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Knowles Corp (KN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Knowles Corp

CIK: 1587523 Ticker: KN
knlogonewa25.jpg
Exhibit 99.1
Financial Contact:
John Anderson
Knowles Investor Relations
Email: investorrelations@knowles.com

Knowles Reports Q4 & Full Year 2021 Financial Results and Provides Outlook for Q1 2022

Q4 Gross Margin of 43.1%; Non-GAAP Gross Margin of 43.3%
Q4 Diluted EPS of $0.98; Non-GAAP Diluted EPS of $0.48
FY Earnings from Continuing Operations of $150 million; Adjusted EBIT of $174 million or 20.1% of Revenues
FY Cash from Operations of $182 million; Free Cash Flow of $134 million or 15.4% of Revenues

ITASCA, Ill., Feb. 9, 2022
Knowles Corporation (NYSE: KN), a market leader and global provider of advanced micro-acoustic microphones and balanced armature speakers, audio solutions, and high performance capacitors and radio frequency (“RF”) products, today announced results for the fourth quarter and year ended December 31, 2021.

“We are very pleased to deliver strong quarterly results with GAAP and non-GAAP gross margins and EPS above the high end of our guidance range,” said Jeffrey Niew, president and CEO of Knowles. “The continued improvement adds conviction to our strategy to focus on the highest growth end-markets with a goal to maximize Adjusted EBIT margins and cash flow. Our fourth quarter results were driven by favorable product mix, primarily due to higher Precision Devices and Hearing Health sales. Precision Devices bookings and sales were up about 40 percent from the year ago period, driven by strong growth across a broad range of end markets. Our Adjusted EBIT margins of over 20% and strong free cash flow for the full year enabled us to fully repay our convertible notes and exit 2021 with essentially no net debt.”

“For the first quarter of 2022, we expect favorable product mix and improved operating leverage to drive non-GAAP gross margin and earnings above the year ago period. Going forward, with the momentum we have exhibited throughout 2021, we are confident in our progression towards our mid-term financial targets.” continued Niew.

Financial Highlights
The following table highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis for continuing operations (in millions, except per share data):
Q4-21Q3-21Q4-20
Revenues$234.3$233.0$243.2
Gross profit$100.9$96.9$92.0
(as a % of revenues)43.1%41.6%37.8%
Non-GAAP gross profit$101.4$97.5$92.5
(as a % of revenues)43.3%41.8%38.0%
Diluted earnings per share* $0.98$0.29$0.32
Non-GAAP diluted earnings per share$0.48$0.45$0.41
* Current period results include a $59.1 million tax benefit related to a valuation allowance release for our U.S. subsidiaries, $6.5 million in stock-based compensation, $4.4 million in intangibles amortization expense, $0.3 million in other expenses, and $0.2 million in restructuring charges that are excluded from non-GAAP results.

1

The following information was filed by Knowles Corp (KN) on Wednesday, February 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Knowles Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Auditor (Details)
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Earnings
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Tables)
Accrued Expenses And Other Liabilities - Schedule Of Accrued Expenses (Details)
Accrued Expenses And Other Liabilities - Schedule Of Other Liabilities (Details)
Accrued Expenses And Other Liabilities Accrued Expenses And Other Liabilities - Product Warrant Accrual Rollforward (Details)
Acquisition Acquisition
Acquisition Acquisition (Details)
Acquisition Acquisition - Selected Unaudited Pro-Forma Combined Statement Of Earnings (Details)
Borrowings And Lines Of Credit (Tables)
Borrowings And Lines Of Credit - Schedule Of Interest Expense And Interest Income (Details)
Borrowings And Lines Of Credit - Schedule Of Long-Term Debt Instruments (Details)
Borrowings And Lines Of Credit Borrowings And Lines Of Credit - Narrative (Details)
Commitments And Contingent Liabilities
Disposed And Discontinued Operations (Details)
Disposed And Discontinued Operations (Notes)
Disposed And Discontinued Operations Discontinued Operations And Disposal Groups (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans (Notes)
Employee Benefit Plans (Tables)
Employee Benefit Plans - Accumulated Benefit Obligations In Excess Of Plan Assets (Details)
Employee Benefit Plans - Actuarial Assumptions (Details)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Change In Benefit Obligation And Funded Status (Details)
Employee Benefit Plans - Components Of The Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Fair Value Of Plan Assets By Category (Details)
Employee Benefit Plans - Future Estimates (Details)
Employee Benefit Plans - Supplemental Retirement Plan (Details)
Equity Incentive Program
Equity Incentive Program (Tables)
Equity Incentive Program - Additional Information (Details)
Equity Incentive Program - Rsus (Details)
Equity Incentive Program - Share Based Compensation Expense (Details)
Equity Incentive Program - Stock Options And Ssars (Details)
Equity Incentive Program Equity Incentive Program - Other Information Regarding Ssars And Stock Options (Details)
Equity Incentive Program Equity Incentive Program - Psus (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Indefinite-Lived Intangible Assets (Details)
Goodwill And Other Intangible Assets - Intangible Assets And Amortization Expense (Details)
Hedging Transaction And Derivative Instruments - Fair Value Of Derivatives Qualifying As Hedging Instrument (Details)
Hedging Transactions And Derivative Instruments (Tables)
Hedging Transactions And Derivative Instruments - Fair Value Of Derivative Instruments (Details)
Hedging Transactions And Derivative Instruments - Narrative (Details)
Impairments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Income Before Tax, Domestic And Foreign (Details)
Income Taxes - Net Operating Loss And Tax Credit Carryforwards (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases (Details)
Leases (Tables)
Other Comprehensive (Loss) Earnings
Other Comprehensive (Loss) Earnings (Tables)
Other Comprehensive (Loss) Earnings - Amounts Recognized In Oci (Details)
Other Comprehensive (Loss) Earnings - Changes In Components Of Aoci (Details)
Other Comprehensive (Loss) Earnings - Components Of Aoci (Details)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net (Tables)
Property, Plant, And Equipment (Tables)
Restructuring And Related Activities
Restructuring And Related Activities (Tables)
Restructuring And Related Activities - Balance Sheet Location (Details)
Restructuring And Related Activities - Costs Recognized And Remaining Costs (Details)
Restructuring And Related Activities - Restructuring Activities (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Tables)
Segment Information - Information On Reportable Segments (Details)
Segment Information - Reportable Segments Adjusted Working Capital And Assets (Details)
Segment Information - Revenue By Geographic Location (Details)
Segment Information Segment Information - Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: KN
CIK: 1587523
Form Type: 10-K Annual Report
Accession Number: 0001587523-22-000005
Submitted to the SEC: Wed Feb 09 2022 5:17:45 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Household Audio And Video Equipment

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