METHODE ELECTRONICS INC
For the period ended Jan 27, 2024. Filed Mar 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jan 27, 2024 · Filed Mar 7, 2024
MEI$11.86-2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (unaudited) -
(in millions)
| Nine Months Ended | ||
|---|---|---|
| January 27, 2024 | January 28, 2023 | |
| Operating activities: | ||
| Net (loss) income | $(66.0) | $69.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 43.3 | 36.8 |
| Stock-based compensation expense | 1.8 | 9.4 |
| Change in cash surrender value of life insurance | (1.0) | 0.2 |
| Amortization of debt issuance costs | 0.5 | 0.6 |
| Loss on sale of assets | 0.6 | 0.1 |
| Impairment of long-lived assets | 0.7 | 0.4 |
| Goodwill impairment | 56.5 | — |
| Change in deferred income taxes | (4.0) | 0.7 |
| Other | 0.8 | 0.2 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 47.7 | (19.7) |
| Inventories | (47.1) | (16.2) |
| Prepaid expenses and other assets | (8.8) | (17.3) |
| Accounts payable | 11.0 | 7.0 |
| Other liabilities | (13.4) | 12.6 |
| Net cash provided by operating activities | 22.6 | 83.8 |
| Investing activities: | ||
| Purchases of property, plant and equipment | (41.1) | (30.8) |
| Proceeds from settlement of net investment hedge | 0.6 | — |
| Proceeds from disposition of assets | 1.5 | 3.5 |
| Net cash used in investing activities | (39.0) | (27.3) |
| Financing activities: | ||
| Taxes paid related to net share settlement of equity awards | (3.8) | (0.5) |
| Repayments of finance leases | (0.2) | (0.3) |
| Proceeds from exercise of stock options | — | 1.5 |
| Purchases of common stock | (10.8) | (39.6) |
| Cash dividends | (15.0) | (14.9) |
| Debt issuance costs | — | (3.2) |
| Purchase of redeemable noncontrolling interest | (10.9) | — |
| Proceeds from borrowings | 232.9 | 200.0 |
| Repayments of borrowings | (207.2) | (206.6) |
| Net cash used in financing activities | (15.0) | (63.6) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (2.7) | (0.2) |
| Decrease in cash and cash equivalents | (34.1) | (7.3) |
| Cash and cash equivalents at beginning of the period | 157.0 | 172.0 |
| Cash and cash equivalents at end of the period | $122.9 | $164.7 |
| Supplemental cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | $12.7 | $3.0 |
| Income taxes, net of refunds | $17.0 | $15.4 |
| Operating lease obligations | $6.9 | $6.5 |
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