METHODE ELECTRONICS INC
For the period ended Nov 2, 2024. Filed Dec 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.
Nov 2, 2024 · Filed Dec 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)
| Six Months Ended | ||
|---|---|---|
| November 2, 2024 | October 28, 2023 | |
| (27 Weeks) | (26 Weeks) | |
| Operating activities: | ||
| Net loss | $(19.9) | $(54.4) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 28.4 | 28.4 |
| Stock-based compensation expense | 3.7 | 3.9 |
| Amortization of debt issuance costs | 0.5 | 0.4 |
| Partial write-off of unamortized debt issuance costs | 1.2 | — |
| (Gain) loss on sale of assets | (0.3) | 0.5 |
| Impairment of long-lived assets | 0.4 | 0.6 |
| Goodwill impairment | — | 56.5 |
| Change in deferred income taxes | 2.5 | (1.0) |
| Other | 1.1 | 0.6 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 5.2 | 12.5 |
| Inventories | (41.3) | (29.1) |
| Prepaid expenses and other assets | (6.9) | (10.8) |
| Accounts payable | (2.0) | (1.8) |
| Other liabilities | (9.7) | (12.5) |
| Net cash used in operating activities | (37.1) | (6.2) |
| Investing activities: | ||
| Purchases of property, plant and equipment | (24.0) | (24.5) |
| Proceeds from settlement of net investment hedge | — | 0.6 |
| Proceeds from disposition of assets | 3.0 | 1.6 |
| Net cash used in investing activities | (21.0) | (22.3) |
| 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) | (7.8) |
| Cash dividends | (10.0) | (10.1) |
| Purchase of redeemable noncontrolling interest | — | (10.9) |
| Proceeds from borrowings | 45.0 | 213.9 |
| Repayments of borrowings | (39.1) | (179.3) |
| Net cash (used in) provided by financing activities | (8.1) | 1.9 |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 1.7 | (7.9) |
| Decrease in cash and cash equivalents | (64.5) | (34.5) |
| Cash and cash equivalents at beginning of the period | 161.5 | 157.0 |
| Cash and cash equivalents at end of the period | $97.0 | $122.5 |
| Supplemental cash flow information: | ||
| Cash paid during the period for: | ||
| Interest | $10.3 | $6.7 |
| Income taxes, net of refunds | $15.5 | $14.5 |
| Operating lease obligations | $4.6 | $4.5 |
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