The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Greg Burns - Sidoti & Company, LLC - Analyst
: Good afternoon. Just a couple in terms of the guidance. So looking at the 2Q guidance, it looks like the implied here is that operating margins are
going to be down from a year ago, but revenue, I think, you're guiding to a little bit ahead of consensus. I think it's some of the lag here with the
order pacing, shifting some revenue out.
But I just want to get a little bit more color on your view on margins for the second half, what's driving, maybe the softer than what I was looking
for or maybe the Street was looking for in terms of margins in the second quarter?
Question: Greg Burns - Sidoti & Company, LLC - Analyst
: Okay, great. Thanks for that color. Then, on the retail side, RH had, I guess, some incrementally maybe positive commentary in terms of demand
momentum. Are you seeing anything in the retail market that would give you any kind of positive outlook in terms of coming quarters, maybe
demand picking up?
Question: Greg Burns - Sidoti & Company, LLC - Analyst
: Great. Thank you.
Question: Alex Fuhrman - Craig-Hallum Capital Group LLC - Analyst
: Hi guys, thanks a lot for taking my question. I was curious why you're starting to see customers asking for delivery further away from the order date.
Is that something you see as an ongoing trend that could potentially cause revenue to lag order growth over the next couple of quarters or years,
or is that really more of a one-time thing that's impacting this year?
Question: Alex Fuhrman - Craig-Hallum Capital Group LLC - Analyst
: Okay, that's really helpful. Thank you all for that detail. And then, nice to see order growth for North America Contract, leading the order growth
for you this quarter. I'm curious if there's any particular industry groups that have been driving that. It was nice to see a headline this week about
Amazon having their employees back in the office five days a week next year. Curious if you're seeing more companies kind of going down that
route and driving more large projects?
Question: Alex Fuhrman - Craig-Hallum Capital Group LLC - Analyst
: Okay, that's really helpful. Thank you all very much.
Question: Reuben Garner - he Benchmark Company, LLC - Analyst
: Thank you. Good morning, everybody -- or good evening, everybody. I guess to start on the margin side, it seems that things have kind of leveled
off here as your business is kind of stabilizing. I wanted to kind of look longer term at where you think things can go.
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SEPTEMBER 19, 2024 / 9:00PM, MLKN.OQ - Q1 2025 MillerKnoll Inc Earnings Call
I think you've been kind of in the 38.5% to 39.5% range the last five or six quarters now. Curious where you think that that can go longer term and
how much volume is kind of -- or how much that is dependent on volume versus maybe things that you have within your control still.
Question: Reuben Garner - he Benchmark Company, LLC - Analyst
: Got it. And then, Jeff, you mentioned the full-year guidance, I think you said it contemplated like an improving macro backdrop in the second half
of the year. I was wondering if you could elaborate on that. Is that across all of your businesses? Is that kind of geared more towards maybe retail
and the impact that rates can have there? Just any color would be helpful.
Question: Reuben Garner - he Benchmark Company, LLC - Analyst
: Great. Thank you, and good luck going through the end of the year.
Question: Brian Gordon - Water Tower Research LLC - Analyst
: Hey, good afternoon, everyone. Last quarter, you guys noted that the work to integrate Knoll and some of the other brands into the international
dealer network in particular was continuing. And I was just hoping you could give us an update on where you are with this process and maybe
what is left to do there?
Question: Brian Gordon - Water Tower Research LLC - Analyst
: That's great. That's good to hear. Second question, kind of maybe a bit of a bigger picture kind of question. Just kind of wondering what you guys
have been hearing from your customers and your dealers about back-to-work and hybrid trends, and maybe where the expectation is the market
is going to settle on this. And then, the follow-up to that would be, how you guys are feeling about your product portfolio for hybrid and collaboration
and those kinds of things?
Question: Brian Gordon - Water Tower Research LLC - Analyst
: Great. Thank you very much for the additional detail.
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