Investor Presentation
Noble Conference - June 26, 2024
We are the largest office furniture company in the world and have regained our industry leadership in a dynamic environment after some consolidation in recent years.
Leading Global Office Furniture Market Manufacturers Revenue*
($ in Billions)
Steelcase | $3.1 |
MillerKnoll** | $2.8 |
Haworth | $2.6 |
HNI*** | $1.9 |
*Most recently published trailing four quarters data **Retail segment excluded
***Workplace Furnishings only
$3.2B | $264M | ~11,300 | ~770 |
Revenue | Adjusted EBITDA | Employees | Steelcase dealer locations as |
in FY2024 | in FY2024 | (FY2024 year-end) | well as our online Steelcase |
store and other retail partners |
Unique Global
Capabilities | Steelcase FY2024 Segment Revenue |
(Mix %)
Int'l
23%
Americas
Outside U.S.77% 7 %
~770 65+ 15
Steelcase dealer | Steelcase locations | Regional manufacturing locations |
locations | in 17 countries | including 8 outside North America |
Research Drives
Innovation and
Breakthrough
Design
Steelcase invests in human-centered research about the ways and places people work, directly and in collaboration with leading research organizations, to uncover insights that lead us to innovation and breakthrough design.
Select Research Partners
- Arizona State University
- ARUP
- Battelle
- Georgia Tech
- Illinois Institute of Technology, Institute of Design
- Institute of the Future
- Kantar
- Logitech
- Microsoft
- Multistudio
- Oregon Institute of Technology
- Philips
- Signify
- Skidmore, Owings & Merrill
- University of Melbourne
- University of Michigan
- University of New South Wales Sydney
- Virginia Tech
Research driven insights inform everything we do from new product development to customer resources.
We operate with a conservative capital policy, and we have a dual class stock structure
FY2025 First Quarter
($ Millions)
$1,500
$1,000 | ||
Equity | ||
$500 | Credit Facility | |
COLI* | Debt | |
ST Investments |
Shares
(Millions)
180 Class B
91%
160
140 | Class B |
18%
120
100
80
60
40
20
0
FY98 | FY99 | FY00 | FY01 | FY02 | FY03 | FY04 | FY05 | FY06 | FY07 | FY08 | FY09 | FY10 | FY11 | FY12 | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | Q1 |
Class A Shares | Class B Shares | FY25 | |||||||||||||||||||||||||
Net Debt ($ Millions)
$250
$0
-$250
FY20 | FY21 | FY22 | FY23 | FY24 | TFQ |
$0
Cash**
Liquidity Profile | Capital Base |
TFQ = trailing four quarters
*COLI: Company-owned life insurance **Cash and Cash Equivalents
Financial Results
Adjusted | |||||
Operating Income | Revenue | ||||
($ Millions) | ($ Billions) | ||||
$400 | $4 | ||||
$3.7 | $3.2 | ||||
$2.8 | |||||
$300 | $2.6 | $3 | |||
$200 | $2 | |
$100 | $1 | ||||||||
1.3% | |||||||||
7.2% | 4.1% | 3.3% | 5.0% | 6 - 7% | |||||
$0 | $- | ||||||||
FY20 | FY21 | FY22 | FY23 | ||||||
Adjusted Operating Income | Revenue % = adjusted operating income margin | ||||||||
After several years of
- Extraordinary inflation
- Dramatic supply chain disruption
- Lower investment by our largest customers
Financial Results
Adjusted | |||||||
Operating Income | Revenue | ||||||
($ Millions) | ($ Billions) | ||||||
$400 | $4 | ||||||
$3.7 | $3.2 | $3.2 | |||||
$300 | $2.6 | $2.8 | $3 | ||||
$200 | $2 | |
$100 | $1 | ||||||
1.3% | |||||||
7.2% | 4.1% | 3.3% | 5.0% | 6 - 7% | |||
$0 | $- | ||||||
FY20 | FY21 | FY22 | FY23 | FY24 | |||
The environment has improved
- We've implemented significant pricing actions
- Our supply chains have largely stabilized
- Our largest customers have begun to invest
Adjusted Operating Income | Revenue | % = adjusted operating income margin | |
Financial Results & Targets
Adjusted | |||||||
Operating Income | Revenue | ||||||
($ Millions) | ($ Billions) | ||||||
$400 | $4 | ||||||
$3.7 | $3.2 | $3.2 | |||||
$300 | $2.6 | $2.8 | $3 | ||||
$200 | $2 | |||
$100 | $1 | |||||||||
1.3% | 5.0% | 6 - 7% | ||||||||
7.2% | 4.1% | 3.3% | ||||||||
$0 | $- | |||||||||
FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |||||
Target | ||||||||||
Adjusted Operating Income | Revenue % = adjusted operating income margin | |||||||||
The environment has improved
- We've implemented significant pricing actions
- Our supply chains have largely stabilized
- Our largest customers have begun to invest
- FY25 is off to a good start
Investment thesisrevolves around beliefs that:
- The office will remain strategically relevant to support innovation, culture and collaboration - requiring increased investment
Investment thesisrevolves around beliefs that:
- The office will remain strategically relevant to support innovation, culture and collaboration - requiring increased investment
Order growth/(decline)
Year over year | ||||||
20% | 15% | |||||
10% | 4% | 8% | ||||
0% | ||||||
-10% | -7% | -7% | FY24 | FY24 | FY25 | |
FY24 | FY24 | |||||
Q1 | Q2 | Q3 | Q4 | Q1 |
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Disclaimer
Steelcase Inc. published this content on 26 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 June 2024 14:22:13 UTC.