Investor Presentation Fourth Quarter FY23
Non-GAAP Financial Measures and Other Supplemental Data
Reconciliation of Operating Earnings (Loss) to Adjusted Operating Earnings (Loss)
Three Months Ended
June 3, 2023
May 28, 2022
Twelve Months Ended
June 3, 2023
May 28, 2022
MillerKnoll. Inc.
Net sales
956.7
Gross margin
Total operating expenses
Operating earnings
354.7
37.1 %
343.1
35.9 %
$
11.6
1.2 % $
100.0 % $ 1.100.5
382.5
325.5
57.0
100.0 % $ 4.087.1
34.8 % 1.430.0
29.6 % 1.307.7
5.2 % $ 122.3
100.0 % $ 3.946.0
35.0 % 1.352.7
32.0 %
3.0 % $
100.0 %
34.3 %
1.312.9
33.3 %
39.8
1.0 %
Adjustments
Restructuring Charges
14.2
1.5 %
34.0
0.8 %
- %
Acquisition and integration charges
53
0.6 %
7.5
0.7
18.0
0.4 %
124.5
3.2 %
Amortization of purchased intangibles
5.9
0.6 %
6.7
0.6
25.3
0.6 %
63.4
1.6 %
Gain on Sale of Dealer
-
%
(2.0)
(0.1)%
Impairment charges
19.7
2.1 %
56.9
1.4 %
―%
Adiusted operating earnings
56.7
5.9 % $
71.2
6.5 % $
256.5
6.3 % $ 225.7
5.7 %
Reconciliation of Earnings (Loss) per Share to Adjusted Earnings per Share
Three Months Ended
Twelve Months Ended
(Loss) earnings per share - diluted
Add: Amortization of purchased intangibles
Add: Acquisition and integration charges
Add: Restructuring charges
Add: Impairment charges
Add: Special charges
Add: Debt extinguishment
June 3, 2023
May 28, 2022
June 3, 2023 May 28, 2022
$
$
0.28 $
0.55 $
(0.37)
0.08
0.09
0.33
0.87
0.07
0.10
0.24
1.71
0.19
0.45
0.27
0.76
(0.01)
0.18
Less: Gain on sale of dealer
(0.03)
Tax impact on adjustments
Adjusted earnings per share - diluted
$
(0.20)
0.41 $
0.11
(0.48)
(0.43)
0.58 $
1.85 $
1.92
Weighted average shares outstanding (used for calculating
75,586,370
76,364,706
76,024,368
adjusted earnings per share) - diluted
73,160,212
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