2014 Fourth Quarter and Full Year Results Webcast. Andrew Cogan, CEO Craig Spray, SVP & CFO
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1 2014 Fourth Quarter and Full Year 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 control. 2
3 ($mm) Quarterly Gross Profit Dollars and Gross Profit Margin Increased on a Year-Over-Year Basis 37.0% 36.6% $120.0 $100.0 $97.2 $95.0 $ % 35.0% 35.4% 35.9% $80.0 $74.2 $ % 33.4% $ % 32.0% 32.2% $ % $ % $- 4Q13 (1) 1Q14 2Q14 3Q14 4Q14 GP $ 29.0% 4Q13 (1) 1Q14 2Q14 3Q14 4Q14 GP % 3 (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, 2014.
4 ($mm) $30.0 Quarterly Adjusted Operating Profit Dollars and Adjusted Operating Profit % Increased on a Year-Over-Year Basis $27.7 $25.0 $20.0 $22.4 $23.4 $15.0 $15.8 $12.5 $10.0 $5.0 $- 4Q13 (1) 1Q14 2Q14 3Q14 4Q14 Adjusted Operating Profit $ (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, Note: Adjusted Operating Profit and Adjusted Operating Profit % are non-gaap measures and exclude certain costs. For a reconciliation of Adjusted Operating Profit and Adjusted Operating Profit % to GAAP Operating Profit and GAAP Operating Profit %, see page 11.
5 Adjusted Diluted Earnings Per Share Increased on a Year-Over-Year Basis $0.40 $0.35 $0.30 $0.33 $0.35 $0.25 $0.20 $0.15 $0.21 $0.18 $0.23 $0.10 $0.05 $0.00 4Q13 (1) 1Q14 2Q14 3Q14 4Q14 Adjusted Diluted EPS (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, Note: Adjusted Earnings Per Share is a non-gaap measure that excludes certain costs. For a reconciliation of Adjusted Earnings Per Share to GAAP Earnings Per Share, see page 12.
6 Sales, Adjusted Operating Profit, and Adjusted Diluted EPS Increased in % 58.0% 55.2% (2.8)% (37.0)% (35.8)% $117 $862.3 $1,050.3 $55.4 $86.0 $.68 $ (1) (1) (1) 2014 SALES ADJUSTED OPERATING PROFIT ADJUSTED DILUTED EPS 6 (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, Note: Adjusted Operating Profit and Adjusted Earnings per Share are non-gaap financial measures and exclude certain costs. For a reconciliation of Adjusted Operating Profit and Adjusted Earnings per Share to GAAP Operating Profit and GAAP Earnings per share, see pages 15 and 12, respectively.
7 Sales and Adjusted Operating Profit by Business Segment for the Fourth Quarter of % SALES ADJUSTED OPERATING PROFIT % +64.9% $163.0 $ % $117 (3.9%) $40.7 $74.5 $ % $27.7 $13.4 $5.0 $5.7 $9.4 $5.1 $4.9 OFFICE Q (1) Q STUDIO Q (1) Q COVERINGS Q (1) Q OFFICE Q (1) Q STUDIO Q (1) Q COVERINGS Q (1) Q ADJ. OP% 7.3% ADJ. OP% 12.6% ADJ. OP% 17.7% 7 (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, Note: Adjusted Operating Profit and Adjusted Operating Profit % are non-gaap measures and exclude certain costs. For a reconciliation of Adjusted Operating Profit and Adjusted Operating Profit % to GAAP Operating Profit and GAAP Operating Profit %, see page 14.
8 Sales and Adjusted OP as a Percentage of Total Sales and Adjusted OP by Business Segment for the Fourth Quarter of 2014 SALES ADJUSTED OPERATING PROFIT 9.7% 11.6% 26.0% 64.3% 17.8% 70.6% 17.7% 48.4% 32.2% 31.7% 33.9% 36.1% Q Q (1) Q Q (1) Office Studio Coverings (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, Note: Adjusted Operating Profit is a non-gaap measure and excludes certain costs. For a reconciliation of Adjusted Operating Profit to GAAP Operating Profit, see page 14.
9 Bank Net Leverage Ratio Diluted Qtr. Wghtd Avg Shares (millions) Bank Leverage Calculation and Weighted Shares Outstanding Debt levels $178.8 $289.8 $287.8 $283.7 $275.5 (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, 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 10.
10 Reconciliation of Bank Net Leverage Calculation and Adjusted EBITDA 12/31/2013 (1) 3/31/2014 6/30/2014 9/30/ /31/2014 Debt Levels (2) $ $ $ $ $ LTM Net Income ($mm) $ 23.2 $ 25.0 $ 27.7 $ $ 46.6 LTM Adjustments Interest Taxes Depreciation and Amortization Non-cash items and Other (3) (4) (4) (4) (4) LTM Adjusted EBITDA $ 80.2 $ 90.4 $ 98.0 $ $ Bank Leverage Calculation (5) (1) - The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report o n Form 10-K for the fiscal year ended December 31, (2) - Outstanding debt levels include outstanding letters of credit and guarantee obligations. Excess cash over $1 5.0 million reduces outstanding debt per the terms of our credit facility, a copy of which was filed with the Securities and Exchange Commission on M ay 21, (3) - Non-cash and Other items include, but are not limited to, stock-based compensation expenses, unrealized gains and losses on foreign exchange, a pension settlement and OPEB curtailment, an intangible asset impairment charge, and restructuring charges. (4) - Includes an annualized proforma EBITDA for HOLLY HUNT, which was acquired on February 3, (5) - Debt divided by LTM Adjusted EBITDA, as calculated in accordance with our credit facility.
11 Quarterly Reconciliation of Non-GAAP Results Q4 13 (1) Q1 14 Q2 14 Q3 14 Q4 14 Operating Profit ($mm) $ 1.8 $ 11.3 $ 22.2 $ 23.3 $ 20.0 Add back (deduct): Pension settlement and OPEB curtailment Acquisition related expenses Restructuring charges Remeasurement of earn-out liability Intangible asset impairment charge Adjusted Operating Profit $ 15.8 $ 12.5 $ 22.4 $ 23.4 $ 27.7 Net Sales ($mm) $ $ $ $ $ Adjusted Operating Profit % 6.9% 5.4% 8.4% 8.7% 9.7% Operating Profit % 0.8% 4.9% 8.4% 8.7% 7.0% 11 (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, 2014.
12 Quarterly Reconciliation of Non-GAAP Results Q4 13 (1) Q1 14 Q2 14 Q3 14 Q4 14 Earnings per Share - Diluted $ 0.02 $ 0.16 $ 0.23 $ 0.33 $ 0.26 Add back (deduct): Pension settlement and OPEB curtailment Acquisition expenses Restructuring and write-off of deferred financing fees Intangible asset impairment charge Adjusted Earnings per Share - Diluted $ 0.21 $ 0.18 $ 0.23 $ 0.33 $ (1) Earnings per Share - Diluted $ 0.97 $ 0.49 Add back (deduct): Twelve Months Ended December 31, Pension settlement and OPEB curtailment Acquisition expenses Restructuring charges Remeasurement of Filzfelt earn-out liability - Intangible asset impairment charge Adjusted Earnings per Share - Diluted $ 1.09 (2) $ (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, (2) Results do not add due to rounding.
13 Reconciliation of Net Sales to Organic Net Sales Three Months Ended December 31, 2014 Three months Ended December 31, 2013 (1) Net Sales Holly Hunt Organic Net Sales Net Sales Office $ $ - $ $ Studio Coverings Total $ $ 28.6 $ $ (2) Percent Change over Prior Year 24.3% 11.9% Twelve Months Ended December 31, 2014 Twelve months Ended December 31, 2013 (1) Net Sales Holly Hunt Organic Net Sales Net Sales Office $ $ - $ $ Studio Coverings Total $ 1,050.3 $ $ $ (2) Percent Change over Prior Year 21.8% 9.9% 13 (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, (2) Results do not add due to rounding.
14 Reconciliation of Adjusted Operating Profit by Business Segment Three Months Ended December 31, 2014 Operating Profit Pension Settlement and OPEB Curtailment Restructuring (Benefit) / Charges Remeasurement of FilzFelt Earnout Liability Adjusted Operating Profit Net Sales Office $ 6.8 $ 5.3 $ 1.3 $ - $ 13.4 $ Studio (0.9) Coverings Total $ 20.0 $ 6.5 $ 0.7 $ 0.5 $ 27.7 $ Operating Profit Restructuring (Benefit) / Charges Three Months Ended December 31, 2013 (1) Intangible Asset Impairment Adjusted Operating Profit Net Sales Office $ 2.9 $ 2.1 $ - $ 5.0 $ Studio Coverings (3.8) Total $ 1.8 $ 5.1 $ 8.9 $ 15.8 $ (2) (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, (2) Results do not add due to rounding.
15 Reconciliation of Adjusted Operating Profit by Business Segment Twelve Months Ended December 31, 2014 Operating Profit Pension Settlement and OPEB Curtailment Acquisition Expenses Restructuring (Benefit) / Charges Remeasurement of FilzFelt Earnout Liability Adjusted Operating Profit Net Sales Office $ 22.0 $ 5.3 $ - $ 2.1 $ - $ 29.4 $ Studio (0.9) Coverings Total $ 76.8 $ 6.5 $ 0.7 $ 1.5 $ 0.5 $ 86.0 $ 1,050.3 Operating Profit Restructuring (Benefit) / Charges Twelve Months Ended December 31, 2013 (1) Intangible Asset Impairment Adjusted Operating Profit Net Sales Office $ 14.0 $ 2.1 $ - $ 16.1 $ Studio Coverings Total $ 41.4 $ 5.1 $ 8.9 $ 55.4 $ (2) (1) The 2013 financial results included herein have been revised to correct certain immaterial errors in 2013 and prior periods related to income taxes and other items. Further information regarding these immaterial corrections will be provided in our annual report on Form 10-K for the fiscal year ended December 31, (2) Results do not add due to rounding. 15
16 For more information, visit knoll.com University of Portland, Clark Library LogMeIn
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