2014 First Quarter Results Webcast Andrew Cogan, CEO Craig Spray, SVP & CFO
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1 2014 First Quarter Results Webcast Andrew Cogan, CEO Craig Spray, SVP & CFO
2 Disclaimer The following information includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding Knoll, Inc. s expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," goals," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. This includes, without limitation, our statements and expectations regarding any current or future recovery in our industry, our publicly announced plans for increased capital and investment spending to achieve our long-term revenue and profitability growth goals, and our expectations with respect to leverage. Such forward-looking statements are inherently uncertain, and readers must recognize that actual results may differ materially from the expectations of Knoll management. Knoll does not undertake a duty to update such forward-looking statements. Factors that may cause actual results to differ materially from those in the forward-looking statements include corporate spending and service-sector employment, price competition, acceptance of Knoll s new products, the pricing and availability of raw materials and components, foreign exchange rates, transportation costs, demand for high quality, well designed office furniture solutions, changes in the competitive marketplace, changes in the trends in the market for office furniture, the financial strength and stability of our suppliers, customers and dealers, access to capital, our ability to successfully integrate acquired businesses, and other risks identified in Knoll s Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. Many of these factors are outside of Knoll s 2 control.
3 ($mm) Quarterly Gross Profit Dollars and Gross Profit Margin Increased on a Year Over Year Basis 34.0% $63.6 $69.9 $72.3 $74.4 $ % 33.0% 32.5% 32.6% 33.4% 32.2% 33.3% 32.0% 31.7% % 31.0% 30.5% 30.0% 29.5% Q13 2Q13 3Q13 4Q13 1Q14 GP $ (in millions) 29.0% 1Q13 2Q13 3Q13 4Q13 1Q14 GP %
4 ($mm) Quarterly Adjusted Operating Profit Dollars and Adjusted Operating Profit % Increased on a Year Over Year Basis % 8.0% 7.0% 7.9% 6.9% $10.3 $12.4 $17.1 $15.9 $ % 5.0% 4.0% 3.0% 5.1% 5.8% 5.4% % 1.0% Q13 2Q13 3Q13 4Q13 1Q14 Adjusted Operating Profit $ (in millions) 0.0% 1Q13 2Q13 3Q13 4Q13 1Q14 Adjusted Operating Profit % Note: Adjusted Operating Profit and Adjusted Operating Profit % are non-gaap measures and exclude certain non-recurring costs. For a reconciliation of Adjusted Operating Profit and Adjusted Operating Profit % to GAAP Operating Profit and GAAP Operating Profit %, see page 9.
5 Adjusted Diluted Earnings Per Share Increased on a Year Over Year Basis $0.25 $0.20 $0.17 $0.21 $0.18 $0.18 $0.15 $0.13 $0.10 $ $0.00 1Q13 2Q13 3Q13 4Q13 1Q14 Adjusted Diluted EPS Note: Adjusted Earnings Per Share is a non-gaap measure that excludes certain non-recurring costs. For a reconciliation of Adjusted Earnings Per Share to GAAP Earnings Per Share, see page 9.
6 Sales and Adjusted Operating Profit by Business Segment for the First Quarter of % +48.8% +26.2% $137 $ % $117 (45.0)% +11.3% $38 $56 $25 $28 $2 $1 $4 $6 $4 $5 6 OFFICE Q Q STUDIO Q Q SALES COVERINGS Q Q OFFICE Q Q (1) The 2014 amounts exclude $0.6 million of acquisition related expenses in the Studio Segment. STUDIO Q Q ADJUSTED OPERATING PROFIT (1) COVERINGS Q Q12014
7 Bank Net Leverage Ratio Diluted Qtr. Wghtd Avg Shares (millions) Bank Leverage Calculation and Weighted Shares Outstanding /31/13 6/30/2013 9/30/ /31/2013 3/31/ /31/13 6/30/2013 9/30/ /31/2013 3/31/2014 Debt levels $199.0 $194.0 $188.8 $178.8 $ (in millions) Note: Bank Net Leverage Ratio is calculated by dividing (i) outstanding debt plus letters of credit and guarantee obligations, minus excess cash over $15.0 million by (ii) EBITDA (as defined in our revolving credit facility) for the LTM. For details of the net leverage ratio calculation, see page 8.
8 Reconciliation Of Bank Net Leverage Calculation And Adjusted EBITDA 3/31/2013 6/30/2013 9/30/ /31/2013 3/31/2014 Debt Levels (1) $ $ $ $ $ LTM Net Income ($mm) $ 48.8 $ 43.7 $ 40.0 $ 23.1 $ 25.3 LTM Adjustments Interest Taxes Depreciation and Amortization Non-cash items (2) (4) LTM Adjusted EBITDA $ $ 99.8 $ 93.0 $ 80.4 $ 90.6 Bank Leverage Calculation (3) (1 ) -Outstanding debt levels include outstanding letters of credit and guarantee obligations. Excess cash over $15.0 million reduces o utstanding debt per o ur revolving credit facility, a copy o f which was filed with the Securities and Exchange Commission on February 7, (2) - Non-cash items include but are not limited to stock-based compensation expenses, unrealized gains and losses on foreign exchange, an intangible asset impairment charge and restructuring charges. (3) - Debt divided by LTM Adjusted EBITDA (as set forth in Knoll's senior secured revolving credit facility). (4) - Includes an annualized proforma EBITDA for Holly Hunt, which was acquired on February 5,
9 Quarterly Reconciliation of Non-GAAP Results Q113 Q213 Q313 Q413 Q114 Operating Profit ($mm) $ 10.3 $ 12.4 $ 17.1 $ 1.3 $ 11.8 Add back (deduct): Acquisition related expenses Restructuring charges - Office Restructuring charges - Studio Intangible asset impairment charge Adjusted Operating Profit $ 10.3 $ 12.4 $ 17.1 $ 15.9 $ 12.4 Net Sales ($mm) $ $ $ $ $ Adjusted Operating Profit % 5.1% 5.8% 7.9% 6.9% 5.4% Operating Profit % 5.1% 5.8% 7.9% 0.6% 5.1% Q113 Q213 Q313 Q413 Q114 Earnings per Share - Diluted $ 0.13 $ 0.17 $ 0.18 $ 0.01 $ 0.17 Add back (deduct): Acquistion expenses Restructuring and other charges - Office and Studio Intangible asset impairment charge Adjusted Earnings per Share - Diluted $ 0.13 $ 0.17 $ 0.18 $ 0.21 $ 0.18
10 Quarterly Reconciliation of Non-GAAP Results (cont.) Three Months Ended March 31, 2014 Operating Profit Acquisition Expenses Adjusted Operating Profit Three months Ended March 31, 2013 Office $ 1.1 $ - $ 1.1 $ 2.0 Studio Coverings Total $ 11.8 (1) $ 0.6 $ 12.4 (1) $ 10.3 (1) Results due not add due to rounding 10 Three Months Ended March 31, 2014 Three months Net Sales Holly Hunt Organic Net Sales Ended March 31, 2013 Office $ $ - $ $ Studio (1) 38.4 Coverings Total $ $ 17.4 $ $ Percent change over prior 14.3% 5.7% (1) - Results do not add due to Rounding
11 Reconciliation of Earnings Per Share to Adjusted Earnings per share excluding Foreign Currency Impact Q Q Earnings per Share - Diluted $ 0.17 $ 0.13 Foreign Exchange Impact (0.03) (0.02) Adjusted Earnings per Share - Diluted $ 0.14 $ 0.11 Percent Change over prior year 27% 11
12 For more information, visit knoll.com University of Portland, Clark Library LogMeIn
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