Introducing User-Friendly Model
We are publishing this note to introduce a new HNI financial model inclusive of the acquisition of Kimball International. We expect this new model will be more user-friendly for investors who want to see how we arrive at our estimates or tinker with the assumptions. Per our discipline, our model is available on request or visible through our partners. Our revenue and operating margin assumptions and estimates are mostly unchanged. That said, our EPS estimates have changed slightly because of our higher attention to integrating HNI’s balance sheet and cash flow statements, resulting in a change in the interest expense calculation. Our 4Q23 estimate is now $0.84, up from $0.82. Our full-year 2023 non-GAAP adjusted diluted EPS estimate is $2.50 versus $2.43 previously. We note that several choices exist for calculating full non-GAAP EPS estimates. Management will present the full-year estimate using the same methodology as it calculates the GAAP EPS estimate, namely dividing the GAAP net income attributable to HNI by the weighted average shares outstanding. For 2023, the 4+ million shares issued for the Kimball acquisition causes a slight difference versus two other methodologies (sum of four quarters or adding the sum of non-GAAP after-tax diluted EPS adjustments to the diluted GAAP EPS estimate). For the other years shown, the methodology difference is nil. Our full-year 2024 estimate is now $2.72, up from $2.65.HNI provides office furniture and hearth products. The company's Office Furniture segment designs, manufactures, and markets a range of workplace furnishings. The company's portfolio includes panel-based and freestanding furniture systems and complementary products such as seating, storage, tables, and architectural products. The company provides office panel system products, benching, freestanding tables, storage, and social collaborative products. The company's Hearth Products segment manufactures and markets prefabricated fireplaces, hearth stoves, and related products. The company's line of hearth products includes a range of gas, wood, electric, and pellet fueled fireplaces, inserts, stoves, facings, and accessories.
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