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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
______________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  February 22, 2024

Commission File Number: 1-14225

HNI Corporation
Iowa42-0617510
(State of incorporation)(IRS Employer Identification No.)
600 East Second Street
P. O. Box 1109
Muscatine, Iowa 52761-0071
(563) 272-7400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockHNINew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Section 2 — Financial Information

Item 2.02    Results of Operations and Financial Condition.
    
On February 22, 2024, HNI Corporation issued a press release announcing its financial results for its fourth quarter and fiscal year-ended December 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K and the attached Exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Section 9 — Financial Statements and Exhibits

Item 9.01          Financial Statements and Exhibits.
Exhibit No.Description
  
99.1
104Cover Page Interactive Data File





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
HNI CORPORATION
 
 
Date:February 22, 2024 By/s/ Marshall H. Bridges
    Marshall H. Bridges
Senior Vice President and Chief Financial Officer


                                    
HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com

hni_logoa06a.gif
News Release
                                
For Information Contact:
Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

HNI CORPORATION REPORTS EARNINGS FOR
FOURTH QUARTER AND FISCAL YEAR 2023

MUSCATINE, Iowa (February 22, 2024) – HNI Corporation (NYSE: HNI) today announced sales of $2.434 billion and net income of $49.2 million for the full year ended December 30, 2023. GAAP net income per diluted share was $1.09, compared to $2.94 in the prior year. Non-GAAP net income per diluted share was $2.65, compared to $2.20 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth quarter sales of $679.8 million were up 19 percent from year-ago levels, and fourth quarter net income was $22.7 million. GAAP net income per diluted share was $0.48, compared to $0.39 in the prior year. Non-GAAP net income per diluted share was $0.98, up from $0.63 reported in the prior-year period.

Fourth Quarter Highlights
•Strong earnings growth. Fourth quarter GAAP earnings per share increased 23 percent year-over-year. On a non-GAAP basis, the Corporation delivered diluted earnings per share that were 56 percent higher than the fourth quarter of fiscal year 2022 despite a 6.4 percent year-over-year organic revenue decline.
•Significant Workplace Furnishings margin expansion. Segment GAAP operating margin expanded 410 basis points on a year-over-year basis. Excluding impacts from the Kimball International acquisition, fourth quarter non-GAAP operating profit margin for legacy HNI workplace furnishings (“Legacy Workplace”) increased 480 basis points compared to the prior-year period. Price-cost improvement, productivity gains, and benefits from recent cost savings initiatives were the primary drivers of margin expansion.
•Kimball International solidly accretive; estimated synergies move higher. Kimball International (“KII”) added approximately $16 million to fourth quarter operating profit while generating an operating profit margin of approximately 11 percent. KII also added an estimated $0.07 to fourth quarter non-GAAP EPS. The Corporation now expects to achieve total annual cost synergies of $35 million. This is up from previous expectations of at least $25 million, which is now expected to be achieved in 2024—well ahead of the initially communicated time horizon.
•Residential Building Products margins improve despite continued housing market weakness. Segment GAAP operating margin expanded 310 basis points year-over-year to 22.3 percent. Non-GAAP
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operating margin improved to 22.3 percent, a 240 basis point improvement from 19.9 percent in the year-ago period. This was despite a 13.1 percent year-over-year revenue decline. Recent cost reduction actions continued to support profitability. The segment remains well positioned for sustained long-term profitable growth. Order trends improved during the quarter, and the intermediate- to long-term demand dynamics remain encouraging for the segment.
•Strong balance sheet further strengthened. The Corporation reduced debt by $73 million in the fourth quarter and by $162 million during the second half of 2023. As a result, the Corporation ended the fourth quarter with $436 million in total debt with a gross leverage ratio of 1.9x, as calculated by the Corporation’s lending agreements. Gross leverage is back below 2.0x only two quarters following the acquisition of Kimball International.

“We made outstanding progress in 2023 and finished the year on a strong note, delivering greater than 50 percent earnings growth in the fourth quarter. Our Workplace Furnishings profit transformation plan continues to pay dividends and drove segment fourth quarter operating margin to pre-pandemic levels. The synergy capture associated with the Kimball International acquisition is ahead of schedule; moreover, we now expect total synergies to be $10 million higher than our initial projection. In Residential Building Products, our actions to support profitability fueled margins to near record levels despite housing market weakness. Overall, we exited 2023 a fundamentally stronger company, reflecting the power and dedication of our member-owners,” stated Jeff Lorenger, Chairman, President, and Chief Executive Officer.

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HNI Corporation — Fourth Quarter Results
HNI Corporation – Fourth Quarter Financial Performance
(Dollars in millions, except per share data)
Three Months Ended
December 30,
2023		December 31,
2022		Change
GAAP
Net Sales$679.8 $568.9 19.5 %
Gross Profit %40.2 %36.6 %360  bps
SG&A %31.0 %31.5 %-50  bps
Restructuring and Impairment Charges %4.6 %1.0 %360  bps
Operating Income$30.7 $23.0 33.6 %
Operating Income %4.5 %4.0 %50  bps
Effective Tax Rate0.0 %21.0 %
Net Income %3.3 %2.9 %40  bps
EPS – diluted$0.48 $0.39 23.1 %
Non-GAAP
Gross Profit %40.2 %37.4 %280  bps
Operating Income$66.1 $36.2 82.6 %
Operating Income %9.7 %6.4 %330  bps
EPS – diluted$0.98 $0.63 55.6 %

The following table contains results for (1) the Corporation’s legacy business, excluding the impacts of KII and Poppin (“Legacy HNI”) and (2) KII. As previously disclosed, the Corporation divested Poppin in the third quarter of 2023. Please refer to non-GAAP reconciliations, which follow the financial statements in this release, for further information on the adjustments made to calculate non-GAAP performance.
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HNI Corporation – Fourth Quarter Impact of Kimball International Acquisition
(Dollars in millions, except per share data)
Three Months Ended
December 30,
2023		December 31,
2022
GAAPLegacy HNIKIIConsolidated HNIConsolidated HNILegacy ChangeConsolidated Change
Net Sales$532.4 $147.4 $679.8 $568.9 (6.4 %)19.5 %
Gross Profit$211.8 $61.3 $273.1 $208.0 1.8 %31.3 %
Gross Profit %39.8 %41.6 %40.2 %36.6 %320  bps360  bps
Restructuring and Impairment$33.3 ($1.9)$31.4 $5.7 488 %455 %
Operating Income$14.5 $16.2 $30.7 $23.0 (36.9 %)33.6 %
Operating Income %2.7 %11.0 %4.5 %4.0 %-130  bps50  bps
EPS - diluted$0.48 $0.39 23.1 %
Non-GAAP
Gross Profit$212.1 $61.3 $273.5 $212.8 (0.3 %)28.5 %
Gross Profit %39.8 %41.6 %40.2 %37.4 %240  bps280  bps
Operating Income$50.3 $15.7 $66.1 $36.2 39.1 %82.6 %
Operating Income %9.5 %10.7 %9.7 %6.4 %310  bps330  bps
EPS - diluted$0.91 $0.98 $0.63 44.4 %55.6 %

HNI Corporation — Fourth Quarter Summary Comments
•Consolidated net sales increased 19.5 percent from the prior-year quarter to $679.8 million. On an organic basis, sales decreased 6.4 percent compared to the prior-year quarter. The acquisition of Kimball International increased year-over-year sales by $147.4 million. A reconciliation of organic sales, a non-GAAP measure, follows the financial statements in this release.
•Gross profit margin expanded 360 basis points compared to the prior-year quarter, driven by favorable price-cost, improved net productivity, lower restructuring costs, and the impact of the Kimball International acquisition, partially offset by lower building products volume.
•Selling and administrative expenses as a percent of sales decreased 50 basis points from the prior-year quarter. This decrease was driven by improved freight and distribution productivity, lower core SG&A, and lower group medical expense, partially offset by lower building products volume and higher variable compensation. The current quarter also included $3.6 million of acquisition-related fees and expenses, while the prior-year quarter included $2.5 million associated with a company-wide cost reduction initiative.
•Restructuring and impairment charges totaled $31.4 million in the current-year quarter, primarily from goodwill and intangible asset impairments related to small business units in the Workplace Furnishings segment. In the prior-year quarter, the Corporation incurred $5.7 million of restructuring and impairment costs related to efforts to drive business simplification and improve long-term profitability in the Workplace Furnishings segment.
•Non-GAAP net income per diluted share was $0.98 compared to $0.63 in the prior-year quarter. The $0.35 increase was primarily driven by improved net productivity, favorable price-cost, lower core SG&A, and the net impact of the Kimball International acquisition, partially offset by lower building products volume and higher variable compensation.
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•The GAAP tax rate in the current-year period was impacted by the effects of the Kimball International acquisition and impairment charges, resulting in a rate of 0.0 percent. Non-GAAP net income per diluted share in the current-year quarter includes an effective tax rate of 19.5 percent.

HNI Corporation — Full Year Results
HNI Corporation — Full Year Financial Performance
(Dollars in millions, except per share data)
Twelve Months Ended
December 30,
2023		December 31,
2022		Change
GAAP
Net Sales$2,434.0 $2,361.8 3.1 %
Gross Profit %39.0 %35.4 %360  bps
SG&A %33.4 %30.6 %280  bps
Gain on Sale of Subsidiary$— $ 50.4 NM
Restructuring and Impairment Charges %1.8 %0.3 %150  bps
Operating Income$90.3 $155.2 (41.8 %)
Operating Income %3.7 %6.6 %-290  bps
Effective Tax Rate24.1 %15.4 %
Net Income %2.0 %5.2 %-320  bps
EPS – diluted$1.09 $2.94 (62.9 %)
Non-GAAP
Gross Profit %39.0 %35.7 %330  bps
Operating Income$178.1 $128.4 38.8 %
Operating Income %7.3 %5.4 %190  bps
EPS – diluted$2.65 $2.20 20.5 %

The following table contains results for (1) Legacy HNI, (2) KII, and (3) Poppin. Please refer to non-GAAP reconciliations, which follow the financial statements in this release, for further information on the adjustments made to calculate non-GAAP performance.

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HNI Corporation – Full Year Impact of Kimball International Acquisition
(Dollars in millions, except per share data)
Twelve Months Ended
December 30,
2023		December 31,
2022
GAAPLegacy HNIKIIPoppinConsolidated HNIConsolidated HNILegacy ChangeConsolidated Change
Net Sales$2,072.6 $349.8 $11.6 $2,434.0 $2,361.8 (12.2 %)3.1 %
Gross Profit$798.6 $142.9 $6.7 $948.3 $834.9 (4.3 %)13.6 %
Gross Profit %38.5 %40.9 %57.8 %39.0 %35.4 %310  bps360  bps
Gain on Sale of Subsidiary$— $— $— $— $50.4 NMNM
Restructuring and Impairment$35.8 ($1.9)$10.8 $44.8 $6.7 437 %572 %
Operating Income (Loss)$78.9 $26.0 ($14.7)$90.3 $155.2 (49.1 %)(41.8 %)
Operating Income (Loss) %3.8 %7.4 %(126 %)3.7 %6.6 %-280  bps-290  bps
EPS - diluted$1.09 $2.94 (62.9 %)
Non-GAAP
Gross Profit$799.5 $142.9 $6.7 $949.2 $843.7 (5.2 %)12.5 %
Gross Profit %38.6 %40.9 %57.8 %39.0 %35.7 %290  bps330  bps
Operating Income (Loss)$145.3 $36.7 ($3.8)$178.1 $128.4 13.2 %38.8 %
Operating Income (Loss) %7.0 %10.5 %(32.9 %)7.3 %5.4 %160  bps190  bps
EPS - diluted$2.50 $2.65 $2.20 13.6 %20.5 %

*2023 fiscal year results reflect seven months of KII and approximately three and a half months of Poppin.

HNI Corporation — Full Year Summary Comments
•Consolidated net sales increased 3.1 percent from the prior year to $2.434 billion. On an organic basis, net sales decreased 10.6 percent compared to the prior year primarily due to declines in Residential Building Products that were driven by housing market weakness. The current-year acquisition of Kimball International increased year-over-year sales by $361.4 million, while the prior-year acquisition of a residential building products company increased year-over-year sales by $2.4 million. The prior-year sale of the Corporation's China- and Hong Kong-based Lamex office furniture business (“Lamex”) decreased year-over-year sales by $46.9 million.
•Gross profit margin expanded 360 basis points compared to the prior year. This increase was driven by favorable price-cost, improved net productivity, and the impact of the Kimball International acquisition, partially offset by lower organic volume.
•Selling and administrative expenses as a percent of sales increased 280 basis points compared to the prior year. This increase was driven by $41.2 million of acquisition-related fees and expenses along with lower organic volume and higher variable compensation, partially offset by lower core SG&A and dilution from price realization. The prior year also included $8.0 million associated with a company-wide cost reduction initiative.
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•Restructuring and impairment costs in the current year were primarily comprised of $31.0 million of goodwill and intangible asset impairments related to small business units in the Workplace Furnishings segment and $9.8 million incurred in connection with the divestiture of Poppin. In the prior year, the Corporation incurred restructuring and impairment costs of $6.7 million primarily related to efforts to drive business simplification and improve long-term profitability in the Workplace Furnishings segment.
•A pre-tax gain of $50.4 million was recorded as a corporate item during the prior year as a result of the divestiture of Lamex.
•Non-GAAP net income per diluted share was $2.65, compared to $2.20 in the prior year. The $0.45 increase was driven by favorable price-cost, improved net productivity, lower core SG&A, and the net impact of the Kimball International acquisition, partially offset by lower organic volume and higher variable compensation.

Workplace Furnishings — Fourth Quarter and Full Year Results
Workplace Furnishings – Financial Performance
(Dollars in millions)
Three Months EndedTwelve Months Ended
December 30,
2023		December 31,
2022		ChangeDecember 30,
2023		December 31,
2022		Change
GAAP
Net Sales$490.7 $351.2 39.7 %$1,740.3 $1,486.2 17.1 %
Operating Income (Loss)$9.5 ($7.7)223 %$68.6 $3.4 NM
Operating Income (Loss) %1.9 %(2.2 %)410  bps3.9 %0.2 %370  bps
Non-GAAP
Operating Income$40.4 $8.4 382 %$124.5 $23.5 430 %
Operating Income %8.2 %2.4 %580  bps7.2 %1.6 %560  bps

The following tables contain results for (1) the Corporation’s legacy workplace furnishings business, excluding the impacts of KII and Poppin (“Legacy Workplace”), (2) KII, and (3) Poppin. Please refer to non-GAAP reconciliations, which follow the financial statements in this release for further information on the adjustments made to calculate non-GAAP performance.

Workplace Furnishings – Fourth Quarter Impact of Kimball International Acquisition
(Dollars in millions)
Three Months Ended
December 30,
2023		December 31,
2022		 
GAAPLegacy WorkplaceKIITotal WorkplaceTotal WorkplaceLegacy ChangeTotal Change
Net Sales$343.3 $147.4 $490.7 $351.2 (2.3 %)39.7 %
Operating Income (Loss)($6.7)$16.2 $9.5 ($7.7)12.7 %223 %
Operating Income (Loss) %(2.0 %)11.0 %1.9 %(2.2 %)20  bps410  bps
Non-GAAP
Operating Income$24.6 $15.7 $40.4 $8.4 194 %382 %
Operating Income %7.2 %10.7 %8.2 %2.4 %480  bps580  bps

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Workplace Furnishings – Full Year Impact of Kimball International Acquisition
(Dollars in millions)
Twelve Months Ended
December 30,
2023		December 31,
2022		 
GAAPLegacy WorkplaceKIIPoppinTotal WorkplaceTotal WorkplaceLegacy ChangeTotal Change
Net Sales$1,378.8 $349.8 $11.6 $1,740.3 $1,486.2 (7.2 %)17.1 %
Operating Income (Loss)$57.3 $26.0 ($14.7)$68.6 $3.4 NMNM
Operating Income (Loss) %4.2 %7.4 %(126 %)3.9 %0.2 %400  bps370  bps
Non-GAAP
Operating Income (Loss)$91.6 $36.7 ($3.8)$124.5 $23.5 290 %430 %
Operating Income (Loss) %6.6 %10.5 %(32.9 %)7.2 %1.6 %500  bps560  bps

*2023 fiscal year results reflect seven months of KII and approximately three and a half months of Poppin.

Workplace Furnishings — Fourth Quarter Summary Comments
•Workplace Furnishings net sales increased 39.7 percent from the prior-year quarter to $490.7 million. On an organic basis, net sales decreased 2.3 percent from the prior-year quarter. The impact of the Kimball International acquisition increased sales by $147.4 million over the prior-year quarter.
•Workplace Furnishings GAAP operating profit margin expanded 410 basis points versus the prior-year period. On a non-GAAP basis, segment operating profit margin expanded 580 basis points, driven by the impact of the Kimball International acquisition, favorable price-cost, improved net productivity, and lower core SG&A, partially offset by higher variable compensation. Excluding the impact of KII, fourth quarter non-GAAP operating profit margin for Legacy Workplace was 7.2 percent, an improvement of 480 basis points year-on-year.

Workplace Furnishings — Full Year Summary Comments
•Workplace Furnishings net sales increased 17.1 percent from the prior year to $1.740 billion. On an organic basis, net sales decreased 4.2 percent from the prior year. The impact of the Kimball International acquisition increased sales by $361.4 million over the prior year, while the prior-year sale of Lamex decreased sales $46.9 million year-over-year.
•Workplace Furnishings GAAP operating profit margin expanded 370 basis points. On a non-GAAP basis, segment operating profit margin expanded 560 basis points, primarily driven by favorable price-cost, the impact of the Kimball International acquisition, improved net productivity, and lower core SG&A, partially offset by lower organic volume and higher variable compensation. Excluding the impact of KII and Poppin, full year non-GAAP operating profit margin for Legacy Workplace was 6.6 percent, an improvement of 500 basis points year-on-year.




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Residential Building Products — Fourth Quarter and Full Year Results
Residential Building Products – Financial Performance
(Dollars in millions)
Three Months EndedTwelve Months Ended
December 30,
2023		December 31,
2022		ChangeDecember 30,
2023		December 31,
2022		Change
GAAP
Net Sales$189.1 $217.7 (13.1 %)$693.7 $875.6 (20.8 %)
Operating Income$42.1 $41.7 0.9 %$116.6 $158.7 (26.5 %)
Operating Income %22.3 %19.2 %310  bps16.8 %18.1 %-130  bps
Non-GAAP
Operating Income$42.1 $43.3 (2.7 %)$117.8 $160.3 (26.5 %)
Operating Income %22.3 %19.9 %240  bps17.0 %18.3 %-130  bps

Residential Building Products — Fourth Quarter Summary Comments
•Residential Building Products net sales decreased 13.1 percent from the prior-year quarter to $189.1 million, primarily due to housing market weakness. Remodel/retrofit sales declined at a higher rate than new construction.
•Residential Building Products GAAP operating profit margin expanded 310 basis points, driven by improved net productivity, favorable price-cost, lower core SG&A, and favorable product mix, partially offset by lower volume.

Residential Building Products — Full Year Summary Comments
•Residential Building Products net sales decreased 20.8 percent from the prior year to $693.7 million, primarily due to housing market weakness. Remodel/retrofit sales, which also were negatively impacted by the normalization of trade inventory, declined at a higher rate than new construction. On an organic basis, sales decreased 21.0 percent year-over-year. The prior-year acquisition of a building product company increased sales $2.4 million year-over-year.
•Residential Building Products GAAP operating profit margin compressed 130 basis points due to lower volume, partially offset by favorable price-cost, improved net productivity, lower core SG&A, and lower variable compensation.













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Fourth Quarter Orders
•Organic orders in the Workplace Furnishings segment modestly grew during the quarter. Orders from small-to-medium sized customers and at KII Workplace & Health both increased year-over-year at a mid-single digit rate, outpacing contract orders, which were approximately flat versus the prior-year period. Overall, year-over-year order trends were uneven during the quarter and were strongest in December.
•Orders in the Residential Building Products segment decreased three percent versus the fourth quarter of 2022. This represents an improvement compared to the third quarter when orders were down 18 percent year-over-year. Year-over-year order trends improved through the quarter, and new construction outperformed remodel/retrofit.

Outlook
•2024 non-GAAP earnings per share are expected to increase solidly year-over-year primarily driven by continued margin expansion in Workplace Furnishings and accretion from Kimball International.
•2024 demand environment. The Corporation expects 2024 organic revenue to grow at a low-single-digit rate in both Workplace Furnishings and Residential Building Products. For Workplace Furnishings, this outlook assumes demand conditions remain generally in-line with those experienced in the second-half 2023. In Residential Building Products, the Corporation expects growth in new construction to be partially offset by continued declines in remodel/retrofit.
•2024 impact of Kimball International. The Corporation expects KII to add $215 to $225 million of incremental revenue to 2024 and be solidly accretive to earnings.
•Balance Sheet. The Corporation expects to further reduce leverage and improve its already strong balance sheet during 2024 through modest debt reduction and continued EBITDA growth. Low leverage and consistent cash flow generation will provide the Corporation with substantial capacity for capital deployment. The Corporation’s current priorities for capital deployment are reinvesting in the business, funding dividends, and pursuing share buybacks and M&A opportunities.
•First quarter non-GAAP earnings per share are expected to increase year-over-year, with margin expansion and accretion from Kimball International more than offsetting macro-driven top line pressure. The Corporation expects first quarter Workplace Furnishings organic revenue to be down in the low-single digits versus the same quarter of 2023. KII is expected to add $125 to $130 million of revenue. In Residential Building Products, the Corporation expects first quarter revenue to be down in the low- to mid-teens year-over-year. This primarily reflects the impact from unwinding the elevated remodel-retrofit backlog in the year-ago period, partially offset by forecasted growth in new construction.
Concluding Remarks
“Our strategies have driven non-GAAP EPS growth in excess of 60 percent and expanded operating margin by 270 basis points over the past two years despite a consistently turbulent macroeconomic environment. In Workplace Furnishings, our profit transformation initiatives and the addition of Kimball International have expanded margins more than 600 basis points, and segment operating profit has grown $110 million or more than 750 percent from 2021 levels. We expect continued year-over-year profit and margin improvement from here.

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“The integration and accretion from Kimball International are ahead of schedule, and our synergy expectations have moved higher. KII is complementary from a product, market, and cultural perspective; and it strengthens our Workplace Furnishings exposure to several important trends and markets—namely, ancillary products, secondary geographies, healthcare, and hospitality. Each provides new opportunities for profit growth. Our confidence in the combination’s strategic and financial benefits continues to accelerate.

“In Residential Building Products, we quickly adjusted our cost structure to respond to the housing re-set in 2023. Despite the macro-driven top line pressure, our operating profit margin in the fourth quarter expanded to near-record levels, even as we continued to invest in our growth strategies, leading brands, and operating platforms. Although the near term remains dynamic, leading indicators are improving, and we are uniquely positioned to drive high-margin growth as the housing market stabilizes.

“Our balance sheet is in excellent shape, and our cash flow is strong. Our members are focused and driving our core strategies of expanding margins in Workplace Furnishings and driving long-term high-margin revenue growth in Residential Building Products,” concluded Mr. Lorenger.

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Conference Call
HNI Corporation will host a conference call on Thursday, February 22, 2024 at 10:00 a.m. (Central) to discuss fourth quarter and fiscal year 2023 results. To participate, call 1-855-761-5600 – conference ID number 7175411. A live webcast of the call will be available on HNI Corporation’s website at http://www.hnicorp.com (under Investors – Events & Presentations). A replay of the webcast will be made available at this website address. An audio replay of the call will be available until Thursday, February 29, 2024, 10:59 p.m. (Central) by dialing 1-800-770-2030 – Conference ID number 7175411.
About HNI Corporation
HNI Corporation (NYSE: HNI) is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation’s leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. More information can be found on the Corporation’s website at www.hnicorp.com.

Forward-Looking Statements
This release 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 future levels of demand, anticipated macroeconomic conditions, expected differences in seasonality and its results on the Corporation’s results of operations, the anticipated benefits and cost synergies of the acquisition of Kimball International and sale of Poppin, and future levels of productivity. 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. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results due to the risks and uncertainties described elsewhere in this release, including but not limited to: the Corporation’s ultimate realization of the anticipated benefits of the acquisition of Kimball International and sale of Poppin; disruptions in the global supply chain; the effects of prolonged periods of inflation and rising interest rates; labor shortages; 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; cybersecurity threats, including those posed by potential ransomware attacks; impacts of tax legislation; and force majeure events outside the Corporation’s control, including those that may result from the effects of climate change. 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
12

10-K and 10-Q. The Corporation assumes no obligation to update, amend, or clarify forward-looking statements, except as required by applicable law.
13

HNI Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(In millions, except per share data)

(Unaudited)
Three Months EndedTwelve Months Ended
December 30,
2023		December 31,
2022		December 30,
2023		December 31,
2022
Net sales$679.8 $568.9 $2,434.0 $2,361.8 
Cost of sales406.7 361.0 1,485.7 1,526.9 
Gross profit273.1 208.0 948.3 834.9 
Selling and administrative expenses211.0 179.1 813.2 723.4 
(Gain) loss on sale of subsidiary— 0.3 — (50.4)
Restructuring and impairment charges31.4 5.7 44.8 6.7 
Operating income30.7 23.0 90.3 155.2 
Interest expense, net7.9 2.3 25.5 8.8 
Income before income taxes22.7 20.6 64.8 146.4 
Income taxes0.0 4.3 15.6 22.5 
Net income22.7 16.3 49.2 123.9 
Less: Net income (loss) attributable to non-controlling interest0.0 0.0 0.0 (0.0)
Net income attributable to
HNI Corporation		$22.7 $16.3 $49.2 $123.9 
Average number of common shares outstanding – basic46.7 41.4 44.5 41.7 
Net income attributable to
HNI Corporation per common share – basic		$0.49 $0.39 $1.11 $2.97 
Average number of common shares outstanding – diluted47.7 41.9 45.4 42.2 
Net income attributable to
HNI Corporation per common share – diluted		$0.48 $0.39 $1.09 $2.94 
Foreign currency translation adjustments$(0.0)$(0.2)$(0.2)$(5.7)
Change in unrealized gains (losses) on marketable securities, net of tax0.3 0.1 0.4 (0.7)
Change in pension and post-retirement liability, net of tax(0.0)4.3 (0.0)4.3 
Change in derivative financial instruments, net of tax(2.7)(0.1)(2.8)0.8 
Other comprehensive income (loss), net of tax(2.4)4.1 (2.6)(1.3)
Comprehensive income20.3 20.4 46.6 122.6 
Less: Comprehensive income (loss) attributable to non-controlling interest0.0 0.0 0.0 (0.0)
Comprehensive income attributable to HNI Corporation$20.3 $20.4 $46.6 $122.6 


Amounts may not sum due to rounding.
14

HNI Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
December 30,
2023		December 31,
2022
Assets
Current Assets:
   Cash and cash equivalents$28.9 $17.4 
   Short-term investments5.6 2.0 
   Receivables247.1 218.4 
   Allowance for doubtful accounts(3.5)(3.2)
   Inventories, net196.6 180.1 
   Prepaid expenses and other current assets61.3 54.4 
     Total Current Assets535.9 469.2 
Property, Plant, and Equipment:
   Land and land improvements58.9 30.8 
   Buildings406.8 275.4 
   Machinery and equipment705.8 602.6 
   Construction in progress22.2 34.2 
1,193.7 942.9 
   Less accumulated depreciation(638.5)(590.3)
     Net Property, Plant, and Equipment555.2 352.5 
Right-of-use Finance Leases12.2 11.4 
Right-of-use Operating Leases115.2 88.4 
Goodwill and Other Intangible Assets, net651.9 439.8 
Other Assets58.4 53.2 
     Total Assets$1,928.8 $1,414.5 
Liabilities and Equity
Current Liabilities:
   Accounts payable and accrued expenses$418.7 $367.7 
   Current maturities of debt7.5 1.3 
   Current maturities of other long-term obligations7.3 2.1 
   Current lease obligations - Finance4.4 3.7 
   Current lease obligations - Operating25.9 20.3 
     Total Current Liabilities463.7 395.1 
Long-Term Debt428.3 188.8 
Long-Term Lease Obligations - Finance7.9 7.7 
Long-Term Lease Obligations - Operating104.0 78.9 
Other Long-Term Liabilities78.0 66.3 
Deferred Income Taxes85.1 61.0 
Equity:
HNI Corporation shareholders’ equity761.4 616.5 
Non-controlling interest0.3 0.3 
     Total Equity761.8 616.8 
     Total Liabilities and Equity$1,928.8 $1,414.5 
Amounts may not sum due to rounding.
15

HNI Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)

(Unaudited)
Twelve Months Ended
December 30,
2023		December 31,
2022
Net Cash Flows From (To) Operating Activities:
Net income$49.2 $123.9 
Non-cash items included in net income:
Depreciation and amortization94.9 84.2 
Other post-retirement and post-employment benefits1.1 1.3 
Stock-based compensation16.5 9.0 
Deferred income taxes(0.6)(15.3)
Restructuring and impairment charges31.5 6.2 
Gain on sale of subsidiary— (50.4)
Other – net5.1 2.7 
Net increase (decrease) in cash from operating assets and liabilities76.5 (72.7)
Decrease in other liabilities(6.6)(7.7)
Net cash flows from (to) operating activities267.5 81.2 
Net Cash Flows From (To) Investing Activities:
Capital expenditures(78.1)(60.0)
Acquisition spending, net of cash acquired(369.7)(11.4)
Capitalized software(1.0)(8.4)
Purchase of investments(5.7)(2.8)
Sales or maturities of investments5.4 2.3 
Net proceeds from sale of subsidiary2.7 69.5 
Other – net1.6 0.0 
Net cash flows from (to) investing activities(444.8)(10.7)
Net Cash Flows From (To) Financing Activities:
Payments of debt(436.0)(401.6)
Proceeds from debt684.0 413.9 
Dividends paid(58.5)(53.2)
Purchase of HNI Corporation common stock(0.3)(65.2)
Proceeds from sales of HNI Corporation common stock2.3 4.7 
Other – net(2.8)(4.0)
Net cash flows from (to) financing activities188.8 (105.4)
Net increase (decrease) in cash and cash equivalents11.5 (34.8)
Cash and cash equivalents at beginning of period17.4 52.3 
Cash and cash equivalents at end of period$28.9 $17.4 

Amounts may not sum due to rounding.
16

HNI Corporation and Subsidiaries
Reportable Segment Data
(In millions)

(Unaudited)
Three Months EndedTwelve Months Ended
December 30,
2023		December 31,
2022		December 30,
2023		December 31,
2022
Net Sales:
Workplace Furnishings$490.7 $351.2 $1,740.3 $1,486.2 
Residential Building Products189.1 217.7 693.7 875.6 
Total$679.8 $568.9 $2,434.0 $2,361.8 
Income (Loss) Before Income Taxes:
Workplace Furnishings$9.5 $(7.7)$68.6 $3.4 
Residential Building Products42.1 41.7 116.6 158.7 
General corporate(20.9)(10.8)(94.9)(57.3)
Gain (loss) on sale of subsidiary— (0.3)— 50.4 
Operating Income$30.7 $23.0 $90.3 $155.2 
Interest expense, net7.9 2.3 25.5 8.8 
Total$22.7 $20.6 $64.8 $146.4 
Depreciation and Amortization Expense:
Workplace Furnishings$17.8 $11.1 $59.5 $45.7 
Residential Building Products3.5 3.3 13.7 12.6 
General corporate5.2 6.4 21.6 25.9 
Total$26.5 $20.7 $94.9 $84.2 
Capital Expenditures (including capitalized software):
Workplace Furnishings$12.2 $14.0 $62.7 $40.4 
Residential Building Products2.5 4.1 12.6 16.2 
General corporate1.6 1.5 3.7 11.7 
Total$16.3 $19.7 $79.1 $68.4 
As of December 30, 2023As of December 31, 2022
Identifiable Assets:
Workplace Furnishings$1,311.4 $761.5 
Residential Building Products467.1 493.0 
General corporate150.3 160.0 
Total$1,928.8 $1,414.5 

Amounts may not sum due to rounding.
17

Non-GAAP Financial Measures

This earnings release includes certain non-GAAP financial information as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of this non-GAAP financial information to HNI’s financial statements as prepared in accordance with GAAP are included below and throughout this earnings release. This information gives investors additional insights into HNI’s financial performance and operations. While HNI’s management believes the non-GAAP financial measures are useful in evaluating HNI’s operations, this information should be considered supplemental and not in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

To supplement the condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, this earnings release contains the following non-GAAP financial measures: organic sales, gross profit, operating income, operating profit, income taxes, net income, and net income per diluted share (i.e., EPS). These measures are adjusted from the comparable GAAP measures to exclude the impacts of the selected items as summarized in the tables below. In the current quarter and year periods, the effective tax rate used to calculate non-GAAP EPS differs from the GAAP effective tax rate primarily due to the impact of the Kimball International acquisition. In the prior-year quarter and year periods, the effective tax rate used to calculate non-GAAP EPS differs from the GAAP effective tax rate due to the impact of the Lamex divestiture. Generally, non-GAAP EPS is calculated using HNI’s overall effective tax rate for the period, as this rate is reflective of the tax applicable to most non-GAAP adjustments. Additionally, non-GAAP EPS for the Legacy HNI business is calculated by excluding the impact of new issuances of HNI common stock and HNI restricted stock units made in connection with the acquisition of Kimball International.

The sales adjustments to arrive at the non-GAAP organic sales information presented in this earnings release relate to the exclusion of net sales of KII and Poppin in the current year periods, as well as a residential building products company acquired in the second quarter of 2022. Furthermore, prior year net sales of the Lamex business that was divested in the third quarter of 2022 are excluded.

The transactions excluded for purposes of other non-GAAP financial information included in this earnings release include: professional fees and other costs related to the acquisition of Kimball International; current prior periods charges incurred due to the impairment of equity investments; current and prior periods restructuring charges recorded to cost of sales comprised of inventory valuation adjustments and relocation and new facility setup costs in the Workplace Furnishings segment; current periods restructuring and impairment costs in the Workplace Furnishings segment related to goodwill and intangible asset impairments, the exit of Poppin, the sale of an office building, and the exit of an eCommerce business. Additionally, prior period transactions excluded include the gain from the divestiture of the Lamex business and charges related to company-wide cost reduction initiatives.

18

HNI Corporation Reconciliation
(Dollars in millions)
Three Months Ended
December 30, 2023December 31, 2022
Workplace FurnishingsResidential Building ProductsTotalWorkplace FurnishingsResidential Building ProductsTotal
Sales as reported (GAAP)$490.7 $189.1 $679.8 $351.2 $217.7 $568.9 
% change from PY39.7 %(13.1 %)19.5 %
Less: Kimball International acquisition147.4 — 147.4 — — — 
Organic sales (non-GAAP)$343.3 $189.1 $532.4 $351.2 $217.7 $568.9 
% change from PY(2.3 %)(13.1 %)(6.4 %)

HNI Corporation Reconciliation
(Dollars in millions)
Twelve Months Ended
December 30, 2023December 31, 2022
Workplace FurnishingsResidential Building ProductsTotalWorkplace FurnishingsResidential Building ProductsTotal
Sales as reported (GAAP)$1,740.3 $693.7 $2,434.0 $1,486.2 $875.6 $2,361.8 
% change from PY17.1 %(20.8 %)3.1 %
Less: Kimball International acquisition361.4 — 361.4 — — — 
Less: Building Products acquisition— 2.4 2.4 — — — 
Less: Lamex divestiture— — — 46.9 — 46.9 
Organic sales (non-GAAP)$1,378.8 $691.4 $2,070.2 $1,439.3 $875.6 $2,314.9 
% change from PY(4.2 %)(21.0 %)(10.6 %)
19

HNI Corporation Reconciliation
(Dollars in millions, except per share data)
Three Months Ended
December 30, 2023
Gross ProfitOperating Income
Tax
Net Income

EPS
As reported (GAAP)$273.1 $30.7 $0.0 $22.7 $0.48 
% of net sales40.2 %4.5 %3.3 %
Tax %0.0 %
Restructuring charges0.4 (0.7)(0.3)(0.4)(0.01)
Impairment charges— 32.5 6.9 25.6 0.54 
Acquisition costs— 3.6 4.7 (1.1)(0.02)
Results (non-GAAP)$273.5 $66.1 $11.3 $46.8 $0.98 
% of net sales40.2 %9.7 %6.9 %
Tax %19.5 %

HNI Corporation Reconciliation
(Dollars in millions, except per share data)
Three Months Ended
December 31, 2022
Gross ProfitOperating IncomeTaxNet Income
EPS
As reported (GAAP)$208.0 $23.0 $4.3 $16.3 $0.39 
% of net sales36.6 %4.0 %2.9 %
Tax %21.0 %
Restructuring charges4.8 7.5 1.7 5.8 0.14 
Impairment charges— 3.0 0.7 2.3 0.06 
Cost reduction initiative— 2.5 0.5 1.9 0.05 
(Gain) loss on sale of subsidiary— 0.3 0.1 0.2 0.00 
Results (non-GAAP)$212.8 $36.2 $7.3 $26.6 $0.63 
% of net sales37.4 %6.4 %4.7 %
Tax %21.4 %

20

HNI Corporation Reconciliation
(Dollars in millions)
Three Months Ended
December 30, 2023
Legacy HNIKIIConsolidated HNI
Gross profit as reported (GAAP)$211.8 $61.3 $273.1 
% of net sales39.8 %41.6 %40.2 %
Restructuring charges recorded to cost of sales0.4 — 0.4 
Gross profit (non-GAAP)$212.1 $61.3 $273.5 
% of net sales39.8 %41.6 %40.2 %
Operating income as reported (GAAP)$14.5 $16.2 $30.7 
% of net sales2.7 %11.0 %4.5 %
Restructuring charges1.2 (1.9)(0.7)
Impairment charges32.5 — 32.5 
Acquisition costs2.2 1.4 3.6 
Operating income (non-GAAP)$50.3 $15.7 $66.1 
% of net sales9.5 %10.7 %9.7 %

HNI Corporation Reconciliation
(Dollars in millions, except per share data)
Three Months Ended
December 30, 2023
GAAP (as reported):Legacy HNIConsolidated HNI
Operating income$14.5 $30.7 
Interest expense, net1.9 7.9 
Income taxes (Legacy 9.1%, Consolidated 0.0%)
1.2 0.0 
Net income$11.4 $22.7 
Average number of common shares outstanding – diluted 42.8 (1)47.7 
EPS - Diluted$0.27 $0.48 
Non-GAAP:
Operating income$50.3 $66.1 
Interest expense, net1.9 7.9 
Income taxes (19.5%)
9.4 11.3 
Net income$39.0 $46.8 
Average number of common shares outstanding – diluted42.8 (1)47.7 
EPS - Diluted$0.91 $0.98 

(1) The average number of common shares outstanding – diluted for the Legacy HNI business is calculated by excluding the fourth quarter average impacts of new issuances of HNI common stock (4.7 million) and dilutive HNI restricted stock units (0.1 million) as a result of the acquisition of Kimball International.

21

HNI Corporation Reconciliation
(Dollars in millions, except per share data)
Twelve Months Ended
December 30, 2023
Gross ProfitOperating Income
Tax
Net Income

EPS
As reported (GAAP)$948.3 $90.3 $15.6 $49.2 $1.09 
% of net sales39.0 %3.7 %2.0 %
Tax %24.1 %
Restructuring charges0.9 12.4 2.6 9.7 0.21 
Impairment charges— 33.3 7.1 26.2 0.58 
Cost reduction initiative— 1.0 0.2 0.8 0.02 
Acquisition costs— 41.2 7.0 34.2 0.75 
Results (non-GAAP)$949.2 $178.1 $32.5 $120.1 $2.65 
% of net sales39.0 %7.3 %4.9 %
Tax %21.3 %

HNI Corporation Reconciliation
(Dollars in millions, except per share data)
Twelve Months Ended
December 31, 2022
Gross ProfitOperating IncomeTaxNet Income
EPS
As reported (GAAP)$834.9 $155.2 $22.5 $123.9 $2.94 
% of net sales35.4 %6.6 %5.2 %
Tax %15.4 %
Restructuring charges8.8 11.5 2.6 8.9 0.21 
Impairment charges— 4.0 0.9 3.1 0.07 
Cost reduction initiative— 8.0 1.8 6.2 0.15 
Gain on sale of subsidiary— (50.4)(1.0)(49.4)(1.17)
Results (non-GAAP)$843.7 $128.4 $26.8 $92.8 $2.20 
% of net sales35.7 %5.4 %3.9 %
Tax %22.4 %

22

HNI Corporation Reconciliation
(Dollars in millions)
Twelve Months Ended
December 30, 2023
Legacy HNIKIIPoppinConsolidated HNI
Gross profit as reported (GAAP)$798.6 $142.9 $6.7 $948.3 
% of net sales38.5 %40.9 %57.8 %39.0 %
Restructuring charges recorded to cost of sales0.9 — — 0.9 
Gross profit (non-GAAP)$799.5 $142.9 $6.7 $949.2 
% of net sales38.6 %40.9 %57.8 %39.0 %
Operating income (loss) as reported (GAAP)$78.9 $26.0 $(14.7)$90.3 
% of net sales3.8 %7.4 %(126 %)3.7 %
Restructuring charges3.4 (1.9)10.8 12.4 
Impairment charges33.3 — — 33.3 
Cost reduction initiative1.0 — — 1.0 
Acquisition costs28.6 12.5 — 41.2 
Operating income (loss) (non-GAAP)$145.3 $36.7 $(3.8)$178.1 
% of net sales7.0 %10.5 %(32.9 %)7.3 %

HNI Corporation Reconciliation
(Dollars in millions, except per share data)
Twelve Months Ended
December 30, 2023
GAAP (as reported):Legacy HNIConsolidated HNI
Operating income$78.9 $90.3 
Interest expense, net10.1 25.5 
Income taxes (24.1%)
16.6 15.6 
Net income$52.2 $49.2 
Average number of common shares outstanding – diluted 42.5 (1)45.4 
EPS - Diluted$1.23 $1.09 
Non-GAAP:
Operating income$145.3 $178.1 
Interest expense, net10.1 25.5 
Income taxes (21.3%)
28.8 32.5 
Net income$106.3 $120.1 
Average number of common shares outstanding – diluted42.5 (1)45.4 
EPS - Diluted$2.50 $2.65 

(1) The average number of common shares outstanding – diluted for the Legacy HNI business is calculated by excluding the full year average impacts of new issuances of HNI common stock (2.8 million) and dilutive HNI restricted stock units (0.05 million) as a result of the acquisition of Kimball International.

23

Workplace Furnishings Reconciliation
(Dollars in millions)
Three Months Ended
December 30,
2023		December 31, 2022
Legacy Workplace FurnishingsKIITotal Workplace FurnishingsTotal Workplace FurnishingsTotal Percent Change
Operating income (loss) as reported (GAAP)$(6.7)$16.2 $9.5 $(7.7)223 %
% of net sales(2.0 %)11.0 %1.9 %(2.2 %)
Restructuring charges0.4 (1.9)(1.5)7.5 
Impairment charges31.0 — 31.0 3.0 
Cost reduction initiative— — — 5.6 
Acquisition costs— 1.4 1.4 — 
Operating income (non-GAAP)$24.6 $15.7 $40.4 $8.4 382 %
% of net sales7.2 %10.7 %8.2 %2.4 %

Workplace Furnishings Reconciliation
(Dollars in millions)
Twelve Months Ended
December 30,
2023		December 31, 2022
Legacy Workplace FurnishingsKIIPoppinTotal Workplace FurnishingsTotal Workplace FurnishingsTotal Percent Change
Operating income (loss) as reported (GAAP)$57.3 $26.0 $(14.7)$68.6 $3.4 NM
% of net sales4.2 %7.4 %(126 %)3.9 %0.2 %
Restructuring charges2.6 (1.9)10.8 11.6 11.5 
Impairment charges31.8 — — 31.8 3.0 
Cost reduction initiative(0.1)— — (0.1)5.6 
Acquisition costs— 12.5 — 12.5 — 
Operating income (loss) (non-GAAP)$91.6 $36.7 $(3.8)$124.5 $23.5 430 %
% of net sales6.6 %10.5 %(32.9 %)7.2 %1.6 %

24

Residential Building Products Reconciliation
(Dollars in millions)
Three Months EndedTwelve Months Ended
December 30,
2023		December 31,
2022		Percent ChangeDecember 30,
2023		December 31,
2022		Percent Change
Operating income as reported (GAAP)$42.1 $41.7 0.9 %$116.6 $158.7 (26.5 %)
% of net sales22.3 %19.2 %16.8 %18.1 %
Cost reduction initiative— 1.5 1.3 1.5 
Operating income (non-GAAP)$42.1 $43.3 (2.7 %)$117.8 $160.3 (26.5 %)
% of net sales22.3 %19.9 %17.0 %18.3 %
25
v3.24.0.1
Cover Page
Feb. 22, 2024
Cover page. [Abstract]  
Document Type 8-K
Document Period End Date Feb. 22, 2024
Entity File Number 1-14225
Entity Registrant Name HNI Corporation
Entity Incorporation, State or Country Code IA
Entity Tax Identification Number 42-0617510
Entity Address, Address Line One 600 East Second Street
Entity Address, Address Line Two P. O. Box 1109
Entity Address, City or Town Muscatine
Entity Address, State or Province IA
Entity Address, Postal Zip Code 52761-0071
City Area Code 563
Local Phone Number 272-7400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol HNI
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000048287
Amendment Flag false
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