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OFFON

HNI CORPORATION

(HNI)
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HNI : Q2 2021 HNI Corporation Earnings Presentation

07/29/2021 | 07:49am EST

Second Quarter Fiscal 2021 Results

July 29th, 2021

Forward-Looking Statements

This presentation contains "forward-looking" statements based on current expectations regarding future plans, events, outlook, objectives, financial performance, expectations for sales growth, and earnings per diluted share (GAAP and non-GAAP), including statements regarding the expected effects on our business, financial condition and results of operations from the COVID-19 pandemic. Forward-looking statements can be identified by words including "expect," "believe," "anticipate," "estimate," "may," "will," "would," "could," "confident", or other similar words, phrases, or expressions. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Corporation's actual future results and performance to differ materially from expected results. These risks include but are not limited to: the duration and scope of the COVID-19 pandemic, and its effect on people and the economy; the levels of office furniture needs and housing starts; overall demand for the Corporation's products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of the Corporation's customers; the Corporation's reliance on its network of independent dealers; change in trade policy; changes in raw material, component, or commodity pricing; market acceptance and demand for the Corporation's new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on the Corporation's financing activities; an inability to protect the Corporation's intellectual property; impacts of tax legislation; and force majeure events outside the Corporation's control. A description of these risks and additional risks can be found in the

Corporation's annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. The Corporation

assumes no obligation to update, amend, or clarify forward-looking statements, except as required by applicable law.

2

Q2 2021 Conference Call Agenda

  1. Q2 2021 highlights
  1. Q3 2021 outlook III. Q&A

3

Q2 2021 Highlights

  • Non-GAAPEPS doubled versus the prior year to $0.40 driven by 22% sales growth despite headwinds related to material inflation, labor availability, and supply chain capacity
  • Residential Building Products operating profit more than doubled and total revenue increased 52% on a year-over-year basis
  • Workplace Furnishings revenue was up approximately 9% organically and Non-GAAP operating income grew 21% versus the prior-year period
  • Quarter-endingdebt levels were $179 million, modestly higher than last quarter and down from $183 million last year. Cash totaled $118 million, representing an increase of more than $24 million from the previous quarter

Year-Over-Year Order Patterns

Q2'21

Q1'21

Workplace Furnishings

+32%

-11%

Residential Building Products*

+53%

+36%

*Normalized

See GAAP to Non-GAAP reconciliations in appendix.

4

Secular Trends and HNI-Specific Opportunities

Two differentiated business segments each well positioned with cyclical, secular, and HNI-specific growth drivers. We have diversified revenue streams, and clear opportunities to drive revenue growth and shareholder value.

Workplace Furnishings

Residential Building Products

--De-urbanization

--De-urbanization

--Work-from-home

-- Nesting and work-from-home-- Remodel

--De-densification

-- Reversal of recent downsizing trends

--Price-point breadth and product depth*

--Record-low mortgage rates

-- Channel and market reach*:

-- Low housing inventory

- eCommerce access

--Vertically-integrated*

- Video gaming furniture

-- Opportunity to drive growth in an undermarketed category*:

- Design Public acquisition

- New construction: <40% choose a fireplace

- Remodel: ~3% projects involve a fireplace

*Opportunities specific to HNI

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

HNI Corporation published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 11:47:13 UTC.


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Net income 2021 69,9 M - -
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Kris Rao Chief Information & Digital Officer, VP
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