Steelcase Inc. (NYSE: SCS) today reported fourth quarter revenue of
$775.2 million, net income of $21.3 million, or $0.18 per share,
and adjusted earnings per share of $0.23. In the prior year,
Steelcase reported revenue of $801.7 million, net income of $15.7
million, or $0.13 per share, and adjusted earnings per share of
$0.19.
Revenue and order growth (decline) compared to the prior year
were as follows:
| |
Q4 2024 vs. Q4 2023 |
| |
Revenue Growth
(Decline) |
|
Organic RevenueGrowth (Decline) |
|
Organic OrderGrowth (Decline) |
| |
|
|
|
|
|
|
|
Americas |
(2 |
)% |
|
— |
% |
|
8 |
% |
| International |
(6 |
)% |
|
(6 |
)% |
|
(6 |
)% |
| Steelcase Inc. |
(3 |
)% |
|
(1 |
)% |
|
4 |
% |
| |
|
|
|
|
|
|
|
|
Revenue decreased 3 percent in the fourth quarter compared to
the prior year, with a 2 percent decline in the Americas and a 6
percent decline in International. On an organic basis, revenue
decreased 1 percent, with revenue approximately flat in the
Americas and a 6 percent decline in International. The Americas
results were driven by a lower beginning backlog compared to the
prior year (which was impacted by supply chain disruptions and
extended lead times), partially offset by order growth. The
International decline was broad based across most markets in EMEA
and China, largely related to macroeconomic factors.
Orders (adjusted for the impact of divestitures and currency
translation effects) grew 4 percent in the fourth quarter compared
to the prior year, including 8 percent growth in the Americas and a
6 percent decline in International. The order growth in the
Americas was primarily driven by large corporate customers in both
continuing and project business. The order decline in International
was driven by a 12 percent decline in EMEA, partially offset by 24
percent growth in Asia Pacific.
“I'm proud of the earnings improvement our teams delivered again
this quarter, capping off a strong fiscal 2024 in which our net
income more than doubled from the prior year,” said Sara
Armbruster, president and CEO. “Our 8 percent order growth in the
Americas in the fourth quarter was driven by our large corporate
customers, and we believe this is reflective of customers investing
to create inspiring workplaces as they call for a stronger
in-office presence.”
Operating income (loss) and adjusted operating income (loss)
were as follows:
| |
Operating income (loss) |
|
Adjusted operating income (loss) |
| |
(Unaudited) |
|
(Unaudited) |
| |
Three months ended |
|
Three months ended |
| |
February 23,2024 |
|
February 24,2023 |
|
February 23,2024 |
|
February 24,2023 |
|
Americas |
$ |
26.8 |
|
|
$ |
33.2 |
|
|
$ |
31.3 |
|
$ |
41.9 |
|
| International |
|
(1.1 |
) |
|
|
(4.5 |
) |
|
|
3.1 |
|
|
(3.3 |
) |
| |
$ |
25.7 |
|
|
$ |
28.7 |
|
|
$ |
34.4 |
|
$ |
38.6 |
|
| |
Operating income of $25.7 million in the fourth quarter
represented a decrease of $3.0 million compared to the prior year,
and adjusted operating income of $34.4 million in the fourth
quarter represented a decrease of $4.2 million compared to the
prior year. The decrease was primarily due to the prior year
including $9.2 million of gains on the sales of fixed assets in the
Americas, offset in part by a $5.2 million increase in the
valuation of an acquisition earnout liability (of which $2.6
million was recorded in each of the Americas and International
segments). The impact of lower volume in the current year was
offset by higher pricing benefits.
“Our International segment continued to deliver improved
profitability this quarter, with adjusted operating results
increasing by more than $6 million versus the prior year despite
lower revenue,” said Dave Sylvester, senior vice president and CFO.
“We've delivered two consecutive quarters of strong adjusted
operating income, reflecting significant improvement as compared to
the first half adjusted operating loss of $15 million.”
Gross margin of 31.2 percent in the fourth quarter represented
an increase of 140 basis points compared to the prior year. The
increase was driven by higher pricing benefits and operational
improvements, partially offset by the impacts of lower volume.
Operating expenses of $213.5 million in the fourth quarter
represented an increase of $6.7 million compared to the prior year.
The prior year included $9.2 million of gains on the sales of fixed
assets, offset in part by a $5.2 million increase in the valuation
of an acquisition earnout liability. The remaining increase
included $5.2 million of higher variable compensation expense,
partially offset by a $4.5 million decrease from divestitures.
Investment income of $2.9 million in the fourth quarter
represented an increase of $2.6 million compared to the prior year
due to a higher level of cash and cash equivalents and improved
investment returns. Other income, net of $4.3 million in the fourth
quarter represented an increase of $1.7 million compared to the
prior year primarily due to net favorable impacts related to
unconsolidated affiliates.
The company recorded income tax expense of $5.3 million in the
fourth quarter, which represented an effective tax rate of
approximately 20 percent and included $0.9 million of discrete tax
benefits.
Total liquidity, comprised of cash and cash equivalents and the
cash surrender value of company-owned life insurance, aggregated to
$485.5 million at the end of the fourth quarter, representing an
increase of $60.9 million from the end of the third quarter. Total
debt was $446.3 million. Trailing four quarter adjusted EBITDA of
$264.0 million (or 8.4 percent of revenue) represented an increase
of 26 percent compared to the prior year.
“Our liquidity increased by $238 million in fiscal 2024, driven
by our improved earnings, $120 million of lower working capital,
and $49 million of proceeds from fixed asset sales,” said Dave
Sylvester. “We also entered into an amended credit agreement this
quarter which extended the expiration date to 2029 and expanded the
available capacity from $250 million to $300 million.”
The Board of Directors has declared a quarterly cash dividend of
$0.10 per share, to be paid on or before April 15, 2024, to
shareholders of record as of April 3, 2024.
Fiscal 2024 Results
For fiscal 2024, the company recorded $3.2 billion of revenue,
net income of $81.1 million, earnings per share of $0.68 and
adjusted earnings per share of $0.93. In fiscal 2023, the company
recorded $3.2 billion of revenue, net income of $35.3 million and
earnings per share of $0.30 and adjusted earnings per share of
$0.56.
Revenue declined 2 percent in fiscal 2024 compared to the prior
year, with a 1 percent decrease in the Americas and a 7 percent
decrease in International. On an organic basis, fiscal 2024 revenue
represented a decline of 2 percent compared to the prior year, with
revenue approximately flat in the Americas and an 8 percent decline
in International.
Operating income for fiscal 2024 of $117.8 million represented
an increase of $52.3 million compared to $65.5 million of operating
income for fiscal 2023. Adjusted operating income for fiscal 2024
of $157.5 million represented an increase of $50.0 million compared
to $107.5 million of adjusted operating income for fiscal 2023. The
increase in adjusted operating income was driven by pricing
benefits and operational improvements, partially offset by lower
volume and higher operating expenses. Operating expenses in fiscal
2024 reflected $20.4 million of benefits related to gains on the
sales of fixed assets and an earnout liability adjustment, as
compared to $7.7 million of net benefits in fiscal 2023 for similar
items.
“Our fiscal 2024 results reflected our efforts to recover the
inflationary pressure on costs from the previous two years and
drive improved profitability,” said Sara Armbruster. “We delivered
a 360 basis point improvement in gross margin, and we more than
doubled our earnings per share. As we focus on leading the
transformation of the workplace and helping our customers create
inspiring workplaces, we're energized by our order growth from our
large corporate customers.”
Outlook
At the end of the fourth quarter, the company’s backlog of
customer orders was approximately $625 million, which was 8 percent
lower than the prior year. Orders through the first three weeks of
the first quarter of fiscal 2025 grew 10 percent compared to the
prior year. As a result, the company expects first quarter fiscal
2025 revenue to be in the range of $715 to $740 million. The
company reported revenue of $751.9 million in the first quarter of
fiscal 2024. The projected revenue range translates to a decline of
2 to 5 percent compared to the prior year, or approximately flat to
a decline of 3 percent on an organic basis.
The company expects to report earnings per share of between
$0.05 to $0.09 for the first quarter of fiscal 2025 and adjusted
earnings per share of between $0.08 to $0.12. The company reported
earnings per share of $0.01 and adjusted earnings per share of
$0.09 in the first quarter of fiscal 2024.
The first quarter estimates include:
- gross margin of approximately 32 percent,
- projected operating expenses of between $215 to $220 million,
which includes $4.3 million of amortization of purchased intangible
assets,
- projected interest expense, investment income and other income,
net, of approximately $2 million and
- a projected effective tax rate of 27 percent.
For fiscal 2025, the company is targeting organic revenue growth
of 1 to 5 percent compared to fiscal 2024, adjusted operating
income of between $150 to $175 million and adjusted earnings per
share of between $0.85 to $1.00. Fiscal 2025 includes an additional
week compared to fiscal 2024, which is excluded from the organic
revenue growth target.
The fiscal 2025 targets reflect the following assumptions and
expectations, as compared to fiscal 2024:
- a mid-single digit order growth rate, including continued
growth from large corporate customers, offset by the beginning
backlog of customer orders which was 8 percent below the prior
year,
- an improvement in gross margin to between 32.5 and 33.5
percent,
- increased operating expenses driven by higher investments in
the company's business transformation initiative, strategic growth
initiatives and employee costs (the year-over-year comparison is
also impacted by $20.4 million of benefits in the prior year
related to gains on the sales of fixed assets and an earnout
liability adjustment), and
- projected interest expense, investment income and other income,
net, of approximately $11 million and an effective tax rate of 27
percent.
“As we look to fiscal 2025, we are excited about the progress we
made in fiscal 2024 to improve our profitability and the momentum
we've seen with our large corporate customers,” said Sara
Armbruster. “We are targeting mid-single digit order growth in
fiscal 2025 as we execute our strategies to lead the workplace
transformation and diversify the customer and market segments we
serve.”
| Business
Segment Results |
|
|
| (in
millions) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(Unaudited) |
|
|
|
|
(Unaudited) |
|
|
|
| |
Three Months Ended |
|
|
|
|
Twelve Months Ended |
|
|
|
| |
February 23,2024 |
|
February 24,2023 |
|
% Change |
|
|
February 23,2024 |
|
February 24,2023 |
|
% Change |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (1) |
$ |
581.6 |
|
|
$ |
595.6 |
|
|
(2 |
)% |
|
$ |
2,419.8 |
|
|
$ |
2,436.2 |
|
|
(1 |
)% |
| International (2) |
|
193.6 |
|
|
|
206.1 |
|
|
(6 |
)% |
|
|
739.8 |
|
|
|
796.4 |
|
|
(7 |
)% |
| |
$ |
775.2 |
|
|
$ |
801.7 |
|
|
(3 |
)% |
|
$ |
3,159.6 |
|
|
$ |
3,232.6 |
|
|
(2 |
)% |
| Revenue
mix |
|
|
|
|
|
|
|
|
|
Americas |
75.0 |
% |
|
74.3 |
% |
|
76.6 |
% |
|
75.4 |
% |
|
| International |
25.0 |
% |
|
25.7 |
% |
|
23.4 |
% |
|
24.6 |
% |
|
| Operating income
(loss) |
|
|
|
|
|
|
|
|
|
Americas |
$ |
26.8 |
|
|
$ |
33.2 |
|
|
$ |
143.8 |
|
|
$ |
77.4 |
|
|
| International |
|
(1.1 |
) |
|
|
(4.5 |
) |
|
|
(26.0 |
) |
|
|
(11.9 |
) |
|
| |
$ |
25.7 |
|
|
$ |
28.7 |
|
|
$ |
117.8 |
|
|
$ |
65.5 |
|
|
| |
|
|
|
|
|
|
|
|
| Operating
margin |
|
3.3 |
% |
|
|
3.6 |
% |
|
|
3.7 |
% |
|
|
2.0 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Footnotes
- The Americas segment serves customers in the U.S., Canada, the
Caribbean Islands and Latin America with a comprehensive portfolio
of furniture, architectural, textile and surface imaging products
that are marketed to corporate, government, healthcare, education
and retail customers primarily through the Steelcase, AMQ,
Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe
brands.
- The International segment serves customers in EMEA and Asia
Pacific with a comprehensive portfolio of furniture and
architectural products that are marketed to corporate, government,
education and retail customers primarily through the Steelcase,
Coalesse, Orangebox, Smith System and Viccarbe brands.
| |
| QUARTER
OVER QUARTER ORGANIC REVENUE GROWTH (DECLINE) BY
SEGMENT |
| Q4 2024 vs. Q4
2023 |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
| |
Steelcase Inc. |
|
Americas |
|
International |
| |
|
|
|
|
|
|
Q4 2023 revenue |
$ |
801.7 |
|
|
$ |
595.6 |
|
|
$ |
206.1 |
|
| Divestitures |
|
(18.8 |
) |
|
|
(14.9 |
) |
|
|
(3.9 |
) |
| Currency translation
effects |
|
3.1 |
|
|
|
0.2 |
|
|
|
2.9 |
|
| Q4 2023 revenue, adjusted |
$ |
786.0 |
|
|
$ |
580.9 |
|
|
$ |
205.1 |
|
| |
|
|
|
|
|
| Q4 2024 revenue |
$ |
775.2 |
|
|
$ |
581.6 |
|
|
$ |
193.6 |
|
| Organic growth (decline)
$ |
$ |
(10.8 |
) |
|
$ |
0.7 |
|
|
$ |
(11.5 |
) |
| Organic growth (decline)
% |
(1 |
)% |
|
|
— |
% |
|
(6 |
)% |
| |
|
|
|
|
|
|
|
| |
| YEAR OVER
YEAR ORGANIC REVENUE GROWTH (DECLINE) BY SEGMENT |
| 2024 vs.
2023 |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
| |
Steelcase Inc. |
|
Americas |
|
International |
| |
|
|
|
|
|
|
2023 revenue |
$ |
3,232.6 |
|
|
$ |
2,436.2 |
|
|
$ |
796.4 |
|
| Acquisition |
|
21.8 |
|
|
|
21.8 |
|
|
|
— |
|
| Divestitures |
|
(40.2 |
) |
|
|
(29.7 |
) |
|
|
(10.5 |
) |
| Currency translation
effects |
|
14.1 |
|
|
|
(3.1 |
) |
|
|
17.2 |
|
| 2023 revenue, adjusted |
$ |
3,228.3 |
|
|
$ |
2,425.2 |
|
|
$ |
803.1 |
|
| |
|
|
|
|
|
| 2024 revenue |
$ |
3,159.6 |
|
|
$ |
2,419.8 |
|
|
$ |
739.8 |
|
| Organic growth (decline)
$ |
$ |
(68.7 |
) |
|
$ |
(5.4 |
) |
|
$ |
(63.3 |
) |
| Organic growth (decline)
% |
(2 |
)% |
|
|
— |
% |
|
(8 |
)% |
| |
|
|
|
|
|
|
|
| |
| ADJUSTED
EARNINGS PER SHARE |
|
(Unaudited) |
(Unaudited) |
|
(Unaudited) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
February 23,2024 |
|
February 24,2023 |
|
February 23,2024 |
|
February 24,2023 |
|
Earnings per share |
$ |
0.18 |
|
|
$ |
0.13 |
|
|
$ |
0.68 |
|
|
$ |
0.30 |
|
| Amortization of purchased
intangible assets, per share |
|
0.03 |
|
|
|
0.05 |
|
|
|
0.15 |
|
|
|
0.19 |
|
| Income tax effect of
amortization of purchased intangible assets, per share |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.04 |
) |
|
|
(0.05 |
) |
| Restructuring costs, per
share |
|
0.04 |
|
|
|
0.03 |
|
|
|
0.19 |
|
|
|
0.16 |
|
| Income tax effect of
restructuring costs, per share |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.05 |
) |
|
|
(0.04 |
) |
| Adjusted earnings per
share |
$ |
0.23 |
|
|
$ |
0.19 |
|
|
$ |
0.93 |
|
|
$ |
0.56 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ADJUSTED
EBITDA |
|
(Unaudited) |
| |
Three Months Ended |
|
Trailing FourQuarters Ended |
| |
May 26,2023 |
|
August 25,2023 |
|
November 24,2023 |
|
February 23,2024 |
|
February 23,2024 |
|
Net income |
$ |
1.5 |
|
|
$ |
27.5 |
|
|
$ |
30.8 |
|
|
$ |
21.3 |
|
|
$ |
81.1 |
|
| Income tax expense |
|
1.4 |
|
|
|
9.5 |
|
|
|
9.8 |
|
|
|
5.3 |
|
|
|
26.0 |
|
| Interest expense |
|
6.6 |
|
|
|
6.6 |
|
|
|
6.4 |
|
|
|
6.3 |
|
|
|
25.9 |
|
| Depreciation and
amortization |
|
20.4 |
|
|
|
21.3 |
|
|
|
21.1 |
|
|
|
20.8 |
|
|
|
83.6 |
|
| Share-based compensation |
|
13.7 |
|
|
|
4.2 |
|
|
|
3.4 |
|
|
|
3.6 |
|
|
|
24.9 |
|
| Restructuring costs |
|
8.1 |
|
|
|
7.9 |
|
|
|
2.1 |
|
|
|
4.4 |
|
|
|
22.5 |
|
| Adjusted EBITDA |
$ |
51.7 |
|
|
$ |
77.0 |
|
|
$ |
73.6 |
|
|
$ |
61.7 |
|
|
$ |
264.0 |
|
| |
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
751.9 |
|
|
$ |
854.6 |
|
|
$ |
777.9 |
|
|
$ |
775.2 |
|
|
$ |
3,159.6 |
|
| Adjusted EBITDA as a
percentage of revenue |
|
6.9 |
% |
|
|
9.0 |
% |
|
|
9.5 |
% |
|
|
8.0 |
% |
|
|
8.4 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ADJUSTED
EBITDA |
|
(Unaudited) |
| |
Three Months Ended |
|
Trailing FourQuarters Ended |
| |
May 27,2022 |
|
August 26,2022 |
|
November 25,2022 |
|
February 24,2023 |
|
February 24,2023 |
|
Net income (loss) |
$ |
(11.4 |
) |
|
$ |
19.6 |
|
|
$ |
11.4 |
|
|
$ |
15.7 |
|
|
$ |
35.3 |
|
| Income tax expense
(benefit) |
|
(4.4 |
) |
|
|
6.8 |
|
|
|
5.2 |
|
|
|
8.7 |
|
|
|
16.3 |
|
| Interest expense |
|
6.4 |
|
|
|
7.2 |
|
|
|
7.6 |
|
|
|
7.2 |
|
|
|
28.4 |
|
| Depreciation and
amortization |
|
20.2 |
|
|
|
23.5 |
|
|
|
23.5 |
|
|
|
22.8 |
|
|
|
90.0 |
|
| Share-based compensation |
|
12.0 |
|
|
|
3.1 |
|
|
|
2.1 |
|
|
|
3.6 |
|
|
|
20.8 |
|
| Restructuring costs |
|
4.2 |
|
|
|
0.5 |
|
|
|
10.6 |
|
|
|
3.9 |
|
|
|
19.2 |
|
| Adjusted EBITDA |
$ |
27.0 |
|
|
$ |
60.7 |
|
|
$ |
60.4 |
|
|
$ |
61.9 |
|
|
$ |
210.0 |
|
| |
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
740.7 |
|
|
$ |
863.3 |
|
|
$ |
826.9 |
|
|
$ |
801.7 |
|
|
$ |
3,232.6 |
|
| Adjusted EBITDA as a
percentage of revenue |
|
3.6 |
% |
|
|
7.0 |
% |
|
|
7.3 |
% |
|
|
7.7 |
% |
|
|
6.5 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| PROJECTED
ORGANIC REVENUE GROWTH (DECLINE) |
| Q1 2025 vs. Q1
2024 |
|
|
|
| |
Steelcase Inc. |
|
|
|
|
|
|
|
| Q1 2024 revenue |
$ |
751.9 |
|
|
| Divestitures |
|
(12.4 |
) |
|
| Q1 2024 revenue, adjusted |
$ |
739.5 |
|
|
| |
|
|
|
| Q1 2025 revenue,
projected |
$ |
715 - 740 |
|
|
| Organic growth (decline)
$ |
$ |
(25) - 1 |
|
|
| Organic growth (decline)
% |
|
(3) - 0 |
|
% |
| |
|
|
|
|
| |
| PROJECTED
ORGANIC REVENUE GROWTH (DECLINE) |
| 2025 vs.
2024 |
|
|
|
| |
Steelcase Inc. |
|
|
|
|
|
|
|
| 2024 revenue |
$ |
3,159.6 |
|
|
| Divestitures |
|
(35.2 |
) |
|
| 2024 revenue, adjusted |
$ |
3,124.4 |
|
|
| |
|
|
|
| 2025 revenue, projected |
$ |
3,215 - 3,340 |
|
|
| Impact of additional week |
|
(60 |
) |
|
| 2025 revenue, projected,
adjusted |
|
3,155 - 3,280 |
|
|
| Organic growth (decline)
$ |
$ |
31 - 156 |
|
|
| Organic growth (decline)
% |
|
1 - 5 |
|
% |
| |
|
|
|
|
| PROJECTED
ADJUSTED OPERATING INCOME |
| |
Twelve Months Ended |
| |
February 28,2025 |
| Operating income |
$ |
133 - 158 |
|
|
Amortization of purchased intangible assets |
|
|
17 |
|
| Adjusted operating income |
$ |
150 - 175 |
|
| |
| |
| PROJECTED
ADJUSTED EARNINGS PER SHARE |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
May 24,2024 |
|
May 26,2023 |
|
February 28,2025 |
|
February 23,2024 |
|
Earnings per share |
$ |
0.05 - 0.09 |
|
|
$ |
0.01 |
|
|
$ |
0.74 - 0.89 |
|
|
$ |
0.68 |
|
| Amortization of purchased
intangible assets, per share |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.15 |
|
|
|
0.15 |
|
| Income tax effect of
amortization of purchased intangible assets, per share |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.04 |
) |
|
|
(0.04 |
) |
| Restructuring costs, per
share |
|
— |
|
|
|
0.07 |
|
|
|
— |
|
|
|
0.19 |
|
| Income tax effect of
restructuring costs, per share |
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.05 |
) |
| Adjusted earnings per
share |
$ |
0.08 - 0.12 |
|
|
$ |
0.09 |
|
|
$ |
0.85 - 1.00 |
|
|
$ |
0.93 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Steelcase
Inc. |
| |
(Unaudited) |
|
(Unaudited) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
February 23,2024 |
|
February 24,2023 |
|
February 23,2024 |
|
February 24,2023 |
|
Revenue |
$ |
775.2 |
|
|
100.0 |
% |
|
$ |
801.7 |
|
|
100.0 |
% |
|
$ |
3,159.6 |
|
|
100.0 |
% |
|
$ |
3,232.6 |
|
|
100.0 |
% |
| Cost of sales |
|
531.6 |
|
|
68.6 |
|
|
|
562.3 |
|
|
70.2 |
|
|
|
2,142.8 |
|
|
67.9 |
|
|
|
2,310.7 |
|
|
71.5 |
|
| Restructuring costs |
|
1.5 |
|
|
0.2 |
|
|
|
0.2 |
|
|
— |
|
|
|
4.4 |
|
|
0.1 |
|
|
|
2.5 |
|
|
0.1 |
|
| Gross profit |
|
242.1 |
|
|
31.2 |
|
|
|
239.2 |
|
|
29.8 |
|
|
|
1,012.4 |
|
|
32.0 |
|
|
|
919.4 |
|
|
28.4 |
|
| Operating expenses |
|
213.5 |
|
|
27.5 |
|
|
|
206.8 |
|
|
25.7 |
|
|
|
876.5 |
|
|
27.7 |
|
|
|
837.2 |
|
|
25.9 |
|
| Restructuring costs |
|
2.9 |
|
|
0.4 |
|
|
|
3.7 |
|
|
0.5 |
|
|
|
18.1 |
|
|
0.6 |
|
|
|
16.7 |
|
|
0.5 |
|
| Operating income |
|
25.7 |
|
|
3.3 |
|
|
|
28.7 |
|
|
3.6 |
|
|
|
117.8 |
|
|
3.7 |
|
|
|
65.5 |
|
|
2.0 |
|
| Interest expense |
|
(6.3 |
) |
|
(0.8 |
) |
|
|
(7.2 |
) |
|
(0.9 |
) |
|
|
(25.9 |
) |
|
(0.8 |
) |
|
|
(28.4 |
) |
|
(0.9 |
) |
| Investment income |
|
2.9 |
|
|
0.4 |
|
|
|
0.3 |
|
|
— |
|
|
|
6.5 |
|
|
0.2 |
|
|
|
1.0 |
|
|
0.1 |
|
| Other income, net |
|
4.3 |
|
|
0.5 |
|
|
|
2.6 |
|
|
0.3 |
|
|
|
8.7 |
|
|
0.3 |
|
|
|
13.5 |
|
|
0.4 |
|
| Income before income tax
expense |
|
26.6 |
|
|
3.4 |
|
|
|
24.4 |
|
|
3.0 |
|
|
|
107.1 |
|
|
3.4 |
|
|
|
51.6 |
|
|
1.6 |
|
| Income tax expense |
|
5.3 |
|
|
0.7 |
|
|
|
8.7 |
|
|
1.0 |
|
|
|
26.0 |
|
|
0.8 |
|
|
|
16.3 |
|
|
0.5 |
|
| Net income |
$ |
21.3 |
|
|
2.7 |
% |
|
$ |
15.7 |
|
|
2.0 |
% |
|
$ |
81.1 |
|
|
2.6 |
% |
|
$ |
35.3 |
|
|
1.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
$ |
25.7 |
|
|
3.3 |
% |
|
$ |
28.7 |
|
|
3.6 |
% |
|
$ |
117.8 |
|
|
3.7 |
% |
|
$ |
65.5 |
|
|
2.0 |
% |
| Amortization of purchased
intangible assets |
|
4.3 |
|
|
0.5 |
|
|
|
6.0 |
|
|
0.7 |
|
|
|
17.2 |
|
|
0.6 |
|
|
|
22.8 |
|
|
0.7 |
|
| Restructuring costs |
|
4.4 |
|
|
0.6 |
|
|
|
3.9 |
|
|
0.5 |
|
|
|
22.5 |
|
|
0.7 |
|
|
|
19.2 |
|
|
0.6 |
|
| Adjusted operating income |
$ |
34.4 |
|
|
4.4 |
% |
|
$ |
38.6 |
|
|
4.8 |
% |
|
$ |
157.5 |
|
|
5.0 |
% |
|
$ |
107.5 |
|
|
3.3 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Americas |
| |
(Unaudited) |
|
(Unaudited) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
February 23,2024 |
|
February 24,2023 |
|
February 23,2024 |
|
February 24,2023 |
|
Revenue |
$ |
581.6 |
|
|
100.0 |
% |
|
$ |
595.6 |
|
|
100.0 |
% |
|
$ |
2,419.8 |
|
|
100.0 |
% |
|
$ |
2,436.2 |
|
|
100.0 |
% |
| Cost of sales |
|
393.6 |
|
|
67.7 |
|
|
|
410.0 |
|
|
68.9 |
|
|
|
1,618.5 |
|
|
66.9 |
|
|
|
1,722.1 |
|
|
70.7 |
|
| Restructuring costs |
|
1.2 |
|
|
0.2 |
|
|
|
0.2 |
|
|
— |
|
|
|
2.2 |
|
|
0.1 |
|
|
|
2.5 |
|
|
0.1 |
|
| Gross profit |
|
186.8 |
|
|
32.1 |
|
|
|
185.4 |
|
|
31.1 |
|
|
|
799.1 |
|
|
33.0 |
|
|
|
711.6 |
|
|
29.2 |
|
| Operating expenses |
|
159.8 |
|
|
27.5 |
|
|
|
148.5 |
|
|
24.9 |
|
|
|
654.2 |
|
|
27.0 |
|
|
|
617.5 |
|
|
25.3 |
|
| Restructuring costs |
|
0.2 |
|
|
— |
|
|
|
3.7 |
|
|
0.6 |
|
|
|
1.1 |
|
|
0.1 |
|
|
|
16.7 |
|
|
0.7 |
|
| Operating income |
|
26.8 |
|
|
4.6 |
|
|
|
33.2 |
|
|
5.6 |
|
|
|
143.8 |
|
|
5.9 |
|
|
|
77.4 |
|
|
3.2 |
|
| Amortization of purchased
intangible assets |
|
3.1 |
|
|
0.6 |
|
|
|
4.8 |
|
|
0.8 |
|
|
|
12.5 |
|
|
0.5 |
|
|
|
18.2 |
|
|
0.7 |
|
| Restructuring costs |
|
1.4 |
|
|
0.2 |
|
|
|
3.9 |
|
|
0.6 |
|
|
|
3.3 |
|
|
0.2 |
|
|
|
19.2 |
|
|
0.8 |
|
| Adjusted operating income |
$ |
31.3 |
|
|
5.4 |
% |
|
$ |
41.9 |
|
|
7.0 |
% |
|
$ |
159.6 |
|
|
6.6 |
% |
|
$ |
114.8 |
|
|
4.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
International |
| |
(Unaudited) |
|
(Unaudited) |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
February 23,2024 |
|
February 24,2023 |
|
February 23,2024 |
|
February 24,2023 |
|
Revenue |
$ |
193.6 |
|
|
100.0 |
% |
|
$ |
206.1 |
|
|
100.0 |
% |
|
$ |
739.8 |
|
|
100.0 |
% |
|
$ |
796.4 |
|
|
100.0 |
% |
| Cost of sales |
|
138.0 |
|
|
71.3 |
|
|
|
152.3 |
|
|
73.9 |
|
|
|
524.3 |
|
|
70.9 |
|
|
|
588.6 |
|
|
73.9 |
|
| Restructuring costs |
|
0.3 |
|
|
0.1 |
|
|
|
— |
|
|
— |
|
|
|
2.2 |
|
|
0.3 |
|
|
|
— |
|
|
— |
|
| Gross profit |
|
55.3 |
|
|
28.6 |
|
|
|
53.8 |
|
|
26.1 |
|
|
|
213.3 |
|
|
28.8 |
|
|
|
207.8 |
|
|
26.1 |
|
| Operating expenses |
|
53.7 |
|
|
27.8 |
|
|
|
58.3 |
|
|
28.3 |
|
|
|
222.3 |
|
|
30.0 |
|
|
|
219.7 |
|
|
27.6 |
|
| Restructuring costs |
|
2.7 |
|
|
1.4 |
|
|
|
— |
|
|
— |
|
|
|
17.0 |
|
|
2.3 |
|
|
|
— |
|
|
— |
|
| Operating income (loss) |
|
(1.1 |
) |
|
(0.6 |
) |
|
|
(4.5 |
) |
|
(2.2 |
) |
|
|
(26.0 |
) |
|
(3.5 |
) |
|
|
(11.9 |
) |
|
(1.5 |
) |
| Amortization of purchased
intangible assets |
|
1.2 |
|
|
0.7 |
|
|
|
1.2 |
|
|
0.6 |
|
|
|
4.7 |
|
|
0.6 |
|
|
|
4.6 |
|
|
0.6 |
|
| Restructuring costs |
|
3.0 |
|
|
1.5 |
|
|
|
— |
|
|
— |
|
|
|
19.2 |
|
|
2.6 |
|
|
|
— |
|
|
— |
|
| Adjusted operating income
(loss) |
$ |
3.1 |
|
|
1.6 |
% |
|
$ |
(3.3 |
) |
|
(1.6 |
)% |
|
$ |
(2.1 |
) |
|
(0.3 |
)% |
|
$ |
(7.3 |
) |
|
(0.9 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Webcast Steelcase will discuss fourth quarter
results and business outlook on a conference call at 8:30 a.m.
Eastern time tomorrow.
Non-GAAP Financial MeasuresThis earnings
release contains certain 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 income, balance sheets or statements of cash flows of
the company. The non-GAAP financial measures used are (1) organic
revenue growth (decline), (2) adjusted operating income (loss), (3)
adjusted earnings per share and (4) adjusted EBITDA. Pursuant to
the requirements of Regulation G, the company has provided a
reconciliation of each of the non-GAAP financial measures to the
most directly comparable GAAP financial measure in the tables
above. These measures are supplemental to, and should be used in
conjunction with, the most comparable GAAP measures. Management
uses these non-GAAP financial measures to monitor and evaluate
financial results and trends.
Organic Revenue Growth
(Decline)The company defines organic revenue growth
(decline) as revenue growth (decline) excluding the impact of
acquisitions and divestitures and foreign currency translation
effects. Organic revenue growth (decline) is calculated by
adjusting prior year revenue to include revenues of acquired
companies prior to the date of the company's acquisition, to
exclude revenues of divested companies and to use current year
average exchange rates in the calculation of foreign-denominated
revenue. The company believes organic revenue growth (decline) is a
meaningful metric to investors as it provides a more consistent
comparison of the company's revenue to prior periods as well as to
industry peers.
Adjusted Operating Income
(Loss) and Adjusted Earnings Per ShareThe company defines
adjusted operating income (loss) as operating income (loss)
excluding amortization of purchased intangible assets and
restructuring costs. The company defines adjusted earnings per
share as earnings per share excluding amortization of purchased
intangible assets and restructuring costs, net of related income
tax effects.
Amortization of purchased intangible
assets: The company may record intangible assets (such as backlog,
dealer relationships, trademarks, know-how and designs and
proprietary technology) when it acquires companies. The company
allocates the fair value of purchase consideration to net tangible
and intangible assets acquired based on their estimated fair
values. The fair value estimates for these intangible assets
require management to make significant estimates and assumptions,
which include the useful lives of intangible assets. The company
believes that adjusting for amortization of purchased intangible
assets provides a more consistent comparison of its operating
performance to prior periods as well as to industry peers. As the
company's business strategy in recent years has included an
increased number of acquisitions, intangible asset amortization has
become more significant.
Restructuring costs: Restructuring
costs may be recorded as the company's business strategies change
or in response to changing market trends and economic conditions.
The company believes that adjusting for restructuring costs, which
are primarily associated with business exit and workforce reduction
costs, provides a more consistent comparison of its operating
performance to prior periods as well as to industry peers.
Adjusted EBITDAThe
company defines adjusted EBITDA as earnings before interest, taxes,
depreciation and amortization ("EBITDA") adjusted to exclude
share-based compensation and restructuring costs. The company
believes adjusted EBITDA provides investors with useful information
regarding the operating profitability of the company as well as a
useful comparison to other companies. EBITDA is a measurement
commonly used in capital markets to value companies and is used by
the company's lenders and rating agencies to evaluate its
performance. The company adjusts EBITDA for share-based
compensation as it represents a significant non-cash item which
impacts its earnings. The company also adjusts EBITDA for
restructuring costs to provide a more consistent comparison of its
earnings to prior periods as well as to industry peers.
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 the company, 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 the company
believes 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 differ materially
from those in the forward-looking statements and 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; 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.
About Steelcase Inc.
Established in 1912, Steelcase is a global design and thought
leader in the world of work. We help people do their best work by
creating places that work better. Along with more than 30 creative
and technology partner brands, we research, design and manufacture
furnishings and solutions for the many places where work happens —
including learning, health and work from home. Our solutions come
to life through our community of expert Steelcase dealers in
approximately 770 locations, as well as our online Steelcase store
and other retail partners. Founded in Grand Rapids, Michigan,
Steelcase is a publicly traded company with fiscal year 2024
revenue of $3.2 billion. With approximately 11,300 global employees
and our dealer community, we come together for people and the
planet — using our business to help the world work better.
|
|
|
STEELCASE INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) |
|
(in millions, except per share data) |
| |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| |
February 23,2024 |
|
February 24,2023 |
|
February 23,2024 |
|
February 24,2023 |
|
Revenue |
$ |
775.2 |
|
|
$ |
801.7 |
|
|
$ |
3,159.6 |
|
|
$ |
3,232.6 |
|
| Cost of sales |
|
531.6 |
|
|
|
562.3 |
|
|
|
2,142.8 |
|
|
|
2,310.7 |
|
| Restructuring costs |
|
1.5 |
|
|
|
0.2 |
|
|
|
4.4 |
|
|
|
2.5 |
|
|
Gross profit |
|
242.1 |
|
|
|
239.2 |
|
|
|
1,012.4 |
|
|
|
919.4 |
|
| Operating expenses |
|
213.5 |
|
|
|
206.8 |
|
|
|
876.5 |
|
|
|
837.2 |
|
| Restructuring costs |
|
2.9 |
|
|
|
3.7 |
|
|
|
18.1 |
|
|
|
16.7 |
|
|
Operating income |
|
25.7 |
|
|
|
28.7 |
|
|
|
117.8 |
|
|
|
65.5 |
|
| Interest expense |
|
(6.3 |
) |
|
|
(7.2 |
) |
|
|
(25.9 |
) |
|
|
(28.4 |
) |
| Investment income |
|
2.9 |
|
|
|
0.3 |
|
|
|
6.5 |
|
|
|
1.0 |
|
| Other income, net |
|
4.3 |
|
|
|
2.6 |
|
|
|
8.7 |
|
|
|
13.5 |
|
|
Income before income tax expense |
|
26.6 |
|
|
|
24.4 |
|
|
|
107.1 |
|
|
|
51.6 |
|
| Income tax expense |
|
5.3 |
|
|
|
8.7 |
|
|
|
26.0 |
|
|
|
16.3 |
|
|
Net income |
$ |
21.3 |
|
|
$ |
15.7 |
|
|
$ |
81.1 |
|
|
$ |
35.3 |
|
| |
|
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.18 |
|
|
$ |
0.13 |
|
|
$ |
0.68 |
|
|
$ |
0.30 |
|
|
Diluted |
$ |
0.18 |
|
|
$ |
0.13 |
|
|
$ |
0.68 |
|
|
$ |
0.30 |
|
| Weighted average shares
outstanding - basic |
|
118.9 |
|
|
|
117.4 |
|
|
|
118.6 |
|
|
|
117.1 |
|
| Weighted average shares
outstanding - diluted |
|
120.1 |
|
|
|
117.7 |
|
|
|
119.1 |
|
|
|
117.5 |
|
| |
|
|
|
|
|
|
|
| Dividends declared and paid
per common share |
$ |
0.100 |
|
|
$ |
0.100 |
|
|
$ |
0.400 |
|
|
$ |
0.490 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STEELCASE INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(in millions) |
| |
(Unaudited) |
|
|
| |
February 23,2024 |
|
February 24,2023 |
|
ASSETS |
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
318.6 |
|
|
$ |
90.4 |
|
|
Accounts receivable, net of allowance of $6.2 and $6.5 |
|
338.3 |
|
|
|
373.3 |
|
|
Inventories |
|
231.0 |
|
|
|
319.7 |
|
|
Prepaid expenses |
|
31.9 |
|
|
|
28.9 |
|
|
Assets held for sale |
|
— |
|
|
|
29.0 |
|
|
Other current assets |
|
39.6 |
|
|
|
42.7 |
|
| Total current assets |
|
959.4 |
|
|
|
884.0 |
|
| |
|
|
|
| Property, plant and equipment,
net of accumulated depreciation of $1,119.2 and $1,088.6 |
|
352.9 |
|
|
|
376.5 |
|
| Company-owned life insurance
("COLI") |
|
166.9 |
|
|
|
157.3 |
|
| Deferred income taxes |
|
115.8 |
|
|
|
117.3 |
|
| Goodwill |
|
274.8 |
|
|
|
276.8 |
|
| Other intangible assets, net
of accumulated amortization of $115.0 and $97.6 |
|
94.6 |
|
|
|
111.2 |
|
| Investments in unconsolidated
affiliates |
|
55.7 |
|
|
|
51.1 |
|
| Right-of-use operating lease
assets |
|
168.6 |
|
|
|
198.3 |
|
| Other assets |
|
48.0 |
|
|
|
30.3 |
|
| Total assets |
$ |
2,236.7 |
|
|
$ |
2,202.8 |
|
| |
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
211.3 |
|
|
$ |
203.5 |
|
|
Short-term borrowings and current portion of long-term debt |
|
— |
|
|
|
35.7 |
|
|
Current operating lease obligations |
|
45.1 |
|
|
|
44.7 |
|
|
Employee compensation |
|
166.1 |
|
|
|
120.0 |
|
|
Employee benefit plan obligations |
|
39.9 |
|
|
|
31.2 |
|
|
Accrued promotions |
|
19.4 |
|
|
|
26.7 |
|
|
Customer deposits |
|
44.8 |
|
|
|
50.8 |
|
|
Other current liabilities |
|
80.5 |
|
|
|
90.7 |
|
| Total current liabilities |
|
607.1 |
|
|
|
603.3 |
|
| |
|
|
|
| Long-term liabilities: |
|
|
|
|
Long-term debt less current maturities |
|
446.3 |
|
|
|
445.5 |
|
|
Employee benefit plan obligations |
|
104.5 |
|
|
|
103.0 |
|
|
Long-term operating lease obligations |
|
138.6 |
|
|
|
169.9 |
|
|
Other long-term liabilities |
|
53.1 |
|
|
|
54.9 |
|
| Total long-term
liabilities |
|
742.5 |
|
|
|
773.3 |
|
| Total liabilities |
|
1,349.6 |
|
|
|
1,376.6 |
|
| |
|
|
|
| Shareholders’ equity: |
|
|
|
|
Additional paid-in capital |
|
41.2 |
|
|
|
19.4 |
|
|
Accumulated other comprehensive income (loss) |
|
(66.9 |
) |
|
|
(72.5 |
) |
|
Retained earnings |
|
912.8 |
|
|
|
879.3 |
|
| Total shareholders’
equity |
|
887.1 |
|
|
|
826.2 |
|
| Total liabilities and
shareholders’ equity |
$ |
2,236.7 |
|
|
$ |
2,202.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
STEELCASE INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
|
(in millions) |
| |
|
|
|
|
|
Twelve Months Ended |
| |
February 23,2024 |
|
February 24,2023 |
| OPERATING
ACTIVITIES |
|
|
|
|
Net income |
$ |
81.1 |
|
|
$ |
35.3 |
|
| Adjustments to reconcile net
income to net cash provided by (used in) operating activities: |
|
|
|
|
Depreciation and amortization |
|
83.6 |
|
|
|
90.0 |
|
|
Restructuring costs |
|
22.5 |
|
|
|
19.2 |
|
|
Gain on sale of fixed assets |
|
(10.9 |
) |
|
|
(12.9 |
) |
|
Share-based compensation |
|
26.0 |
|
|
|
21.8 |
|
|
Other |
|
(15.0 |
) |
|
|
(1.0 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
21.7 |
|
|
|
(43.7 |
) |
|
Inventories |
|
88.3 |
|
|
|
12.0 |
|
|
Income taxes receivable |
|
(6.2 |
) |
|
|
36.4 |
|
|
Other assets |
|
(7.5 |
) |
|
|
(6.8 |
) |
|
Accounts payable |
|
9.9 |
|
|
|
(39.3 |
) |
|
Employee compensation liabilities |
|
31.1 |
|
|
|
29.4 |
|
|
Employee benefit obligations |
|
5.9 |
|
|
|
(12.4 |
) |
|
Customer deposits |
|
(4.1 |
) |
|
|
(24.9 |
) |
|
Accrued expenses and other liabilities |
|
(17.7 |
) |
|
|
(13.7 |
) |
| Net cash provided by (used in)
operating activities |
|
308.7 |
|
|
|
89.4 |
|
| |
|
|
|
| INVESTING
ACTIVITIES |
|
|
|
| Capital expenditures |
|
(47.1 |
) |
|
|
(59.1 |
) |
| Proceeds from disposal of
fixed assets |
|
49.4 |
|
|
|
9.9 |
|
| Acquisition, net of cash
acquired |
|
— |
|
|
|
(105.3 |
) |
| Other |
|
3.8 |
|
|
|
19.7 |
|
| Net cash provided by (used in)
investing activities |
|
6.1 |
|
|
|
(134.8 |
) |
| |
|
|
|
| FINANCING
ACTIVITIES |
|
|
|
| Dividends paid |
|
(47.6 |
) |
|
|
(57.3 |
) |
| Common stock repurchases |
|
(4.2 |
) |
|
|
(3.9 |
) |
| Borrowings on global committed
bank facility |
|
69.0 |
|
|
|
565.2 |
|
| Repayments on global committed
bank facility |
|
(69.0 |
) |
|
|
(565.2 |
) |
| Repayments on note
payable |
|
(32.2 |
) |
|
|
(2.7 |
) |
| Other |
|
(1.9 |
) |
|
|
1.0 |
|
| Net cash used in financing
activities |
|
(85.9 |
) |
|
|
(62.9 |
) |
| Effect of exchange rate
changes on cash and cash equivalents |
|
(0.2 |
) |
|
|
(1.5 |
) |
| Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
228.7 |
|
|
|
(109.8 |
) |
| Cash and cash equivalents and
restricted cash, beginning of period (1) |
|
97.2 |
|
|
|
207.0 |
|
| Cash and cash equivalents and
restricted cash, end of period (2) |
$ |
325.9 |
|
|
$ |
97.2 |
|
| |
|
|
|
|
|
|
|
(1) These amounts include restricted cash of $6.8 and $6.1
as of February 24, 2023 and February 25, 2022,
respectively.
(2) These amounts include restricted cash of $7.3 and $6.8
as of February 23, 2024 and February 24, 2023,
respectively.
Restricted cash primarily represents funds held in escrow for
potential future workers’ compensation and product liability
claims. The restricted cash balance is included as part of
Other assets on the Condensed Consolidated Balance Sheets.
|
|
|
| CONTACT: |
Investor Contact: |
| |
Mike O'Meara |
| |
Investor Relations |
| |
(616) 246 - 4251 |
| |
|
| |
Media Contact: |
| |
Katie Woodruff |
| |
Corporate Communications |
| |
(616) 915 - 8505 |
| |
|
| Source: Steelcase |
|
| SC-ERR |
|
| |
|
Grafico Azioni Steelcase (NYSE:SCS)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Steelcase (NYSE:SCS)
Storico
Da Dic 2023 a Dic 2024
