Knowles Financials

$221.7 M

Revenue Q3, 2017

$1 B

Mkt cap, 20-Apr-2018
Gross profit (Q3, 2017)83 M
Gross profit margin (Q3, 2017), %37.4%
Net income (Q3, 2017)15.7 M
EBIT (Q3, 2017)20.9 M
Cash, 30-Sep-201757.7 M
EV1.3 B

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016

Revenue

1.1 b1.1 b859.3 m

Revenue growth, %

(5%)(21%)

Cost of goods sold

885.3 m785.1 m529.2 m

Gross profit

256 m299.5 m330.1 m

Gross profit Margin, %

22%28%38%

R&D expense

83 m112.1 m100.5 m

General and administrative expense

196.5 m208.1 m170.7 m

Operating expense total

279.5 m320.2 m271.2 m

EBIT

134.6 m36 m47.1 m

EBIT margin, %

12%3%5%

Interest expense

6.6 m12.7 m20.4 m

Pre tax profit

(55.1 m)(248.9 m)

Income tax expense

31.9 m(15.1 m)11.7 m

Net Income

(87 m)(233.8 m)(42.3 m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

273.4 m281 m300.8 m238.6 m240.9 m294.6 m185.3 m190.3 m243.1 m193.7 m190.2 m221.7 m

Cost of goods sold

190.3 m230.8 m243.9 m185.4 m183.8 m205.4 m117.3 m117.2 m148.2 m121.8 m117.7 m138.7 m

Gross profit

83.1 m50.2 m56.9 m53.2 m57.1 m89.2 m68 m73.1 m94.9 m71.9 m72.5 m83 m

Gross profit Margin, %

30%18%19%22%24%30%37%38%39%37%38%37%

R&D expense

19.2 m21.7 m21 m19.6 m22.7 m33 m26.1 m25.8 m23.3 m26.2 m26.7 m23.9 m

General and administrative expense

52.7 m52 m46.5 m45.7 m46.5 m59.2 m43.1 m45.2 m43 m38.1 m38.7 m36.8 m

Operating expense total

71.9 m73.7 m67.5 m65.3 m69.2 m92.2 m69.2 m71 m66.3 m64.3 m65.4 m60.7 m

EBIT

11.2 m(12.9 m)(12.4 m)26.5 m2.6 m(16.4 m)20.9 m

EBIT margin, %

4%(5%)(4%)11%1%(9%)9%

Interest expense

672 k1.8 m2 m2.4 m3.1 m3.7 m3.7 m5.8 m5.6 m5.2 m5.1 m5.1 m

Pre tax profit

10.1 m(45.8 m)(16.1 m)(12.3 m)(15.8 m)(18.3 m)

Income tax expense

2.5 m33.1 m(1.5 m)3.5 m300 k(3.4 m)2.4 m1.4 m(200 k)7.3 m400 k

Net Income

7.6 m(15.8 m)(16.1 m)(14.9 m)(29.4 m)(24.6 m)(7.6 m)(3.2 m)(29.7 m)15.7 m

Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016

Cash

55.2 m63.3 m66.2 m

Accounts Receivable

14.9 m

Inventories

9.2 m108.2 m

Current Assets

474 m419.3 m330.1 m

PP&E

315.9 m224.8 m186.2 m

Goodwill

914.7 m925.8 m894.6 m

Total Assets

2 b1.7 b1.5 b

Accounts Payable

172.1 m116.5 m71.8 m

Current Liabilities

288.6 m226.9 m149 m

Long-term debt

385 m400 m288.5 m

Total Debt

288.5 m

Additional Paid-in Capital

1.4 b1.4 b1.5 b

Retained Earnings

(84 m)(317.8 m)(360.1 m)

Total Equity

1.2 b1 b1 b

Debt to Equity Ratio

0.3 x

Debt to Assets Ratio

0.2 x

Financial Leverage

1.6 x1.7 x1.5 x

Quarterly

USDQ2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

37 m57.9 m44.2 m47.2 m60 m63.3 m48.6 m57.7 m

Inventories

170.9 m172 m127.2 m139 m125.9 m117.5 m142.7 m148.3 m

Current Assets

434 m471.6 m313.9 m324 m348.9 m324.3 m334.8 m371.1 m

PP&E

307.2 m293.4 m212.4 m208.6 m199.7 m195 m191.5 m193.8 m

Goodwill

886.9 m934.1 m933.9 m913.3 m917.1 m906.1 m907.8 m907.7 m

Total Assets

1.9 b2 b1.6 b1.6 b1.6 b1.5 b1.5 b1.6 b

Accounts Payable

151.6 m142.3 m79.5 m74.8 m73.2 m72.4 m79 m75.3 m

Current Liabilities

261.6 m245.2 m169.9 m139.8 m141.3 m147.6 m156.8 m155.4 m

Long-term debt

376 m448.5 m371.7 m392.2 m345.5 m286.6 m284.8 m297.9 m

Total Debt

376 m448.5 m371.7 m392.2 m345.5 m286.6 m284.8 m297.9 m

Additional Paid-in Capital

1.4 b1.4 b1.5 b1.5 b1.5 b1.5 b1.5 b1.5 b

Retained Earnings

(115.9 m)(130.8 m)(347.2 m)(371.8 m)(379.4 m)(363.4 m)(393.1 m)(377.4 m)

Total Equity

1.2 b1.2 b997.5 m1 b1 b1 b1 b1 b

Financial Leverage

1.6 x1.7 x1.6 x1.6 x1.5 x1.5 x1.5 x1.5 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016

Depreciation and Amortization

151.6 m135.7 m73.7 m

Inventories

681 k224 k

Accounts Payable

38 m(42.7 m)(26.6 m)

Cash From Operating Activities

(50.4 m)8.1 m107.5 m

Purchases of PP&E

(83.9 m)(63.1 m)(38.7 m)

Cash From Investing Activities

(93.1 m)(95.2 m)5.9 m

Long-term Borrowings

(15 m)(166.5 m)

Cash From Financing Activities

(71.4 m)26.1 m(109.9 m)

Interest Paid

6.7 m11.2 m12.2 m

Income Taxes Paid

20.9 m19.3 m4.2 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Net Income

7.6 m(15.8 m)(31.9 m)(46.8 m)(29.4 m)(54 m)(61.6 m)(3.2 m)(32.9 m)(17.2 m)

Depreciation and Amortization

33.4 m71.5 m118.5 m32.5 m65.6 m101 m21.7 m39.4 m57.8 m15.3 m29.9 m44.4 m

Accounts Payable

(9.8 m)640 k27.2 m(9.4 m)(13.9 m)(23 m)(14.8 m)(29.1 m)(31.8 m)(2.8 m)2.9 m(4.4 m)

Cash From Operating Activities

43.2 m64.8 m89.2 m6.8 m24.3 m12.4 m19.8 m10.2 m37.8 m17.9 m21.4 m31.1 m

Purchases of PP&E

(23.9 m)(41.1 m)(68 m)(17.7 m)(38.7 m)(48.5 m)(9.8 m)(20.2 m)

Cash From Investing Activities

(28.3 m)(57.1 m)(90.6 m)(18.3 m)(39.7 m)(80.6 m)(9.1 m)(17.5 m)13.6 m(20.2 m)(33.8 m)(45.4 m)

Long-term Borrowings

(3.8 m)(7.5 m)

Cash From Financing Activities

(68.8 m)(68.6 m)(69.3 m)(4.6 m)(2.5 m)71.7 m(29.8 m)(8.6 m)(54.5 m)(1 m)(5.7 m)5 m

Ratios

USDY, 2017

EV/EBIT

61.4 x

EV/CFO

41.3 x

Revenue/Employee

27.7 k

Financial Leverage

1.5 x
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Operating Metrics

FY, 2014FY, 2015FY, 2016

Countries

15 15 12

Locations

39 44 32

Manufacturing Facilities

20 17 14
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