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    Brian Gordon • Water Tower Research

    Brian Gordon's questions to MillerKnoll Inc (MLKN) leadership

    Brian Gordon's questions to MillerKnoll Inc (MLKN) leadership • Q4 2025

    Question

    Brian Gordon of Water Tower Research LLC asked for details on the North American contract growth, seeking to understand the mix between transactional business and larger projects pulled forward. He also inquired about potential demand pull-forward in the retail segment and whether the promotional environment has intensified.

    Answer

    President of North America Contract John Michael clarified that the vast majority of the order pull-forward came from larger project opportunities that were already in the sales funnel. President of Global Retail Debbie Propst stated there was no significant demand pull-forward in retail and that pricing increases successfully offset any incremental discounting during the quarter.

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    Brian Gordon's questions to MillerKnoll Inc (MLKN) leadership • Q3 2025

    Question

    Brian Gordon asked for clarification on the Q3 impairment charges in the Global Retail segment, questioning how to reconcile them with the segment's strong performance, and also inquired about the rollout pace for the 10 to 15 new store locations planned for fiscal 2026.

    Answer

    CFO Jeff Stutz explained that the impairment charges were triggered by U.S. GAAP requirements due to profitability lagging internal expectations and the recent business resegmentation, which prompted an early valuation review. Debbie Propst, President of Global Retail, added that the new store openings would be paced evenly throughout fiscal 2026.

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    Brian Gordon's questions to MillerKnoll Inc (MLKN) leadership • Q2 2025

    Question

    Brian Gordon inquired about recent trends in customer discussions regarding work-from-home and hybrid policies and their potential business impact. He also followed up on the performance of large projects, specifically those greater than $5 million.

    Answer

    President of Americas Contract, John Michael, stated that conversations with executives are focused on attracting employees back to the office for collaboration and learning. CEO Andrea Owen added that the discussion has shifted from 'if' to 'when and how quickly' employees will return. Regarding large projects, CFO Jeff Stutz confirmed that the greater-than-$5-million category was again the highest growth area for the company during the quarter, continuing a positive trend.

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    Brian Gordon's questions to MillerKnoll Inc (MLKN) leadership • Q1 2025

    Question

    Brian Gordon requested an update on the progress of integrating Knoll and other brands into the international dealer network. He also asked a broader question about current customer sentiment on back-to-work and hybrid trends, and how MillerKnoll's product portfolio is positioned to meet these evolving needs.

    Answer

    CFO Jeff Stutz reported that as of the end of Q1, approximately 60% of the international dealer network integration was complete, with the goal of finishing the entire network by the end of the fiscal year. CEO Andi Owen addressed workplace trends, noting that customer conversations have shifted from the 'return to office quandary' to a focus on bringing people together more frequently. John Michael, President of Americas Contract, concurred, stating clients recognize the benefits of being in the office. Both executives affirmed their confidence in the company's product portfolio, developed with insights from their research team, to effectively serve the changing workplace.

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    Brian Gordon's questions to Ocean Power Technologies Inc (OPTT) leadership

    Brian Gordon's questions to Ocean Power Technologies Inc (OPTT) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research requested an update on the company's backlog and sales pipeline, including the conversion rate to recognized revenue. He also asked about the projected operating expense level needed to achieve breakeven by the fourth quarter of calendar 2025.

    Answer

    An executive, likely CFO Robert Powers, stated the backlog was approximately $3.6 million. CEO Philipp Stratmann noted the pipeline remains robust as new opportunities replace those converted to revenue. Stratmann clarified the breakeven target is for calendar Q4 2025 and stated that the company does not anticipate significant OpEx increases that are not directly tied to revenue generation, aiming to maintain its current cost-efficient structure.

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    Brian Gordon's questions to Steelcase Inc (SCS) leadership

    Brian Gordon's questions to Steelcase Inc (SCS) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research asked for evidence of market share gains in the government, education, and healthcare markets, their potential future size, and if similar diversification opportunities exist internationally.

    Answer

    David Sylvester, SVP & CFO, explained that while vertical-specific market share data is unavailable, these diversification segments are a meaningful and growing part of the business. Internationally, he noted opportunities in education but described healthcare as more challenging to scale. He added that a key focus in Europe is winning a larger share of the large corporate business, where the team is seeing improved win rates.

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