KNOLL INC

CIK:0001011570|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Sales	$ 264.2	$ 340.0
Cost of sales	168.5	217.7
Gross profit	95.7	122.3
Selling, general, and administrative expenses	89.8	103.3
Restructuring charges	3.6	7.6
Operating profit	2.3	11.4
Interest expense	3.0	4.9
Pension settlement charges	1.6	0.7
Other (income) expense, net	(0.6)	(1.2)
Income (loss) before income tax expense	(1.7)	7.0
Income tax expense (benefit)	0.2	(3.9)
Net earnings (loss)	(1.9)	10.9
Less: Net earnings attributable to Preferred stockholders	(1.9)	0.0
Net earnings (loss) attributable to common stockholders	$ (3.8)	$ 10.9
Net earnings (loss) per share:
Basic (in dollars per share)	$ (0.08)	$ 0.22
Diluted (in dollars per share)	$ (0.08)	$ 0.22
Weighted-average common shares outstanding: (in thousands)
Basic (in shares)	49,264	48,973
Diluted (in shares)	49,264	49,708
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedge, net of amounts reclassified into earnings	$ 1.1	$ (4.6)
Pension and other post-employment liability adjustments	7.2	(8.4)
Foreign currency translation adjustments	(3.8)	(9.3)
Foreign currency translation adjustments on long-term intercompany notes	(8.8)	(1.6)
Total other comprehensive income (loss), net	(4.3)	(23.9)
Total comprehensive income (loss)	$ (6.2)	$ (13.0)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ (1.9)	$ 10.9
Adjustments to reconcile net earnings (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	10.7	11.1
Stock-based compensation	4.2	1.6
Deferred income tax expense (benefit)	0.6	(6.3)
Amortization of debt issuance costs	0.2	0.2
Non-cash restructuring charges	0.9	0.3
Pension settlement charges	1.6	0.7
Other non-cash items	0.3	1.1
Changes in operating assets and liabilities:
Customer receivables	5.4	(9.4)
Inventories	(15.1)	(10.2)
Prepaid expenses and other assets	(3.2)	(0.8)
Accounts payable	3.8	(6.8)
Other liabilities	7.1	(8.8)
Cash provided by (used in) operating activities	14.6	(16.4)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(8.9)	(10.7)
Other, net	(0.2)	0.4
Cash used in investing activities	(9.1)	(10.3)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving credit facility	92.0	219.5
Repayment of revolving credit facility	(112.0)	(53.5)
Repayment of term loans	(3.6)	(4.2)
Payment of dividends	(3.6)	(8.9)
Payments of withholding taxes related to net share settlements of equity awards	(4.3)	(3.8)
Other, net	(0.1)	0.0
Cash provided by (used in) financing activities	(31.6)	149.1
Effect of exchange rate changes on cash and cash equivalents	(0.4)	(0.3)
Net increase (decrease) in cash and cash equivalents	(26.5)	122.1
Cash and cash equivalents at beginning of period	37.3	8.5	$ 8.5
Cash and cash equivalents at end of period	$ 10.8	$ 130.6	$ 37.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 10.8	$ 37.3
Customer receivables, net	77.6	83.4
Inventories	206.5	193.1
Prepaid expenses	12.3	13.7
Other current assets	40.8	37.3
Total current assets	348.0	364.8
Property, plant, and equipment, net	236.9	237.1
Goodwill	341.1	349.8
Intangible assets, net	340.1	347.9
Right-of-use lease assets	181.8	150.0
Other non-current assets	3.4	3.5
Total assets	1,451.3	1,453.1
Current liabilities:
Current maturities of long-term debt	14.5	14.6
Accounts payable	103.7	101.1
Current portion of lease liability	29.8	27.2
Other current liabilities	128.0	113.5
Total current liabilities	276.0	256.4
Long-term debt, net	269.3	295.2
Deferred income taxes	96.0	93.9
Pension liability	15.2	24.2
Lease liability	173.1	141.2
Other non-current liabilities	18.3	29.3
Total liabilities	847.9	840.2
Commitments and contingent liabilities (Note 9)
Convertible preferred stock, $1.00 par value; authorized 10,000,000 shares; issued and outstanding 169,165 shares	166.9	165.1
Shareholders’ equity: (shares in thousands)
Common stock,$0.01 par value; 200,000 shares authorized; 67,918 and 67,458 shares issued, respectively, 50,813 and 50,645 shares outstanding, respectively, net, at all periods, of treasury shares and inclusive of non voting restricted shares	0.5	0.5
Additional paid-in capital	75.2	75.4
Retained earnings	410.9	417.7
Accumulated other comprehensive loss	(50.1)	(45.8)
Total shareholders’ equity	436.5	447.8
Total liabilities, convertible preferred stock and shareholders’ equity	$ 1,451.3	$ 1,453.1