Poised for Growth
Share Owner
In fiscal year 2022, Kimball Electronics reported record top-line results with net sales totaling $1.35 billion, an all-time high for the Company. This represents a 4% increase over the prior year, with growth in all end markets the Company serves. As expected, the year was bifurcated with revenue in the third and fourth quarters reaching the highest levels in the Company’s history.
Fiscal Year 2022 Top-Line Growth
Full Year Net Sales
($ in millions)
Net Sales by Quarter
($ in millions)
Net Sales by Vertical Market
($ in millions)
Capital Allocation Strategy
Deployed a capital allocation strategy that included investing in future growth with expansions
at multiple facilities, returning cash to Share Owners in the form of stock repurchases,
and supporting our customers with strategic inventory builds to mitigate parts shortages,
even though the increases adversely impacted certain financial metrics including cash
flow, Cash Conversion Days (CCD), and Return on Invested Capital (ROIC). We fully expect
improvement in these areas as conditions normalize in the global supply chain.
Reinvest in the Business
Significant CapEx spending to fuel multi-year organic growth and expansion in ROIC.
Acquisitions
$50+ million of acquisitions over past seven years. Going forward M&A will play an important role in strategic direction of the Company.
Share Repurchases
$88.8 million of common stock repurchases representing 5.8 million shares since October of 2015.
Credit Facility Increased to Support Future Growth
Doubled the primary credit facility with our banking partners with an increase to $300 million, from $150 million. This amended five year revolving credit facility gives us the flexibility to meet CapEx and working capital needs to support expansions, new product introductions, and other long-term strategic goals. As of June 30, 2022, our short-term liquidity available, represented as cash and cash equivalents plus the unused amount of our credit facilities, totaled $178.6 million.
Doubled primary credit facility in fiscal year 2022
