Second Quarter Revenues increased 18% on a year
over year basis to $205M, in line with guidance
Net Cash from Operations of $25 million; at the
mid-point of the Guided Range
Knowles Corporation (NYSE: KN) ("Knowles" the "Company"), a
leading global supplier of high performance electronics for
demanding applications, including ceramic capacitors and radio
frequency (“RF”) filters, advanced medtech microphones, balanced
armature speakers, and MEMS microphones for the consumer electronic
market, today announced results for the quarter ended June 30,
2024.
“We closed the second quarter of 2024 with revenues, Non-GAAP
diluted earnings per share, and net cash from operating activities
in line with our expectations and at the mid-point of our guided
range. Our revenues grew from the prior year by 18% while our
generation of net cash from operations remained strong allowing us
to repurchase shares while reducing debt levels in the quarter,”
commented Jeffrey Niew, President and CEO of Knowles.
“Building upon our second quarter performance, in the third
quarter we expect sequential and year over year revenue growth in
our Medtech and Specialty Audio and Precision Devices segments,
along with sequential earnings growth and sustained strong cash
generation.”
Mr. Niew added, “I am pleased with our execution in
transitioning our company's portfolio to higher value markets and
products to drive shareholder value. As we begin to see demand
improve across several end markets within the Precision Devices
segment, we believe we are well positioned for future growth."
Financial Highlights
The following table highlights the Company’s financial
performance on both a GAAP and supplemental non-GAAP basis (in
millions, except per share data):
Q2-24
Q1-24
Q2-23
Revenues
$204.7
$196.4
$173.0
Gross profit
$77.6
$69.9
$73.7
(as a % of revenues)
37.9%
35.6%
42.6%
Non-GAAP gross profit
$79.7
$74.7
$72.7
(as a % of revenues)
38.9%
38.0%
42.0%
Diluted (loss) earnings per share*
$(2.90)
$0.03
$0.15
Non-GAAP diluted earnings per share
$0.24
$0.20
$0.23
Net cash provided by operating
activities
$24.9
$17.3
$0.5
* Current period results include $0.07 per share in stock-based
compensation expense, $0.06 per share in intangibles amortization
expense, $0.02 per share in acquisition-related costs, $0.01 per
share in production transfer costs, $2.77 per share related to a
goodwill impairment charge for the Consumer MEMS Microphones
reporting unit, and $0.21 per share for differences related to the
GAAP effective tax rate excluded from non-GAAP results.
Third Quarter 2024 Outlook
The forward looking guidance for the quarter ending September
30, 2024 is as follows:
GAAP
Adjustments
Non-GAAP
Revenues
$210 to $220 million
—
$210 to $220 million
Diluted earnings per share
$0.20 to $0.24
$0.09
$0.29 to $0.33
Net cash provided by operating
activities
$35 to $45 million
—
$35 to $45 million
Q3 2024 GAAP results are expected to include approximately $0.07
per share in stock-based compensation expense, $0.06 per share in
intangibles amortization expense, and $0.01 per share in
acquisition-related costs, partially offset by $0.05 per share for
differences related to the GAAP effective tax rate. These items are
excluded from non-GAAP results.
Non-GAAP Financial Measures
In addition to the GAAP results included in this press release,
Knowles has presented supplemental non-GAAP gross profit, earnings
before interest and income taxes, adjusted earnings before interest
and income taxes, non-GAAP diluted earnings per share, free cash
flow, as well as other metrics on a non-GAAP basis that exclude
certain amounts that are included in the most directly comparable
GAAP measure to facilitate evaluation of Knowles’ operating
performance. Non-GAAP results are not presented in accordance with
GAAP. Non-GAAP information should be considered a supplement to,
and not a substitute for, financial statements prepared in
accordance with GAAP. In addition, the non-GAAP financial measures
included in this press release do not have standard meanings and
may vary from similarly titled non-GAAP financial measures used by
other companies. Knowles believes that non-GAAP measures are useful
as supplements to its GAAP results of operations to evaluate
certain aspects of its operations and financial performance, and
its management team primarily focuses on non-GAAP items in
evaluating Knowles’ performance for business planning purposes.
Knowles also believes that these measures assist it with comparing
its performance between various reporting periods on a consistent
basis, as these measures remove from operating results the impact
of items that, in Knowles’ opinion, do not reflect its core
operating performance including, for example, stock-based
compensation, certain intangibles amortization expense, impairment
charges, restructuring, production transfer costs, and other
charges which management considers to be outside our core operating
results. Knowles believes that its presentation of these non-GAAP
financial measures is useful because it provides investors and
securities analysts with the same information that Knowles uses
internally for purposes of assessing its core operating
performance. For a reconciliation of these non-GAAP financial
measures to the most directly comparable GAAP financial measures,
see the reconciliation table accompanying this release.
Webcast and Conference Call Information
Investors can listen to a live or replay webcast of the
Company’s quarterly financial conference call at http://investor.knowles.com. The live webcast will
begin today at 3:30 p.m. Central time. The webcast replay will be
available after 7:00 p.m. Central time today.
A conference call replay will be available after 7:00 p.m.
Central time on July 31 through 11:59 p.m. Central time on August 8
at (800) 770-2030 (Toll-Free Dial-In); (609) 800-9909 (Toll
Dial-In). The conference ID is 3966457. A webcast replay will also
be accessible via the Knowles website at http://investor.knowles.com for a limited
time.
About Knowles
Knowles is a market leader and global provider of high
performance capacitors and radio frequency ("RF") filtering
products, and advanced micro-acoustic microphones and balanced
armature speakers, audio solutions, serving the medtech, defense,
consumer electronics, electric vehicle, industrial, and
communications markets. Knowles' focus on the customer, combined
with unique technology, proprietary manufacturing techniques, and
global operational expertise, enables us to deliver innovative
solutions across multiple applications. Founded in 1946 and
headquartered in Itasca, Illinois, Knowles is a global organization
with employees in over a dozen countries. The Company continues to
invest in high value solutions to diversify its revenue and
increase exposure to high growth markets. For more information,
visit knowles.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995, such as statements about
our future plans, objectives, expectations, financial performance,
and continued business operations. The words “believe,” “expect,”
“anticipate,” “project,” “estimate,” “budget,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,”
“will,” “would,” “objective,” “forecast,” “goal,” “guidance,”
“outlook,” “effort,” “target,” and similar expressions, among
others, generally identify forward-looking statements, which speak
only as of the date the statements were made. The statements in
this news release are based on currently available information and
the current expectations, forecasts, and assumptions of Knowles’
management concerning risks and uncertainties that could cause
actual outcomes or results to differ materially from those outcomes
or results that are projected, anticipated, or implied in these
statements. Other risks and uncertainties include, but are not
limited to: incurrence of additional impairment charges and a
significant charge to earnings due to future events or factors,
such as the impairment charge incurred in connection with our
strategic alternatives review of the CMM segment (which could
result in either a sale or a restructuring of our CMM segment), or
changes to the underlying assumptions used to calculate fair value;
a significant reduction in MEMS microphone sales due to any
weakening demand, loss of market share, or other factors adversely
affecting our levels and the timing of our sale of the MEMS
microphones; our ongoing ability to execute our strategy to
diversify our end markets and customers; our ability to stem or
overcome price erosion in our segments; difficulties or delays in
and/or the Company’s inability to realize expected synergies from
its acquisitions; fluctuations in our stock's market price;
fluctuations in operating results and cash flows; our ability to
prevent or identify quality issues in our products or to promptly
remedy any such issues that are identified; the timing of OEM
product launches; risks associated with increasing our inventories
in advance of anticipated orders by customers; global economic
instability, including due to inflation, rising interest rates,
negative impacts caused by pandemics and public health crises, or
the impacts of geopolitical uncertainties; the impact of changes to
laws and regulations that affect the Company’s ability to offer
products or services to customers in different regions; our ability
to achieve reductions in our operating expenses; the ability to
qualify our products and facilities with customers; our ability to
obtain, enforce, defend or monetize our intellectual property
rights; disruption caused by a cybersecurity incident, including a
cyber attack, cyber breach, theft, or other unauthorized access;
increases in the costs of critical raw materials and components;
availability of raw materials and components; managing new product
ramps and introductions for our customers; our dependence on a
limited number of large customers; our ability to maintain and
expand our existing relationships with leading OEMs in order to
maintain and increase our revenue; increasing competition and new
entrants in the market for our products; our ability to develop new
or enhanced products or technologies in a timely manner that
achieve market acceptance; our reliance on third parties to
manufacture, assemble, and test our products and sub-components;
escalating international trade tensions, new or increased tariffs
and trade wars among countries; financial risks, including risks
relating to currency fluctuations, credit risks and fluctuations in
the market value of the Company; a sustained decline in our stock
price and market capitalization may result in the impairment of
certain intangible or long-lived assets; market risk associated
with fluctuations in commodity prices, particularly for various
precious metals used in our manufacturing operation, changes in tax
laws, changes in tax rates and exposure to additional tax
liabilities; and other risks, relevant factors, and uncertainties
identified in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2023, subsequent Reports on Forms 10-Q and 8-K
and our other filings we make with the U.S. Securities and Exchange
Commission. Knowles disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
INVESTOR
SUPPLEMENT - SECOND QUARTER 2024
KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF
EARNINGS
(in millions, except per share
amounts)
(unaudited)
Quarter Ended
June 30, 2024
March 31, 2024
June 30, 2023
Revenues
$
204.7
$
196.4
$
173.0
Cost of goods sold
127.9
125.5
105.8
Gain on sale of fixed assets
(1.1
)
—
(4.8
)
Restructuring charges - cost of goods
sold
0.3
1.0
(1.7
)
Gross profit
77.6
69.9
73.7
Research and development expenses
20.9
20.6
19.7
Selling and administrative expenses
43.0
43.5
36.5
Goodwill impairment
249.4
—
—
Restructuring charges
(0.1
)
1.5
0.6
Operating expenses
313.2
65.6
56.8
Operating (loss) earnings
(235.6
)
4.3
16.9
Interest expense, net
4.6
4.4
0.8
Other expense (income), net
0.3
(0.4
)
(1.3
)
Gain on sale of asset, net
—
(5.4
)
—
(Loss) earnings before income
taxes
(240.5
)
5.7
17.4
Provision for income taxes
18.8
3.2
3.8
Net (loss) earnings
$
(259.3
)
$
2.5
$
13.6
Net (loss) earnings per share:
Basic
$
(2.90
)
$
0.03
$
0.15
Diluted
$
(2.90
)
$
0.03
$
0.15
Weighted-average common shares
outstanding:
Basic
89.4
89.6
91.4
Diluted
89.4
90.5
91.8
KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF
EARNINGS
(in millions, except per share
amounts)
(unaudited)
Six Months Ended
June 30, 2024
June 30, 2023
Revenues
$
401.1
$
317.3
Cost of goods sold
253.4
196.2
Gain on sale of fixed assets
(1.1
)
(4.8
)
Restructuring charges - cost of goods
sold
1.3
(1.6
)
Gross profit
147.5
127.5
Research and development expenses
41.5
39.7
Selling and administrative expenses
86.5
70.3
Goodwill impairment
249.4
—
Restructuring charges
1.4
1.6
Operating expenses
378.8
111.6
Operating (loss) earnings
(231.3
)
15.9
Interest expense, net
9.0
1.6
Other (income) expense, net
(0.1
)
1.0
Gain on sale of asset, net
(5.4
)
—
(Loss) earnings before income
taxes
(234.8
)
13.3
Provision for income taxes
22.0
4.9
Net (loss) earnings
$
(256.8
)
$
8.4
Net (loss) earnings per share:
Basic
$
(2.87
)
$
0.09
Diluted
$
(2.87
)
$
0.09
Weighted-average common shares
outstanding:
Basic
89.5
91.4
Diluted
89.5
92.1
KNOWLES CORPORATION
RECONCILIATION OF GAAP
FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (1)
(in millions, except per share
amounts)
(unaudited)
Quarter Ended
Six Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Gross profit
$
77.6
$
69.9
$
73.7
$
147.5
$
127.5
Gross profit as % of revenues
37.9
%
35.6
%
42.6
%
36.8
%
40.2
%
Stock-based compensation expense
0.5
0.5
0.7
1.0
1.2
Restructuring charges
0.3
1.0
(1.7
)
1.3
(1.6
)
Production transfer costs (2)
0.7
0.8
—
1.5
—
Acquisition-related costs (3)
0.6
1.4
—
2.0
—
Other (4)
—
1.1
—
1.1
—
Non-GAAP gross profit
$
79.7
$
74.7
$
72.7
$
154.4
$
127.1
Non-GAAP gross profit as % of revenues
38.9
%
38.0
%
42.0
%
38.5
%
40.1
%
Research and development
expenses
$
20.9
$
20.6
$
19.7
$
41.5
$
39.7
Stock-based compensation expense
(1.4
)
(1.5
)
(1.8
)
(2.9
)
(3.5
)
Intangibles amortization expense
(2.1
)
(2.1
)
(1.6
)
(4.2
)
(3.2
)
Acquisition-related costs (3)
(0.1
)
(0.3
)
—
(0.4
)
—
Other (4)
(0.2
)
—
(0.1
)
(0.2
)
(0.1
)
Non-GAAP research and development
expenses
$
17.1
$
16.7
$
16.2
$
33.8
$
32.9
Selling and administrative
expenses
$
43.0
$
43.5
$
36.5
$
86.5
$
70.3
Stock-based compensation expense
(5.5
)
(4.7
)
(4.6
)
(10.2
)
(10.2
)
Intangibles amortization expense
(3.6
)
(3.8
)
(1.3
)
(7.4
)
(2.6
)
Production transfer costs (2)
(0.1
)
—
—
(0.1
)
—
Acquisition-related costs (3)
(1.3
)
(2.5
)
—
(3.8
)
—
Other (4)
(0.1
)
(0.1
)
(0.5
)
(0.2
)
(0.1
)
Non-GAAP selling and administrative
expenses
$
32.4
$
32.4
$
30.1
$
64.8
$
57.4
Operating expenses
$
313.2
$
65.6
$
56.8
$
378.8
$
111.6
Stock-based compensation expense
(6.9
)
(6.2
)
(6.4
)
(13.1
)
(13.7
)
Intangibles amortization expense
(5.7
)
(5.9
)
(2.9
)
(11.6
)
(5.8
)
Goodwill impairment
(249.4
)
—
—
(249.4
)
—
Restructuring charges
0.1
(1.5
)
(0.6
)
(1.4
)
(1.6
)
Production transfer costs (2)
(0.1
)
—
—
(0.1
)
—
Acquisition-related costs (3)
(1.4
)
(2.8
)
—
(4.2
)
—
Other (4)
(0.3
)
(0.1
)
(0.6
)
(0.4
)
(0.2
)
Non-GAAP operating expenses
$
49.5
$
49.1
$
46.3
$
98.6
$
90.3
Net (loss) earnings
$
(259.3
)
$
2.5
$
13.6
$
(256.8
)
$
8.4
Interest expense, net
4.6
4.4
0.8
9.0
1.6
Provision for income taxes
18.8
3.2
3.8
22.0
4.9
(Loss) earnings before interest and
income taxes
(235.9
)
10.1
18.2
(225.8
)
14.9
(Loss) earnings before interest and income
taxes as % of revenues
(115.2
)%
5.1
%
10.5
%
(56.3
)%
4.7
%
Stock-based compensation expense
7.4
6.7
7.1
14.1
14.9
Intangibles amortization expense
5.7
5.9
2.9
11.6
5.8
Goodwill impairment
249.4
—
—
249.4
—
Restructuring charges
0.2
2.5
(1.1
)
2.7
—
Production transfer costs (2)
0.8
0.8
—
1.6
—
Acquisition-related costs (3)
2.0
4.2
—
6.2
—
Gain on sale of asset, net (5)
—
(5.4
)
—
(5.4
)
—
Other (4)
(0.1
)
0.9
0.6
0.8
0.2
Adjusted earnings before interest and
income taxes
$
29.5
$
25.7
$
27.7
$
55.2
$
35.8
Adjusted earnings before interest and
income taxes as % of revenues
14.4
%
13.1
%
16.0
%
13.8
%
11.3
%
Net (loss) earnings
$
(259.3
)
$
2.5
$
13.6
$
(256.8
)
$
8.4
Interest expense, net
4.6
4.4
0.8
9.0
1.6
Provision for income taxes
18.8
3.2
3.8
22.0
4.9
(Loss) earnings before interest and
income taxes
(235.9
)
10.1
18.2
(225.8
)
14.9
Non-GAAP reconciling adjustments (7)
265.4
15.6
9.5
281.0
20.9
Depreciation expense
7.7
8.1
8.2
15.8
17.4
Adjusted earnings before interest,
income taxes, depreciation, and amortization ("Adjusted
EBITDA")
$
37.2
$
33.8
$
35.9
$
71.0
$
53.2
Adjusted EBITDA as a % of revenues
18.2
%
17.2
%
20.8
%
17.7
%
16.8
%
Quarter Ended
Six Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Provision for income taxes
$
18.8
$
3.2
$
3.8
$
22.0
$
4.9
Income tax effects of non-GAAP reconciling
adjustments (6)
(16.4
)
(0.5
)
1.2
(16.9
)
2.3
Non-GAAP provision for income
taxes
$
2.4
$
2.7
$
5.0
$
5.1
$
7.2
Net (loss) earnings
$
(259.3
)
$
2.5
$
13.6
$
(256.8
)
$
8.4
Non-GAAP reconciling adjustments (7)
265.4
15.6
9.5
281.0
20.9
Income tax effects of non-GAAP reconciling
adjustments (6)
(16.4
)
(0.5
)
1.2
(16.9
)
2.3
Non-GAAP net earnings
$
22.5
$
18.6
$
21.9
$
41.1
$
27.0
Diluted (loss) earnings per
share
$
(2.90
)
$
0.03
$
0.15
$
(2.87
)
$
0.09
Earnings per share non-GAAP reconciling
adjustment (6)(7)
3.14
0.17
0.08
3.31
0.19
Non-GAAP diluted earnings per
share
$
0.24
$
0.20
$
0.23
$
0.44
$
0.28
Diluted average shares
outstanding
89.4
90.5
91.8
89.5
92.1
Non-GAAP adjustment (8)
3.8
2.2
3.1
3.5
2.7
Non-GAAP diluted average shares
outstanding (8)
93.2
92.7
94.9
93.0
94.8
Notes:
(1)
In addition to the GAAP financial measures
included herein, Knowles has presented certain non-GAAP financial
measures that exclude certain amounts that are included in the most
directly comparable GAAP measures. Knowles believes that non-GAAP
measures are useful as supplements to its GAAP results of
operations to evaluate certain aspects of its operations and
financial performance, and its management team primarily focuses on
non-GAAP items in evaluating Knowles' performance for business
planning purposes. Knowles also believes that these measures assist
it with comparing its performance between various reporting periods
on a consistent basis, as these measures remove from operating
results the impact of items that, in Knowles' opinion, do not
reflect its core operating performance. Knowles believes that its
presentation of non-GAAP financial measures is useful because it
provides investors and securities analysts with the same
information that Knowles uses internally for purposes of assessing
its core operating performance.
(2)
Production transfer costs represent
duplicate costs incurred to migrate manufacturing to facilities
primarily within the United States. These amounts are included in
the corresponding Gross profit and (Loss) earnings before interest
and income taxes for each period presented.
(3)
These expenses are related to the
acquisition of Cornell Dubilier by the Precision Devices segment.
These expenses include ongoing costs to facilitate integration, the
amortization of fair value adjustments to inventory, and costs
incurred by the Company to carry out this transaction.
(4)
Other expenses include non-recurring
professional service fees related to the execution of various
reorganization projects, foreign currency exchange rate impacts on
restructuring balances, and the ongoing net lease cost (income)
related to facilities not used in operations.
(5)
This gain is related to the sale of
intellectual property previously used in the Intelligent Audio
product line, which is included within the Consumers MEMS
Microphones segment.
(6)
Income tax effects of non-GAAP reconciling
adjustments are calculated using the applicable tax rates in the
jurisdictions of the underlying adjustments.
(7)
The non-GAAP reconciling adjustments are
those adjustments made to reconcile (Loss) earnings before interest
and income taxes to Adjusted earnings before interest and income
taxes.
(8)
The number of shares used in the diluted
per share calculations on a non-GAAP basis excludes the impact of
stock-based compensation expense expected to be incurred in future
periods and not yet recognized in the financial statements, which
would otherwise be assumed to be used to repurchase shares under
the GAAP treasury stock method.
KNOWLES CORPORATION
CONSOLIDATED BALANCE
SHEETS
(in millions, except share and
per share amounts)
(unaudited)
June 30, 2024
December 31, 2023
Current assets:
Cash and cash equivalents
$
84.0
$
87.3
Receivables, net of allowances of $0.1 and
$0.2
136.1
135.3
Inventories, net
190.1
196.4
Prepaid and other current assets
12.7
9.8
Total current assets
422.9
428.8
Property, plant, and equipment,
net
159.4
175.4
Goodwill
291.2
540.7
Intangible assets, net
177.3
189.4
Operating lease right-of-use
assets
10.6
13.1
Other assets and deferred
charges
116.7
115.4
Total assets
$
1,178.1
$
1,462.8
Current liabilities:
Current maturities of long-term debt
$
48.8
$
47.1
Accounts payable
52.5
51.3
Accrued compensation and employee
benefits
32.2
33.0
Operating lease liabilities
4.1
5.1
Other accrued expenses
22.0
25.0
Federal and other taxes on income
19.3
3.1
Total current liabilities
178.9
164.6
Long-term debt
212.4
224.1
Deferred income taxes
0.8
0.7
Long-term operating lease
liabilities
6.9
8.2
Other liabilities
26.1
31.1
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value;
10,000,000 shares authorized; none issued
—
—
Common stock - $0.01 par value;
400,000,000 shares authorized; 98,031,163 and 88,393,342 shares
issued and outstanding at June 30, 2024, respectively, and
97,297,703 and 89,092,871 shares issued and outstanding at December
31, 2023, respectively
1.0
1.0
Treasury stock - at cost; 9,637,821 and
8,204,832 shares at June 30, 2024 and December 31, 2023,
respectively
(176.3
)
(151.2
)
Additional paid-in capital
1,698.3
1,689.9
Accumulated deficit
(632.6
)
(375.8
)
Accumulated other comprehensive loss
(137.4
)
(129.8
)
Total stockholders' equity
753.0
1,034.1
Total liabilities and stockholders'
equity
$
1,178.1
$
1,462.8
KNOWLES CORPORATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in millions)
(unaudited)
Six Months Ended June
30,
2024
2023
Operating Activities
Net (loss) earnings
$
(256.8
)
$
8.4
Adjustments to reconcile net (loss)
earnings to cash from operating activities:
Goodwill impairment
249.4
—
Depreciation and amortization
27.4
23.2
Stock-based compensation
14.1
14.9
Deferred income taxes
0.9
3.7
Non-cash interest expense and amortization
of debt issuance costs
4.3
0.4
Gain on sale of fixed assets
(1.1
)
(4.8
)
Gain on sale of asset
(7.2
)
—
Non-cash restructuring charges
0.4
(1.7
)
Other, net
(0.4
)
(2.8
)
Changes in assets and liabilities
(excluding effects of foreign exchange):
Receivables, net
(1.0
)
16.9
Inventories, net
3.4
(26.8
)
Prepaid and other current assets
(2.4
)
(2.4
)
Accounts payable
2.8
7.3
Accrued compensation and employee
benefits
(0.6
)
(2.7
)
Other accrued expenses
(2.6
)
0.5
Accrued taxes
17.2
(2.6
)
Other non-current assets and non-current
liabilities
(5.6
)
(9.1
)
Net cash provided by operating
activities
42.2
22.4
Investing Activities
Proceeds from the sale of property, plant,
and equipment
—
12.1
Proceeds from the sale of asset
7.2
—
Capital expenditures
(6.6
)
(7.9
)
Purchase of investments
(0.5
)
(0.4
)
Proceeds from the sale of investments
0.5
0.4
Net cash provided by investing
activities
0.6
4.2
Financing Activities
Payments under revolving credit
facility
(92.0
)
—
Borrowings under revolving credit
facility
78.0
—
Repurchase of common stock
(25.0
)
(12.5
)
Tax on restricted and performance stock
unit vesting and stock option exercises
(5.9
)
(6.1
)
Payments of debt issuance costs
—
(1.9
)
Payments of finance lease obligations
(1.3
)
(1.2
)
Proceeds from exercise of stock
options
0.2
1.6
Net cash used in financing
activities
(46.0
)
(20.1
)
Effect of exchange rate changes on cash
and cash equivalents
(0.1
)
(0.3
)
Net (decrease) increase in cash and
cash equivalents
(3.3
)
6.2
Cash and cash equivalents at beginning of
period
87.3
48.2
Cash and cash equivalents at end of
period
$
84.0
$
54.4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731995805/en/
Sarah Cook Knowles Investor Relations Email:
investorrelations@knowles.com
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