of our board members are women We're using social innovation to do good in the world 4 QUALITY REDUCED 10 EDUCATION INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES Source: Steelcase 2020 Impact Report, United Nations Sustainable Development Goals#10Steelcase Q2, 2022 NON-RESIDENTIAL FIXED INVESTMENT (U.S.) Equipment (In US$, billions) 1,500 U.S. industry macro-factors have mostly begun to be more supportive of growth after worsening during COVID-19 pandemic CORPORATE PROFITS AFTER-TAX (U.S.) With IVA and CCA adjustments (Year-over-Year % change) 60% UNEMPLOYMENT (U.S.) Unemployment Rate (%) THE CONFERENCE BOARD MEASURE OF CEO CONFIDENCE (U.S.) 80 40% 20% 0% -20% -40% Q2 2015 20% 15% 10% 5% 0% Q2 2021 Jan 2015 ARCHITECTURAL BILLING INDEX (U.S.) (Billings & Inquiries) 80 60 60 40 40 20 20 Jan 2015 60 40 20 20 र्ल 1,000 500 0 0 Aug 2021 Jan 2015 May 2021 Q2 2015 COVID-19 NEW CASES PER DAY (per million) 800 700 600 Inquiries 500 400 Billings 300 200 100 0 July 2021 Jan 2020 Sep 2021 Sources: BEA, BLS, CEO Conference Board, AIA, Our World in Data COVID-19 TOTAL ADMINISTERED VACCINES (in millions) 250 200 150 100 50 50 0 Q2 2021 Jan 2020 Sep 2021 10#11Steelcase Q2, 2022 EMEA industry macro-factors have mostly begun to be more supportive of growth after worsening during COVID-19 pandemic 25% GERMANY REAL GDP GROWTH 5% 0% -5% -10% -15% -20% -25% 20% 15% 10% 5% Q2 2015 HARMONIZED UNEMPLOYMENT RATE (seasonally adjusted) 0% Jan 2015 יין FRANCE REAL GDP GROWTH 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Q2 2021 Q2 2015 UK REAL GDP GROWTH 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Q2 2021 Q2 2015 ײן Q2 2021 COVID-19 NEW CASES PER DAY (per million) 1,200 1,000 800 Spain 600 COVID-19 TOTAL ADMINISTERED VACCINES (in millions) 40 60 50 549 Germany France U.K. Spain U.K. 30 France 400 20 Eurozone France Germany 200 10 Spain Germany 0 0 Jan 2020 Sep 2021 Jan 2020 Sep 2021 July 2021 Sources: Eurostat, Energy Information Administration, Our World in Data 11#12Steelcase Q2, 2022 Extreme work from home (WFH) strategies are not viable Productivity Collaboration Wellbeing Productivity decreased by: ➤ Lower employee engagement Lack of proximity and social accountability ➤ Suboptimal home offices Collaboration decreased by: Less time spent working with others ➤ Unnatural conversation flow during virtual meetings ➤ Lack of serendipitous interactions Wellbeing decreased by: ➤ Non-ergonomic home workspaces ➤Longer workdays Feeling socially isolated Sources: Steelcase COVID-19 Global Study, April 2020, Gensler's U.S. Work from Home Survey 2020 12#13Steelcase Q2, 2022 Global leaders anticipate more of their workforce will be working in a hybrid model 23% 72% In Office Hybrid Sources: Steelcase Global Report: Changing Expectations and the Future of Work 5% Work From Home 13#14Steelcase Q2, 2022 Five key things people need emerged from our research Safety to be safe and feel safe Belonging inclusion, trust and shared purpose Productivity to focus and collaborate Comfort physical, cognitive and emotional Control more control over where and how they work Steelcase research since September 2021 8+ Primary Studies 11 Countries Steelcase Research September 2021- Ongoing 52,000 Surveys + Conversations 8,000 Floorplans Analyzed Sources: Steelcase Global Report: Changing Expectations and the Future of Work 14#15Steelcase Q2, 2022 We have identified a new set of design principles to create compelling environments Me + We Fixed to Fluid Equally support team and individual work Allow for quick shifts between working alone and together Multi-modal spaces support multiple purposes + modes of work Adaptable spaces: Highly mobile furniture, power, technology and space division Open + Enclosed More enclosed "me" and more open "we" spaces Provide a range of individual privacy control options Braiding Digital + Physical Increased video use in "me" and "we" spaces for those remote and physically present Sources: Steelcase Global Report: Changing Expectations and the Future of Work 15#16Steelcase Q2, 2022 Our product development efforts are focused on supporting our customers as they return to the office or the classroom, or as they connect from home Open Space Collaboration Closed Personal Space Home Office Learning 16#17Steelcase Q2, 2022 Our international markets provide opportunities for revenue growth and profit improvement ● ● EMEA We believe we can gain market share as customers return to the office and we leverage our product development investments We continue to focus on gross margin improvement initiatives We have fitness initiatives aimed at improving our operating expense leverage We have built new capabilities to serve the work from home market → Asia Pacific (APAC) Certain APAC markets are leading the global economic recovery and return to the office We are leveraging our global product development portfolio to bring new solutions to our APAC customers We are increasing our marketing investments to support our Work Better research We have built new capabilities to serve the work from home market 17#18Steelcase Q2, 2022 Our investments in the business generated strong return on invested capital before impact of COVID-19 pandemic in fiscal 2021 ADJUSTED RETURN ON INVESTED CAPITAL (ROIC) & ADJUSTED EBITDA ($M) (% Adjusted Net Income of Average Capital) 16.0% 14.0% 13.3% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% Adj ROIC Adj EBITDA 12.0% 10.9% 14.3% 5.0% $400 $350 $300 $250 $200 $150 $100 1.4% $50 0.0% $0 FY17 FY18 FY19 FY20 FY21 TFQ 18#19Steelcase Q2, 2022 Our capital allocation philosophy contains a balances of reinvestment in the business, dividends, and share repurchases Capital Allocation Philosophy Reinvestment in the business Acquisitions CAPITAL EXPENDITURES VS. DEPRECIATION AND AMORTIZATION ($ MILLIONS) $100 ■Capital Expenditures ■D&A Dividends Opportunistic share repurchases QUARTERLY DIVIDENDS PAID PER SHARE $0.16 $0.12 $0.08 $0.04 $0.00 Q2 FY16 Q2 FY22 50 $0 FY17 FY18 FY19 FY20 FY21 TFQ DIVIDENDS AND SHARE REPURCHASES ($ MILLIONS) $100 Dividends Repurchases 60 $0 FY17 FY18 FY198 FY20 FY21 TFQ 19#20Steelcase Q2, 2022 Our balance sheet remained strong in Q2 and provides stability through business cycles $1,500 $1,000 Q2 FY22, $ MILLION Credit | Facility I $500 COLI Cash $0 Liquidity Profile Capital Base Credit facility covenant information (1) maximum leverage ratio covenant, which is measured by the ratio of indebtedness less liquidity to trailing four quarter adjusted EBITDA (as defined in the credit agreement) and is required to be less than 3:5:1 (2) minimum interest coverage ratio covenant, which is measured by the ratio of trailing four quarter adjusted EBITDA (as defined in the credit agreement) to trailing four quarter interest expense and is required to be no less than 3:0:1. As of August 27, 2021, we were in compliance with all covenants under the facility. 20 20#21Appendix Learn more 21#22Appendix Forward-looking statements From time to time, in written and oral statements, the company discusses its expectations regarding future events and its plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, the company. Forward- looking statements generally are accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "possible," "potential," "predict," "project," "target" or other similar words, phrases or expressions. Although we believe these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward- looking statements involve a number of risks and uncertainties that could cause actual results to vary from the company's expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; the COVID-19 pandemic and the actions taken by various governments and third parties to combat the pandemic; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in the company's most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Steelcase undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. 22 22#23Appendix Segment revenue and earnings AMERICAS REVENUE - (US$ millions) EMEA - REVENUE (US$ millions) OTHER CATEGORY - REVENUE (US$ millions) $2,673 $2,470 $670 $2,232 $2,194 $617 $1,849 $1,783 $548 $381 $504 $524 $511 $338 $356 $297 $236 $245 FY17 FY18 FY19 FY20 FY21 TFQ FY17 FY18 FY19 FY20 FY21 TFQ FY17 FY18 FY19 FY20 FY21 TFQ AMERICAS - ADJUSTED OPERATING INCOME MARGIN * EMEA - ADJUSTED OPERATING INCOME (LOSS) MARGIN * (Percent of Revenue) (Percent of Revenue) 1.5% OTHER CATEGORY -OPERATING INCOME (LOSS) MARGIN (Percent of Revenue) 10.3% 10.8% 6.3% 8.2% 8.5% 9.0% 4.7% 4.0% 6.8% -1.1% 0.1% 3.8% -2.0% -2.7% -2.9% FY17 FY18 FY19 FY20 FY21 TFQ -3.7% FY17 FY18 FY19 FY20 FY21 TFQ FY17 FY18 FY19 FY20 ** FY21 -3.6% TFQ * Operating income restated due to implementation of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information. **Q4 FY20 included a ~$21M gain on the sale of PolyVision in the Other Category 23 23#240% 15% 10% 5% Education Financial Services Appendix Select segment statistics (as of February 26, 2021) END OF FISCAL YEAR 2021 Number of Steelcase dealer locations Employees - non-manufacturing Employees manufacturing Number of primary manufacturing locations FY21 VERTICALS IN THE AMERICAS SEGMENT Healthcare Manufacturing Insurance Services Information Technology Technical / Professional Federal Government Energy State/Prov/Local Gov Other AMERICAS ~ 400 ~ 2,700 ~ 4,200 Michigan - 2 Alabama - 1 Mexico - 2 Texas - 1 Maine - 1 EMEA ~ 340 ~ 1,400 ~ 1,200 France - 1 Germany - 1 Spain - 1 Czech Republic - 1 U.K.-1 FY21 PRODUCT MIX ($ millions) 25% Other 30% Seating OTHER CATEGORY - 60 ~ 800 800 China - 1 Malaysia - 1 India - 1 FY21 LONG-TERM EMPLOYEE BENEFIT OBLIGATIONS FUNDING STATUS Total Obligation $164 Deferred Tax Asset $170 $119 45% Systems/ Storage After-tax Obligation Product Mix Assets (COLI) Liabilities 24#25Appendix Historic shares outstanding SHARES (IN MILLIONS) 180 160 140 120 100 80 60 60 60 40 40 20 20 0 ■Class A Shares ■Class B Shares FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 14.1 139.2 25.1 88.8 Q1 Q2 FY22 FY22 25 25#26Appendix Historical market data ESTIMATED U.S. OFFICE FURNITURE SHIPMENTS (USD billions) $20.0 $15.0 $10.0 $5.0 $- 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 EUROPEAN OFFICE FURNITURE CONSUMPTION (EUR billions) € 12 € 10 € 8 € 6 € 4 € 2 ||| € 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Sources: 1997-2015: internal Steelcase estimates, 2015-2020: BIFMA, CSIL | | | | | | | | | 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 26#27Appendix Non-GAAP financial measures This presentation contains non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated statements of operations, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, the company has provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures used within this presentation are: (1) adjusted operating income (loss), which represents operating income (loss), excluding restructuring costs and goodwill and intangible asset impairment charges, (2) adjusted operating income (loss) margin, which represents operating income (loss) margin, excluding restructuring costs and goodwill and intangible asset impairment charges, (3) adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA), which represents EBITDA, excluding restructuring and goodwill and intangible asset impairment charges, (4) adjusted Earnings Before Interest Taxes and Depreciation and Amortization (EBITDA) margin, which represents adjusted EBITDA as a percentage of revenue, (5) total debt to adjusted EBITDA ratio, which represents total debt divided by adjusted EBITDA and (6) adjusted return on invested capital (ROIC), which represents income before income tax expense, excluding interest expense, restructuring costs and goodwill and intangible asset impairment charges, less income tax expense at an assumed long-term effective tax rate, divided by average capital (defined as the average of total debt and shareholders' equity at the beginning and end of the applicable period). These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information also useful for investors. ADJUSTED OPERATING INCOME $ Million FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 TFQ Operating Income/(Loss) $203 $1 ($12) $52 $97 $59 $166 $137 $170 $196 $155 $184 $257 $43 $9 as Restated* Restructuring Costs $38 $35 $31 $31 $35 $7 $41 $20 $5 $28 $13 Goodwill and intangible $21 $65 $60 $13 $18 asset impairment charges Adjusted Operating Income $225 $107 $27 $83 $124 $151 $180 $178 $190 $201 $155 $184 $257 $89 $22 * *Operating income restated due to implementation of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information. 27#28Appendix Non-GAAP financial measures AMERICAS ADJUSTED OPERATING INCOME MARGIN * (Percent of Revenue) FY17 FY18 FY19 FY20 FY21 TFQ Operating Income Margin as Restated * 10.7% 8.2% 8.5% 9.0% 5.2% 3.1% 0.1% 1.6% 0.7% Restructuring Costs (Benefits) Adjusted Operating Income Margin 10.8% 8.2% 8.5% 9.0% 6.8% 3.8% * Operating income restated due to implementation of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information. 28#29Appendix Non-GAAP financial measures EMEA ADJUSTED OPERATING INCOME (LOSS) MARGIN * (Percent of Revenue) FY17 FY18 FY19 FY20 FY21 TFQ Operating Income (Loss) Margin as Restated * (4.1%) (2.7%) (1.1%) 1.5% (6.3%) (2.0%) Goodwill and intangible 3.4% asset impairment charges Restructuring Costs 0.4% Adjusted Operating Income (Loss) Margin (3.7%) (2.7%) (1.1%) 1.5% (2.9)% (2.0%) * Operating income restated due to implementation of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information. 29 29#30Appendix Non-GAAP financial measures ADJUSTED EBITDA MARGIN and TOTAL DEBT / ADJUSTED EBITDA $ Million Revenue FY17 FY18 FY19 FY20 FY21 TFQ $3,032 $3,055 $3,443 $3,724 $2,596 $2,576 Income (loss) before income $196 $162 $164 $245 $26 $(12) tax expense Interest Expense $17 $18 $38 $27 $27 $26 Depreciation and amortization $60 $66 $82 $86 $86 $83 Restructuring costs $5 $28 $13 Goodwill and intangible asset impairment charges $18 Adjusted EBITDA $279 $245 $283 $358 $185 $110 Adjusted EBITDA Margin (% of Revenue) Total Debt 9.2% 8.0% 8.2% 9.6% 7.1% 4.4% $297 $295 $487 $484 $484 $484 Total Debt/ Adjusted EBITDA 1.1 11 1.2 1.7 1.4 2.6 4.4 30 50#31Appendix Non-GAAP financial measures ADJUSTED RETURN ON INVESTED CAPITAL (ROIC) $ Million FY17 FY18 FY19 FY20 FY21 TFQ Income (loss) before income tax expense $196 $162 $164 $245 $26 $(12) Interest Expense $17 $18 $38 $27 $27 $26 Restructuring costs $5 $28 $13 Goodwill and intangible asset impairment charges $18 Adjusted Income before income tax expense $218 $180 $201 $273 $99 $27 Assumed Long-Term Effective Income Tax Rate % 36.0% 34.5% 27.0%(1) 27.0% 27.0% 27.5% Adjusted Net Income $140 $118 $147 $199 $72 $20 Total Debt Total shareholders' equity Total Capital Prior Year Total Capital Average Capital Adjusted Return on Invested Capital (ROIC) (Adjusted Net Income as a % of Average Capital) (1) Assumes 10 months at 36% and 2 months at 27% as after U.S. Tax Reform $297 $295 $487 $484 $484 $484 $767 $813 $850 $970 $962 $901 $1,064 $1,108 $1,337 $1,455 $1,446 $1,385 $1,036 $1,064 $1,108 $1,337 $1,455 $1,431 $1,050 $1,086 $1,223 $1,396 $1,451 $1,408 13.3% 10.9% 12.0% 14.3% 5.0% 1.4% 31#32Steelcase © 2020 Steelcase Inc. Trademarks used herein are the property of Steelcase Inc. or of their respective owners. 32 32

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