$1.3 B

KN Mkt cap, 15-Oct-2018

$744.2 M

Knowles Revenue FY, 2017
Knowles Revenue growth (FY, 2016 - FY, 2017), %(13%)
Knowles Gross profit (FY, 2017)291.7 M
Knowles Gross profit margin (FY, 2017), %39.2%
Knowles Net income (FY, 2017)68.3 M
Knowles EBIT (FY, 2017)40.5 M
Knowles Cash, 31-Dec-2017111.7 M
Knowles EV1.4 B

Knowles Revenue

Knowles revenue was $744.20 m in FY, 2017 which is a 13.4% year over year decrease from the previous period.

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Knowles Revenue Breakdown

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Knowles revenue breakdown by business segment: 85.6% from Audio and 14.4% from Precision Devices

Knowles revenue breakdown by geographic segment: 75.4% from Asia, 9.7% from Europe, 13.6% from United States and 1.3% from Other

Knowles Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

1.1b1.1b859.3m744.2m

Revenue growth, %

(5%)(21%)(13%)

Cost of goods sold

885.3m785.1m529.2m452.5m

Gross profit

256.0m299.5m330.1m291.7m

Gross profit Margin, %

22%28%38%39%

Sales and marketing expense

126.3m

R&D expense

83.0m112.1m100.5m93.4m

General and administrative expense

196.5m208.1m170.7m

Operating expense total

279.5m320.2m271.2m245.8m

EBIT

134.6m36.0m47.1m40.5m

EBIT margin, %

12%3%5%5%

Interest expense

6.6m12.7m20.4m20.6m

Pre tax profit

(55.1m)(248.9m)19.4m

Income tax expense

31.9m(15.1m)11.7m12.9m

Net Income

(87.0m)(233.8m)(42.3m)68.3m

Quarterly

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

Revenue

273.4m281.0m300.8m238.6m240.9m294.6m185.3m190.3m243.1m193.7m190.2m221.7m

Cost of goods sold

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

Gross profit

83.1m50.2m56.9m53.2m57.1m89.2m68.0m73.1m94.9m71.9m72.5m83.0m

Gross profit Margin, %

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

R&D expense

19.2m21.7m21.0m19.6m22.7m33.0m26.1m25.8m23.3m26.2m26.7m23.9m

General and administrative expense

52.7m52.0m46.5m45.7m46.5m59.2m43.1m45.2m43.0m38.1m38.7m36.8m

Operating expense total

71.9m73.7m67.5m65.3m69.2m92.2m69.2m71.0m66.3m64.3m65.4m60.7m

EBIT

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

EBIT margin, %

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

Interest expense

672.0k1.8m2.0m2.4m3.1m3.7m3.7m5.8m5.6m5.2m5.1m5.1m

Pre tax profit

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

Income tax expense

2.5m33.1m(1.5m)3.5m300.0k(3.4m)2.4m1.4m(200.0k)7.3m400.0k

Net Income

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

Knowles Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

55.2m63.3m66.2m111.7m

Accounts Receivable

14.9m137.7m

Prepaid Expenses

19.9m

Inventories

9.2m108.2m125.6m

Current Assets

474.0m419.3m330.1m394.9m

PP&E

315.9m224.8m186.2m183.0m

Goodwill

914.7m925.8m894.6m884.9m

Total Assets

2.0b1.7b1.5b1.5b

Accounts Payable

172.1m116.5m71.8m85.6m

Current Liabilities

288.6m226.9m149.0m151.6m

Long-term debt

385.0m400.0m288.5m192.6m

Total Debt

385.0m400.0m288.5m192.6m

Common Stock

900.0k

Additional Paid-in Capital

1.4b1.4b1.5b1.5b

Retained Earnings

(84.0m)(317.8m)(360.1m)(291.9m)

Total Equity

1.2b1.0b1.0b1.1b

Debt to Equity Ratio

0.3 x0.2 x

Debt to Assets Ratio

0.2 x0.1 x

Financial Leverage

1.6 x1.7 x1.5 x1.4 x

Quarterly

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

Cash

37.0m57.9m44.2m47.2m60.0m63.3m48.6m57.7m

Inventories

170.9m172.0m127.2m139.0m125.9m117.5m142.7m148.3m

Current Assets

434.0m471.6m313.9m324.0m348.9m324.3m334.8m371.1m

PP&E

307.2m293.4m212.4m208.6m199.7m195.0m191.5m193.8m

Goodwill

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

Total Assets

1.9b2.0b1.6b1.6b1.6b1.5b1.5b1.6b

Accounts Payable

151.6m142.3m79.5m74.8m73.2m72.4m79.0m75.3m

Current Liabilities

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

Long-term debt

376.0m448.5m371.7m392.2m345.5m286.6m284.8m297.9m

Total Debt

376.0m448.5m371.7m392.2m345.5m286.6m284.8m297.9m

Additional Paid-in Capital

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

Retained Earnings

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

Total Equity

1.2b1.2b997.5m1.0b1.0b1.0b1.0b1.0b

Debt to Equity Ratio

0.3 x0.4 x0.4 x0.4 x0.3 x0.3 x0.3 x0.3 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

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

Knowles Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

68.3m

Depreciation and Amortization

151.6m135.7m73.7m57.3m

Accounts Receivable

2.4m

Inventories

681.0k224.0k(34.0m)

Accounts Payable

38.0m(42.7m)(26.6m)4.9m

Cash From Operating Activities

(50.4m)8.1m107.5m92.9m

Purchases of PP&E

(83.9m)(63.1m)(38.7m)(51.6m)

Cash From Investing Activities

(93.1m)(95.2m)5.9m69.5m

Short-term Borrowings

(185.0m)

Long-term Borrowings

(15.0m)(166.5m)(120.1m)

Cash From Financing Activities

(71.4m)26.1m(109.9m)(117.9m)

Net Change in Cash

45.5m

Interest Paid

6.7m11.2m12.2m11.3m

Income Taxes Paid

20.9m19.3m4.2m13.1m

Quarterly

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

Net Income

7.6m(15.8m)(31.9m)(46.8m)(29.4m)(54.0m)(61.6m)(3.2m)(32.9m)(17.2m)

Depreciation and Amortization

33.4m71.5m118.5m32.5m65.6m101.0m21.7m39.4m57.8m15.3m29.9m44.4m

Accounts Payable

(9.8m)640.0k27.2m(9.4m)(13.9m)(23.0m)(14.8m)(29.1m)(31.8m)(2.8m)2.9m(4.4m)

Cash From Operating Activities

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

Purchases of PP&E

(23.9m)(41.1m)(68.0m)(17.7m)(38.7m)(48.5m)(9.8m)(20.2m)

Cash From Investing Activities

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

Long-term Borrowings

(3.8m)(7.5m)

Cash From Financing Activities

(68.8m)(68.6m)(69.3m)(4.6m)(2.5m)71.7m(29.8m)(8.6m)(54.5m)(1.0m)(5.7m)5.0m

Knowles Ratios

USDY, 2017

EV/EBIT

34.1 x

EV/CFO

14.9 x

Revenue/Employee

93.3k

Debt/Equity

0.2 x

Debt/Assets

0.1 x

Financial Leverage

1.4 x
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Knowles Operating Metrics

FY, 2014FY, 2015FY, 2016

Countries

15 15 12

Locations

39 44 32

Manufacturing Facilities

20 17 14
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