Investor Presentation Fourth Quarter FY23
Non-GAAP Financial Measures and Other Supplemental Data
MillerKnoll
The adjustments to arrive at these non-GAAP financial measures are as follows:
Amortization of purchased intangibles: Includes expenses associated with the amortization of inventory step-up and
amortization of acquisition related intangibles acquired as part of the Knoll acquisition. The revenue generated by the
associated intangible assets has not been excluded from the related non-GAAP financial measure. We exclude the impact
of the amortization of purchased intangibles, including the fair value adjustment to inventory, as such non-cash amounts
were significantly impacted by the size of the Knoll acquisition. Furthermore, we believe that this adjustment enables
better comparison of our results as Amortization of Purchased Intangibles will not recur in future periods once such
intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional
intangible assets. Although we exclude the Amortization of Purchased Intangibles in these non-GAAP measures, we
believe that it is important for investors to understand that such intangible assets were recorded as part of purchase
accounting and contribute to revenue generation.
Acquisition and integration charges: Costs related directly to the Knoll acquisition including legal, accounting and other
professional fees as well as integration-related costs. Integration-related costs include severance, accelerated stock-based
compensation expenses, asset impairment charges, and expenses related to other cost reduction efforts or reorganization
initiatives.
Debt extinguishment charges: Includes expenses associated with the extinguishment of debt as part of financing the
Knoll acquisition. We excluded these items from our non-GAAP measures because they relate to a specific transaction
and are not reflective of our ongoing financial performance.
Gain on sale of dealer: Includes the gain recorded on the divestiture of an owned dealership.
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