Knoll, Inc. Investor Presentation - February 2021 SVP & CFO - Knoll Inc.
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Knoll, Inc. Investor Presentation February 2021 Andrew Cogan Chairman & CEO Charles Rayfield SVP & CFO February 10, 2021 Fully Find Your Work-Flow Campaign © 2014 Knoll Inc.
FIRST QUARTER 2021 INVESTOR PRESENTATION
Forward-looking Statements/Non-GAAP Measures
This presentation includes forward-looking those in the forward-looking statements include company has provided reconciliations below of non-
statements within the meaning of Section 27A of the corporate spending and service-sector employment, GAAP financial measures to the most directly
Securities Act of 1933, as amended, and Section price competition, acceptance of Knoll's new comparable GAAP measure.
21E of the Securities Exchange Act of 1934, as products, the pricing and availability of raw materials
amended. All statements regarding Knoll, Inc.'s and components, foreign currency exchange, The non-GAAP financial measures presented within
expected future financial position, results of transportation costs, demand for high quality, well the Company’s presentation are not indicators of our
operations, revenue and profit levels, cash flows, designed furniture and interior solutions, changes in financial performance under GAAP and should not
business strategy, budgets, projected costs, capital the competitive marketplace, changes in the trends be considered as an alternative to the applicable
expenditures, products, competitive positions, in the market for furniture or coverings, the financial GAAP measure. These non-GAAP measures have
growth opportunities, plans and objectives of strength and stability of our suppliers, customers and limitations as analytical tools, and you should not
management for future operations, as well as dealers, access to capital, our success in designing consider them in isolation or as a substitute for
statements that include words such as “anticipate,” and implementing our new enterprise resource analysis of our results as reported under GAAP. In
“if,” “believe,” “plan,” “goals,” “estimate,” “expect,” planning system, our ability to successfully integrate addition, in evaluating these non-GAAP measures,
“intend,” “may,” “could,” “should,” “will,” and other acquired businesses, our supply chain optimization you should be aware that in the future we may incur
similar expressions are forward-looking statements. initiatives, the uncertainty and ultimate economic expenses similar to the adjustments in this
This includes, without limitation, our statements and impact of the COVID-19 pandemic (including presentation. Our presentation of these non-GAAP
expectations regarding any current or future changes in the way people work), and other risks measures should not be construed as an inference
recovery in our industry, our plans for reduced identified in Knoll's annual report on Form 10-K, and that our future results will be unaffected by unusual
capital and operating expenditures and enhanced other filings with the Securities and Exchange or infrequent items.
liquidity measures, our integration of acquired Commission. Many of these factors are outside of
businesses, our supply chain and manufacturing Knoll's control. The non-GAAP measures presented are utilized by
footprint optimization plans, our expectations with management to evaluate the Company's business
respect to changes in the way companies implement This presentation contains certain non-GAAP performance and profitability by excluding certain
“return to work”, “work from home” and remote work financial measures. A "non-GAAP financial measure" items that may not be indicative of our recurring core
strategies, and our expectations with respect to the is a numerical measure of a company's financial business operating results. The Company believes
payment of future dividends and leverage. Such performance that excludes or includes amounts so that these measures provide additional clarity for
forward-looking statements are inherently uncertain, as to be different than the most directly comparable investors by excluding specific expenses in an effort
and readers must recognize that actual results may measure calculated and presented in accordance to show comparable business operating results for
differ materially from the expectations of Knoll with U.S. generally accepted accounting principles the periods presented.
management. Knoll does not undertake a duty to ("GAAP") in the statements of income, balance
update such forward-looking statements. Factors sheets, or statements of cash flow of the company.
that may cause actual results to differ materially from Pursuant to applicable reporting requirements, the
2
KNOLL AT A GLANCE
Knoll is:
A constellation of design-driven brands
and people, working together with our
clients to create inspired modern
interiors.
1938 1947 1938 1988 2007
1988 2012 2014 2016 2018
2019
© Knoll Inc. 3 3
A DIVERSIFIED PRODUCT PORTFOLIO
High-performance workspaces to inspired residences
Knoll Office Fully KnollStudio KnollTextiles
DatesWeiser Spinneybeck/FilzFelt Muuto HOLLY HUNT
© 2021 Knoll, Inc. 4
In Q4 2020, Residential and Consumer Sales reached 34%
of total revenue, up from 21% in FY 2019
Q4 2020 TOTAL SALES
66% 34%
Architects & Designers Interior Designers & Consumers & Small Business
Design Contacts RESIDENTIAL & SMALL PROJECT SIZE
LARGE PROJECT SIZE
Business, Government Education, RESIDENTIAL FOCUS
Healthcare & Hospitality Clients
BRICK & MORTAR SHOWROOMS E-COMMERCE
Knoll Workplace, Ancillary HOLLY HUNT
Knoll Home Design Shops fully.com
Solutions & Coverings 13 Showrooms
Direct Sales Professionals North America & London
New York & Los Angeles d
knoll.com
Contract Dealers
Edelman Knoll + Muuto KnollStudio + Muuto
8 Showrooms Residential Dealers
DatesWeiser
Knoll Office
KnollStudio
Coverings
North America
Muuto
Knoll
Europe muuto.com (2021+)
KnollStudio Asia
New York D&D Showroom
Q4 2020 Sales grow th of
+239% vs PY
(30%) 34%
Q4 2020 SALES GROWTH/(Decline) VS PY
Note: For a reconciliation of Workplace and Residential sales, see page 19
© 2021 Knoll, Inc. 5
Fluid brands that can easily pivot from the workplace to the
home differentiate Knoll and are a competitive advantage
Q4 2020 Performance vs. Prior Year
Knoll, Inc. (16%) Sales $312.9M | Adjusted EBITDA Margin 9.8% E-commerce Sales 239%
Workplace Sales $205.6M (30%) Residential Sales $107.3M 34%
Office (19%)
Sales $185.8M NA Office
Adjusted Europe Office
7.1%
EBITDA Margin
Fully
DatesWeiser
Lifestyle (11%) Holly Hunt
Sales $127.1M NA Studio
Europe Studio
Adjusted
17.8% Textiles
EBITDA Margin
Muuto
Spinneybeck
Lifestyle 8%
Edelman Residential
Note: For a reconciliation of segment and Knoll Inc. Operating Profit and Operating Profit Percentage to Adjusted EBITDA and Adjusted EBITDA Margin, and a © 2021 Knoll, Inc. 6
reconciliation of Workplace and Residential sales, see page 19
Our team’s priorities are clear
1. Continue to keep our people safe
2. Accelerate digital transformations and drive growth
with omnichannel initiatives
3. Position Knoll for return to work in office (WINO),
while continuing to target work from home (WFH)
4. Continue to manage and reduce costs through
warehouse consolidation, continuous improvement,
footprint reduction and supply chain optimization
5. Maximize liquidity and profitability while prioritizing
digital investments
6. Advance our ESG and diversity and inclusion agenda
© 2021 Knoll, Inc. 7
We have reset our workplace cost structure and are
leveraging the growth areas of our business entering 2021
Maintain employee and client safety Maximize profitability
› Implemented additional safety protocols in all Knoll locations › Wage freezes
› Developed and leveraging safe working design enhancements to › Suspension of 401K Contributions in 2020
safely reopen our offices and showrooms › Restructuring activities
› Enhanced communication to employees and dealers › Elimination of approximately 600 positions in response to the current
business environment, reducing headcount by almost 20%
Liquidity and Cash Flow
› Expected annualized savings of approximately $40.0M
› Increased dividend from $0.04 in the 2nd quarter to $0.06 in the 3rd › $23M of savings realized in 2020
and 4th quarters
› Showroom closures in 5 US markets in 2021
› Reduced Working Capital in Q4 2020
› Established aggressive inventory reduction targets Leverage technology
› Enhanced dealer credit terms › Launched Knoll + Muuto Work-From-Home (WFH) e-commerce offering in July
2020, while enhancing fully.com
› Managed vendor payables
› Launched updated hollyhunt.com website in September 2020
› Leveraged CARES Act provisions (Payroll tax deferrals, NOL carry
backs, Employee Retention Credits and Canada Emergency Wage › Muuto.com site expected to launch in the second half of 2021
Subsidy) in 2020 › Keep ONEKnoll ERP on track
› Raised $164M in preferred stock with Investindustrial
Manufacturing and supply chain optimization
› Completed the consolidation of Grand Rapids operations into other North
American plants
› Net elimination of approximately 70 positions
› Remaining US Supply Chain optimization will be completed in 2021
© 2021 Knoll, Inc. 8
And have scaled our cost structure to adjust to the near-
term economic downdraft and turbulence
Corporate profits Increased in H2 2020 CEO Confidence Up Sharply Heading into Q4 Architectural activity stalled in March and remains
% Change from Prior Year Quarter at historically low levels through December
70
20% 60
15%
65
55
10% 60
50
5% 55
45
0% 50
40
-5% 45
35
-10% 40
-15% 35 30
-20% 30 25
2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2020 2015 2016 2017 2018 2019 2020
Source: Bureau of Economic Analysis as of Q3 2020 Source: Conference Board as of Q4 2020 Source: ABI Index, American Institute of Architects as of
December 2020
Q4 2020 absorption remained negative due to a Service sector payrolls flat in Q4 but remain down Corporate CapEx spending rebounding
375
standstill in leasing activity significantly from Q1 highs 350
Total jobs in millions 325
Quarterly Net Absorption (sf) 300
140 275
250
50 225
200
40 175
150
130 125
30 100
75
20 50
25
10 0
Millions
-25
120 -50
0 -75
-100
(10) -125
-150
(20) 110 -175
-200
(30) -225
-250
(40) -275
-300
-325
(50) 100
2015 2016 2017 2018 2019 2020
Q3-16 Q2-17 Q1-18 FY-18 Q4-19 Q4-20 1999 2006 2013 2020 Source: Board of Governors of the Federal Reserve System (US) as of Q3 2020
Source: JLL as of Q4-2020
Source: Board of Governors of the Federal Reserve © 2021 Knoll, Inc. 9
System (US) as of December 2020.
Why we are optimistic about the future of work
It is simply too hard to sustain
collaboration, innovation, acculturation
and dedication without face-to-face
interaction. As HBR recently noted “While
we will likely never go back to our pre-
crisis status quo, we imagine the future
will be a blended one that leverages the
best of what both virtual and face to face
experiences can offer... we can be
encouraged that this future is on the
horizon as newly appointed vaccines start
to deploy around the world.”
© 2021 Knoll, Inc. 10As return to work gathers momentum, we are helping our
clients build Thriving Workplaces
© 2021 Knoll, Inc. 11Knoll is well positioned to benefit from future workstyles
that will include a greater mix of WFH options, while still
heavily weighted to the physical office
Residential E-commerce Commercial
› Since 1938, Knoll products have › Knoll’s Fully e-commerce WFH › Historically, all workplace change has
crossed over between work and home business is uniquely positioned to led to greater demand for office
benefit and has seen weekly activity furnishings
› More time at home will continue to continue to pace +100% over PY
lead to investments in residences as › Increased use of screens and high
furnishings move up the discretionary › Expanded Knoll WFH e-commerce panels; more private offices vs. open
spending ladder platform (with Muuto) for both benches; new layouts to facilitate
corporate clients and consumers social distancing; and more satellite
HOLLY HUNT, KnollStudio, Muuto and launched July 6, 2020 locations vs. HQ buildings
Fully will benefit from this trend
› Muuto.com to launch in 2H 2021 › Lower rents will free up dollars for
office improvements
› Office as a meeting hub with
increased collaborative spaces and
Satellite Home conference rooms
Office Hub
Community Spaces
Coworking
© 2021 Knoll, Inc. 12We have implemented very powerful digital initiatives
this year, including:
Knoll + Muuto at knoll.com
https://www.knoll.com/shop/work-from-home
HOLLYHUNT.com Digital
Reinvention
https://www.hollyhunt.com/
Fully web relaunch and
European expansion
https://www.fully.com/
https://www.fully.com/de-de/
Fully brand campaign resulted
in over 78 million impressions
Find Your Work-Flow Fully (YouTube)
© 2021 Knoll, Inc. 13In past downturns, Knoll has weathered the storm and
emerged stronger
Knoll, Inc. Annual Sales Growth Rates vs BIFMA and US GDP
25%
20%
15%
10%
5%
0%
1999 2002 2005 2008 2011 2014 2017 2020
-5%
-10%
-15%
-20%
-25%
-30%
KNL Growth BIFMA Growth US GDP Growth
© 2021 Knoll, Inc. 14Knoll, Inc. Financial Results
B/(W) vs Prior Quarter B/(W) vs Prior Year
Q4 Q4 FY FY
2020 2019 $D %D 2020 2019 $D %D
Sales $312.9 $371.4 ($58.5) (15.8% ) $1,236.4 $1,428.1 ($191.7) (13.4% )
Growth % (15.8%) 4.7% (13.4%) 9.7%
Adjusted Gross Profit $111.4 $145.0 ($33.6) (23.2% ) $444.9 $549.9 ($105.0) (19.1% )
Adj. Gross Margin % 35.6% 39.0% (340) bps 36.0% 38.5% (250) bps
Adjusted Operating Expense $94.1 $105.1 ($11.0) (10.5% ) $365.9 $402.4 ($36.5) (9.1% )
% of Sales 30.1% 28.3% (180) bps 29.6% 28.2% (140) bps
Adjusted Operating Profit $17.3 $39.9 ($22.6) (56.6% ) $79.0 $147.4 ($68.5) (46.5% )
Adj. Operating Margin % 5.5% 10.7% (520) bps 6.4% 10.3% (390) bps
Adjusted EBITDA $30.6 $51.8 ($21.3) (41.0% ) $126.7 $194.2 ($67.5) (34.8% )
Adj. EBITDA Margin % 9.8% 14.0% (420) bps 10.2% 13.6% (340) bps
Adjusted Diluted EPS $0.14 $0.52 ($0.38) (73.1% ) $0.95 $1.96 ($1.01) (51.7% )
Note: Adjusted Gross Profit Percentage, Adjusted Operating Expenses, Adjusted EBITDA and Adjusted EBITDA Percentage, and Adjusted Diluted EPS are non-GAAP financial measures. For a
reconciliation of Operating Expenses and Operating Expense Percentage to Adjusted Operating Expenses and Adjusted Operating Expense Percentage, Net Earnings and Net Earnings
Percentage to Adjusted EBITDA and Adjusted EBITDA Percentage, and Diluted EPS to Adjusted Diluted EPS, see page 20.
© 2021 Knoll, Inc. 15Knoll maintains ample available liquidity and a solid
balance sheet to support growth and weather uncertainty
Quarterly Bank Debt Leverage Ratio (1)
D E B T L E V E R AG E C O V E N AN T 4.0x
4
Debt & Liquidity Summary (as of December 31, 2020)
Total Net Debt Outstanding $288M
3.5
Net Debt Leverage Ratio 2.28x
Cash & Available Credit (2) $334M
3
Terms of the Agreement
Facility End Date August 2024 fully
Maximum Debt Leverage 4.00x 2.5
~2.28x
Minimum Interest Coverage 3.00x Q4 20
2
T AR G E T E D L E V E R AG E R AN G E 2.0x-2.5x
1.5
1
0.5
0
Q3 13 Q1 14 Q3 14 Q1 15 Q3 15 Q1 16 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 Q4 20
(1) Bank Debt Leverage Ratio is calculated by dividing outstanding debt levels by LTM Adjusted EBITDA as defined in our credit facility
(2) Cash available subject to applicable covenants in our credit facility
Note: Leverage ratio is as of the last day of each quarter. Q1 2020 net debt leverage ratio was calculated net of all outstanding cash. For
a reconciliation of Q1 2020 debt leverage ratio to net debt leverage ratio, see page 21. Total net debt outstanding excludes letters of credit
of $5.0M. © 2021 Knoll, Inc. 16Sustainability: Focusing on Communities and Governance
Embracing relevant issues and being part of the solution
“We all have the opportunity to recommit ourselves to the pressing issues of the day, setting the
stage for change in the years ahead. Taking the CEO Action for Diversity and Inclusion Pledge
aligns fully with the Knoll commitment to help build a fairer and more equitable society. Supporting
accessibility and inclusion through design education and affordable housing extends our design-
driven mission and shows how we can play a tangible role in making progress toward a fairer world,”
– Andrew Cogan, Knoll Chairman and CEO
SUSTAINABILITY COMMUNITY IMPACT CONDUCT & CULTURE
Environment, Social and Knoll Diversity Advancement Design World Monuments Fund/Knoll
Habitat for Humanity Partnership Knoll Diversity & Inclusion Council Knoll Board of Directors Diversity
Governance Commitments Scholarships for Black Students Modernism Prize
Our Sustainability Report is prepared in The Knoll Diversity Advancement Design To expand our commitment to good Knoll is the founding sponsor of the The Council leverages their unique We are committed to 30% gender
accordance with Global Reporting Scholarships for Black Students will help design and sustainable building World Monuments Fund Modernism at perspectives to tackle issues around and race diversity on our Board of
Initiative (GRI) Standards—Core Option develop the next generation of design practices, Knoll has joined Habitat for Risk program, which enhances inclusion, diversity and equity. Its mission Directors
professionals Humanity as a cause marketing awareness of the role that Modernism is to create and maintain a culture of
partner plays in the built environment acceptance and empowerment and
enable equitable learning and working
environments.
17
© 2021 Knoll, Inc.Thank you for your
interest in Knoll
© 2021 Knoll Inc.RECONCILIATIONS
Reconciliation Of Non-GAAP Results
Q4 2020
Office Lifestyle Corporate Knoll, Inc.
Operating Profit (loss) $ (1.6) $ 18.2 $ (9.6) $ 7.0
Add back:
Product discontinuation charges - - - -
Restructuring charges 3.6 0.1 2.7 6.4
Asset impairment charge 1.4 - - 1.4 Net Sales
Depreciation and amortization 6.3 4.3 0.2 10.8
Q4 Q4 Q4
Stock compensation 2.4 0.2 1.5 4.1
2020 2019 Growth %
Other income (expense) items 1.0 (0.2) 0.1 0.9
Adjusted EBITDA (loss) $ 13.1 $ 22.6 $ (5.1) $ 30.6 Office Workplace $ 155.0 $ 220.2 -29.6%
Office Residential 30.8 9.0 242.2%
Net sales $185.8 $ 127.1 $ - $ 312.9
Office Segment $ 185.8 $ 229.2 -19.0%
Operating profit % -0.9% 14.3% N/A 2.2%
Adjusted EBITDA % 7.1% 17.8% N/A 9.8%
Lifestyle Workplace $ 50.6 $ 71.4 -29.1%
Lifestyle Residential 76.5 70.8 8.1%
Q4 2019
Lifestyle Segment $ 127.1 $ 142.2 -10.6%
Office Lifestyle Corporate Knoll, Inc.
Operating Profit (loss) $ 17.4 $ 19.0 $ (6.5) $ 29.9 Knoll, Inc Workplace $ 205.6 $ 291.6 -29.5%
Knoll, Inc Residential 107.3 79.8 34.5%
Add back:
Total Knoll, Inc $ 312.9 $ 371.4 -15.8%
Product discontinuation charges 0.6 - - 0.6
Restructuring charges 0.4 0.2 - 0.6 E-Commerce (inc. in Residential) $ 33.4 $ 9.9 238.7%
Acquisition related inventory adj. 0.3 - - 0.3
Acquisition related expenses - - (0.6) (0.6) Workplace vs. Residential %
Asset impairment charge - 6.5 0.6 7.1 Knoll, Inc Workplace 66% 79%
Depreciation and amortization 6.6 3.7 0.2 10.5
Knoll, Inc Residential 34% 21%
Stock compensation 0.6 1.1 1.4 3.1
Total Knoll, Inc 100% 100%
Other non-cash items - 0.4 (0.1) 0.3
Adjusted EBITDA (loss) $ 25.9 $ 30.9 $ (5.0) $ 51.8
Net sales $ 229.2 $ 142.2 $ - $ 371.4
Operating profit % 7.6% 13.3% N/A 8.1%
Adjusted EBITDA % 11.3% 21.7% N/A 14.0%
© 2021 Knoll, Inc. 19RECONCILIATIONS
Reconciliation Of Non-GAAP Results
Q4 19 FY 19 Q4 20 FY 20
Gross profit ($mm) 144.1 $ 549.0 $ 111.4 $ 442.8
Add back: Q4 19 FY 19 Q4 20 FY 20
Operating Expenses ($mm) $114.2 $419.3 104.3 415.1
Acquisistion related inventory adjustment 0.3 0.3 - -
Less:
Product discontinuation charges 0.6 0.6 - 0.7 Acquisition related amortization 2.5 8.9 2.4 9.5
Restructuring charges - - 1.4 Acquisition related expenses (0.6) 0.1 - 12.4
Restructuring charges 0.6 0.8 6.4 25.9
Adjusted gross profit 145.0 $ 549.9 $ 111.4 $ 444.9
Asset Impairment charges 6.6 6.6 1.4 1.4
Net sales ($mm) 371.4 1,428.1 312.9 1,236.4 Debt refinancing fees - 0.5 - -
Gross Profit % 38.8% 38.4% 35.6% 35.8% Adjusted Operating Expenses $105.1 $402.4 $94.1 $365.9
Adjusted gross profit % 39.0% 38.5% 35.6% 36.0%
Q4 19 FY 19 Q4 20 FY 20 Q4 19 FY 19 Q4 20 FY 20
Net Earnings ($mm) $ 10.3 $ 67.5 $ (0.6) $ 7.7 Diluted earnings per share $ 0.21 $ 1.36 $ (0.05) $ 0.09
Add back: Add back:
Income tax expense 3.7 23.4 2.1 (0.8) Acquisition related inventory adjustment 0.01 0.01 - -
Interest expense 5.1 21.7 3.6 17.3
Product discontinuation charge 0.01 0.01 - 0.01
Depreciation and amortization 10.5 38.5 10.8 43.3
Acquisition related amortization 0.05 0.18 0.05 0.19
Stock compensation 3.1 10.7 4.1 12.9
Other non-cash items 0.5 2.1 0.7 0.5 Acquisition related expenses (0.01) - - 0.25
Acquisition related inventory adj. 0.3 0.2 - - Restructuring charges 0.01 0.02 0.13 0.55
Product discontinuation charges 0.6 0.6 - 0.7 Asset impairment charges 0.14 0.14 0.03 0.03
Acquisition related expenses (0.6) 0.1 - 12.4 Debt refinancing fees - 0.01 - -
Restructuring charges 0.6 0.8 6.4 26.5 Pension settlement charge 0.21 0.42 0.04 0.10
Asset Impairment charges 7.1 7.1 1.4 1.4 - -
Debt refinancing fees - 0.5 - - Less:
Pension settlement charge 10.6 21.0 2.1 4.8 (1)
Tax effect of non-GAAP adjustments 0.11 0.20 0.06 0.27
Adjusted EBITDA 51.8 194.2 30.6 126.7
Adjusted Diluted earnings per share $ 0.52 $ 1.96 $ 0.14 $ 0.95
Net Sales ($mm) $ 371.4 $ 1,428.1 312.9 1,236.4
Net Earnings % 2.8% 4.7% (0.2%) 0.6%
Adjusted EBITDA % 14.0% 13.6% 9.8% 10.2%
© 2021 Knoll, Inc. 20RECONCILIATIONS
Reconciliation of Non-GAAP Results
Three Months Ended March 31, 2020
Debt Leverage Additional Cash Net Debt
Ratio on Hand(3) Leverage Ratio
Outstanding Debt Levels ($mm)(1) $ 600.3 $ (115.6) $ 484.7
LTM Net Earnings ($mm)(2) $ 62.4 $ 62.4
LTM Adjustments
Interest 21.0 21.0
Taxes 22.4 22.4
Depreciation and Amortization 33.8 33.8
Non-cash Items and Other (5) 48.5 48.5
(2)
LTM Adjusted EBITDA $ 188.1 188.1
Debt Leverage Ratio 3.2 2.6
(1)Outstanding debt levels include outstanding letters of credit and guarantee obligations. Per the terms of the credit
facility filed with the Securities and Exchange Commission on January 25, 2018, and amended on August 26, 2019,
cash up to $15.0M reduces the outstanding debt level. The credit facility was subsequently amended, second
amendment, on August 21, 2020, allowing cash up to $30.0M to reduce the outstanding debt level.
(2)LTM adjusted EBITDA is calculated in accordance with the Company's credit facility and includes the impact of
proforma LTM Net Earnings from the Fully acquisition.
Additional cash on hand represents cash at the end of the first quarter in excess of the $15.0 million allowable for
(3)
deduction from the outstanding debt level per the terms of the Company's credit facility.
(5)Non-cash and other items include, but not limited to, product discontinuation charges, acquisition related inventory
adjustments, asset impairment charges, restructuring charges, debt refinancing fees, acquisition related expenses,
stock-based compensation expenses, and unrealized gains and losses on foreign exchange .
© 2021 Knoll, Inc. 21You can also read
