METHODE ELECTRONICS INC
For the period ended Jul 27, 2024. Filed Sep 5, 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.
Jul 27, 2024 · Filed Sep 5, 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)
| Three Months Ended | ||
|---|---|---|
| July 27, 2024 | July 29, 2023 | |
| Operating activities: | ||
| Net (loss) income | $(18.3) | $0.9 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization | 14.1 | 14.0 |
| Stock-based compensation expense | 2.2 | 2.6 |
| Change in cash surrender value of life insurance | (0.4) | 0.6 |
| Amortization of debt issuance costs | 0.2 | 0.2 |
| Partial write-off of unamortized debt issuance costs | 1.2 | — |
| Impairment of long-lived assets | 0.3 | 0.6 |
| Change in deferred income taxes | (0.5) | (0.5) |
| Other | 0.7 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 14.4 | 11.5 |
| Inventories | (33.1) | (16.5) |
| Prepaid expenses and other assets | (5.8) | (2.3) |
| Accounts payable | 32.4 | (5.7) |
| Other liabilities | 3.5 | (11.0) |
| Net cash provided by (used in) operating activities | 10.9 | (5.6) |
| Investing activities: | ||
| Purchases of property, plant and equipment | (13.6) | (13.8) |
| Net cash used in investing activities | (13.6) | (13.8) |
| Financing activities: | ||
| Taxes paid related to net share settlement of equity awards | (0.5) | (3.8) |
| Repayments of finance leases | (0.1) | (0.1) |
| Debt issuance costs | (1.8) | — |
| Purchases of common stock | (1.6) | — |
| Cash dividends | (5.1) | (5.3) |
| Purchase of redeemable noncontrolling interest | — | (10.2) |
| Proceeds from borrowings | — | 42.0 |
| Repayments of borrowings | (39.1) | (10.1) |
| Net cash (used in) provided by financing activities | (48.2) | 12.5 |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 0.7 | (2.2) |
| Decrease in cash and cash equivalents | (50.2) | (9.1) |
| Cash and cash equivalents at beginning of the period | 161.5 | 157.0 |
| Cash and cash equivalents at end of the period | $111.3 | $147.9 |
| Supplemental cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | $3.3 | $3.0 |
| Income taxes, net of refunds | $3.7 | $2.2 |
| Operating lease obligations | $2.3 | $2.3 |
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