Company Quick10K Filing
Kimball
Price19.25 EPS1
Shares37 P/E18
MCap717 P/FCF14
Net Debt-80 EBIT55
TEV637 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-11-04
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8-K 2018-01-22

KBAL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Recent Accounting Pronouncements and Supplemental Information
Note 3. Acquisition
Note 4. Restructuring
Note 5. Revenue
Note 6. Leases
Note 7. Earnings per Share
Note 8. Income Taxes
Note 9. Inventories
Note 10. Accumulated Other Comprehensive Income
Note 11. Short - Term and Long - Term Debt
Note 12. Commitments and Contingent Liabilities
Note 13. Fair Value
Note 14. Investments
Note 15. Derivative Instruments
Note 16. Postemployment Benefits
Note 17. Stock Compensation
Note 18. Variable Interest Entities
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exhibit31103312021q3.htm
EX-31.2 exhibit31203312021q3.htm
EX-32.1 exhibit32103312021q3.htm
EX-32.2 exhibit32203312021q3.htm

Kimball Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
72558043529014502012201420172020
Assets, Equity
3502802101407002012201420172020
Rev, G Profit, Net Income
3011-8-27-46-652012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number    0-3279
kbal-20210331_g1.jpg
KIMBALL INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)

Indiana35-0514506
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization)
1600 Royal Street, Jasper, Indiana
47546-2256
(Address of principal executive offices)(Zip Code)

(812) 482-1600
Registrant’s telephone number, including area code
Not Applicable
Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading Symbol(s)Name of each exchange on which registered
Class B Common Stock, par value $0.05 per shareKBAL
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Yes  x    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  x   No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  x                         Accelerated filer  o 
Non-accelerated filer  o                         Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes      No  x
The number of shares outstanding of the Registrant’s common stock as of April 28, 2021 was:
Class A Common Stock - 191,395 shares
Class B Common Stock - 36,593,367 shares



KIMBALL INTERNATIONAL, INC.
FORM 10-Q
INDEX
Page No.
 
PART I    FINANCIAL INFORMATION
 
 
PART II    OTHER INFORMATION
 

2


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands, Except for Share and Per Share Data)
(Unaudited) 
March 31,
2021
June 30,
2020
ASSETS  
Current Assets:  
Cash and cash equivalents$33,451 $91,798 
Short-term investments501 5,294 
Receivables, net of allowances of $2,723 and $2,574, respectively
47,370 68,365 
Inventories58,419 49,857 
Prepaid expenses and other current assets19,946 16,869 
Assets held for sale 215 
Total current assets159,687 232,398 
Property and equipment, net of accumulated depreciation of $197,856 and $193,641, respectively
88,244 92,041 
Right-of-use operating lease assets16,867 16,461 
Goodwill83,133 11,160 
Other intangible assets, net of accumulated amortization of $39,420 and $40,442, respectively
67,239 13,949 
Deferred tax assets12,587 7,485 
Other assets18,517 12,773 
Total Assets$446,274 $386,267 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$40,000 $ 
Current maturities of long-term debt2,220 27 
Accounts payable37,742 40,229 
Customer deposits24,330 19,649 
Current portion of operating lease liability6,505 4,886 
Dividends payable3,647 3,454 
Accrued expenses32,385 41,076 
Total current liabilities146,829 109,321 
Other Liabilities:
Long-term debt, less current maturities392 109 
Long-term operating lease liability14,128 16,610 
Contingent earn-out liability31,790  
Other16,676 15,431 
Total other liabilities62,986 32,150 
Shareholders’ Equity:
Common stock-par value $0.05 per share:
Class A - Shares authorized: 50,000,000
               Shares issued: 191,000 and 193,000, respectively
9 10 
Class B - Shares authorized: 100,000,000
               Shares issued: 42,832,000 and 42,830,000, respectively
2,142 2,141 
Additional paid-in capital6,437 3,770 
Retained earnings295,016 305,024 
Accumulated other comprehensive income2,212 2,137 
Less: Treasury stock, at cost, 6,197,000 shares and 6,110,000 shares, respectively
(69,357)(68,286)
Total Shareholders’ Equity236,459 244,796 
Total Liabilities and Shareholders’ Equity$446,274 $386,267 
See Notes to Condensed Consolidated Financial Statements
3


KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except for Per Share Data)
(Unaudited)(Unaudited)
Three Months EndedNine Months Ended
March 31March 31
2021202020212020
Net Sales$138,676 $178,174 $422,817 $571,790 
Cost of Sales98,843 117,680 285,079 375,585 
Gross Profit39,833 60,494 137,738 196,205 
Selling and Administrative Expenses44,930 45,606 132,584 146,239 
Restructuring Expense2,617 818 8,473 6,564 
Operating Income (Loss)(7,714)14,070 (3,319)43,402 
Other Income (Expense):
Interest income59 386 248 1,482 
Interest expense(177)(21)(263)(65)
Non-operating income (expense), net311 (2,078)2,434 (1,360)
Other income (expense), net193 (1,713)2,419 57 
Income (Loss) Before Taxes on Income(7,521)12,357 (900)43,459 
Provision (Benefit) for Income Taxes(2,992)2,906 (919)11,585 
Net Income (Loss)$(4,529)$9,451 $19 $31,874 
Earnings (Loss) Per Share of Common Stock:  
Basic Earnings (Loss) Per Share$(0.12)$0.26 $0.00 $0.86 
Diluted Earnings (Loss) Per Share$(0.12)$0.25 $0.00 $0.86 
Class A and B Common Stock:
Average Number of Shares Outstanding - Basic36,860 36,813 36,932 36,890 
Average Number of Shares Outstanding - Diluted36,860 37,089 37,529 37,234 
See Notes to Condensed Consolidated Financial Statements

4


KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in Thousands)
(Unaudited)(Unaudited)
Three Months EndedThree Months Ended
March 31, 2021March 31, 2020
(Unaudited)Pre-taxTaxNet of TaxPre-taxTaxNet of Tax
Net income (loss)$(4,529)$9,451 
Other comprehensive income (loss):
Available-for-sale securities$(4)$1 $(3)$3 $(1)$2 
Postemployment severance actuarial change174 (45)129 120 (31)89 
Reclassification to (earnings) loss:
Amortization of actuarial change(112)29 (83)(82)21 (61)
Other comprehensive income (loss)$58 $(15)$43 $41 $(11)$30 
Total comprehensive income (loss)$(4,486)$9,481 

(Unaudited)(Unaudited)
 Nine Months EndedNine Months Ended
March 31, 2021March 31, 2020
(Unaudited)Pre-taxTaxNet of TaxPre-taxTaxNet of Tax
Net income$19 $31,874 
Other comprehensive income (loss):
Available-for-sale securities$(42)$11 $(31)$(17)$4 $(13)
Postemployment severance actuarial change476 (123)353 565 (146)419 
Reclassification to (earnings) loss:
Amortization of actuarial change(333)86 (247)(260)67 (193)
Other comprehensive income (loss)$101 $(26)$75 $288 $(75)$213 
Total comprehensive income$94 $32,087 
See Notes to Condensed Consolidated Financial Statements

5


KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
 (Unaudited)
Nine Months Ended
March 31
20212020
Cash Flows From Operating Activities:
Net income$19 $31,874 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation10,836 11,337 
Amortization4,212 1,707 
(Gain) loss on sales of assets(165)75 
Restructuring and asset impairment charges1,916 2,954 
Deferred income tax and other deferred charges(491)(500)
Stock-based compensation4,048 3,850 
Other, net(1,440)3,043 
Change in operating assets and liabilities:
Receivables24,055 (5,815)
Inventories7,057 (3,898)
Prepaid expenses and other current assets(1,991)(960)
Accounts payable(9,391)(7,929)
Customer deposits2,636 2,766 
Accrued expenses(13,971)(21,136)
Net cash provided by operating activities27,330 17,368 
Cash Flows From Investing Activities:
Capital expenditures(8,968)(16,132)
Proceeds from sales of assets498 138 
Cash paid for acquisition(101,478) 
Purchases of capitalized software(4,940)(3,011)
Purchases of available-for-sale securities(10,000)(24,977)
Maturities of available-for-sale securities14,750 44,488 
Other, net74 (818)
Net cash used for investing activities(110,064)(312)
Cash Flows From Financing Activities:
Proceeds from short-term debt40,000  
Repayments of long-term debt(28)(25)
Dividends paid to shareholders(9,969)(9,607)
Repurchases of Common Stock(2,077)(3,004)
Repurchase of employee shares for tax withholding(258)(976)
Net cash provided by (used for) financing activities27,668 (13,612)
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash (1)
(55,066)3,444 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period (1)
92,444 73,837 
Cash, Cash Equivalents, and Restricted Cash at End of Period (1)
$37,378 $77,281 
Supplemental Disclosure of Cash Flow Information
Non-cash items:
Contingent earn-out liability for Poppin, Inc. acquisition$31,790 $ 
Cash paid during the period for:
Income taxes$6,239 $10,406 
Interest expense$211 $15 
(1) The following table reconciles cash and cash equivalents in the balance sheets to cash, cash equivalents, and restricted cash per the statements of cash flows. The restricted cash included in other assets on the balance sheet represents amounts pledged as collateral for a long-term financing arrangement as contractually required by a lender. The restriction will lapse when the related long-term debt is paid off. Restricted cash also included customer deposits held due to a foreign entity being classified as a restricted entity by a government agency subsequent to our receipt of the deposit and cash held in escrow for repayment of the Payment Protection Program loan that Poppin, Inc. obtained prior to its acquisition.
(Amounts in Thousands)March 31,
2021
June 30,
2020
March 31,
2020
June 30,
2019
Cash and Cash Equivalents$33,451 $91,798 $76,636 $73,196 
Restricted cash included in Other Assets3,927 646 645 641 
Total Cash, Cash Equivalents, and Restricted Cash at end of period$37,378 $92,444 $77,281 $73,837 
See Notes to Condensed Consolidated Financial Statements
6


KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Amounts in Thousands, Except for Share and Per Share Data)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders’ Equity
Three months ended March 31, 2021 (Unaudited)Class AClass B
Amounts at December 31, 2020$9 $2,142 $4,843 $302,937 $2,169 $(68,088)$244,012 
Net income (loss)(4,529)(4,529)
Other comprehensive income (loss)43 43 
Issuance of non-restricted stock (13,000 shares)
(196)172 (24)
Conversion of Class A to Class B common stock (1,000 shares)
— —  
Compensation expense related to stock compensation plans1,790 1,790 
Repurchase of Common Stock (109,000 shares)
(1,441)(1,441)
Dividends declared ($0.09 per share)
(3,392)(3,392)
Amounts at March 31, 2021$9 $2,142 $6,437 $295,016 $2,212 $(69,357)$236,459 
Three months ended March 31, 2020 (Unaudited)
Amounts at December 31, 2019$10 $2,141 $3,423 $293,089 $2,120 $(68,194)$232,589 
Net income9,451 9,451 
Other comprehensive income (loss)30 30 
Issuance of non-restricted stock (6,000 shares)
(79)79  
Conversion of Class A to Class B common stock (1,000 shares)
— — (21)21 
Compensation expense related to stock compensation plans1,315 1,315 
Restricted share units issuance (15,000 shares)
(327)202 (125)
Repurchase of Common Stock (81,000 shares)
(1,664)(1,664)
Dividends declared ($0.09 per share)
(3,346)(3,346)
Amounts at March 31, 2020$10 $2,141 $4,311 $299,194 $2,150 $(69,556)$238,250 
Nine months ended March 31, 2021 (Unaudited)
Amounts at June 30, 2020$10 $2,141 $3,770 $305,024 $2,137 $(68,286)$244,796 
Net income19 19 
Other comprehensive income (loss)75 75 
Issuance of non-restricted stock (37,000 shares)
(511)487 (24)
Conversion of Class A to Class B common stock (2,000 shares)
(1)1  
Compensation expense related to stock incentive plans4,048 4,048 
Restricted stock units issuance (15,000 shares)
(284)204 (80)
Relative total shareholder return performance units issuance (32,000 shares)
(586)430 (156)
Cumulative effect of change in accounting principle134134 
Repurchase of Common Stock (171,000 shares)
(2,192)(2,192)
Dividends declared ($0.27 per share)
(10,161)(10,161)
Amounts at March 31, 2021$9 $2,142 $6,437 $295,016 $2,212 $(69,357)$236,459 
Nine months ended March 31, 2020 (Unaudited)
Amounts at June 30, 2019$12 $2,139 $3,570 $277,391 $1,937 $(68,559)$216,490 
Net income31,874 31,874 
Other comprehensive income (loss)213 213 
Issuance of non-restricted stock (21,000 shares)
(281)281  
Conversion of Class A to Class B common stock (58,000 shares)
(2)2 (21)21 
Compensation expense related to stock incentive plans4,395 4,395 
Performance share issuance (67,000 shares)
(1,391)879 (512)
Restricted share units issuance (15,000 shares)
(327)202 (125)
Relative total shareholder return performance units issuance (48,000 shares)
(954)624 (330)
Reclassification of equity-classified awards(680)(680)
Repurchase of Common Stock (146,000 shares)
(3,004)(3,004)
Dividends declared ($0.27 per share)
(10,071)(10,071)
Amounts at March 31, 2020$10 $2,141 $4,311 $299,194 $2,150 $(69,556)$238,250 
See Notes to Condensed Consolidated Financial Statements
7


KIMBALL INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements of Kimball International, Inc. (the “Company,” “Kimball International,” “we,” “us,” or “our”) have been prepared in accordance with the instructions to Form 10-Q. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted, although we believe that the disclosures are adequate to make the information presented not misleading. Intercompany transactions and balances have been eliminated. Management believes the financial statements include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly the financial statements for the interim periods. The results of operations for the interim periods shown in this report are not necessarily indicative of results for any future interim period or for the entire fiscal year. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in our latest annual report on Form 10-K. Additionally, based on the duration and severity of the current global situation involving the COVID-19 pandemic, including but not limited to the prolonged reduction in travel and the speed of the recovery of economic conditions globally, the extent to which COVID-19 will impact our business and our consolidated financial results will depend on future developments, which are highly uncertain and cannot be predicted.
Note 2. Recent Accounting Pronouncements and Supplemental Information
Recently Adopted Accounting Pronouncements:
In August 2018, the Financial Accounting Standards Board (“FASB”) issued guidance on a customer’s accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor. Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. The guidance was adopted during our first quarter of fiscal year 2021 and was applied prospectively. The adoption of this guidance did not have a material effect on our Condensed Consolidated Financial Statements.
In August 2018, the FASB issued guidance which changes the fair value measurement disclosure requirements. The guidance modifies and removes certain disclosures related to the fair value hierarchy, and adds new disclosure requirements such as disclosing the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance was adopted during our first quarter of fiscal year 2021 and was applied retrospectively. The adoption of this guidance did not have a material effect on our Condensed Consolidated Financial Statements.
In June 2016, the FASB issued guidance on the measurement of credit losses on financial instruments. Under the guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The guidance is also intended to reduce the complexity by decreasing the number of credit impairment models that entities use to account for debt instruments. In May 2019, the FASB amended the new standard to allow entities to elect the fair value option on certain financial instruments that were previously recorded at amortized cost. In November 2019, the FASB amended the new standard to extend the disclosure relief for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. The guidance was adopted during our first quarter of fiscal year 2021 and did not have a material effect on our Condensed Consolidated Financial Statements.
Goodwill and Other Intangible Assets:
Goodwill represents the difference between the purchase price and the related underlying tangible and intangible net asset fair values resulting from business acquisitions. Goodwill is assigned to and the fair value is tested at the reporting unit level. Annually, or if conditions indicate an earlier review is necessary, we may assess qualitative factors to determine if it is more likely than not that the fair value is less than its carrying amount. We also have the option to bypass the qualitative assessment and proceed directly to performing the quantitative goodwill impairment test which compares the carrying value of the reporting unit to the reporting unit’s fair value to identify impairment. Under the quantitative assessment, if the fair value of the reporting unit is less than the carrying value, goodwill is written down to its fair value. The fair value is established primarily using a discounted cash flow analysis and secondarily a market approach utilizing current industry information. The calculation of the fair value of the reporting unit considers current market conditions existing at the assessment date. In connection with our annual impairment test, we assessed goodwill at the reporting unit level for impairment during our second quarter of fiscal year 2021, and no goodwill impairment was recognized.
8


As of March 31, 2021 and June 30, 2020 our goodwill totaled $83.1 million and $11.2 million, respectively. During fiscal year 2021, we recorded $72.0 million and $52.4 million, respectively, in goodwill and other intangible assets from the acquisition of Poppin, Inc. See Note 3 - Acquisition of Notes to Condensed Consolidated Financial Statements for more information on this acquisition.
Other Intangible Assets reported on the Condensed Consolidated Balance Sheets consist of capitalized software, customer relationships, trade names, acquired technology, patents, trademarks, and non-compete agreements. Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable over the remaining lives of the assets. A summary of intangible assets subject to amortization is as follows:
 March 31, 2021June 30, 2020
(Amounts in Thousands)CostAccumulated
Amortization
Net ValueCostAccumulated
Amortization
Net Value
Capitalized Software$43,606 $33,637 $9,969 $43,671 $37,566 $6,105 
Customer Relationships19,050 3,157 15,893 7,050 1,871 5,179 
Trade Names36,570 2,240 34,330 3,570 952 2,618 
Acquired Technology7,000 309 6,691    
Patents and Trademarks333 9 324