Z-Boy(LZB) - 2024 Q4 - Annual Report

(MarkOne) UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM10-K oANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedApril27,2024OR ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 Forthetransitionperiodfromto COMMISSIONFILENUMBER1-9656 LA-Z-BOYINCORPORATED (Exactnameofregistrantasspecifiedinitscharter) Michigan38-0751137 (Stateorotherjurisdictionofincorporationororganization)(I.R.S.EmployerIdentificationNo.) OneLa-Z-BoyDrive,Monroe,Michigan48162-5138 (Addressofprincipalexecutiveoffices)(ZipCode) Registrant'stelephonenumber,includingareacode:(734)242-1444 SecuritiesregisteredpursuanttoSection12(b)oftheAct: Titleofeachclass TradingSymbol(s) Nameofeachexchangeonwhichregistered CommonStock,$1.00parvalue LZB NewYorkStockExchange SecuritiesregisteredpursuanttoSection12(g)oftheAct:None Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes☒No☐ IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheExchangeAct.Yes☐No☒ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof"largeacceleratedfiler,""acceleratedfiler,""smallerreportingcompany,"and"emerginggrowthcompany"inRule12b-2oftheExchangeAct. Largeacceleratedfiler☒Acceleratedfiler☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerginggrowthcompany☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☒ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant'sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐No☒ BasedontheclosingsalespriceasreportedontheNewYorkStockExchangeonOctober27,2023,theaggregatemarketvalueoftheregistrant'scommonstockheldbynon-affiliatesoftheregistrantonthatdatewasapproximately$1,207million. Thenumberofsharesofcommonstock,$1.00parvalue,oftheregistrantoutstandingasofJune10,2024was41,949,567. DOCUMENTSINCORPORATEDBYREFERENCE: (1)Portionsoftheregistrant'sdefinitiveproxystatementtobefiledwiththeSecuritiesandExchangeCommissionpursuanttoRegulation14Aforits2024AnnualMeetingofShareholdersareincorporatedbyreferenceintoPartIIIofthisForm10-K. LA-Z-BOYINCORPORATEDANNUALREPORTONFORM10-KFORFISCAL2024TABLEOFCONTENTS PageNumber(s) CautionaryNoteRegardingForward-LookingStatements 3 PARTI Item1Business 4 Item1ARiskFactors 11 Item1BUnresolvedStaffComments 17 Item1CCybersecurity 17 Item2Properties 19 Item3LegalProceedings 19 Item4MineSafetyDisclosures 19 InformationAboutOurExecutiveOfficers 19 PARTII Item5MarketforRegistrant'sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities 21 Item6Reserved 22 Item7Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations 22 Item7AQuantitativeandQualitativeDisclosuresAboutMarketRisk 31 Item8FinancialStatementsandSupplementaryData 32 Item9ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosure 71 Item9AControlsandProcedures 71 Item9BOtherInformation 71 Item9CDisclosureRegardingForeignJurisdictionsthatPreventInspections 71 PARTIII Item10Directors,ExecutiveOfficers,andCorporateGovernance 72 Item11ExecutiveCompensation 72 Item12SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters 72 Item13CertainRelationshipsandRelatedTransactions,andDirectorIndependence 72 Item14PrincipalAccountantFeesandServices 72 PARTIV Item15ExhibitsandFinancialStatementSchedules 73 Item16Form10-KSummary 74 Note:TheresponsestoItems10through14ofPartIIIwillbeinclu