Kimball Electronics, Inc.

OUR GLOBAL PRESENCE
WHO WE ARE
Kimball Electronics was founded in 1961 and incorporated in 1998. 
We deliver a package of value that begins with our core competency 
of producing durable electronics and further offer contract 
manufacturing services for non-electronic components, medical 
disposables, drug delivery solutions and precision molded plastics. 
Our design and manufacturing expertise coupled with robust 
processes and procedures help us ensure that we deliver the 
highest levels of quality and reliability throughout the entire life 
cycle of our customers’ products. We deliver award-winning service 
across our global footprint with an operations platform driven by 
highly integrated procedures, standardization, and teamwork. Our 
Customer Relationship Management (“CRM”) model is key to 
providing our customers convenient access to our global footprint 
and all of our services throughout the entire product life cycle. 
Because they operate in industries that demand rigorous 
engineering controls and that commonly require long product life 
cycles, our customers rely on our track record of quality, 
international standard certifications, financial stability, social 
responsibility, and commitment to long-term relationships.
We offer our services globally on a contract basis, and we 
manufacture products to our customers’ specifications. Our services 
primarily include:
•	 Production and testing of printed circuit board assemblies 
(PCBAs);
•	 High-level and final assembly of medical, automotive, and 
industrial products;
•	 Design services and support;
•	 Supply chain services and support;
•	 Rapid prototyping and new product introduction support;
•	 Product design and process validation and qualification;
•	 Industrialization and automation of manufacturing processes;
•	 Reliability testing (testing of products under a series of 
extreme environmental conditions);
•	 Aftermarket services;
•	 Production and assembly of medical devices, medical 
disposables including packaging, and other non-electronic 
products;
•	 Drug delivery devices and solutions with and without electronics;
•	 Class 7 and 8 clean room assembly, cold chain and product 
sterilization management;
•	 Design engineering and production of precision molded 
plastics; and
•	 Complete product life cycle management.
Our global footprint supports our 
customers’ specialized manufacturing 
needs. Whether the requirement is 
in-region support for an end market, 
access to a lower cost market, or 
proximity to a customer team, Kimball 
Electronics has a solution.
North America 
Jasper, Indiana  
(Manufacturing and  
World Headquarters) 
Indianapolis, Indiana  
Tampa, Florida 
Reynosa, Mexico
Europe 
Poznan, Poland 
Timisoara, Romania
Asia 
Nanjing, China 
Laem Chabang, Thailand 

FINANCIAL HIGHLIGHTS
Fiscal Year Ended June 30,
(Amounts in thousands, except per share data)
       2024
       2023
Net Sales
$	 1,714,510
$	 1,823,429
Operating Income, as reported (GAAP)
$	
 49,277
$	
 87,729
SERP
	 	
680
701
Legal Settlements (Recovery)
	 	
(892)
	 	
(212)
Restructuring Expense
2,386 
—
Goodwill Impairment
5,820 
—
Asset Impairment
17,040 
—
Adjusted Operating Income (non-GAAP)
$	
74,311
$	
88,218
Net Income, as reported (GAAP)
$	
20,511
$	
55,831
Adjustments After Measurement Period on GES Acquisition
	 	
—
	 	
279
Legal Settlements (Recovery)
	 	
(676)
	 	
(161)
Restructuring Expense, After-Tax
1,810 
—
Goodwill Impairment, After-Tax
4,414 
—
Asset Impairment, After-Tax
9,787 
—
Adjusted Net Income (non-GAAP)
$	
35,846
$	
55,949
Diluted Earnings per Share, as reported (GAAP)
$	
0.81
$	
2.22
Adjustments After Measurement Period on GES Acquisition
	 	
—
	 	
0.01
Legal Settlements (Recovery)
	 	
(0.03)
	 	
—
Restructuring Expense
0.07 
—
Goodwill Impairment
0.18 
—
Asset Impairment
0.39 
—
Adjusted Diluted Earnings per Share (non-GAAP)
$	
1.42
$	
2.23
Return on Invested Capital
	 	
7.4%
	 	
9.4%
Cash Flow from (used for) Operations
$	
73,217
$	
(13,804)
Capital Expenditures(1)
$	
47,040
$	
90,688
Share Owners’ Equity
$	
540,461
$	
523,994
(1) Capital Expenditures include purchases of capitalized software.
DIVERSIFIED 
PORTFOLIO OF 
END MARKETS 
AND MARKET 
SERVICES
*Percentage of net sales
**Percentage change  
compared to fiscal  
year 2023
27%
*
48%
*
Automotive
(2%)**
• Electronic Power Steering
• Body Controls
• Advanced Driver-  
Assistance Systems
• Electronic Braking  
Systems
25%
*
• Sleep Therapy and  
Respiratory Care
• Image Guided Therapy
• In Vitro Diagnostics
• Drug Delivery
• AED
• Patient Monitoring
Medical 
(15%)**
• Climate Controls
• Automation Controls
• Optical Inspection
• Smart Metering
• Public Safety
Industrial 
(3%)**
 2024 Annual Report | 1

Photography courtesy of Nasdaq, Inc.
Richard D. Phillips
Chief Executive Officer
TO OUR SHARE OWNERS
Fiscal 2024 was my first full year as CEO of Kimball Electronics, and I am privileged to be 
writing to you today on behalf of an organization with such a rich history of excellence and 
focus on long-term relationships. Early on, I was drawn to Kimball for a variety of reasons… 
but at the top of my list were the outstanding company culture and opportunity for 
significant value creation.  My experiences so far have confirmed those perspectives.
We entered fiscal year 2024 with high expectations for another 
year of growth, after finishing fiscal 2023 with record sales. What 
is even more impressive is that our plans included offsetting a 
$100 million reduction in business with a major medical customer 
involved in an FDA recall. The first quarter of the fiscal year was 
the best Q1 in our Company history, but we recognized that 
end-market demand was weakening across each of the vertical 
markets we serve from macro headwinds, and we had to respond.
Controlling what we can control
Our response was an approach of “controlling what we can 
control” including resizing our team, sharpening our strategic 
focus, taking other actions to reduce costs, and continuing to focus 
on significant improvements in working capital management, 
finishing the year with notable highlights, including:
• 	 Net sales of $1.715 billion, the second highest result in our 
Company’s history,
• 	 Adjusted operating income at 4.3% of net sales,
• 	 Inventory levels reduced 25% year-over-year, and
• 	 Cash flow from operating activities in excess of $73 million.
“With our renewed strategic focus on EMS 
operations, and a strong balance sheet, we will be 
looking with a new lens on where – and how – to 
profitably increase the top line.”
Consistent with our focus on building long-term relationships, 76% 
of our revenue was with customers we’ve worked with for a decade, 
or more, and for the tenth consecutive year, we were recognized by 
CIRCUITS ASSEMBLY in multiple categories for Service Excellence.  
Our annual sustainability report, themed “How We Are Winning 
Together, The Kimball Way,” discloses how we’re controlling our 
greatest impacts on people, the planet, and our communities. 
The report reflects the deep roots of sustainability in our culture, 
and highlights numerous sustainability-related recognitions and 
accomplishments from calendar year 2023. I believe it is our finest 
and demonstrates our dedication to the Guiding Principles of 
Customers, People, Citizenship, and Profits.
Throughout fiscal year 2024, I spent a great deal of time visiting  
our locations, meeting with customers, and working with our 
Leadership Team to complete an in-depth review of our strategic 
focus, vertical market structure, and organization design.
Sharpening our strategic focus
In May of 2024, we announced our intent to divest the Automation, 
Test, and Measurement (AT&M) business. While we made significant 
strides enhancing capabilities in AT&M since the acquisition of 
GES in 2018, it was not a good strategic fit for Kimball and our 
goals for future growth. The transaction was finalized on July  
31st, with the proceeds being used to strengthen our balance 
sheet in the form of increased liquidity and financial flexibility.  
The divestiture allows us to focus on core EMS capabilities. For 
further differentiation, we realigned the Medical Solutions 
business unit, in Indianapolis, into the EMS medical vertical.  
The operating environment remains challenging and many contract 
manufacturing organizations, Kimball included, have adjusted 
expectations for weak end-market demand.  In our verticals, the 
pullback has been more significant than we originally anticipated, 
setting up fiscal year 2025 for another year of “controlling what we 
can control.” Near term, this translates into a continued focus on 
cost structure, margin levels, working capital management, and 
investments in capital expenditures. Over a longer period of time, 
however, “controlling what we can control” is extending beyond 
these measures and focused on growing the top line. 
Our Company has been in operation for over 60 years – 10 of 
them listed on Nasdaq – and we have weathered many storms.  
But we have also recognized when to “cast the net a little wider”  
by moving into new markets where our core manufacturing 
capabilities support emerging technology. With our renewed 
strategic focus on EMS operations, and a strong balance sheet, we 
will be looking with a new lens on where – and how – to profitably 
increase the top line. The recent announcement by our largest 
medical customer – making Kimball the sole supplier on their 
respiratory care final assembly and high-level assembly business 
– is a great example where we see the growth potential.
Throughout this journey, we will stay true to our Guiding Principles 
and continue to:
•	 Be collaborative and team-oriented,
•	 Set high aspirations…not unrealistic goals, but attainable 
targets that require stretching,
•	 Communicate openly and proactively, and
•	 Remain accountable to our Company, to our customers,  
to each other, and to our Share Owners.
I’m excited for the future of the Company, and thank you for  
your support. 
We invite you to stay informed by visiting our website at 
www.kimballelectronics.com as we continue to build lasting 
relationships for global success. 
For more detailed insights into the past year, we encourage you  
to read the following Form 10-K.
Richard D. Phillips 
Chief Executive Officer
2 | Kimball Electronics
 2024 Annual Report | 3

CREATING QUALITY FOR LIFE
As the premier, single-source electronics manufacturing services 
provider and contract manufacturing organization, Kimball 
Electronics creates Automotive, Medical, and Industrial solutions 
that help improve people’s health, safety, productivity, and  
comfort throughout communities around the globe.
2
6
4
5
8
9
7
3
1
AUTOMOTIVE SOLUTIONS
1	 CHASSIS CONTROL in vehicle electronics manages and 
optimizes a vehicle’s stability, handling, and ride comfort by 
coordinating braking, steering, and suspension functions.
2	 DOMAIN CONTROL in vehicle electronics is a centralized 
system that integrates and manages subsystems like infotainment, 
powertrain, and advanced driver-assistance to improve functionality.
3	 POWER ELECTRONICS in a vehicle convert and control electrical 
power for driving motors, managing battery charging, and powering 
auxiliary systems in performance of electric and hybrid vehicles.
MEDICAL SOLUTIONS
4	 RESPIRATORY CONTROL SOLUTIONS using electronics  
in medical applications include devices like ventilators, CPAP 
machines, and oxygen concentrators that support, monitor,  
and manage patients’ breathing and respiratory functions.
5	 ELECTRONIC DRUG DELIVERY DEVICES, such as 
autoinjectors, insulin pumps, nebulizers, and smart inhalers, 
precisely control and administer medications to patients, 
enhancing treatment accuracy and adherence.
6	 ELECTRONIC SURGICAL SYSTEMS, including robotic 
surgical platforms and electrosurgical units, enhance precision, 
control, and outcomes in medical procedures by integrating 
advanced electronic technologies.
INDUSTRIAL SOLUTIONS
7	 ELECTRONICS IN CLIMATE CONTROL AND SMART 
ENERGY MANAGEMENT DEVICES enable precise regulation 
of indoor environments that help to power the AI network, optimize 
energy usage, and contribute to energy conservation through 
real-time monitoring and predictive analytics.
8	 ELECTRONICS IN OFF-HIGHWAY EQUIPMENT, such  
as construction machinery and agricultural vehicles, optimize 
performance, enhance safety, and improve operational efficiency 
through advanced control systems, diagnostics, and automation.
9	 IovT AND FACTORY AUTOMATION SYSTEMS facilitate 
real-time monitoring and control by connecting sensors, controllers, 
and communication networks to enable efficient data collection 
and process management.
4 | Kimball Electronics
 2024 Annual Report | 5

STRATEGICALLY FOCUSED ON:
AUTOMOTIVE SOLUTIONS
Automotive was our largest market vertical in fiscal year 2024, with net sales at 
$826.4 million. This market represents 48% of our total company sales, with strength 
in chassis control systems, including electronic power steering and electronic braking, 
safety systems, and vehicle comfort control, as well as many other automotive 
electronics. We manufacture electronic assemblies and systems for vehicles with 
traditional internal combustion engines, electronic vehicles, and hybrids.
UNRIVALED PROFICIENCY IN AUTOMOTIVE ELECTRONICS MANUFACTURING 
Understanding the critical importance of safety, reliability, and dependability, we work closely with our valued automotive partners, leading 
the market in ensuring the highest standards of manufacturing excellence. Since our entry into the automotive sector in 1985, vehicle 
technologies have evolved dramatically. Despite these advancements, Kimball Electronics has consistently maintained its ability to  
deliver unmatched quality and reliability in automotive electronics manufacturing. This requires deep expertise and a thorough understanding  
of the craft. Our long-standing dedication to supporting industry leaders in automotive technology is a commitment that will continue for 
decades to come.
By assisting our customers in the production of essential electronic systems, Kimball Electronics plays a pivotal role in propelling the evolution  
of automotive innovation, and could include the following applications.
1	
STEERING (INCL. X-BY-WIRE) Steering-by-wire, or steer-by-
wire, is an advanced vehicle system that replaces the traditional 
mechanical linkage between the steering wheel and the 
wheels with electronic controls. It is an important part of 
Advanced Driver-Assistance Systems (ADAS) and autonomous 
driving technology. It uses sensors to detect the steering 
wheel’s position, an electronic control unit (ECU) to process 
the input, and actuators to steer the wheels. This technology 
offers benefits like weight reduction, improved safety, enhanced 
precision, and customizable steering feel. This system requires 
robust redundancy systems to ensure reliability and is a key 
innovation in modern automotive design.
2	
BRAKING (INCL. X-BY-WIRE) Since 1985, Kimball Electronics 
has been manufacturing electronics for innovative braking 
systems. It is an important part of Advanced Driver-Assistance 
Systems (ADAS) and autonomous driving technology. Brake-by-
wire is an advanced braking system that replaces traditional 
mechanical and hydraulic components with electronic controls. 
When the driver presses the brake pedal, sensors send signals 
to an electronic control unit (ECU), which then commands 
actuators to apply the brakes. This system offers benefits like 
weight reduction, enhanced braking precision, improved safety 
features, and integration with regenerative braking in electric 
vehicles, marking a significant innovation in modern vehicle 
braking technology.
3	
ACTIVE SUSPENSION ECUs manage the dynamic 
adjustment of a vehicle’s suspension in real-time to enhance 
ride comfort, handling, and stability. By monitoring data from 
sensors, the ECU adjusts suspension settings like damping 
and spring stiffness to optimize performance on varying road 
conditions. These ECUs also integrate with other systems, 
such as braking and steering, to provide a coordinated 
response, ensuring a smoother, safer, and more responsive 
driving experience.
4	
AUTOMOTIVE DOMAIN CONTROLLERS are a critical part  
of the shift towards more integrated, efficient, and adaptable 
vehicle electronics architecture. Domain Controllers are advanced 
electronic control units that centralize the management of 
specific functional areas within a vehicle, such as powertrain, 
infotainment, or driver assistance. By consolidating multiple 
functions, these controllers reduce the complexity and number 
of individual ECUs, leading to more efficient communication, 
enhanced processing power, easier software updates, and 
cost and weight reduction. They play a crucial role in supporting 
modern vehicle technologies, including Advanced Driver-
Assistance Systems (ADAS) and autonomous driving.
5	
INVERTERS are crucial for converting and managing 
electrical power in electric and hybrid vehicles, playing a key 
role in motor control, energy efficiency, and regenerative 
braking. Inverters in automobiles convert direct current (DC) 
from the battery into alternating current (AC) to power electric 
motors in electric and hybrid vehicles. They control motor 
speed and torque by regulating AC power, enable regenerative 
braking by converting AC back to DC, and enhance overall 
efficiency and performance. Inverters are essential for smooth 
vehicle operation, efficient energy use, and maximizing the 
range of electric and hybrid vehicles.
6	
DC-DC CONVERTERS in automobiles adjust the voltage  
from a high-voltage battery to different DC voltage levels 
required by various vehicle systems. They ensure stable power 
distribution, enhance energy efficiency, and provide electrical 
isolation to protect sensitive components. By converting and 
regulating voltage efficiently, they help optimize energy use 
and extend the vehicle’s range.
7	
ON-BOARD CHARGING in vehicles refers to the system  
that converts external AC power into DC power to recharge  
the vehicle’s battery. It manages the charging process by 
regulating current and voltage, supports Level 1 and Level 2 
charging, and integrates with the vehicle’s electrical system  
to ensure efficient and safe recharging.
3
2
4
5
7
6
1
$826+M
Net sales in 
automotive 
solutions
6 | Kimball Electronics
 2024 Annual Report | 7

STRATEGICALLY FOCUSED ON:
MEDICAL SOLUTIONS
Net sales in the Medical market vertical were $425.7 million, representing 25% of total 
company sales. Our success this year was driven by manufacturing for applications 
involving respiratory care solutions, electronic drug delivery systems, and electronic 
surgical systems, including robotic surgical platforms and electrosurgical units.
MANUFACTURING FOR  
CRITICAL MEDICAL SYSTEMS
From printed circuit board assembly (PCBA) to complex system assembly, 
to full assembly of a finished medical device, Kimball Electronics has the 
experience and the capabilities to manage the stringent quality and reliability 
required for durable, high-power, medical manufacturing and assembly both 
now and in the future.
1	
SLEEP AND OXYGEN THERAPY Respiratory control systems, including 
those for sleep and oxygen therapy, are designed to manage and support 
breathing for individuals with respiratory conditions. Sleep therapy systems 
like CPAP, BiPAP, and ASV provide continuous or adaptive airflow to keep 
airways open during sleep, while oxygen therapy systems, such as 
concentrators, deliver concentrated or portable oxygen to patients.  
These systems feature advanced monitoring, adjustable settings,  
and user-friendly interfaces to ensure effective and comfortable  
therapy for chronic or acute respiratory needs.
2	
DRUG DELIVERY devices enhance medication management by 
providing precise dosing, real-time monitoring, and improved patient 
compliance. Examples include autoinjectors, insulin pumps for diabetes, 
smart inhalers for respiratory conditions, infusion pumps, and 
transdermal systems. These devices feature advanced controls and 
connectivity for tracking usage, adherence, and safety, often integrating 
with digital health platforms to enable personalized and effective treatment. 
They are crucial in managing chronic conditions, ensuring accurate 
medication delivery, and improving overall therapeutic outcomes.
3	
AUTOMATED EXTERNAL DEFIBRILLATORS (AEDs) are life-saving 
devices designed to swiftly respond to cardiac emergencies. Compact 
and user-friendly, AEDs analyze the heart’s rhythm and deliver electric 
shocks, restoring normal heart function. These portable devices 
empower medical professionals, and others, to take effective action  
in cardiac events, underscoring their vital role in safeguarding lives  
and promoting community health.
4	
SURGICAL SYSTEMS Advanced surgical systems with electronics, 
including robotic surgical systems, endoscopic technologies, surgical 
navigation, electrosurgical devices, and laser systems, significantly 
enhance surgical precision, safety, and efficiency. These systems provide 
real-time imaging and feedback, support minimally invasive techniques, 
and integrate with other medical technologies and electronic health 
records for comprehensive data management. They improve patient 
outcomes by offering high precision, detailed visualization, and enhanced 
control during complex procedures, ultimately revolutionizing modern 
surgical practices.
5	
AMBULANCE AND HOSPITAL PATIENT MONITORING SYSTEMS  
are crucial for tracking vital signs and managing patient health during 
emergencies and in clinical settings. Ambulances use portable monitors 
to assess key metrics like heart rate and oxygen levels, while also 
communicating data to hospitals before arrival. In hospitals, bedside 
monitors continuously track vital signs, with central stations integrating 
data from multiple monitors and alerting staff to critical changes. Both 
systems provide real-time data, integrate with electronic health records, 
and feature alert systems to ensure timely and effective patient care. 
The future importance of advanced patient monitoring systems lies  
in their ability to enhance care quality, integrate with other health 
technologies, improve efficiency, support remote and predictive  
health management, and address global health challenges. 
COMPREHENSIVE MEDICAL 
MANUFACTURING SERVICES  
With a deep understanding of the stringent 
demands and regulatory standards of the medical 
industry, our capabilities are designed to meet the 
unique complexities of each client. Since 1999, we 
have manufactured countless medical devices, 
drug delivery systems, medical electronics, and 
disposable instruments. Leveraging our expertise, 
experience, global reach, and steadfast 
commitment to long-term partnerships, we provide 
comprehensive manufacturing solutions for 
extremely complex medical products. 
4
5
3
1
2
$425+M
Net sales  
in medical  
solutions
8 | Kimball Electronics
 2024 Annual Report | 9

STRATEGICALLY FOCUSED ON:
INDUSTRIAL SOLUTIONS
Fiscal Year 2024 net sales in Industrial were $462.4 million and 27% of total 
company revenue. This performance was primarily driven by the demand for climate 
control products, automation controls, smart metering, high-power electronics, and 
public safety applications.
MANUFACTURING FOR A DYNAMIC MARKET
In the constantly shifting industrial market, we collaborate closely with our 
customers to manufacture products that support the growth of smart cities, 
improve energy efficiency, enable effective energy management, transition  
to high-power electronic solutions, and provide precise control over motors, 
pumps, and electronic climate systems. As a contract manufacturer of 
Industrial Solutions for over 56 years, we ensure seamless new product 
introductions for our customers. As technology evolves, our unwavering 
commitment is to continue supporting those customers.
1	
CLIMATE CONTROL AND SMART ENERGY MANAGEMENT Electronic 
climate controls and smart energy management systems are transforming 
building efficiency and cooling the AI network. These systems allow for 
precise regulation of indoor environments, optimizing heating, cooling, 
and ventilation to minimize energy waste and carbon emissions while 
enhancing occupant comfort and productivity. With real-time monitoring, 
predictive analytics, and remote access, building managers can ensure 
optimal energy use, detect potential inefficiencies, and implement 
proactive energy conservation strategies.2
2	
OFF-HIGHWAY EQUIPMENT Since 1968, we have been manufacturing 
high-power electronics in the Industrial market. With this experience we 
are well positioned to play a key role in helping our customers to electrify 
off-highway equipment. By leveraging our manufacturing capabilities  
in high-power electronics, full system level assembly, and box build 
processes - we’re empowering our global customers to drive forward 
innovation and sustainability initiatives at every turn. 
3	
INTERNET OF THINGS (IoT) & FACTORY AUTOMATION The integration 
of IoT into factory automation is revolutionizing the manufacturing 
landscape. By connecting machines, sensors, and devices, IoT enables 
real-time data collection, monitoring, and analysis, leading to smarter 
decision-making and enhanced operational efficiency. Factories can now 
optimize processes, predict maintenance needs, reduce downtime, and 
ensure consistent product quality. This connectivity also allows for 
greater flexibility and scalability, enabling manufacturers to respond 
swiftly to changing market demands. As IoT continues to evolve, it is paving 
the way for fully automated, intelligent factories that are more agile, 
efficient, and sustainable.
4	
PUBLIC SAFETY We play a crucial role in supporting the public safety 
market by providing advanced electronic manufacturing solutions tailored 
to the needs of this vital sector. We partner with leading companies to 
develop and produce reliable, high-quality electronic assemblies used in 
critical public safety equipment, such as access control systems, emergency 
response devices, and surveillance technologies. Our commitment to 
precision, durability, and innovation ensures these products perform 
flawlessly under the most demanding conditions, helping to safeguard 
communities and protect lives. Through our expertise, we contribute to 
the development of technologies that enhance the effectiveness and 
efficiency of public safety operations.
5 	
GREEN ENERGY, CHARGING, AND STORAGE We are committed to 
customers that advance the synergy between renewable energy sources, 
such as solar and wind, and the innovative technologies that support 
them. By focusing on more efficient charging solutions, we help optimize 
the use of clean energy. Our work in helping to develop and manufacture 
high-power electronics, high-capacity batteries, and other advanced 
storage systems ensures a steady supply of renewable power by 
capturing and utilizing excess energy. This integrated approach not  
only reduces reliance on fossil fuels but also maximizes the potential  
of sustainable alternatives, driving progress toward a greener future.
MANUFACTURING 
SOLUTIONS FOR EVOLVING 
MARKET APPLICATIONS 
With the growing emphasis on responsible resource 
use and the aim of enhancing conservation, we 
foresee sustained long-term growth in industrial 
applications. This potential is further amplified by 
the global expansion of consumer interest in artificial 
intelligence, electrification of off-highway vehicles, 
factory automation, electronic access control, and 
green energy, charging, and storage solutions.  
Our strategic focus is manufacturing solutions  
for evolving sub-markets in Industrial solutions  
that are expected to gain significant momentum.
1
5
3
2
4
$462+M
Net sales  
in industrial  
solutions
10 | Kimball Electronics
 2024 Annual Report | 11

STRATEGICALLY FOCUSED ON:
END-TO-END  
MANUFACTURING SOLUTIONS
At Kimball Electronics, our go-to-market approach is centered on end-to-end partnerships 
and a deep understanding of our customers’ needs. We work closely with our customers 
from the initial design phase through production and beyond, ensuring that every solution 
is finely tuned to meet the demands of the industries we serve, including automotive, 
medical, and industrial. 
AFTERMARKET  
SUPPORT
Full service and 
support as market 
conditions change. 
Management 
throughout product 
life cycle from start  
to finish.
NEW PRODUCT 
INTRODUCTION (NPI) 
OR TRANSFER OF 
WORK (TOW)
Robust processes for 
new product introduction 
(NPI), or the transfer of 
existing products from 
an existing supplier 
(TOW), focused on 
manufacturing 
excellence and  
speed to market.
MANUFACTURING
A manufacturing 
partnership with a 
customer-focused team 
that works as a direct 
extension of your team, 
including manufacturing 
and operational 
excellence, while building 
in quality, managing the 
supply chain, and 
handling any required 
regulatory certifications.
TESTING
Focused on testing 
criteria for areas of 
concern that affirm 
reliability of specific 
functionality and 
ensuring quality.
DESIGN & 
DEVELOPMENT
Integrated design 
engineering and design 
for manufacturing 
services that ensure 
manufacturability  
and increase speed  
to market.
PROTOTYPING
Dedicated team  
& equipment in 
prototyping centers  
of excellence that 
enables bringing 
products to market 
faster.
With a global manufacturing footprint, we’re equipped to provide reliable, scalable 
support that drives success. By emphasizing quality, innovation, and long-term 
collaboration, we deliver exceptional value and performance, helping our customers 
achieve their goals with the full support of Kimball Electronics at every step.
12 | Kimball Electronics
 2024 Annual Report | 13

STRATEGICALLY FOCUSED ON: 
OUR CULTURE
Kimball Electronics’ culture is a differentiator in the marketplace and a competitive 
strength. We believe you win with people, and we have established – and continue to 
enhance – a workplace environment that attracts, develops, and retains the best and 
brightest talent available. “The Kimball Way” manifests through our team members and 
through a corporate culture centered on respect, appreciation, and enriching the lives of 
our employees with meaningful work.
3
2
1
THE KIMBALL WAY
We cultivate a workplace environment that embraces the attitudes of 
personal accountability, autonomy and empowerment, individual initiative 
and teamwork, employee involvement, and open communication. To help 
ensure Kimball Electronics delivers quick time-to-market and high-quality, 
reliable, and durable electronics solutions, our teams remain focused on:
1	
OUR GUIDING PRINCIPLES We are defined by our Customers, People, 
Citizenship, and Profits Guiding Principles that inspire and unite our 
employees, foster partnerships with our customers and suppliers, 
enhance our communities, and create long-term value for our Share 
Owners. We encourage and empower all team members to make us  
an even greater global company.
2	
OUR SUSTAINABILITY We are proud to be responsible guardians of our 
economic, environmental, and social resources, and we champion 
transparency and accountability for ourselves. We know that our activities 
and business relationships impact our communities, people, and the 
planet and, in turn, make negative or positive contributions to sustainable 
development. We are committed to reporting on our significant sustainability 
impacts and how we are meeting the needs of the present without 
compromising the ability of future generations to meet their own needs.
3	
AWARDS AND RECOGNITION External and internal company 
recognitions and acknowledgements serve as powerful validation of  
our achievements and enhance credibility and reputation in our industry. 
In 2023-2024, we were honored to be recognized in Newsweek as one 
of the Most Trusted Companies in America, ranked as a “leader” in the 
Electronic Equipment, Instruments & Components industry by MSCI  
ESG Ratings, ranked #13 on Forbes’ America’s Most Successful Small-
Cap Companies list, and awarded in four categories of service excellence 
by our customers at the CIRCUITS ASSEMBLY Service Excellence Awards. 
Internally, we continue to recognize our lasting relationships and global 
success with our employees through celebrations for years of service, 
outstanding achievements, and retirements. 
4	
OUR PURPOSE (Creating Quality for Life) As the premier, single-source 
electronics manufacturing services provider and contract manufacturing 
organization for Automotive, Medical, and Industrial solutions, we help 
improve the health, safety, productivity, and comfort of those who use 
our products. We also provide a positive experience by Creating Quality 
for Life for our other stakeholders: our people, our customers, our 
communities through our positive societal and environmental impacts, 
and our Share Owners. 
5 	
OUR PHILANTHROPY We champion corporate citizenship through  
the donation of time, treasure, and talent to four main categories of 
giving: Community; Education & Arts; Scientific & Environment; and 
Human Rights & Needs. Our contributions are intended to support the 
communities in which we operate, those who may not be in a position  
to directly benefit from employment with us or from our primary business 
activities, or those who can benefit from the value derived from our 
support or collaboration. 
CULTURE OF EXCELLENCE 
Our culture of excellence is rooted in one of our 
Guiding Principles that states, “Our Customer  
is our Business.” To maintain and enhance our 
market position, we must continue to deliver 
innovative solutions, products, and services  
that exceed our customers’ expectations of  
quality and enduring value. 
4
5
Our Guiding Principles
Our Customer  
is Our  
Business
Our People  
are the 
Company
The  
Environment  
is Our Home
Profits are the 
Ultimate Measure 
of How Efficiently 
and Effectively  
We Serve Our 
Customers
14 | Kimball Electronics
 2024 Annual Report | 15

Fiscal Year 2024 Highlights:
STRATEGICALLY FOCUSED ON:
SHARE OWNERS 
Message from our CFO
“Fiscal 2024 was hard fought with a challenging operating 
environment combined with divesting the AT&M business, 
which was not a small undertaking for our Company. 
Looking to fiscal 2025, we expect macro headwinds  
to persist and will balance these pressures with cost 
controls, a capital allocation strategy focused on longer-
term growth, lasting customer relationships, and 
opportunistic share repurchases.”
$0
$500
$1,000
$1,500
$2,000
FY20
FY21
FY22
FY23
FY24
REVENUE (in millions)
EPS
$1,201
$1,292
$1,350
$1,715
$1,823
$0.81
$0.71
$2.24
$1.24
$2.22
Revenue and EPS Growth
0.0
40.0
20.0
60.0
80.0
100.0
FY20
FY21
FY22
FY23
FY24
CAPEX
SHARE REPURCHASES
Capital Allocation
Jana Croom
Chief Financial 
Officer
Photography 
courtesy of 
Nasdaq, Inc.
$1,715M
Net Sales
2nd highest year in 
company history
$73M
Cash flow generated 
from operating 
activities
$74.3M
Adjusted 
Operating 
Income
4.3% of net sales
$112M
in Inventory 
Reductions
25% year-over-year 
decrease
16 | Kimball Electronics

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
☒  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 2024 
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    001-36454
KIMBALL ELECTRONICS, INC.
(Exact name of registrant as specified in its charter)
Indiana
35-2047713
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
1205 Kimball Boulevard, Jasper, Indiana
47546
(Address of principal executive offices)
(Zip Code)
(812) 634-4000
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading Symbol
Name of each exchange on which registered
Common Stock, no par value
KE
The Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:  None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.   Yes  ☐    No  ☒
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  ☒    No  ☐
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  ☒    No  ☐
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
☐
Accelerated filer
☒
Emerging growth company
☐
Non-accelerated filer
☐
Smaller reporting 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal 
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report.
☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the 
filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 
received by any of the registrant’s executive officers during the relevant recovery period pursuant to Section 240.10D-1(b).
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐
No ☒
The aggregate market value of the common stock held by non-affiliates, as of December 29, 2023 (the last business day of the Registrant’s most recently 
completed second fiscal quarter), was $662.7 million based on 98.4% of common stock held by non-affiliates.
The number of shares outstanding of the Registrant’s common stock as of August 8, 2024 was 24,733,358 shares.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the Annual Meeting of Share Owners to be held on November 15, 2024, are incorporated by reference into Part III.
 

KIMBALL ELECTRONICS, INC.
FORM 10-K INDEX
 
  
Page No.
 
PART I
  
Item 1.
Business       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Item 1A.
Risk Factors      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Item 1B.
Unresolved Staff Comments     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Item 1C.
Cybersecurity     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Item 2.
Properties   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Item 3.
Legal Proceedings    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Item 4.
Mine Safety Disclosures   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Information about Our Executive Officers    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
 
PART II
 
Item 5.
Market for Registrant’s Common Equity, Related Share Owner Matters and Issuer Purchases of Equity 
Securities     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
Item 6.
[Reserved]    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations    . . . . . . . . . . . . . . .
26
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
Item 8.
Financial Statements and Supplementary Data  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure      . . . . . . . . . . . . . .
68
Item 9A.
Controls and Procedures     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68
Item 9B.
Other Information    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68
 
PART III
 
Item 10.
Directors, Executive Officers and Corporate Governance       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69
Item 11.
Executive Compensation     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Share Owner Matters    . . . . .
70
Item 13.
Certain Relationships and Related Transactions, and Director Independence      . . . . . . . . . . . . . . . . . . . . . . . . . .
70
Item 14.
Principal Accounting Fees and Services   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
 
PART IV
  
Item 15.
Exhibits, Financial Statement Schedules     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71
Item 16.
Form 10-K Summary   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71
SIGNATURES    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74
 
2

PART I
Item 1 - Business
General
As used herein, the terms “Company,” “Kimball Electronics,” “we,” “us,” or “our” refer to Kimball Electronics, Inc., the 
Registrant, and its subsidiaries. Reference to a year relates to a fiscal year, ended June 30 of the year indicated, rather than a 
calendar year unless the context indicates otherwise. Additionally, references to the first, second, third, and fourth quarters refer 
to those respective quarters of the fiscal year indicated.
Forward-Looking Statements
This document contains certain forward-looking statements. These are statements made by management, using their best 
business judgment based upon facts known at the time of the statements or reasonable estimates, about future results, plans, or 
future performance and business of the Company. Such statements involve risk and uncertainty, and their ultimate validity is 
affected by a number of factors, both specific and general. They should not be construed as a guarantee that such results or 
events will, in fact, occur or be realized as actual results may differ materially from those expressed in these forward-looking 
statements. The statements may be identified by the use of words such as “believes,” “anticipates,” “expects,” “intends,” 
“plans,” “projects,” “estimates,” “forecasts,” “seeks,” “likely,” “future,” “may,” “might,” “should,” “would,” “could,” “will,” 
“potentially,” “can,” “goal,” “predict,” and similar expressions. It is not possible to foresee or identify all factors that could 
cause actual results to differ from expected or historical results. We make no commitment to update these factors or to revise 
any forward-looking statements for events or circumstances occurring after the statement is issued, except as required by law. 
The risk factors discussed in Item 1A - Risk Factors of this report could cause our results to differ materially from those 
expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict at this time or 
that we currently do not expect to have a material adverse effect on our business. Any such risks could cause our results to 
differ materially from those expressed in forward-looking statements.
At any time when we make forward-looking statements, we desire to take advantage of the “safe harbor” which is afforded such 
statements under the Private Securities Litigation Reform Act of 1995 where factors could cause actual results to differ 
materially from forward-looking statements. 
Overview
Kimball Electronics was founded in 1961 and incorporated in 1998. We deliver a package of value that begins with our core 
competency of producing durable electronics and further offer contract manufacturing services for non-electronic components, 
medical disposables, drug delivery solutions and precision molded plastics. Our design and manufacturing expertise coupled 
with robust processes and procedures help us ensure that we deliver the highest levels of quality and reliability throughout the 
entire life cycle of our customers’ products. We deliver award-winning service across our global footprint with an operations 
platform driven by highly integrated procedures, standardization, and teamwork. Our Customer Relationship Management 
(“CRM”) model is key to providing our customers convenient access to our global footprint and all of our services throughout 
the entire product life cycle. Because they operate in industries that demand rigorous engineering controls and that commonly 
require long product life cycles, our customers rely on our track record of quality, international standard certifications, financial 
stability, social responsibility, and commitment to long-term relationships.
For over 35 years, we have manufactured safety-critical electronic assemblies for automotive customers, developing invaluable 
expertise that extends beyond the automotive industry to benefit our medical and industrial customers as well. By harnessing 
our experience and expertise in design and process validation, traceability, process and control change, as well as lean 
manufacturing, we have achieved substantial growth and diversification.
Many of our customers are multinational companies operating across multiple global regions, and they maximize their supplier 
relationship by partnering with us for engineering, manufacturing, and supply chain services and support across multiple 
locations and regions. We leverage key supply chain advantages and streamline our operations, enabling cost-effective 
manufacturing of both electronic and non-electronic products within a single production facility for customers from all three 
end market verticals. Coupled with our CRM model and our global systems, procedures, processes, and teamwork, our strategic 
approach to expanding our global footprint aligns with our customers’ preferences in our three end market verticals. This 
positions us strongly to support their global growth initiatives.
 
3

Our customers benefit from consistent supply chain processes across all regions thanks to our global component sourcing, 
procurement, quoting, and customer pricing operations. Our central sourcing organization employs global procurement 
strategies that ensure consistent component availability and a uniform pricing approach by leveraging the purchasing volume of 
our entire organization. Our unified, global quoting model allows us to seamlessly respond to our customers’ production needs 
anywhere across our global footprint.
We combine cross-functional teams from multiple facilities in quality, operational excellence, quoting, and design engineering 
global support with our business development team members located in-region with our global customers. Clear roles and 
responsibilities, combined with diverse skill sets, establish a robust conduit critical for executing our customers’ objectives and 
building strong customer relationships. Our robust customer scorecard process provides valuable feedback to all levels of our 
company, driving continuous improvement initiatives, strengthening our award-winning service, and fostering deep customer 
loyalty. Our customers trust and value our people, our deep-rooted Guiding Principles, and our sustainability policies.
Our corporate headquarters is located at 1205 Kimball Boulevard, Jasper, Indiana. We manufacture products for our customers 
at facilities located in the United States, China, Mexico, Poland, Romania, and Thailand. As discussed in the Our Business 
Strategy section below, we completed the divestiture of our automation, test, and measurement business on July 31, 2024, prior 
to which those subsidiaries manufactured products in China and Vietnam and maintained operations in India and Japan.
We offer our services globally on a contract basis, and we manufacture products to our customers’ specifications. Our services 
primarily include:
•
Production and testing of printed circuit board assemblies (PCBAs);
•
High-level and final assembly of medical, automotive, and industrial products;
•
Design services and support;
•
Supply chain services and support; 
•
Rapid prototyping and new product introduction support;
•
Product design and process validation and qualification;
•
Industrialization and automation of manufacturing processes;
•
Reliability testing (testing of products under a series of extreme environmental conditions);
•
Aftermarket services;
•
Production and assembly of medical devices, medical disposables including packaging, and other non-electronic 
products;
•
Drug delivery devices and solutions with and without electronics;
•
Class 7 and 8 clean room assembly, cold chain and product sterilization management;
•
Design engineering and production of precision molded plastics; and
•
Complete product life cycle management.
We take pride in our attentive approach to understanding and adapting to our customers’ ever-changing needs and preferences. 
We continuously seek opportunities to grow and diversify our business and the value we deliver to customers while enhancing 
our global presence.
Reporting Segment
Operating segments are defined as components of an enterprise for which separate financial information is available that is 
evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and 
assessing performance. Each of our business units qualifies as an operating segment with its results regularly reviewed by our 
chief operating decision maker, the Chief Executive Officer. Our operating segments meet the aggregation criteria under the 
accounting guidance for segment reporting. As of June 30, 2024, all of our operating segments provided contract manufacturing 
services, including engineering and supply chain support, for the production of electronic assemblies and other products 
including medical devices, medical disposables, precision molded plastics, and automation, test, and inspection equipment 
primarily in automotive, medical, and industrial applications, to the specifications and designs of our customers. The nature of 
the products, the production process, the type of customers, and the methods used to distribute the products have similar 
characteristics across all our operating segments. Each of our operating segments serves customers in multiple markets, and 
many of our customers’ programs are manufactured and serviced by multiple operating segments. We leverage global processes 
such as component procurement and customer pricing that provide commonality and consistency among the various regions in 
which we operate. All of our operating segments have similar long-term economic characteristics, and as such, have been 
aggregated into one reportable segment.
 
4

Our Business Strategy
We intend to achieve sustained, profitable growth in the markets we serve by supporting the global growth initiatives of our 
customers as a multifaceted manufacturing solutions company. Key elements of executing our strategy include:
•
Leveraging Our Global Footprint – responding to customer demand through our presence in key regions with 
existing facilities, which we focus on expanding, and our consideration of potential new geographic regions;
•
Expanding Our Package of Value – enhancing our core contract manufacturing services strengths and expanding 
our package of value in areas such as complex system assembly, specialized processes, and precision molded 
plastics with particular emphasis on Kimball medical solutions;
•
Expanding Our Markets – exploring opportunities and making investments that will broaden existing or establish 
new markets.
In the third quarter of fiscal year 2024, we made the decision to divest GES, our automation, test and measurement business 
unit, and committed to a plan to sell the business, allowing for increased focus and support for the Company’s core operations. 
We completed the divestiture of the GES business to Averna Technologies Inc. on July 31, 2024. See Note 3 - Assets and 
Liabilities Held for Sale of Notes to Condensed Consolidated Financial Statements for more information on this divestiture. 
Our Business Offerings
We offer electronics manufacturing services, including engineering and supply chain support, to customers in the automotive, 
medical, and industrial end market verticals. We further offer contract manufacturing services for non-electronic components, 
medical disposables, and precision molded plastics. Our services support the complete product life cycle of our customers’ 
products, and our processes and capabilities cover a range of products from high volume-low mix to high mix-low volume. We 
bring innovative, complete design solutions to our customers. We offer Design for Excellence input to our customers as a part 
of our standard package of value. We use sophisticated software tools to integrate the supply chain in a way that provides our 
customers with the flexibility their business requires. Our robust new product introduction process and our extensive 
manufacturing capabilities give us the ability to execute to the various quality and reliability expectations of our customers in 
each of our end market verticals. We are committed to protecting the planet by combating climate change, including 
contributing to a lower carbon future, in our operations, our value chains, and in the services we offer to our customers. Our 
strategies include actions to optimize our manufacturing facilities and processes for sustainability, increase clean energy in our 
purchased power mix, collaborate with our customers and supply chain to address upstream and downstream carbon emissions, 
invest in clean energy solutions for climate protection, and offer low carbon and clean technology products, technologies and 
services.
We value our customers and their unique needs and expectations. Our customer focus and dedication to unparalleled excellence 
in engineering and manufacturing has resulted in proven success in the contract manufacturing industry. Personal relationships 
are important to us, and we strive to build long-term global partnerships. Our commitment to support our customers is backed 
by our history and demonstrated performance for over the past 60 years.
Marketing Channels
Manufacturing services, including engineering and supply chain support, are marketed by our business development team. We 
use a CRM model to provide our customers with convenient access to both our global footprint and all of our services 
throughout the entire product life cycle.
Major Competitive Factors
Key competitive factors in the markets we serve include quality and reliability, engineering design services, production 
flexibility, on-time delivery, customer lead time, test capability, competitive pricing, and global presence. Numerous contract 
manufacturing service providers compete globally for business from existing and potential customers. We also face competition 
from our customers’ own capacity and capabilities to in-source production. The proliferation of electronic components in 
today’s advanced products and the continuing trend by original equipment manufacturers in the electronics industry to 
subcontract the assembly process to companies with a core competency in this area drive growth in our industry. The nature of 
the EMS industry is such that the start-up of new customers and new programs to replace expiring programs occurs frequently. 
New customers and program start-ups generally cause margin dilution early in the life of a program, which is often recovered as 
the program becomes established and matures. Our continuing success depends upon our ability to replace expiring customers/
programs with new customers/programs.
 
5

We, and the industry in general, have special conditions affecting working capital that are significant for understanding our 
business, including fluctuating inventory levels, which may increase in conjunction with the start-up of new programs and 
component availability. Additionally, the nature of the contract manufacturing business is such that customers may be required 
to make advance payments for certain inventory purchases and share in the risk of excess and obsolete inventory.
Our Competitive Strengths
We derive our competitive strengths from our experience of producing safety critical electronic assemblies for automotive 
customers for over 35 years and leveraging this experience to create valuable and innovative solutions for customers in different 
industries. Our strengths include:
•
Core competency of producing durable electronics;
•
Body of knowledge in the design and manufacture of products that require high levels of quality control, 
reliability, and durability;
•
Highly integrated, global footprint;
•
Fully integrated engineering, manufacturing and supply chain services as the contract manufacturing organization 
(“CMO”) for our customers’ non-electronic components, medical disposables, and precision molded plastics;
•
CRM model and our customer scorecard process;
•
Ability to provide our customers with valuable design input for improved manufacturability, reliability, and cost;
•
Quality systems, industry certifications, and regulatory compliance;
•
Integrated supply chain solutions and competitive bid processes that result in competitive raw material pricing; 
and
•
Complete product life cycle management.
Competitors
Numerous manufacturers in the EMS industry compete for business from existing and potential customers. Our competition 
includes EMS companies such as Benchmark Electronics, Inc., Flex Ltd., Jabil Inc., Plexus Corp., and Sanmina Corporation. 
We do not have a significant share of the EMS market and were ranked the 18th largest global EMS provider for calendar year 
2023 by Manufacturing Market Insider in the April 2024 edition published by New Venture Research.
Locations
As of August 23, 2024, we have nine manufacturing facilities with two located in Indiana, one in China, two in Mexico, and 
one located in each of Florida, Poland, Romania, and Thailand. Prior to the divestiture of our automation, test, and 
measurement business, GES, on July 31, 2024, we also operated manufacturing facilities in Vietnam and China, performed 
software design services primarily at a location in India, and provided other support engineering services at locations in 
California and Japan. We continually assess our capacity needs and evaluate our operations to optimize our service levels for 
supporting our customers’ needs around the globe, and we have recently expanded our facilities in Thailand, Mexico, and 
Poland. See Item 1A - Risk Factors for information regarding financial and operational risks related to our international 
operations. 
Seasonality
Consolidated sales revenue is generally not affected by seasonality. 
Customers 
While the total electronic assemblies market has broad applications, our customers are concentrated in the automotive, medical, 
and industrial end markets. Beginning in fiscal year 2024, the Company changed its presentation of revenue for miscellaneous 
sales previously included in Other to include in the respective customers’ end market verticals. Prior year periods have been 
recast to conform to the current year presentation.
 
6

Sales by industry as a percent of net sales for each of the three years in the period ended June 30, 2024 were as follows:
 
Year Ended June 30
 
2024
2023
2022
Automotive     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48%
46%
44%
Medical      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25%
28%
29%
Industrial  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27%
26%
27%
Total   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100%
100%
100%
Included in our sales were a significant amount to Nexteer Automotive, Philips, and ZF, which accounted for the following 
portions of net sales:
 
Year Ended June 30
 
2024
2023
2022
Nexteer Automotive      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16%
15%
17%
Philips   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
14%
15%
ZF   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13%
12%
*
* amount is less than 10% of total
The nature of the contract manufacturing business is such that start-up of new programs to replace expiring programs occurs 
frequently. Our agreements with customers are often not for a definitive term and are amended and extended, but generally 
continue for the relevant product’s life cycle, which can be difficult to predict at the beginning of a program. Typically, our 
customer agreements do not commit the customer to purchase our services until a short time before we begin performing those 
services. Our customers generally have the right to cancel a particular program subject to contractual provisions governing 
termination, the final product runs, excess or obsolete inventory, and end-of-life pricing, which reduce the additional costs that 
we incur when a manufacturing services agreement is terminated. 
Raw Materials
Raw materials utilized in the manufacture of contract electronic products are generally readily available from both domestic and 
foreign sources, although from time to time the industry experiences shortages of certain components due to supply and demand 
forces, combined with rapid product life cycles of certain components. In addition, unforeseen events such as natural disasters 
and global events, like pandemics, can and have disrupted portions of the supply chain. We believe that maintaining close 
communication with suppliers helps minimize potential disruption in our supply chain. 
The EMS industry has experienced component shortages, component allocations, and shipping delays, particularly with 
semiconductors, in recent fiscal years. Further component shortages or allocations could increase component costs and 
potentially interrupt our operations and negatively impact our ability to meet commitments to customers. We take various 
actions to attempt to mitigate the risk and minimize the impact to our customers as well as the adverse effect component 
shortages, component allocations, or shipping delays could have on our results. Through contractual pricing arrangements and 
negotiations with our customers, we attempt to mitigate the adverse effect that cost increases could have on our results.
Raw materials are normally acquired for specific customer orders and often are not interchangeable among products. Inherent 
risks associated with rapid technological changes within this our industry are mitigated by procuring raw materials, for the most 
part, based on firm orders. In certain instances, such as when lead times dictate, we enter into contractual agreements for 
material in excess of the levels required to fulfill customer orders. In turn, material authorization agreements with customers 
cover a portion of the exposure for material that we must purchase prior to having a firm order. We may also purchase 
additional inventory to support new product introductions, transfers of production between manufacturing facilities, and to 
mitigate the potential impact from component shortages. 
 
7

Intellectual Property
Our primary intellectual property is our proprietary manufacturing technology and processes that allow us to provide 
competitive contract manufacturing and design services to our customers. As such, this intellectual property is complex and 
normally contained within our facilities. To protect our trade secrets, our manufacturing technology and processes, and other 
proprietary rights, we rely primarily on a combination of intellectual property laws pertaining to trade secrets and copyrights; 
non-disclosure agreements with our customers, employees, and suppliers; and our internal security procedures and systems. We 
feel that relying on trade secret or copyright protections is a superior strategy because there is no disclosure of the information 
to outside parties, and protections do not expire after a length of time. We also maintain trademark rights (including 
registrations) for “Kimball Electronics,” and other wordmarks and trademarks that we use in our business in the United States 
and around the world. We have policies and procedures to identify and protect our own intellectual property and that of our 
customers and suppliers. 
Corporate Social Responsibility
We are committed to responsible, sustainable environmental, social, and governance philosophies and practices, which have 
been a part of our fabric since our founding in 1961. To showcase how our employees around the world share a strong sense of 
responsibility to protect the environment, sustain a safety focus at our facilities, and give back in meaningful ways to the 
communities where we live and work, we issued our latest annual Guiding Principles Report in March 2024. The Report 
highlights the long-term environmental, social, and governance principles and practices designed to support the Company’s 
commitment to sustaining lasting relationships and achieving global success with its stakeholders wherever Kimball 
Electronics’ touch is felt throughout the world. The Report reflects several long-standing Guiding Principles of the Company: 
our customer is our business; our people are the company; the environment is our home; we strive to help our communities be 
great places to live; profitability and financial resources give us the freedom to shape our future and achieve our vision. The 
Report is posted on our website at https://www.kimballelectronics.com/sustainability. The Company’s website and the 
information contained therein, or incorporated therein, are not intended to be incorporated into this Annual Report on Form 10-
K.
Socially Responsible Supply Chain
We are committed to the use of a socially responsible supply chain to reduce the risk of human rights violations and the use of 
conflict minerals (tin, tungsten, tantalum and gold, or “3TG”) from the Democratic Republic of Congo and certain adjoining 
countries. Our efforts include requiring our suppliers to undertake reasonable due diligence within their supply chain to ensure 
that the 3TG in the materials we source from them do not directly or indirectly contribute to significant adverse human rights 
impacts, as well as conducting due diligence before allowing a potential supplier to become one of our preferred suppliers. We 
request the return of reporting forms related to conflict minerals from our suppliers under the Responsible Minerals Initiative, 
or RMI, Conflict Minerals Survey. Further, we seek to remove any suppliers that continue to fail to meet our supplier and 
conflict minerals policies after being provided the opportunity to remedy non-compliance via implementation of a corrective 
action plan. We also conduct recurring, annual training for all employees and certain select contractors on export compliance, 
anti-corruption and anti-slavery, and insider trading. In addition, Kimball Electronics is a member of the RMI, which is 
evaluating the supply chain risks of conflict minerals and other minerals (e.g., cobalt, mica) and studying how to mitigate those 
risks.
Human Rights
As reflected in our Vision and Guiding Principles, Kimball Electronics is committed to the highest standards of conduct in its 
business dealings. We are a human-centered company that fully supports human rights. For us, human rights are more than just 
being compliant--they are about doing the right thing. Our Guiding Principles outline the critical role Kimball plays as a 
corporate citizen for our customers, our people, our partners, our environment, our Share Owners, and our communities. Our 
human rights beliefs are deeply rooted in our Guiding Principles and expressed in our Global Human Rights Policy, which is 
supported by annual review that explains some of the practical actions that we take each year to implement our Policy.
Kimball has been built upon the tradition of pride in craftsmanship, mutual trust, personal integrity, respect for dignity of the 
individual, a spirit of cooperation, and a sense of family and good humor. We seek to enhance this culture as we grow. We 
believe that no company should prosper while violating the basic human rights of others whether through unlawful slavery, 
servitude, forced or compulsory labor, or otherwise exploitative means. We believe in upholding principles of human rights, 
fair remuneration and economic inclusion, fair labor practices, worker safety, and observing fair labor practices within our 
organization and our supply chain.
 
8

Diversity, Equity, Inclusion, and Belonging
We value and work to promote a diverse, equitable and inclusive work environment. We are committed to holding ourselves 
accountable, taking action to continuously improve our policies and practices, and to uphold the principles that encompass 
diversity, equity, inclusion, and belonging as outlined in our Diversity, Equity, Inclusion, and Belonging (“DEI&B”) statement. 
Our strategy is to achieve excellence in customer service, employee relations, and business objectives through creativity, 
responsiveness, and innovation as a result of increased well-being, sense of belonging, and meaningful work for our employees. 
We actively promote DEI&B, and incorporate DEI&B into our culture, values, and strategies. We provide a report on the 
diversity of our employees to our Board, in our Guiding Principles Report, and in our 2023 Talent Attraction & Retention report 
on our website at https://www.kimballelectronics.com/sustainability.
Contributing to Our Communities
One of our Guiding Principles is to strive to help our communities be great places to live. We live this Guiding Principle and 
further the goals of our Human Rights Policy and our Global Policy on Philanthropic Contributions and Non-Commercial 
Sponsorships when we contribute and encourage our employees to contribute to our local communities. Our contributions are 
intended to support the communities in which we operate, those who may not be in a position to directly benefit from 
employment with us or from our primary business activities, or those who can benefit from the value derived from our support 
or collaboration. See the Giving section of our Guiding Principles Report for more information about the ways that we 
supported a wide range of charitable and non-commercial causes through donations of time, talent, and treasure that align with 
our Guiding Principles. 
Environment and Energy Matters
Our operations are subject to various foreign, federal, state, and local laws and regulations with respect to environmental and 
ecological matters. We believe that we are in substantial compliance with present laws and regulations and that there are no 
material liabilities related to such items.
We are dedicated to excellence, leadership, and stewardship in protecting the environment and communities in which we have 
operations. We believe that continued compliance with foreign, federal, state, and local laws and regulations which have been 
enacted relating to the protection of the environment will not have a material effect on our capital expenditures, earnings, or 
competitive position. Management believes capital expenditures for environmental control equipment will not represent a 
material portion of total capital expenditures. 
Our operations require significant amounts of energy, including natural gas and electricity. Federal, foreign, and state 
regulations may control the allocation of fuels available to us, but to date we have experienced no interruption of production 
due to such regulations.
Kimball Electronics participates in the Carbon Disclosure Project (CDP) climate change and water security questionnaires to 
quantify our environmental practices, provide transparency on our progress, and assist in the reduction of our contributions to 
climate change. Additionally, we publish disclosures in our annual Guiding Principles report that are written in accordance with 
the Global Reporting Initiative (GRI) Standards and are aligned to the United Nations (UN) Sustainability Development Goals 
(SDG) and Global Compact (UNGC), the Sustainable Accounting Standards Board (SASB) Electronic Manufacturing Services 
& Original Design Manufacturing Standard, and the Task Force on Climate-related Financial Disclosures (TCFD) framework. 
We are members of the Responsible Minerals Initiative. We publish our sustainability report and our responses to the CDP 
climate change and water security questionnaires annually on our website at kimballelectronics.com/sustainability. We publish 
this information because our Guiding Principles remind us that the environment is our home and that we will be leaders in not 
only protecting but enhancing our world. The contents of the sustainability reports and CDP questionnaire responses are not 
incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC.
Refer to the discussion in Item 1A - Risk Factors for further details of the legal and regulatory initiatives related to 
environmental matters including climate change that could adversely affect our business, results of operations, and financial 
condition.
Our People are the Company:  Human Capital Management 
We believe our people are the company. We believe in creating quality for life. We believe lasting relationships create our 
global success. We believe our people are the competitive edge for our service, quality, and value. Kimball Electronics has been 
built upon the tradition of pride in craftsmanship, mutual trust, personal integrity, respect for dignity of the individual, a spirit of 
cooperation, and a sense of family and good humor. We seek to enhance this culture as we grow. We believe in the inherent 
value of all individuals. 
 
9

To raise awareness of our commitment to human rights and to foster compliance with our Global Human Rights Policy, we 
have incorporated it as an integral part of our Code of Conduct, train all of our employees worldwide on human rights issues, 
and require our suppliers, vendors, contractors, and partners to meet the same standards. To this end, through our Guiding 
Principles, we champion transparency and accountability for ourselves. 
Because our people are the reason for our success, central to our long-term strategy is attracting, developing, and retaining the 
best talent globally and strengthening collaboration. We are committed to pay equity and apply the principle of equal pay for 
work of equal value in all regions where we operate. As of June 30, 2024, Kimball Electronics employed approximately 7,000 
people worldwide, with approximately 1,200 located in the United States and approximately 5,800 located in foreign countries. 
Currently, three of our seven independent members of the Board of Directors are female, along with four of our seven executive 
leadership team members and over 50% of our global workforce. We continue to execute on our commitment to diversity, 
equity, inclusion, and belonging, and exhibit our commitment to gender, racial, and ethnic diversity by striving toward the 
corporate goals we outline in both our Global Human Rights Policy and Diversity, Equity, Inclusion, and Belonging statement, 
including by:
•
Increasing female representation globally at the executive and senior management levels;
•
Maintaining an enterprise-wide target and expectation that 100% of the candidate slates for Board of Directors, 
executive, and director-level employee positions include candidates from underrepresented groups;
•
Holding leadership accountable for diversity, equity, inclusion, and belonging outcomes.
The average tenure within our workforce is 7 years, and we work hard to mitigate turnover risk by consistently and formally 
surveying our workforce about how well we are living up to our People Guiding Principles by asking them to anonymously rate 
us on a scale from 1 (low) to 10 (high). We currently have a score of 8.16 across our enterprise. We believe this is evidence that 
we truly operate our business as our people are the company. We consistently have a participation rate in our Guiding 
Principles survey of approximately 87%. Upon completion of this survey every year, each local management team receives 
qualitative and quantitative feedback and are responsible for crafting improvement plans based on our people’s inputs.
Our U.S. operations are not subject to collective bargaining arrangements. Certain foreign operations are subject to collective 
bargaining arrangements, many mandated by government regulation or customs of the particular countries. We believe that our 
employee relations are good. 
For additional information, see our definitive Proxy Statement to be filed no later than 120 days after the end of the Company’s 
fiscal year covered by this Annual Report on Form 10-K.
Available Information
The Company makes available free of charge through its website, https://investors.kimballelectronics.com, its annual reports on 
Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and all amendments to those 
reports as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and 
Exchange Commission (“SEC”). All reports the Company files with the SEC are also available via the SEC website, http://
www.sec.gov. The Company’s website and the information contained therein, or incorporated therein, are not intended to be 
incorporated into this Annual Report on Form 10-K. 
 
10

Item 1A - Risk Factors
The following important risk factors, among others, could affect future results and events, causing results and events to differ 
materially from those expressed or implied in forward-looking statements made in this report and presented elsewhere by 
management from time to time. Such factors, among others, may have a material adverse effect on our business, financial 
condition, and results of operations and should be carefully considered. Additional risks and uncertainties that we do not 
currently know about, we currently believe are immaterial, or we have not predicted may also affect our business, financial 
condition, or results of operations. Because of these and other factors, past performance should not be considered an indication 
of future performance.
Business and Operational Risks
Reduction of purchases by, or the loss of, one or more key customers could reduce revenues and profitability. 
Losses of key customers within specific industries or significant volume reductions from key customers are both risks. Our 
continuing success is dependent upon replacing expiring contract customers/programs with new customers/programs. See 
“Customers” in Item 1 - Business for disclosure of the net sales as a percentage of consolidated net sales for each of our 
significant customers during fiscal years 2024, 2023, and 2022. Regardless of whether our agreements with our customers, 
including our significant customers, have a definite term, our customers typically do not commit to firm production schedules 
for more than one quarter. Our customers generally have the right to cancel a particular product, subject to contractual 
provisions governing the final product runs, excess or obsolete inventory, recovery of dedicated investments, and end-of-life 
pricing. As many of our costs and operating expenses are relatively fixed, a reduction in customer demand, particularly a 
reduction in demand for a product that represents a significant amount of revenue, can harm our gross profit margins and results 
of operations. 
Significant declines in the level of purchases by key customers or the loss of a significant number of customers could have a 
material adverse effect on our business. As many of our costs and operating expenses are relatively fixed, a reduction in 
customer demand, particularly a reduction in demand for a product that represents a significant amount of revenue, can harm 
our gross profit margins and results of operations.
Consolidation among our customers exposes us to increased risks, including reduced revenue and dependence on a smaller 
number of customers. Consolidation in industries that utilize our services may occur as companies combine to achieve further 
economies of scale and other synergies, which could result in an increase in excess manufacturing capacity as companies seek 
to divest manufacturing operations or eliminate duplicative product lines. Excess manufacturing capacity may increase pricing 
and competitive pressures for our industry as a whole and for us in particular. In addition, the nature of the contract 
manufacturing industry is such that the start-up of new customers and new programs to replace expiring programs occurs 
frequently, and new customers and program start-ups generally cause margin dilution early in the life of a program.
We can provide no assurance that we will be able to fully replace any lost sales from these risks, which could have an adverse 
effect on our financial position, results of operations, or cash flows. 
Our ability to efficiently utilize our manufacturing capacity is highly dependent on our customers’ actions.
Regardless of whether our agreements with our customers, including our significant customers, have a definite term, our 
customers typically do not commit to firm production schedules for more than one quarter. Our customers generally have the 
right to cancel a particular product, subject to contractual provisions governing the final product runs, excess or obsolete 
inventory, recovery of dedicated investments, and end-of-life pricing. Accordingly, our relative ability (or inability) to forecast 
customer demand levels can make it difficult to schedule production and maximize the efficient use of our manufacturing 
capacity and supply chain capabilities.
Many factors outside of our control impact our customers and their ordering behavior, including global pandemics, recessions 
in end markets, changing technologies and industry standards, commercial acceptance for products, shifting market demand, 
product obsolescence, changing sourcing strategies, and our customers’ loss of business. New customer relationships also 
present risk because we do not have an extensive product or customer relationship history.
We cannot assure you that our current or future customers will not terminate their manufacturing service arrangements with us 
or significantly change, reduce, cancel, or delay the amount of services ordered. Such changes, delays and cancellations have 
led to, and may lead in the future to declines in our production, increases in excess or obsolete inventory that we may not be 
able to sell to customers or third parties, and reductions in the efficient use of our manufacturing facilities. In the past, we have 
also been required to increase staffing and other expenses in order to meet anticipated demand. On occasion, customers have 
required rapid increases in production for one or more of their products, which stresses our resources and may have an adverse 
effect on our financial position, results of operations, or cash flows. 
 
11

Supply chain disruptions could increase our inventory costs, interrupt our operations, or prevent us from purchasing 
sufficient materials, parts, and components necessary to meet customer demand at competitive prices, in a timely manner, or 
at all. 
We depend on suppliers globally to provide timely delivery of materials, parts, and components for use in our products. We 
have experienced, and may again experience in the future, shortages of some of the materials, parts and components that we 
use, particularly with semiconductors. These shortages can result from strong demand for those components or from problems 
experienced by suppliers, such as shortages of raw materials and shipping delays for such components with common carriers. 
These unanticipated component shortages have and, when they occur, may continue to result in curtailed production or delays 
in production, which prevent us from making scheduled shipments to customers.
Our integrated supply chain solutions for purchasing components and materials is a competitive strength and key to our strategy 
as a CMO. Inflation and prices from suppliers have increased and may continue to rise. When prices rise for these or other 
similar reasons, they impact our margins and results of operations if we are not able to pass the increases through to our 
customers or otherwise offset them through cost savings. Many of our customer contracts permit periodic prospective 
adjustments to pricing based on decreases and increases in component prices and other factors; however, we could bear the risk 
of component price increases that occur between any such re-pricing or, if such re-pricing is not permitted or accepted by 
customers, during the balance of the term of the particular customer contract. There can be no assurance that we will continue to 
be able to purchase the components and materials needed to manufacture customer products at favorable prices. Accordingly, 
certain component price increases could adversely affect our gross profit margins and results of operations.
We have also experienced, and may again experience in the future, such shortages due to the effects of and responses to 
industry-wide conditions, pandemics, natural disasters, and other events outside our control, including macroeconomic events, 
trade restrictions, political crises, social unrest, terrorism, and conflicts (including the Russian invasion of, and ongoing war in, 
Ukraine). We cannot reasonably predict the full extent to which these events may impact our supply chain, because any impacts 
will depend on future developments that are highly uncertain and continuously evolving, including new information that may 
emerge concerning new or existing pandemics, further actions by governmental entities or others in response to the types of 
events described above, and how quickly and to what extent normal economic and operating conditions can resume.
Suppliers adjust their capacity as demand fluctuates, and component shortages and/or component allocations could occur in 
addition to longer lead times. Certain components we purchase are primarily manufactured in select regions of the world and 
issues in those regions could cause manufacturing delays. Maintaining strong relationships with key suppliers of components 
critical to the manufacturing process is essential. Our production of a customer’s product has and could again be negatively 
impacted by any quality, reliability or availability issues with any of our component suppliers. Component shortages may also 
increase our cost of goods sold because we may be required to pay higher prices for components in short supply and redesign or 
reconfigure products to accommodate substitute components. These and other price increases, including increased tariffs, could 
have an adverse impact on our profitability if we cannot offset such increases with other cost reductions or by price increases to 
customers. If a component shortage is threatened or anticipated, we have and may in the future purchase such components in 
greater quantities and over longer lead times to avoid a delay or interruption in our operations. Purchasing additional 
components in this way may cause us to incur additional inventory carrying costs and may cause us to experience inventory 
obsolescence, both of which may not be recoverable from our customers and could adversely affect our gross profit margins 
and results of operations. If suppliers fail to meet commitments to us in terms of price, delivery, or quality, or if the supply 
chain is unable to react timely to increases in demand, it could interrupt our operations and negatively impact our ability to meet 
commitments to customers.
The substantial investments required to start up and expand facilities and new customer programs may adversely affect our 
margins and profitability. 
We continue to expand our global operations by increasing our product and service offerings and scaling our infrastructure at 
certain facilities to support our business. This expansion increases the complexity of our business and places significant strain 
on our management, personnel, operations, systems, technical performance, financial resources, and internal financial control 
and reporting functions. We may not be able to manage these expansions effectively, which could damage our reputation, limit 
our growth, and negatively affect our operating results.
Start-ups of new customer programs require the coordination of the design and manufacturing processes, as well as substantial 
investments in resources and equipment. The design and engineering required for certain new programs can take an extended 
period of time, and further time may be required to achieve customer acceptance. Accordingly, the launch of any particular 
program may be delayed, less successful than we originally anticipated, or not successful at all. Additionally, even after 
acceptance, most of our customers do not commit to long-term production schedules, and we are unable to forecast the level of 
customer orders with certainty over a given period of time. If our customers do not purchase anticipated levels of products, we 
 
12

may not recover our up-front investments, may not realize profits, and may not effectively utilize expanded fixed manufacturing 
capacities. All of these types of manufacturing inefficiencies could have an adverse impact on our financial position, operating 
margins, results of operations, or cash flows. 
Our international operations make us vulnerable to financial and operational risks associated with doing business in 
foreign countries. 
We derive a substantial majority of our revenues from our operations outside the United States, primarily in China, Mexico, 
Poland, Romania, and Thailand. Our international operations are subject to a number of risks, which may include the following:
•
global, regional, or local economic and political instability;
•
widespread health emergencies and foreign governments’ measures taken in response to them;
•
foreign currency fluctuations including currency controls and inflation, which may adversely affect our ability to do 
business in certain markets and reduce the U.S. dollar value of revenues, profits, or cash flows we generate in non-U.S. 
markets;
•
warfare, riots, terrorism, general strikes, or other forms of violence and/or geopolitical disruption;
•
compliance with laws and regulations, including the U.S. Foreign Corrupt Practices Act, applicable to operations 
outside of the U.S.;
•
changes in U.S. or foreign policies, regulatory requirements, and laws;
•
tariffs and other trade barriers, including tariffs imposed by the United States as well as responsive tariffs imposed by 
China, the European Union, or Mexico;
•
potentially adverse tax consequences, including changes in tax rates and the manner in which multinational companies 
are taxed in the United States and other countries; and
•
foreign labor practices.
These risks could have an adverse effect on our financial position, results of operations, or cash flows. Certain foreign 
jurisdictions restrict the amount of cash that can be transferred to the United States or impose taxes and penalties on such 
transfers of cash. To the extent we have excess cash in foreign locations that could be used in, or is needed by, our operations in 
the United States, we may incur significant penalties and/or taxes to repatriate these funds.
For example, the Russian invasion of Ukraine and the ongoing war there has impacted the global economy as the United States, 
the UK, the EU, and other countries have imposed broad export controls and financial and economic sanctions against Russia (a 
large exporter of commodities), Belarus, and specific areas of Ukraine, and may continue to impose additional sanctions or 
other measures. Russia may impose its own counteractive measures. Companies worldwide have interrupted or stopped 
production in Ukraine, Russia, and neighboring countries. We do not procure materials directly from Ukraine or Russia or have 
facilities there, but impacts like these, wherever they may occur, can further exacerbate the ongoing supply chain disruptions 
that are occurring across the globe, particularly in the automotive industry. Our European operations are located in Poland and 
Romania, and both of these countries are part of NATO, which is actively taking, and could take in the future, certain measures 
in response to Russia’s invasion of Ukraine.
The extent of the war’s effect on the global economy and the duration, scope, and impacts of the conflict are unknown and 
highly unpredictable, and the consequences from future actions such as increased sanctions and retaliatory measures taken by 
the United States, NATO, or other countries cannot be predicted but could have an adverse impact on our business operations, 
particularly our European operations.
We operate in a highly competitive industry and may not be able to compete successfully. 
Numerous manufacturers within the contract manufacturing industry compete globally for business from existing and potential 
customers. Some of our competitors have greater resources and more geographically diversified international operations than 
we do. We also face competition from the manufacturing operations of our customers, who are continually evaluating the merits 
of manufacturing products internally against the advantages of outsourcing to contract manufacturing service providers. In the 
past, some of our customers have decided to in-source a portion of their manufacturing from us in order to utilize their excess 
internal manufacturing capacity. The competition may further intensify as more companies enter the markets in which we 
operate, as existing competitors expand capacity, and as the industry consolidates.
In relation to customer pricing pressures, if we cannot achieve the proportionate reductions in costs, profit margins may suffer. 
The high level of competition in the industry impacts our ability to implement price increases or, in some cases, even maintain 
prices, which also could lower profit margins. In addition, as end markets dictate, we are continually assessing excess capacity 
and developing plans to better utilize manufacturing operations, including consolidating and shifting manufacturing capacity to 
lower cost venues as necessary.
 
13

If our engineering and manufacturing services do not meet our customers’ quality standards, our sales, operating results, 
and reputation could suffer. 
We make substantial investments of capital and operating expenses to implement comprehensive, company-wide quality 
systems, certifications, and controls in our operations in an effort to ensure sustained compliance with various product and 
quality system regulations and requirements, and to meet the needs of our customers. However, in the event we fail to adhere to 
these requirements, we become subject to costs associated with product defects, interruptions in production, and reputational 
harm. Our failure to comply with applicable quality system standards could, in turn, adversely affect our customers through 
failures to supply product to them. Quality or noncompliance failures could have an adverse effect on our reputation in addition 
to an adverse impact on our financial position, results of operations, or cash flows. While we maintain product liability and 
other insurance coverage that we believe to be generally in accordance with industry practices, our insurance coverage may not 
be adequate to protect us fully against substantial claims and costs that may arise from warranty and other liabilities related to 
product defects.
Our business may be harmed due to failure to successfully implement information technology solutions or a lack of 
reasonable safeguards to maintain data security, including adherence to data privacy laws and physical security measures.
The operation of our business depends on effective information technology systems, including data management, analytics, and 
emerging machine learning and artificial intelligence platforms and applications. These systems are subject to the risk of 
security breach or cybersecurity threat, including misappropriation of assets or other sensitive information, such as confidential 
business information and personally identifiable data relating to employees, customers, and other business partners, or data 
corruption which could cause operational disruption. The unpredictability of AI, machine learning, and similar systems that 
automate certain operational tasks bring the potential for unintended consequences and unexpected disruptions in business 
operations, financial losses, and reputational damage. As we could be the target of cyber and other security threats, which are 
becoming increasingly sophisticated, we must continuously monitor and develop our information technology networks and 
infrastructure to prevent, detect, address, and mitigate the risk of unauthorized access, misuse, computer viruses, and other 
events that could have a security impact. Information systems require an ongoing commitment of significant resources to 
research new technologies and processes, maintain and enhance existing systems, and develop new systems in order to keep 
pace with changes in information processing technology and evolving industry standards as well as to protect against cyber 
risks and security breaches. While we provide employee awareness training around phishing, malware, and other cyber threats 
to help protect against these cyber and security risks, we cannot ensure the measures we take to protect our information 
technology systems will be sufficient. 
Implementation delays, poor execution, or a breach of information technology systems could disrupt our operations, damage 
our reputation, or increase costs related to the mitigation of, response to, or litigation arising from any such issue. Similar risks 
exist with our third-party vendors. Any problems caused by these third parties, including those resulting from disruption in 
communications services, cyber attacks, or security breaches, have the potential to hinder our ability to conduct business. In 
addition, data privacy laws and regulations, such as the European Union General Data Protection Regulation (“GDPR”), the UK 
GDPR, ePrivacy Directive, the California Privacy Rights Act (“CPRA”), and similar legislation in jurisdictions in which we 
operate, pose increasingly complex compliance challenges and potentially elevate costs, and any failure to comply with these 
laws and regulations could result in significant penalties.
We depend on attracting and retaining executive officers, key employees, skilled personnel, and sufficient labor to efficiently 
operate our business.
Our success depends to a large extent on our ability to attract and retain highly qualified and diverse executive officers, key 
employees, and skilled personnel, and to continue to implement our succession plans for managers and other key employees. 
These employees are not generally bound by employment or non-competition agreements, and we cannot assure you that we 
will retain them. The labor market for these employees is intensely competitive, and compensation and benefit costs continue to 
increase significantly in the current economic environment. In particular, the high demand for manufacturing labor in certain 
geographic areas in which we operate makes recruiting new production employees and retaining experienced production 
employees difficult.
Our success also depends on keeping pace with technological advancements, including Industry 4.0, and adapting services to 
provide manufacturing capabilities which meet customers’ changing needs. Therefore, we must retain our qualified engineering 
and technical personnel and successfully anticipate and respond to technological changes in a cost effective and timely manner. 
Shortages of workers could adversely impact our ability to operate our business effectively and timely serve our customers’ 
needs, which could adversely affect our relations with customers, result in reductions in orders from customers, or cause us to 
lose customers. Turnover in personnel could result in additional training and inefficiencies that could adversely impact our 
operating results. Our culture and guiding principles focus on continuous training, motivating, and development of employees, 
 
14

and we strive to attract, motivate, and retain qualified personnel. To aid in managing our growth and strengthening our pool of 
qualified personnel, we will need to internally develop, recruit, and retain diverse, qualified personnel. If we are not able to do 
so, our business and our ability to continue to grow could be harmed.
Regulatory and Litigation Risks
Failure to protect our intellectual property could undermine our competitive position. 
Competing effectively depends, to a significant extent, on maintaining the proprietary nature of our intellectual property. We 
attempt to protect our intellectual property rights worldwide through a combination of keeping our proprietary information 
secret and utilizing trademark, copyright, and trade secret laws, as well as licensing agreements and third-party non-disclosure 
and assignment agreements. Because of the differences in foreign laws concerning proprietary rights, our intellectual property 
rights do not generally receive the same degree of protection in foreign countries as they do in the United States, and therefore, 
in some parts of the world, we have limited protections, if any, for our intellectual property. If we are unable to adequately 
protect our intellectual property embodied in our solutions, designs, processes, and products, the competitive advantages of our 
proprietary technology could be reduced or eliminated, which would harm our business and could have a material adverse 
effect on our results of operations and financial position.
Anti-takeover provisions in our organizational documents and Indiana law could delay or prevent a change in control.
Certain provisions of our Amended and Restated Articles of Incorporation and the Amended and Restated By-Laws may delay 
or prevent a merger or acquisition that a Share Owner may consider favorable. For example, the Amended and Restated Articles 
of Incorporation authorizes our Board of Directors to issue one or more series of preferred stock, prevents Share Owners from 
acting by written consent without unanimous consent, and requires a supermajority Share Owner approval for certain business 
combinations with related persons. These provisions may discourage acquisition proposals or delay or prevent a change in 
control, which could harm our stock price. Indiana law also imposes some restrictions on potential acquirers.
Our failure to maintain applicable registrations for our manufacturing facilities could negatively impact our ability to 
produce products for our customers. 
We make substantial investments of capital and operating expenses to implement comprehensive, company-wide quality 
systems, certifications, and controls in our operations in an effort to ensure sustained compliance with various product and 
quality system regulations and requirements, and to meet the needs of our customers. However, in the event we fail to adhere to 
these requirements, we become subject to potential investigations and fines and penalties. Our failure to comply with applicable 
regulations and quality system standards could, in turn, adversely affect our customers through failures to supply product to 
them or delays in their ability to obtain and maintain product approvals. As a medical device manufacturer, we also have 
additional compliance requirements. The U.S. Food and Drug Administration (“FDA”) extensively regulates all aspects of 
product and manufacturing quality for medical products under its current Good Manufacturing Practices (cGMP) regulations. 
Outside the U.S., our operations and our customers’ products are subject to similar regulatory requirements, notably by the 
European Medicines Agency and the Safe Food and Drug Administration in China. For instance, we are required to register 
with the FDA and are subject to periodic inspection by the FDA for compliance with the FDA’s Quality System Regulation 
(“QSR”) requirements, which require manufacturers of medical devices to adhere to certain regulations, including testing, 
quality control and documentation procedures. Any determination by the FDA or other regulatory authorities of manufacturing 
or other deficiencies could adversely affect our business. Failure or noncompliance could have an adverse effect on our 
reputation in addition to an adverse impact on our financial position, results of operations, or cash flows.
Climate change, and the legal and regulatory initiatives related to climate change, could subject us to extensive 
environmental regulation and significant potential environmental liabilities. 
There is increasing concern that a gradual increase in global average temperatures due to increased concentration of carbon 
dioxide and other greenhouse gases in the atmosphere will cause significant changes in weather patterns around the globe and 
an increase in the frequency and severity of natural disasters or extreme weather conditions, such as hurricanes, earthquakes, 
droughts, wildfires, cyclones, or floods. Physical climate risks and the operation of facilities in areas subject to increased water 
stress could impair our production capabilities, disrupt the operations of our supply chain and infrastructure, and impact our 
customers and their demand for our services.
The past and present operation and ownership by Kimball Electronics of manufacturing plants and real property are subject to 
extensive and changing federal, state, local, and foreign environmental laws and regulations, including those relating to 
discharges in air, water, and land, the handling and disposal of solid and hazardous waste, the use of certain hazardous materials 
in the production of select products, and the remediation of contamination associated with releases of hazardous substances.
 
15

In addition, as regulators and investors increasingly focus on climate change and other sustainability issues, we are subject to 
new disclosure frameworks and regulations. For example, the European Parliament adopted the Corporate Sustainability 
Reporting Directive (CSRD) and the resulting adoption of EU sustainability reporting standards to be developed by the 
European Financial Reporting Advisory Group, with such standards to be tailored to EU policies building on and contributing 
to international standardization initiatives, will apply not only to local operations in the EU, but under certain circumstances, to 
entire global companies like Kimball Electronics that have EU operations. The CSRD will not apply to our operations in 
calendar year 2024, but we are assessing our obligations under the CSRD and we expect that compliance with the CSRD could 
require significant effort in future years. The SEC and the State of California have also proposed new climate change disclosure 
requirements, and compliance with such rules, if and when they are finalized, could also require significant effort.
We cannot predict what environmental legislation or regulations will be enacted in the future, how existing or future laws or 
regulations will be administered or interpreted, or what environmental conditions may be found to exist. Compliance with more 
stringent laws or regulations, or stricter interpretation of existing laws, may require additional expenditures, some of which 
could be material. In addition, any investigations or remedial efforts relating to environmental matters could involve material 
costs or otherwise result in material liabilities. 
The long-term effects of climate change on the global economy and our industry in particular are unclear. Changes in climate 
where we, our customers, and our supply chain operate could have a long-term adverse impact on our business, results of 
operations, and financial condition. In addition, we have committed to cut our greenhouse gas emissions, water usage, electrical 
usage, and air emissions significantly by 2025 as part of our long-term sustainability strategy, and we may take additional 
voluntary steps to mitigate our impact on the environment. Climate transition risks related to shifts to a low-carbon economy 
and the associated costs of retrofitting or constructing facilities with green technology, in addition to investments in renewable 
energy and energy efficiency could involve material costs or otherwise impact our customers and their demand for our services.
Environmental regulations or changes in the supply, demand, or available sources of energy, water, or other resources may 
affect the availability or cost of goods and services, including natural resources, necessary to run our business. The cost of 
energy is a critical component of freight expense and the cost of operating manufacturing facilities. Increases in the cost of 
energy in particular could reduce our profitability. Given the political significance and uncertainty around these issues, we 
cannot predict how climate change, and the legal and regulatory initiatives related to climate change, will affect our operations 
and financial condition.
Compliance with government legislation and regulations may significantly increase our operating costs in the United States 
and abroad. 
Legislation and regulations promulgated by the U.S. federal and foreign governments could significantly impact our 
profitability by burdening us with forced cost choices that either cannot be recovered by increased pricing or, if we increase our 
pricing, could negatively impact demand for our products. For example:
•
Changes in policies by the U.S. or other governments could negatively affect our operating results due to changes in 
duties, tariffs or taxes, or limitations on currency or fund transfers, as well as government-imposed restrictions on 
producing certain products in, or shipping them to, specific countries. For example, our facility in Mexico operates 
under the Mexican Maquiladora (“IMMEX”) program. This program provides for reduced tariffs and eased import 
regulations. We could be adversely affected by changes in the IMMEX program or our failure to comply with its 
requirements. As another example, the U.S. government has imposed tariffs on certain products imported from China. 
China has imposed tariffs on certain U.S. products in retaliation. These tariffs could force our customers or us to 
consider various strategic options including, but not limited to, looking for different suppliers, shifting production to 
facilities in different geographic regions, absorbing the additional costs, or passing the cost on to customers. 
Ultimately, these tariffs could adversely affect the competitiveness of our domestic operations, which could lead to the 
reduction or exit of certain U.S. manufacturing capacity. Depending on the types of changes made, demand for our 
foreign manufacturing facilities could be reduced, or operating costs in our manufacturing facilities could be increased, 
which could negatively impact our financial performance. Moreover, any retaliatory actions by other countries where 
we operate could also negatively impact our financial performance.
•
The Dodd-Frank Wall Street Reform and Consumer Protection Act contains provisions to improve transparency and 
accountability concerning the supply of certain minerals, known as “conflict minerals,” originating from the 
Democratic Republic of Congo (“DRC”) and adjoining countries. These rules could adversely affect the sourcing, 
supply, and pricing of materials used in our products, as the number of suppliers who provide conflict-free minerals 
may be limited. We may also suffer reputational harm if we determine that certain of our products contain minerals not 
determined to be conflict-free or if we are unable to modify our products to avoid the use of such materials. We may 
also face challenges in satisfying customers who may require that our products be certified as containing conflict-free 
minerals or that we adopt more stringent guidelines like those fostered by the Responsible Materials Initiative 
(“RMI”).
 
16

•
We are subject to a variety of federal, state, local and foreign environmental, health and safety, product stewardship 
and producer responsibility laws and regulations, including those arising from global pandemics or relating to the use, 
generation, storage, discharge and disposal of hazardous chemicals used during our manufacturing process, those 
governing worker health and safety, those requiring design changes, supply chain investigation or conformity 
assessments, and those relating to the recycling or reuse of products we manufacture. These include EU regulations 
and directives, such as the Restrictions on Hazardous Substances (“RoHS”), the Waste Electrical and Electronic 
Equipment (“WEEE”) directives, and the Registration, Evaluation, Authorization, and Restriction of Chemicals 
(“REACH”) regulation, and similar regulations in China (the Management Methods for Controlling Pollution for 
Electronic Information Products or “China RoHS”). In addition, new technical classifications of e-Waste being 
discussed in the Basel Convention technical working group could affect both our customers’ abilities and obligations 
in electronics repair and refurbishment. If we fail to comply with any present or future regulations or timely obtain any 
needed permits, we could become subject to liabilities, and we could face fines or penalties, the suspension of 
production, or prohibitions on sales of products we manufacture. In addition, such regulations could restrict our ability 
to expand our facilities or could require us to acquire costly equipment, or to incur other significant expenses, 
including expenses associated with the recall of any non-compliant product or with changes in our operational, 
procurement and inventory management activities.
Sustainability/ESG issues, including those related to climate change and sustainability, may increase our costs and impose 
difficult and expensive compliance requirements.
Customers, consumers, investors, and other stakeholders, particularly in the EMS industry, are increasingly focusing on 
environmental issues, including climate change, water use, deforestation, waste, and other sustainability concerns. Along with 
our stakeholders and our broader industry, we have increased our focus on sustainability and measurement of our progress 
against sustainability criteria, but we cannot guarantee that we will be able to achieve relevant criteria with our current focus. 
Our ability to successfully execute relevant initiatives and accurately report our progress presents numerous operational, 
financial, legal, reputational and other risks, many of which are outside our control, and all of which could have a material 
negative impact on our business. 
New disclosures, along with the evolving global regulatory landscape, may present increased compliance costs and regulatory 
or enforcement risks, as well as increased competition from market participants who may adopt more robust sustainability/ESG 
reporting and sustainable business practices. If our sustainability initiatives fail to satisfy investors, current or potential 
customers, consumers, and our other stakeholders, our reputation, our ability to sell products and services to customers, our 
ability to attract or retain employees, and our attractiveness as an investment or business partner could be negatively impacted. 
Similarly, our failure or perceived failure to pursue or fulfill our goals, targets, and objectives, or to satisfy various reporting 
standards within the timelines we announce, or at all, could also have similar negative impacts and expose us to government 
enforcement actions and private litigation.
In addition, our customers have adopted, and may continue to adopt, procurement policies that require us to comply with 
governance, social, and environmental responsibility provisions. Our customers have also adopted, and may continue to adopt, 
goals and policies that serve to increase their demand for goods or services that do not produce significant greenhouse gas 
emissions and are not related to carbon-based energy sources. Furthermore, an increasing number of investors have adopted, 
and may continue to adopt, ESG policies for their portfolio companies, and various voluntarily sustainability initiatives and 
organizations have promulgated different social and environmental responsibility and sustainability guidelines. These practices, 
policies, provisions, and initiatives are under active development, subject to change, can be unpredictable and conflicting, and 
may prove difficult and expensive for us to comply with and could negatively affect our reputation, business, or financial 
condition.
Financial Risks
We are exposed to the credit risk of our customers. 
The instability of market conditions drives an elevated risk of potential bankruptcy of customers resulting in a greater risk of 
uncollectible outstanding accounts receivable. Accordingly, we intensely monitor our receivables and related credit risks. The 
realization of these risks could have a negative impact on our profitability.
Failure to effectively manage working capital may adversely affect our cash flow from operations. 
We closely monitor inventory and receivable efficiencies and continuously strive to improve these measures of working capital, 
but customer financial difficulties, cancellation or delay of customer orders, shifts in customer payment practices, transfers of 
production among our manufacturing facilities, additional inventory purchases to mitigate potential impact from component 
shortages, or manufacturing delays could adversely affect our cash flow from operations. 
 
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We could incur losses due to asset impairment. 
As business conditions change, we must continually evaluate and work toward the optimum asset base. It is possible that certain 
assets such as, but not limited to, facilities, equipment, intangible assets, or goodwill could be impaired at some point in the 
future depending on changing business conditions. Such impairment could have an adverse impact on our financial position and 
results of operations.
Fluctuations in our effective tax rate could have a significant impact on our financial position, results of operations, or cash 
flows. 
Our effective tax rate is highly dependent upon the geographic mix of earnings across the jurisdictions where we operate. 
Changes in tax laws or tax rates in those jurisdictions could have a material impact on our operating results. Judgment is 
required in determining the worldwide provision for income taxes, other tax liabilities, interest, and penalties. We base our tax 
position upon the anticipated nature and conduct of our business and upon our understanding of the tax laws of the various 
countries in which we have assets or conduct activities. Our tax position, however, is subject to review and possible challenge 
by taxing authorities and to possible changes in law (including adverse changes to the manner in which the United States and 
other countries tax multinational companies or interpret their tax laws). We cannot determine in advance the extent to which 
some jurisdictions may assess additional tax or interest and penalties on such additional taxes. In addition, our effective tax rate 
may be increased by changes in the valuation of deferred tax assets and liabilities, changes in our cash management strategies, 
changes in local tax rates, or countries adopting more aggressive interpretations of tax laws.
Several countries where we operate provide tax incentives to attract and retain business. We have obtained incentives where 
available and practicable. Our taxes could increase if certain incentives were retracted, they were not renewed upon expiration, 
we no longer qualify for such programs, or tax rates applicable to us in such jurisdictions were otherwise increased. In addition, 
our growth may cause our effective tax rate to increase, depending on the jurisdictions in which we expand our business or 
acquire operations. Given the scope of our international operations and our international tax arrangements, changes in tax rates 
and the manner in which multinational companies are taxed in the United States and other countries could have a material 
impact on our financial results and competitiveness. 
Certain of our subsidiaries provide financing, products, and services to, and may undertake certain significant transactions with, 
other subsidiaries in different jurisdictions. Moreover, several jurisdictions in which we operate have tax laws with detailed 
transfer pricing rules which require that all transactions with non-resident related parties be priced using arm’s length pricing 
principles and that contemporaneous documentation must exist to support such pricing. Due to inconsistencies among 
jurisdictions in the application of the arm’s length standard, our transfer pricing methods may be challenged and, if not upheld, 
could increase our income tax expense. In addition, the Organization for Economic Cooperation and Development continues to 
issue guidelines and proposals related to transfer pricing and profit shifting that may result in legislative changes that could 
reshape international tax rules in numerous countries and negatively impact our effective tax rate. 
We are exposed to foreign currency risk.
In 2022, the relative value of the U.S. dollar reached its highest levels since 2000 and has appreciated sharply against many 
foreign currencies. Fluctuations in exchange rates could impact our operating results. Our risk management strategy includes 
the use of derivative financial instruments to hedge certain foreign currency exposures. Any hedging techniques we implement 
contain risks and may not be entirely effective. Exchange rate fluctuations could also make our products more expensive than 
competitors’ products not subject to these fluctuations, which could adversely affect our revenues and profitability in 
international markets. 
A failure to comply with the financial covenants under our credit facilities could adversely impact us. 
Our primary credit facility requires us to comply with certain financial covenants. We believe the most significant covenants 
under our credit facilities are the ratio of consolidated total indebtedness minus unencumbered U.S. cash on hand in the United 
States in excess of $15 million to adjusted consolidated EBITDA, as defined in our primary credit facility, and the interest 
coverage ratio. More detail on these financial covenants is discussed in Item 7 - Management’s Discussion and Analysis of 
Financial Condition and Results of Operations. As of June 30, 2024, we had $294.8 million in borrowings under our credit 
facilities and had total cash and cash equivalents of $78.0 million. In the future, a default on the financial covenants under our 
credit facilities could cause an increase in the borrowing rates or make it more difficult for us to secure future financing, which 
could adversely affect our financial condition. 
 
18

We are exposed to inflation, interest rate, and other banking and capital market risks.
High levels of inflation in the U.S. and other countries where we operate have and may continue to increase our costs and may 
impact pricing and customer demand, both of which may impact our revenues and earnings. We have exposure to interest rate 
risk on our borrowings under our credit facilities. The interest rates of these borrowings are based on a spread plus applicable 
base rate, including the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the 
prime rate of a reference bank, or the federal funds rate. An adverse change in the base rates upon which our interest rates are 
determined could have a material adverse effect on our financial position, results of operations, or cash flows. Rising interest 
rates have increased our costs of borrowing. Additionally, volatility in capital markets could present challenges to us if we need 
to raise funds in the equity market. This, in turn, may cause us to adopt strategies that may be less capital-intensive. Volatility in 
the credit markets, including due to the recent bank failures as well as the U.S. Federal Reserve Bank’s actions and pace of 
interest rate increases to combat inflation in the U.S., may have an adverse effect on our ability to obtain debt financing.
General Risk Factors
We will face risks associated with the organic and inorganic growth of our business and we may neither be able to continue 
that growth nor have the necessary resources to dedicate to that growth.
We plan to expand our business to new customers, new commercial applications, and new commercial markets, including those 
where we may have limited operating experience, through organic growth and acquisitions. Accordingly, we may be subject to 
increased business, technology, and economic risks that could materially affect our business. In recent periods, we have 
increased our focus on organic growth and customer acquisition. In the future, we may increasingly focus on this organic 
growth, and we may identify inorganic growth opportunities through acquisitions and customer divestitures. Expanding in the 
verticals in which we are already operating will continue to require significant resources and there is no guarantee that such 
efforts will be successful or beneficial to us. Historically, sales to new customers have often led to additional sales to the same 
customers or similarly situated customers. As we expand into and within new and emerging markets for our services, we will 
likely face additional regulatory scrutiny, risks, and business challenges from our customers, governments, and other 
stakeholders in those markets. While this approach to growth within new and existing commercial markets and verticals has 
proven successful in the past, it is uncertain we will achieve the same penetration and organic growth or identify suitable 
inorganic growth opportunities in the future and our reputation, business, financial condition, and results of operations could be 
negatively impacted.
Changes in financial accounting standards or policies have affected, and in the future may affect, our reported financial 
condition or results of operations.
We prepare our financial statements in conformity with U.S. GAAP. These principles are subject to interpretation by the 
Financial Accounting Standards Board (“FASB”), the American Institute of Certified Public Accountants, the SEC, and various 
bodies formed to interpret and create appropriate accounting policies. A change in these policies can have a significant effect on 
our reported results and may affect our reporting of transactions that are completed before a change is announced. Changes to 
those rules or questions as to how we interpret or implement them may have a material adverse effect on our reported financial 
results or on the way we conduct business. See Note 1 - Business Description and Summary of Significant Accounting Policies 
of Notes to Consolidated Financial Statements for more information on the adoption of the new accounting guidance.
Litigation or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation.
We are or may become party to various claims and legal proceedings in the ordinary course of our business. These claims and 
legal proceedings may include lawsuits or claims relating to contracts, intellectual property, product recalls, product liability, 
employment matters, environmental matters, regulatory compliance, or other aspects of our business. Even when not merited, 
the defense of these claims and legal proceedings may divert our management’s attention, and we may incur significant 
expenses in defending these claims and proceedings. In addition, we may be required to pay damage awards or settlements or 
become subject to injunctions or other equitable remedies, which could have a material adverse effect on our financial position, 
cash flows, or results of operations. The outcome of litigation is often difficult to predict, and the outcome of pending or future 
claims and legal proceedings may have a material adverse effect on our financial position, cash flows, or results of operations. 
We evaluate these claims and legal proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible, 
the amount of potential losses. Based on these assessments and estimates, we establish reserves or disclose the relevant 
litigation claims or legal proceedings, as appropriate. These assessments and estimates are based on the information available to 
management at the time and involve a significant amount of management judgment. Actual outcomes or losses may differ 
materially from our current assessments and estimates. If actual outcomes or losses differ materially from our current 
assessments and estimates or additional claims or legal proceedings are initiated, we could be exposed to significant liabilities.
 
19

Natural disasters, pandemics, or other catastrophic events may impact our production schedules and, in turn, negatively 
impact profitability. 
Natural disasters, pandemics, or other catastrophic events, including severe weather (including cyclones, hurricanes, and floods) 
as well as terrorist attacks, power interruptions, fires, and pandemics, could disrupt operations and likewise our ability to 
produce or deliver products. Our manufacturing operations require significant amounts of energy, including natural gas and oil, 
and governmental regulations may control the allocation of such fuels to Kimball Electronics. Employees are an integral part of 
our business, and events such as a pandemic could reduce the availability of employees reporting for work. In the event we 
experience a temporary or permanent interruption in our ability to produce or deliver product, revenues could be reduced, and 
business could be materially adversely affected. In addition, catastrophic events, or the threat thereof, can adversely affect U.S. 
and world economies, and could result in reduced demand for our customers’ products and delayed or lost revenue for our 
services. Further, any disruption in our IT systems could adversely affect the ability to receive and process customer orders, 
manufacture products, and ship products on a timely basis, and could adversely affect relations with customers, potentially 
resulting in reduction in orders from customers or loss of customers. We maintain insurance to help protect us from costs 
relating to some of these matters, but it may not be sufficient or paid in a timely manner to us in the event of such an 
interruption.
Item 1B - Unresolved Staff Comments 
None.
Item 1C - Cybersecurity 
We depend on information systems and technology in substantially all aspects of our business, including communications 
among our employees and with suppliers and customers. We recognize the significance of developing, implementing, and 
maintaining cybersecurity measures to safeguard our information systems and products and protect the confidentiality, integrity, 
and availability of our data.
Cybersecurity Risk Management and Strategy
We have designed our cybersecurity risk management program and strategy to protect the confidentiality, integrity, and 
availability of our critical information technology systems and information. Our program is integrated into, and among the risks 
evaluated and considered by, our broader enterprise risk management program, through which we identify, assess, prioritize, 
and mitigate risks across the Company to support the achievement of our strategic objectives.
Managing Material Risks & Integrated Overall Risk Management
Cybersecurity is a critical part of our enterprise risk management. To address cybersecurity threats, we leverage a multi-layer 
approach, with our Audit Committee providing oversight and direction and our Chief Information Officer (“CIO”) leading a 
team that is responsible for forming our enterprise-wide information security strategy, training, policy, standards, architecture 
and processes to protect us against cybersecurity risks. Our program includes protocols for preventing, detecting, and 
responding to cybersecurity incidents, and cross-functional coordination and governance of business continuity and disaster 
recovery plans. Components of our program include:
•
a continuous, four-phase Enterprise Risk Management (ERM) process of risk program development, risk assessment 
and prioritization, risk response, and risk validation and monitoring designed to help identify cybersecurity threats to 
our critical IT systems, information, and our broader enterprise IT environment;
•
the periodic engagement of independent security firms and other third-party experts, where appropriate, to assess, test, 
and certify components of our cybersecurity program, such as penetration (pen) testing, and to otherwise assist with 
aspects of our cybersecurity processes and controls;
•
focused, annual, and mandatory risk management education for our employees and leaders, including cybersecurity 
awareness training, multiple cybersecurity and phishing awareness campaigns throughout each year, and tabletop 
exercises;
•
regular assessments of the design and operational effectiveness of the program’s key processes and controls by 
management, our internal audit team, and third-party experts; and
•
a risk management process for third-party service providers and vendors not under our direct control that includes pre-
selection due diligence and validation, and post-selection periodic monitoring to manage cybersecurity risks and 
monitor adherence to applicable cybersecurity standards.
We utilize ISO 27001 to identify, assess and manage information security risk and maintain a compliant Information Security 
Management System (“ISMS”). Our global information security management program is ISO 27001:2013 certified.
 
20

Third Party Engagements for Risk Management
We engage a range of external experts, including cybersecurity consultants and auditors to support, evaluate and test our 
cybersecurity risk management systems. We engage a managed security service provider (“MSSP”) that provides continuous 
threat intelligence by monitoring our network and connected devices to detect attacks and indicators of potential attacks. 
Our collaboration with other third parties includes regular audits of our ISO 27001 compliance, penetration testing, threat 
assessments, and consultation on security enhancements. These partnerships provide expert knowledge and insights which are 
designed to ensure our cybersecurity strategies and processes are appropriate.
Governance
The Board’s Role
The Board is responsible for overseeing overall risk management for the Company, including annual or more frequent review 
and approval of the Enterprise Risk Management approach and processes implemented by management to identify, assess, 
manage and mitigate risk. The Board has delegated certain responsibilities for oversight of the Company’s cybersecurity and 
information security framework, data protection, cybersecurity, and risk management to the Audit Committee of the Board. Our 
Board recognizes that cybersecurity protection is vital to maintaining our operations, and the trust of our business and supply 
chain partners, and of our Share Owners.
At each of their respective meetings, the Board and/or Audit Committee receive, and provide feedback on, reports on relevant 
data protection and cybersecurity matters. Additionally, two regular Board meetings each year and each Audit Committee 
meeting include additional, in-depth technology and cybersecurity briefings from senior members of our information 
technology department, internal audit function, and legal department. The topics covered by these reports and briefings include 
risk management strategies, data protection, ongoing risk mitigation activities, cybersecurity strategy, governance structure, and 
the results of security breach simulations.
Management’s Role
Our cybersecurity risk management program is led by our Chief Information Officer (“CIO”), who reports to our CEO and 
manages our security team principally responsible for managing our cybersecurity risk assessment processes, our security 
controls, and our detection and response to cybersecurity incidents. The CIO meets regularly with the CEO and his direct 
reports to discuss cybersecurity risk and ensure appropriate resources are prioritized to address risks. We continue to secure our 
own manufacturing and information technology infrastructure; to train our employees throughout each year about malware, 
viruses, hacking, phishing, and other information security risks, including how to avoid and mitigate them; and to protect our 
sensitive data from failures, breaches, or cyber incidents. We periodically (more than annually) perform tabletop exercises to 
test our incident response procedures, identify gaps and improvement opportunities and exercise team preparedness.
The Company’s Chief Information Officer has formal education in information technology and extensive experience over 20 
years working in and leading information systems and technology functions. Our Chief Information Officer receives regular 
updates on cybersecurity matters, results of mitigation efforts, and cybersecurity incident response and remediation.
The Company’s team responsible for developing and executing our cybersecurity policies together with our CIO, including our 
Director of Cybersecurity and Director of IT Infrastructure and Operations, are individuals with formal education and degrees 
in information technology or cybersecurity, experience working in information technology and cybersecurity, including 
relevant industry experience in security related industries, or a combination of both education and experience. Additionally, 
leaders in the Company’s information technology function receive periodic training and education on cybersecurity-related 
topics.  The CIO is responsible for providing quarterly updates to the Board's Audit Committee regarding the effectiveness of 
the Company's cybersecurity program and any material cybersecurity incidents that may arise.
The Company’s Kimball Electronics Support Center (“KESC”) serves as the central point for all cybersecurity incidents and 
reporting, including incidents that directly target employees or our information systems and incidents originating from third 
parties. The KESC monitors, detects, alerts and responds to cybersecurity incidents, evaluating each incident pursuant to our 
Cybersecurity Incident Response Plan. The KESC escalates incidents with significant impact and pervasiveness to the 
Company’s Cybersecurity Incident Response Team (“CIRT”) for further action. Depending on the nature of the attack or 
indicator, our MSSP will collaborate with us in response to incidents to contain, mitigate, respond to, investigate and eliminate 
threats. Where appropriate, the CIRT will escalate incidents to the Audit Committee and the Board for additional consideration, 
action, and potential disclosure.
The KESC, our cybersecurity leaders, and/or our CIRT evaluate each incident, as appropriate, in terms of its impact on our 
operations, our ability to conduct business with customers and suppliers, our brand reputation and health, safety, and the speed 
and degree to which the incident has been contained. These teams are also responsible for activating containment and resolution 
efforts and interfacing with third-party service providers like our MSSP where appropriate to support the Company through the 
resolution of the incident. After initial identification, the KESC monitors all cybersecurity incidents for changes in degree of 
impact or pervasiveness and communicates with our leaders, including the CIO and CIRT about the same.
 
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Risks from Cybersecurity Threats
As part of our overall risk mitigation strategy, we maintain insurance coverage for certain aspects of cybersecurity risks; 
however, such insurance may not be sufficient either in type or amount to cover us against claims related to cybersecurity 
breaches, cyberattacks, and other related breaches.
As of the date of this report, we do not believe that any risks from cybersecurity threats, including those resulting from any 
previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our Company, including 
our business strategy, results of operations, or financial condition. Despite our security measures, however, there can be no 
assurance that we, or third parties with which we interact, will not experience a cybersecurity incident in the future that will 
materially affect us. For more information on our cybersecurity related risks, see  Item 1A - Risk Factors - “Our business may 
be harmed due to failure to successfully implement information technology solutions or a lack of reasonable safeguards to 
maintain data security, including adherence to data privacy laws and physical security measures.”
Item 2 - Properties
We have nine manufacturing facilities with two located in Indiana, one in China, two in Mexico, and one located in each of 
Florida, Poland, Romania, and Thailand. These facilities occupy approximately 1,649,000 square feet in aggregate, 
substantially all of which are owned. In addition, we own a 42,000 square-foot building to house our headquarters located in 
Jasper, Indiana. 
Generally, our manufacturing facilities are utilized at normal capacity levels on a multiple shift basis. At times, certain facilities 
utilize reduced shifts due to demand and sales fluctuations. We continually assess our capacity needs and evaluate our 
operations to optimize our service levels by geographic region. See Item 1A - Risk Factors for information regarding financial 
and operational risks related to our international operations.
Significant loss of income resulting from a facility catastrophe would be partially offset by business interruption insurance 
coverage.
We hold a land lease for our facility in China that expires in fiscal year 2056 and one for our facility in Thailand that expires in 
fiscal year 2030. See Note 1 - Business Description and Summary of Significant Accounting Policies of Notes to Consolidated 
Financial Statements for additional information concerning leases. In addition, we own approximately 109 acres of land which 
includes land where our facilities reside.
Item 3 - Legal Proceedings
We and our subsidiaries are not parties to any pending legal proceedings, other than ordinary routine litigation and claims 
incidental to the business. The outcome of current routine pending litigation and claims, individually and in the aggregate, is not 
expected to have a material adverse impact on our business or financial condition.
Item 4 - Mine Safety Disclosures
Not applicable.
 
22

Information about Our Executive Officers
Our executive officers as of August 23, 2024 are as follows: 
(Age as of August 23, 2024)
Name
Age
Office and Area of Responsibility
Richard D. Phillips     . . . . . . . . . . . . .
54
Chief Executive Officer and Director
Adam M. Baumann     . . . . . . . . . . . .
43
Chief Accounting Officer
Jana T. Croom    . . . . . . . . . . . . . . . .
47
Chief Financial Officer
Jessica L. DeLorenzo     . . . . . . . . . . .
39
Vice President, Human Resources
Douglas A. Hass  . . . . . . . . . . . . . . .
48
Chief Legal and Compliance Officer, Secretary
Steven T. Korn     . . . . . . . . . . . . . . . .
60
Chief Operating Officer
Kathy R. Thomson     . . . . . . . . . . . . .
55
Chief Commercial Officer
Isabel S. Wells     . . . . . . . . . . . . . . . .
48
Chief Information Officer
Executive officers are appointed annually by the Board of Directors. The following is a brief description of the business 
experience during the past five or more years of each of our executive officers. 
Mr. Phillips was appointed Chief Executive Officer and Director effective March 1, 2023. Mr. Phillips was most recently the 
President and Chief Executive Officer from 2019 until 2022 for Elkay Manufacturing Company. Previously, Mr. Phillips served 
as the President, Chief Executive Officer, and Board member from 2017 through 2019, for Essendant, Inc. Mr. Phillips 
currently serves on the Board of Greenheck Group.
Mr. Baumann was appointed Chief Accounting Officer effective July 1, 2023. He joined Kimball Electronics in April 2019 as 
Assistant Corporate Controller and served as our Corporate Controller since March 2021. Mr. Baumann was previously 
employed by Vectren Corporation from 2009 to 2019.
Ms. Croom is our Chief Financial Officer effective July 1, 2021. Ms. Croom joined Kimball Electronics in January 2021 in the 
role of Vice President, Finance. Prior to joining Kimball Electronics, she held the position of Vice President, Financial Planning 
and Analysis for NiSource Inc. since August 2019. Previously at NiSource Inc., she served as Director of Operations Planning 
since March 2017 and Director of Regulatory Affairs since April 2014. Ms. Croom currently serves on the Board of First 
Energy Corp.
Ms. DeLorenzo was appointed Vice President, Human Resources in June 2018. Ms. DeLorenzo joined Kimball Electronics in 
2015 in the position of Director, Organizational Development.
Mr. Hass was appointed Chief Legal and Compliance Officer and Secretary effective January 1, 2022. He joined Kimball 
Electronics in August 2020 as Associate General Counsel and Assistant Secretary. Prior to Kimball Electronics, Mr. Hass 
served as General Counsel and Secretary of Lifeway Foods from 2016 through 2020. Mr. Hass currently serves on the Board of 
Columbus Insurance, Ltd.
Mr. Korn was appointed to the role of Chief Operating Officer effective July 1, 2023. Previously, Mr. Korn was our President, 
Global Electronics Manufacturing Services Operations since July 2020, and Vice President, North American Operations since 
2007.
Ms. Thomson was appointed to the role of Chief Commercial Officer effective July 1, 2023. Previously, Ms. Thomson was our 
Vice President, Global Business Development and Design Services since August 2018. Prior to joining Kimball Electronics, 
she held the position of Vice President of Business Development for Creation Technologies since 2012.
Ms. Wells joined Kimball Electronics in April 2022 as Chief Information Officer. Prior to Kimball Electronics, Ms. Wells held 
the position of Vice President of IT at Avery Dennison since June 2019. From 2011 to 2019, Ms. Wells was Senior Director of 
IT at Avery Dennison.
 
23

PART II
Item 5 - Market for Registrant’s Common Equity, Related Share Owner Matters and Issuer Purchases of Equity Securities 
Market Information
The Company’s common stock trades on the Nasdaq Global Select Market of The Nasdaq Stock Market LLC (“Nasdaq”) under 
the symbol: KE. 
Dividends
Since inception, we have not paid any dividends on our common stock, and we currently do not have plans to pay dividends in 
fiscal year 2025. Our Board of Directors (the “Board”) regularly reviews our capital allocation strategy.
Share Owners
On August 8, 2024, the Company’s common stock was owned by approximately 980 Share Owners of record. 
Securities Authorized for Issuance Under Equity Compensation Plans
The information required by this item concerning securities authorized for issuance under equity compensation plans is 
incorporated by reference to Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Share 
Owner Matters of Part III.
Issuer Purchases of Equity Securities
On October 21, 2015, our Board approved an 18-month stock repurchase plan (the “Plan”), authorizing the repurchase of up to 
$20 million worth of our common stock. Then, separately on each of September 29, 2016, August 23, 2017, November 8, 2018, 
and November 10, 2020, the Board extended and increased the Plan to allow the repurchase of up to an additional $20 million 
worth of common stock with no expiration date, which brought the total authorized stock repurchases under the Plan to $100 
million. 
During fiscal year 2024, the Company repurchased $3.0 million of common stock under the Plan. The following table contains 
information about our purchases of equity securities during the three months ended June 30, 2024. 
Period
Total 
Number of 
Shares 
Purchased
Average 
Price Paid 
per Share (1)
Total Number of 
Shares Purchased as 
Part of Publicly 
Announced Plan
Maximum Dollar 
Value of Shares that 
May Yet Be 
Purchased Under the 
Plan (1)
April 1, 2024 - April 30, 2024      . . . . . . . . . .
—
$ 
— 
—
$ 
11,174,672 
May 1, 2024 - May 31, 2024       . . . . . . . . . . .
25,332
$ 
22.77 
25,332
$ 
10,597,866 
June 1, 2024 - June 30, 2024       . . . . . . . . . . .
110,516
$ 
21.97 
110,516
$ 
8,169,923 
Total       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135,848
$ 
22.12 
135,848
(1) Excludes 1% U.S. excise tax on share repurchases which is recognized as part of the cost basis of the shares acquired in the 
Consolidated Statements of Share Owners’ Equity.
 
24

Performance Graph
The following performance graph is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to 
Regulation 14A or 14C under the Exchange Act or to the liabilities of Section 18 of the Exchange Act and will not be deemed 
to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent the Company 
specifically incorporates it by reference into such a filing.
The graph below compares the cumulative total return to Share Owners of the Company’s common stock for the five-year 
period commencing June 30, 2019 and ending June 30, 2024 to the cumulative total return of the Nasdaq Stock Market (U.S.) 
and the Russell 2000 Electronic Components subindex for the same period of time. We are currently a member of the Russell 
2000 Electronics Components subindex and believe that this market capitalization-weighted index reflects issuers with broadly 
similar market capitalizations that operate in our industry. We believe this subindex provides a more meaningful comparison of 
the cumulative return of our stock than any other lines of business or published industry index or peer groups.
The graph assumes $100 is invested in the Company’s stock and each of the two indexes at the closing market quotations on 
June 30, 2019 and that dividends, if any, are reinvested. The performances shown on the graph are not necessarily indicative of 
future price performance.
Comparison of Cumulative Total Return
Kimball Electronics, Inc.
Nasdaq Stock Market (U.S.)
Russell 2000 Electronic Components subindex
06/30/2019
06/30/2020
06/30/2021
06/30/2022
06/30/2023
06/30/2024
$50
$100
$150
$200
$250
$300
 
06/30/2019
06/30/2020
06/30/2021
06/30/2022
06/30/2023
06/30/2024
Kimball Electronics, Inc.     . . . . . . . . $ 
100.00 $ 
83.37 $ 
133.87 $ 
123.77 $ 
170.14 $ 
135.34 
Nasdaq Stock Market (U.S.)     . . . . . . $ 
100.00 $ 
127.00 $ 
184.51 $ 
141.19 $ 
178.12 $ 
230.89 
Russell 2000 Electronic 
Components subindex      . . . . . . . . . . . $ 
100.00 $ 
95.43 $ 
154.94 $ 
133.62 $ 
150.76 $ 
182.85 
Item 6 - [Reserved]
 
25

Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Certain statements contained within this document are considered forward-looking under the Private Securities Litigation 
Reform Act of 1995. The statements may be identified by the use of words such as “believes,” “anticipates,” “expects,” 
“intends,” “plans,” “projects,” “estimates,” “forecasts,” “seeks,” “likely,” “future,” “may,” “might,” “should,” “would,” 
“could,” “will,” “potentially,” “can,” “goal,” “predict,” and similar expressions. These forward-looking statements are subject 
to risks and uncertainties including, but not limited to, global economic conditions, geopolitical environment and conflicts such 
as the war in Ukraine, global health emergencies, availability or cost of raw materials and components, foreign exchange 
fluctuations, and our ability to convert new business opportunities into customers and revenue. Additional cautionary 
statements regarding other risk factors that could have an effect on the future performance of Kimball Electronics are located 
within Item 1A - Risk Factors.
Business Overview
We are a global, multifaceted manufacturing solutions provider. We provide electronics manufacturing services (“EMS”), 
including engineering and supply chain support, to customers in the automotive, medical, and industrial end markets. Our core 
competency is producing durable electronics, and we further offer contract manufacturing services for non-electronic 
components, medical disposables, drug delivery solutions, and precision molded plastics. Our manufacturing services, including 
engineering and supply chain support, utilize common production and support capabilities globally. We are well recognized by 
our customers and the industry for our excellent quality, reliability, and innovative service. CIRCUITS ASSEMBLY, a leading 
brand and technical publication for electronics manufacturers worldwide, has previously recognized us four times for achieving 
the Highest Overall Customer Rating in their Service Excellence Awards, and most recently, we received Highest Overall 
Customer Ratings in four of the seven categories in 2023. 
The contract manufacturing services industry is very competitive. As a mid-sized player, we can expect to be challenged by the 
agility and flexibility of the smaller, regional players, and we can expect to be challenged by the scale and price 
competitiveness of the larger, global players. We enjoy a unique market position between these extremes which allows us to 
compete with the larger scale players for high-volume projects, but also maintain our competitive position in the generally 
lower volume durable electronics market space. We expect to continue to effectively operate in this market space; however, one 
significant challenge will be maintaining our profit margins while we continue our revenue growth. Pricing is competitive in the 
market as production efficiencies and material pricing advantages for most projects drive costs and prices down over the life of 
the projects. This characteristic of the contract electronics marketplace is expected to continue.
The Worldwide Manufacturing Services Market - 2024 Edition, a comprehensive study on the worldwide EMS market 
published by New Venture Research (“NVR”), provided worldwide forecast trends through 2028. NVR projects the worldwide 
assembly market for electronics products to grow at a compound annual growth rate (“CAGR”) of 4.6% over the next five 
years, with the EMS industry projected to grow at a CAGR of 4.6%.
We continue to monitor the current economic and industry conditions for uncertainties that may pose a threat to our future 
growth or cause disruption in business strategy, execution, and timing in the markets in which we compete. 
 The EMS industry is experiencing the impacts of softening demand from global macroeconomic headwinds, especially in the 
current fiscal year. The financial impact on our future results cannot be reasonably estimated but could be material. Such 
headwinds include pressure from elevated levels of inflation, higher interest rates, and geopolitical uncertainty. 
Net sales in fiscal year 2024 decreased 6% from the prior fiscal year, with decreases in each of our end market verticals. The 
decrease in sales to customers in the automotive market were largely driven by decreased demand. In the medical market, sales 
decreased due to decreased sales with a large medical customer, first impacting our results in late fiscal year 2023, who is 
remediating a recall. The cause of the recall is unrelated to the products we provided. In the industrial market, sales decreased in 
large part due to a program at our automation, test, and measurement business in fiscal year 2023 not recurring this fiscal year. 
We expect consolidated net sales to decrease again in 2025 with the continued softness in demand and the loss of a major 
automotive program by our customer that was unrelated to any issues with our workmanship, quality, or ability to produce the 
product, in addition to the expected consolidated net sales decrease from the divestiture of our GES business discussed further 
in this section.
We have a strong focus on cost control balanced with managing the future growth prospects of our business. We expect to make 
investments that will strengthen or add new capabilities to our package of value as a multifaceted manufacturing solutions 
company, including through our recently completed capacity expansions. Managing working capital in conjunction with 
fluctuating demand levels is likewise key. In addition, a long-standing component of our profit-sharing incentive bonus plan is 
its link to our financial performance, which results in varying amounts of compensation expense as profits change.
 
26

To support our renewed strategic focus, in the third quarter of fiscal year 2024, we made the decision to divest of GES, our 
automation, test and measurement business unit, and committed to a plan to sell the business. This will allow us to increase 
focus and support our EMS operations. As a result, the disposal group has met the criteria to be classified as held for sale and is 
reported at the lower of its carrying value or fair value less costs to sell at June 30, 2024. We completed the divestiture of our 
GES business on July 31, 2024. In addition to the decision to divest of GES, we undertook restructuring efforts to align our cost 
structure with reduced end-market demand levels.
We continue to maintain a strong balance sheet as of the end of fiscal year 2024, which included a current ratio of 2.3, a debt-
to-equity ratio of 0.5, and Share Owners’ equity of $540 million. Recently, we have invested to support our expansions and 
growth in Mexico, Thailand, and Poland. We expect our balance sheet to continue to normalize as we negotiate with customers 
on excess inventory and as certain component shortages subside. Refer to the Future Liquidity section of Liquidity and Capital 
Resources below for further discussion of our liquidity.
The continuing success of our business is dependent upon our ability to replace expiring customers/programs with new 
customers/programs. We monitor our success in this area by tracking the number of customers and the percentage of our net 
sales generated from them by years of service as depicted in the table below. While variation in the size of program awards 
makes it difficult to directly correlate this data to our sales trends, we believe it does provide useful information regarding our 
customer loyalty and new business growth. 
Year End
Customer Service Years
2024
2023
2022
More than 10 Years
% of Net Sales     . . . . . . . . . . . . . . . . .
 76% 
 77% 
 79% 
# of Customers      . . . . . . . . . . . . . . . . .
 
38 
 
31 
 
34 
5 to 10 Years
% of Net Sales     . . . . . . . . . . . . . . . . .
 18% 
 19% 
 17% 
# of Customers      . . . . . . . . . . . . . . . . .
 
15 
 
22 
 
21 
Less than 5 Years
% of Net Sales     . . . . . . . . . . . . . . . . .
 6% 
 4% 
 4% 
# of Customers      . . . . . . . . . . . . . . . . .
 
12 
 
12 
 
11 
Total
% of Net Sales     . . . . . . . . . . . . . . . . .
 100% 
 100% 
 100% 
# of Customers      . . . . . . . . . . . . . . . . .
 
65 
 
65 
 
66 
A detailed discussion of risk factors and uncertainties that could have an effect on our performance are located within Item 1A - 
Risk Factors. 
 
27

Presentation of Results of Operations and Liquidity and Capital Resources
A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023 is 
presented below. A discussion regarding our financial condition and results of operations for fiscal year 2023 compared to 
fiscal year 2022 can be found under captions entitled “Results of Operations - Fiscal Year 2023 Compared with Fiscal Year 
2022” and “Liquidity and Capital Resources” in the section entitled “Item 7 - Management’s Discussion and Analysis of 
Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended June 30, 2023 filed with 
the SEC on August 24, 2023, which is available free of charge through the SEC’s website at http://www.sec.gov or the 
Company’s website, https://investors.kimballelectronics.com. The Company’s website and the information contained therein, or 
incorporated therein, are not intended to be incorporated into this Annual Report on Form 10-K. 
Results of Operations - Fiscal Year 2024 Compared with Fiscal Year 2023 
 
At or For the Year Ended
 
 
June 30
(Amounts in Millions, Except for Per Share Data)
2024
as a % of 
Net Sales
2023
as a % of 
Net Sales
% Change
Net Sales     . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,714.5 
$ 1,823.4 
 (6) %
Gross Profit       . . . . . . . . . . . . . . . . . . . . . . . .  
140.3 
 8.2%  
156.2 
 8.6% 
 (10) %
Selling and Administrative Expenses     . . . . .  
66.7 
 4.0%  
68.7 
 3.8% 
 (3) %
Other General Income   . . . . . . . . . . . . . . . . .  
(0.9) 
 (0.1) %  
(0.2) 
 —% 
 (321) %
Restructuring Expense    . . . . . . . . . . . . . . . .  
2.4 
 0.1%  
— 
 —% 
 —% 
Goodwill Impairment   . . . . . . . . . . . . . . . . .  
5.8 
 0.3%  
— 
 —% 
 —% 
Asset Impairment    . . . . . . . . . . . . . . . . . . . .  
17.0 
 1.0%  
— 
 —% 
 —% 
Operating Income     . . . . . . . . . . . . . . . . . . . .  
49.3 
 2.9%  
87.7 
 4.8% 
 (44) %
Other Income (Expense)   . . . . . . . . . . . . . . .  
(24.1) 
 
(13.0) 
Provision for Income Taxes     . . . . . . . . . . . .  
4.7 
 
18.9 
 (75) %
Net Income     . . . . . . . . . . . . . . . . . . . . . . . . . $ 
20.5 
$ 
55.8 
 (63) %
Diluted Earnings per Share      . . . . . . . . . . . . . $ 
0.81 
$ 
2.22 
 (64) %
Open Orders     . . . . . . . . . . . . . . . . . . . . . . . . $ 
714 
$ 
798 
 (11) %
Net Sales by Vertical Market
For the Year Ended
 
 
June 30
 
(Amounts in Millions)
2024
2023
% Change
Automotive    . . . . . . . . . . . . . . . . . . . . . . . . . $ 
826.4 $ 
843.8 
 (2) %
Medical    . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
425.7  
500.7 
 (15) %
Industrial   . . . . . . . . . . . . . . . . . . . . . . . . . . .  
462.4  
478.9 
 (3) %
Total Net Sales      . . . . . . . . . . . . . . . . . . . . . . $ 1,714.5 $ 1,823.4 
 (6) %
Net sales in fiscal year 2024 decreased by 6% compared to net sales in fiscal year 2023. The impact from foreign currency 
fluctuations on net sales was negligible in fiscal year 2024 compared to fiscal year 2023. Beginning in fiscal year 2024, we 
changed our presentation of revenue for miscellaneous sales previously included in Other to include in the respective 
customers’ end market verticals. Prior year periods have been recast to conform to the current year presentation. By end market 
vertical, our market verticals fluctuated as follows:
•
Sales to customers in the automotive market were down slightly in the current fiscal year when compared to the prior 
fiscal year due to the overall decrease in demand across most of our major customers.
•
Sales to customers in the medical market decreased when compared to the prior fiscal year. This decrease is primarily 
due to decreased sales with a large medical customer who is remediating a recall. The cause of the recall is unrelated to 
the products we provided. Partially offsetting this decrease in sales was a ramp-up of certain programs and new 
product launches.
•
Sales to customers in the industrial market were down slightly in the current fiscal year when compared to the prior 
fiscal year. The decrease is largely due to lower demand with our climate control customers as well as a program at our 
automation, test, and measurement business from fiscal year 2023 not recurring this year.
 
28

Sales to Nexteer Automotive, Philips, and ZF accounted for the following portions of our net sales:
  
Year Ended June 30
 
2024
2023
Nexteer Automotive   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16%
15%
Philips     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
14%
ZF     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13%
12%
* amount is less than 10% of total
Gross profit as a percent of net sales declined in fiscal year 2024 when compared to fiscal year 2023 as we experienced lost 
absorption on lower revenue. 
For fiscal year 2024, selling and administrative expenses remained relatively flat as a percent of net sales but decreased in 
absolute dollars when compared to fiscal year 2023. The absolute dollar decrease was driven by decreased profit-sharing bonus 
expense and supplier financing charges due to decreased sales. 
Other General Income in fiscal years 2024 and 2023 consisted of $0.9 million and $0.2 million, respectively, resulting from 
payments received related to class action lawsuits in which Kimball Electronics was a class member. These lawsuits alleged 
that certain suppliers to the EMS industry conspired over a number of years to raise and fix the prices of electronic components, 
resulting in overcharges to purchasers of those components.
For fiscal year 2024, we recorded pre-tax restructuring expense of $2.4 million, for employee-related costs as we undertook 
restructuring efforts to align our cost structure with reduced end market demand levels.
In the third quarter of fiscal year 2024, we made the decision to divest our automation, test and measurement business unit and 
committed to a plan to sell the business. As a result, the disposal group has met the criteria to be classified as held for sale and 
we have reported the business unit at the lower of its carrying value or fair value less costs to sell. The carrying value exceeded 
the fair value less costs to sell, and we recorded pre-tax impairment charges of $5.8 million and $17.0 million on goodwill and 
assets held for sale, respectively, in fiscal year 2024. See Note 3 - Assets and Liabilities Held for Sale of Notes to Condensed 
Consolidated Financial Statements for more information.
Other Income (Expense) consisted of the following: 
Other Income (Expense)
Year Ended
 
June 30
(Amounts in Thousands)
2024
2023
Interest Income   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
638 $ 
153 
Interest Expense       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(22,839)  
(16,263) 
Foreign Currency/Derivative Gain (Loss)   . . . . . . . . . . . . . . .  
(1,425)  
2,769 
Gain (Loss) on SERP Investments      . . . . . . . . . . . . . . . . . . . . .  
680  
701 
Credit facilities fees and bank charges      . . . . . . . . . . . . . . . . . .  
(873)  
(714) 
Other     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(259)  
369 
Other Income (Expense), net      . . . . . . . . . . . . . . . . . . . . . . . . . $ 
(24,078) $ 
(12,985) 
Interest expense has increased in the year ended June 30, 2024 compared to the year ended June 30, 2023 due to higher interest 
rates and higher borrowings on credit facilities. The Foreign Currency/Derivative Gain (Loss) resulted from net foreign 
currency exchange rate movements during the periods. The loss in fiscal year 2024 and the gain in fiscal year 2023 were driven 
by the respective weakening and strengthening of the U.S. dollar versus foreign currencies that we have exposure to in our 
business. The revaluation of the fair value of the supplemental employee retirement plan (“SERP”) investments recorded in 
Other Income (Expense) is offset by the revaluation of the SERP liability recorded in Selling and Administrative Expenses, and 
thus there is no effect on net income. 
 
29

Our income before income taxes and effective tax rate were comprised of the following U.S. and foreign components:
Year Ended June 30, 2024
Year Ended June 30, 2023
(Amounts in Thousands)
Income (Loss) 
Before Taxes
Effective Tax 
Rate
Income Before 
Taxes
Effective Tax 
Rate
United States    . . . . . . . . . . . . . . . . . . $ 
(35,055) 
 21.6% 
$ 
(6,269) 
 (1.1) %
Foreign      . . . . . . . . . . . . . . . . . . . . . . $ 
60,254 
 20.3% 
$ 
81,013 
 23.2% 
Total      . . . . . . . . . . . . . . . . . . . . . . . . $ 
25,199 
 18.6% 
$ 
74,744 
 25.3% 
The consolidated effective tax rate for fiscal year 2024 was lower due to the impact of the GES impairment charges, partially 
offset by the valuation allowance. The domestic unfavorable tax rate was also distorted by the impairment charges. 
The consolidated effective tax rate for fiscal year 2023 was unfavorably impacted by the mix of taxable earnings within our 
various tax jurisdictions and foreign exchange rate movements. The domestic favorable tax rate was favorably impacted by our 
loss before taxes and the research and development tax credit.
Our overall effective tax rate will fluctuate depending on the geographic distribution of our worldwide earnings. See Note 11 - 
Income Taxes of Notes to Consolidated Financial Statements for more information. 
We recorded net income of $20.5 million in fiscal year 2024, or $0.81 per diluted share, a decrease of 63.3% from fiscal year 
2023 net income of $55.8 million, or $2.22 per diluted share. 
Open orders were down 11% as of June 30, 2024 compared to June 30, 2023. The decrease in open orders from June 30, 2023 
is primarily driven by reduced orders from a large medical customer who is remediating a recall. Open orders are the aggregate 
sales price of production pursuant to unfulfilled customer orders, which may be delayed or canceled by the customer subject to 
contractual termination provisions. The majority of open orders as of June 30, 2024 are expected to be filled within the next 
twelve months. Open orders at a point in time may not be indicative of future sales trends due to the contract nature of our 
business and the variability of order lead times among our customers. 
Liquidity and Capital Resources
Working capital at June 30, 2024 was $471.7 million compared to working capital of $454.3 million at June 30, 2023. The 
current ratio was 2.3 at June 30, 2024 and 2.0 at June 30, 2023, respectively. The debt-to-equity ratio was 0.5 at both June 30, 
2024 and June 30, 2023. Our short-term liquidity available, represented as cash and cash equivalents plus the unused amount of 
our credit facilities, some of which are uncommitted, totaled $220.1 million at June 30, 2024 and $149.1 million at June 30, 
2023.
Cash Conversion Days (“CCD”) are calculated as the sum of Days Sales Outstanding (“DSO”) plus Contract Asset Days 
(“CAD”) plus Production Days Supply on Hand (“PDSOH”) less Accounts Payable Days (“APD”) and less Advances from 
Customers Days (“ACD”). CCD, or a similar metric, is used in our industry and by our management to measure the efficiency 
of managing working capital. The following table summarizes our CCD for the quarterly periods indicated.
Three Months Ended
June 30, 
2024
March 31, 
2024
December 31, 
2023
September 30, 
2023
June 30, 
2023
DSO    . . . . . . . . . . . . . .
58
59
64
58
56
CAD     . . . . . . . . . . . . . .
16
17
18
17
14
PDSOH     . . . . . . . . . . . .
93
103
109
108
97
APD    . . . . . . . . . . . . . .
50
58
65
71
65
ACD     . . . . . . . . . . . . . .
17
11
9
9
8
CCD     . . . . . . . . . . . . . .
100
110
117
103
94
We define Days Sales Outstanding as the average of monthly trade accounts and notes receivable divided by an average day’s 
net sales, Contract Asset Days as the average monthly contract assets divided by an average day’s net sales, Production Days 
Supply on Hand as the average of monthly gross inventory divided by an average day’s cost of sales, Accounts Payable Days as 
the average of monthly accounts payable divided by an average day’s cost of sales, and Advances from Customers Days as the 
the average of monthly customer deposits divided by an average day’s cost of sales. Over the past several quarters, we have 
supported our customers through strategic inventory builds to mitigate parts shortages, which adversely impacted our PDSOH 
and CCD metrics. Additionally, in fiscal year 2024, we have experienced customers push out deliveries due to softening 
 
30

consumer demand. As lead times dictate the ordering of components, these push outs negatively impact our cash conversion 
days and working capital. In these situations, we negotiate with our customers for inventory deposits or consignment 
arrangements to limit the impact to our balance sheet. We expect inventory levels and working capital to continue to normalize 
as we seek relief through customer negotiations.
Cash Flows
The following table reflects the major categories of cash flows for the fiscal years ended June 30, 2024 and 2023.
Year Ended June 30
(Amounts in Millions)
2024
2023
Net cash provided by (used for) operating activities   . . . . . . .
$ 
73.2 
$ 
(13.8) 
Net cash used for investing activities      . . . . . . . . . . . . . . . . . .
$ 
(46.5) 
$ 
(90.5) 
Net cash provided by financing activities    . . . . . . . . . . . . . . .
$ 
9.0 
$ 
99.2 
Cash Flows from Operating Activities
Net cash provided by operating activities for the fiscal year ended June 30, 2024 was driven by net income adjusted for non-
cash items, partially offset by changes in operating assets and liabilities. Net cash used for operating activities for the fiscal year 
ended June 30, 2023 was driven by changes in operating assets and liabilities, partially offset by net income adjusted for non-
cash items. Net income and non-cash adjustments provided cash of $82.6 million, while changes in operating assets and 
liabilities used $9.4 million of cash in the fiscal year ended June 30, 2024. For the fiscal year ended June 30, 2023, cash used by 
changes in operating assets and liabilities was $107.3 million, while net income and non-cash adjustments provided cash of 
$93.5 million.
Net income adjusted for non-cash items provided cash of $82.6 million in fiscal year 2024. Partially offsetting this was cash 
used of $9.4 million from changes in operating assets and liabilities in fiscal year 2024, largely due to the decrease in accounts 
payable which used cash of $102.6 million driven by decreased inventory purchases due to lower sales. Partially offsetting cash 
used by accounts payable was a decrease in inventory which provided cash of $64.2 million driven by decreased inventory 
purchases due to lower sales, and an increase in advances from customers, which provided cash of $34.9 million.
The cash used of $107.3 million from changes in operating assets and liabilities in fiscal year 2023 was largely due to an 
increase in accounts receivable, which used cash of $82.4 million primarily resulting from increased sales volumes, and an 
increase in inventory, which used cash of $50.2 million, driven by investment to support our expansions. Partially offsetting 
cash used by inventory was an increase in accounts payable, which provided cash of $20.4 million largely resulting from 
increased inventory purchases, and an increase in advances from customers, which provided cash of $7.9 million. 
Cash Flows from Investing Activities 
Net cash used for investing activities during fiscal year 2024 includes $47.0 million cash used for capital investments. The 
capital investments were primarily to support new business awards, replacement of older machinery and equipment, and facility 
expansions.
Net cash used for investing activities during fiscal year 2023 includes $90.7 million cash used for capital investments. The 
capital investments were primarily for expansions at our Mexico, Thailand, and Poland facilities and to support new business 
awards. 
Cash Flows from Financing Activities
Net cash provided by financing activities for the fiscal year ended June 30, 2024 resulted largely from net borrowings on our 
credit facilities of $13.5 million primarily for working capital purposes and capital expenditures.
Net cash provided by financing activities for the fiscal year ended June 30, 2023 resulted largely from net borrowings on our 
credit facilities of $100.7 million primarily for working capital purposes and capital investments supporting expansions.
 
31

Credit Facilities
The Company maintains a U.S. primary credit facility (the “primary credit facility”) scheduled to mature on May 4, 2027. The 
primary credit facility provides for $300 million in borrowings, with an option to increase the amount available for borrowing 
to $450 million at the Company’s request, subject to the consent of each lender participating in such increase. The Company 
also maintains a 364-day multi-currency revolving credit facility (the “secondary credit facility”), which allows for borrowings 
up to $100 million and has a maturity date of January 3, 2025. The proceeds of the loans on the primary credit facility and the 
secondary credit facility are to be used for working capital and general corporate purposes of the Company. We were in 
compliance with the financial covenants of the primary and secondary credit facilities during the fiscal year ended June 30, 
2024. As noted in the Future Liquidity section below, we amended our secondary credit facility on January 5, 2024 to increase 
the borrowings to $100 million.
We also maintain foreign credit facilities for working capital and general corporate purposes at specific foreign locations rather 
than utilizing funding from intercompany sources. These foreign credit facilities can be canceled at any time by either the bank 
or us and generally include renewal clauses. As of June 30, 2024, we maintained foreign credit facilities at our Thailand 
operation, our EMS operation in China, our Netherlands subsidiary, our Poland operation, and our Vietnam operation.
See Note 8 - Credit Facilities of Notes to Consolidated Financial Statements for more information on our credit facilities, 
including the terms of the credit facilities such as interest, commitment fees, and debt covenants. 
Factoring Arrangements
We participate in our customers’ supply chain financing arrangements in order to extend terms for the customer without 
negatively impacting our cash flow. These arrangements in all cases do not contain recourse provisions which would obligate 
us in the event of our customers’ failure to pay. Receivables are considered sold when they are transferred beyond the reach of 
Kimball Electronics and its creditors, the purchaser has the right to pledge or exchange the receivables, and we have 
surrendered control over the transferred receivables. During the fiscal years ended June 30, 2024 and 2023, we sold, without 
recourse, $410.0 million and $485.4 million of accounts receivable, respectively. See Note 1 - Business Description and 
Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements for more information regarding the 
factoring arrangements.
Future Liquidity
We believe our principal sources of liquidity from available funds on hand, cash generated from operations, proceeds from the 
sale of GES, and the availability of borrowing under our credit facilities, will be sufficient to meet our working capital and other 
operating needs for at least the next 12 months. The unused borrowings in USD equivalent under all of our credit facilities 
totaled $142.1 million at June 30, 2024, including the 100 million secondary credit facility. We amended our secondary credit 
facility on January 5, 2024 to increase the borrowing limit to $100 million from $50 million and change the maturity date to 
January 3, 2025. The increased borrowing limit will provide us with more liquidity at the enterprise level to meet working 
capital and other operating needs. Additionally, accounts receivable factoring arrangements could provide flexible access to 
cash as needed. While our primary credit facility includes a covenant that limits the amount of sold receivables outstanding at 
any time, currently and historically, we have been considerably below this limit.
We expect to continue to prudently invest in capital expenditures, including for capacity expansions and potential acquisitions, 
that would help us continue our growth as a multifaceted manufacturing solutions company. We recently completed our 
Thailand facility expansion in the third quarter of fiscal year 2022, our Mexico facility expansion in the first quarter of fiscal 
year 2023, and our Poland expansion in the fourth quarter of fiscal year 2023.
At June 30, 2024, our capital expenditure commitments were approximately $14 million, consisting primarily of capital related 
to new program wins and replacement of older machinery and equipment. We anticipate our available liquidity will be 
sufficient to fund these capital expenditures. 
We have purchase obligations that arise in the normal course of business for items such as raw materials, services, and software 
acquisitions/license commitments. In certain instances, such as when lead times dictate, we enter into contractual agreements 
for material in excess of the levels required to fulfill customer orders. In turn, material authorization agreements with customers 
cover a portion of the exposure for material that we must purchase prior to having a firm order.
At June 30, 2024, our foreign operations held cash totaling $77.9 million. The Company continually evaluates its global cash 
needs. The aggregate unremitted earnings of the Company’s foreign subsidiaries, which are currently permanently reinvested, 
were approximately $482 million as of June 30, 2024. If such funds were repatriated or we determined that all or a portion of 
such foreign earnings are no longer permanently reinvested, we may be subject to applicable non-U.S. income and withholding 
taxes. Determination of the amount of any potential future unrecognized deferred tax liability on such unremitted earnings is not 
practicable and is recorded in the period that the funds are repatriated.
 
32

The Company’s Repurchase Plan allows the repurchase of up to $100 million of our common stock. Purchases may be made 
under various programs, including in open-market transactions, block transactions on or off an exchange, or in privately 
negotiated transactions, all in accordance with applicable securities laws and regulations. The Repurchase Plan has no 
expiration date but may be suspended or discontinued at any time. The extent to which the Company repurchases its shares, and 
the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements, and 
other corporate considerations, as determined by the Company’s management team. The Company expects to finance the 
purchases with existing liquidity. The Company has repurchased $91.8 million of common stock under the Repurchase Plan 
through June 30, 2024.
Our ability to generate cash from operations to meet our liquidity obligations could be adversely affected in the future by 
factors such as general economic and market conditions, lack of availability of raw material components in the supply chain, a 
decline in demand for our services, loss of key contract customers, unsuccessful integration of acquisitions and new operations, 
global health emergencies, and the related uncertainties around the financial impact, and other unforeseen circumstances. In 
particular, should demand for our customers’ products and, in turn, our services decrease significantly over the next 12 months, 
the available cash provided by operations could be adversely impacted.
Fair Value
During fiscal year 2024, no level 1 or level 2 financial instruments were affected by a lack of market liquidity. For level 1 
financial assets, readily available market pricing was used to value the financial instruments. Our foreign currency derivative 
assets and liabilities, which were classified as level 2, were independently valued using observable market inputs such as 
forward interest rate yield curves, current spot rates, and time value calculations. To verify the reasonableness of the 
independently determined fair values, these derivative fair values were compared to fair values calculated by the counterparty 
banks. Our own credit risk and counterparty credit risk had an immaterial impact on the valuation of the foreign currency 
derivatives. See Note 13 - Fair Value of Notes to Consolidated Financial Statements for additional information.
Off-Balance Sheet Arrangements
As of June 30, 2024, we do not have any material off-balance sheet arrangements. 
Critical Accounting Policies
Kimball Electronics’ Consolidated Financial Statements have been prepared in accordance with accounting principles generally 
accepted in the United States of America. These principles require the use of estimates and assumptions that affect amounts 
reported and disclosed in the Consolidated Financial Statements and related notes. Actual results could differ from these 
estimates and assumptions. Management uses its best judgment in the assumptions used to value these estimates, which are 
based on current facts and circumstances, prior experience, and other assumptions that are believed to be reasonable. 
Management believes the following critical accounting policies reflect the more significant judgments and estimates used in 
preparation of our Consolidated Financial Statements and are the policies that are most critical in the portrayal of our financial 
position and results of operations. Management has discussed these critical accounting policies and estimates with the Audit 
Committee of the Company’s Board of Directors and with the Company’s independent registered public accounting firm.
Revenue recognition - Kimball Electronics recognizes revenue to depict the transfer of goods or services to customers in an 
amount that reflects the consideration to which the Company expects to be entitled in exchange for those services and products. 
The majority of our revenue is recognized over time as manufacturing services are performed where we manufacture a product 
with no alternative use and have an enforceable right to payment for performance completed to date. The remaining revenue is 
recognized when the customer obtains control of the manufactured product. We have elected to account for shipping and 
handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. 
Accordingly, we record customer payments of shipping and handling costs as a component of net sales and classify such costs 
as a component of cost of sales. We recognize sales net of applicable sales or value add taxes. Based on estimated product 
returns and price concessions, a reserve for returns and allowances is recorded at the time revenue is recognized, resulting in a 
reduction of revenue. 
Goodwill and Other Intangible Assets - Goodwill, $6.2 million and $12.0 million as of June 30, 2024 and 2023, respectively, 
represents the difference between the purchase price and the related underlying tangible and intangible net asset fair values 
resulting from business acquisitions. Annually, or if conditions indicate an earlier review is necessary, goodwill is tested at the 
reporting unit level. If the estimated fair value of the reporting unit is less than the carrying value, goodwill is written down to 
its estimated fair value. Our decision to divest GES, our former automation, test and measurement business, and the disposal 
group meeting the criteria to be classified as held for sale, resulted in goodwill impairment of $5.8 million, pre-tax in fiscal year 
2024. No impairment charges were recorded in fiscal year 2024 or 2023 resulting from our annual impairment tests for all other 
reporting units.
 
33

Other Intangible Assets, $3.0 million and $12.3 million as of June 30, 2024 and 2023, respectively, are reported on the 
Consolidated Balance Sheets and consist of capitalized software, customer relationships, technology, and trade name. Intangible 
assets are reviewed for impairment, and their remaining useful lives evaluated for revision, when events or circumstances 
indicate that the carrying value may not be recoverable over the remaining lives of the assets. Our decision to divest of our 
automation, test and measurement business resulted in the associated intangible assets being classified as held for sale.
See Note 1 - Business Description and Summary of Significant Accounting Policies and Note 3 - Assets and Liabilities Held for 
Sale of Notes to Consolidated Financial Statements for further discussion of the Company’s goodwill and intangible asset 
accounting policies, held for sale classification, and impairment.
Taxes - Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to 
temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax 
bases. These assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in 
which the temporary differences are expected to reverse. We evaluate the recoverability of our deferred tax assets each quarter 
by assessing the likelihood of future taxable income and available tax planning strategies that could be implemented to realize 
our deferred tax assets. If recovery is not likely, we provide a valuation allowance based on our best estimate of future taxable 
income in the various taxing jurisdictions and the amount of deferred taxes ultimately realizable. Future events could change 
management’s assessment.
We operate within multiple taxing jurisdictions and are subject to tax audits in these jurisdictions. These audits can involve 
complex issues, which may require an extended period of time to resolve. However, we believe we have made adequate 
provision for income and other taxes for all years that are subject to audit. As tax positions are effectively settled, the tax 
provision will be adjusted accordingly. The liability for uncertain income tax and other tax positions, including accrued interest 
and penalties on those positions, was $1.6 million and $1.8 million at June 30, 2024 and June 30, 2023, respectively. 
Numerous foreign jurisdictions in which the company operates have adopted the Organization for Economic Cooperation and 
Development’s global framework implementing a 15% corporate minimum tax, commonly referred to as Pillar Two. The 
Company will be subject to Pillar Two beginning in fiscal year 2025. Based on current legislation and available guidance, we 
do not anticipate Pillar Two will have a material impact to our financial condition, results of operation, cash flows, or effective 
tax rate. We will continue to monitor additional guidance as it is released.
New Accounting Standards
See Note 1 - Business Description and Summary of Significant Accounting Policies of Notes to Consolidated Financial 
Statements for information regarding New Accounting Standards. 
Item 7A - Quantitative and Qualitative Disclosures About Market Risk 
Foreign Exchange Rate Risk:  Kimball Electronics operates internationally and thus is subject to potentially adverse movements 
in foreign currency rate changes. Our principal foreign currency exposures include the Euro, Polish zloty, Romanian leu, 
Chinese renminbi, Thai baht, and Mexican peso. In fiscal year 2024, our principal foreign currency exposures also included the 
Vietnamese dong. Our risk management strategy includes the use of derivative financial instruments to hedge certain foreign 
currency exposures. Derivatives are used only to manage underlying exposures and are not used in a speculative manner. 
Further information on derivative financial instruments is provided in Note 14 - Derivative Instruments of Notes to 
Consolidated Financial Statements. We estimate that a hypothetical 10% adverse change in foreign currency exchange rates 
from levels at June 30, 2024 relative to non-functional currency balances of monetary instruments, to the extent not hedged by 
derivative instruments, would not have a material impact on profitability in an annual period. Actual future gains and losses 
could have a material impact in an annual period depending on changes or differences in market rates and interrelationships, 
hedging instruments, timing, and other factors.
Interest Rate Risk:  Our primary exposure to market risk for changes in interest rates relates to our primary credit facility, 
described further in Note 8 - Credit Facilities of Notes to Consolidated Financial Statements, as the interest rates paid for 
borrowings are determined at the time of borrowing based on market indices. Therefore, although we can elect to fix the interest 
rate at the time of borrowing, the facility does expose us to market risk for changes in interest rates. We estimate that a 
hypothetical 10% change in interest rates on borrowing levels at June 30, 2024 would not have a material impact of profitability 
in an annual period. The interest rate on certain borrowings under our credit facilities, including our primary credit facility, are 
based on the Secured Overnight Financing Rate (“SOFR”).
 
34

Item 8 - Financial Statements and Supplementary Data
 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page No.
Management’s Report on Internal Control Over Financial Reporting       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
Report of Independent Registered Public Accounting Firm (PCAOB No. 34)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
Consolidated Balance Sheets as of June 30, 2024 and 2023       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
Consolidated Statements of Income for Each of the Three Years in the Period Ended June 30, 2024   . . . . . . . . . . . . .
41
Consolidated Statements of Comprehensive Income for Each of the Three Years in the Period Ended June 30, 2024
42
Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended June 30, 2024    . . . . . . . . .
43
Consolidated Statements of Share Owners’ Equity for Each of the Three Years in the Period Ended June 30, 2024    .
44
Notes to Consolidated Financial Statements   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
35

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
The management of Kimball Electronics, Inc. is responsible for establishing and maintaining adequate internal control over 
financial reporting and for the preparation and integrity of the accompanying financial statements and other related information 
in this report.  The consolidated financial statements of the Company and its subsidiaries, including the footnotes, were 
prepared in accordance with accounting principles generally accepted in the United States of America and include judgments 
and estimates, which in the opinion of management are applied on an appropriately conservative basis.  We maintain a system 
of internal and disclosure controls intended to provide reasonable assurance that assets are safeguarded from loss or material 
misuse, transactions are authorized and recorded properly, and that the accounting records may be relied upon for the 
preparation of the financial statements.  This system is tested and evaluated regularly for adherence and effectiveness by 
employees who work within the internal control processes and by our staff of internal auditors.
The Audit Committee of the Board of Directors, which is comprised of directors who are not employees of the Company, meets 
regularly with management, our internal auditors, and the independent registered public accounting firm to review our financial 
policies and procedures, our internal control structure, the objectivity of our financial reporting, and the independence of the 
independent registered public accounting firm.  The internal auditors and the independent registered public accounting firm 
have free and direct access to the Audit Committee, and they meet periodically, without management present, to discuss 
appropriate matters.
Because of inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements 
and even when determined to be effective, can only provide reasonable assurance with respect to financial statement 
preparation and presentation.
These consolidated financial statements are subject to an evaluation of internal control over financial reporting conducted under 
the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer.  
Based on that evaluation, conducted under the criteria established in Internal Control — Integrated Framework (2013) issued 
by the Committee of Sponsoring Organizations of the Treadway Commission, management concluded that our internal control 
over financial reporting was effective as of June 30, 2024.
/s/ RICHARD D. PHILLIPS
Richard D. Phillips
Chief Executive Officer
August 23, 2024
 
/s/ JANA T. CROOM
Jana T. Croom
Chief Financial Officer
August 23, 2024
 
36

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Share Owners and the Board of Directors of Kimball Electronics, Inc. 
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Kimball Electronics, Inc. and subsidiaries (the “Company”) 
as of June 30, 2024 and 2023, the related consolidated statements of income, comprehensive income, share owners’ equity, and 
cash flows for each of the three years in the period ended June 30, 2024, and the related notes and the schedule listed in the 
Index at Item 15 (collectively referred to as the “financial statements”). We have also audited the Company’s internal control 
over financial reporting as of June 30, 2024, based on the criteria established in Internal Control—Integrated Framework 
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the 
Company as of June 30, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the 
period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America. Also, 
in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 
30, 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.
Basis for Opinions
The Company’s management is responsible for these financial statements, for maintaining effective internal control over 
financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the 
accompanying management’s report on internal control over financial reporting. Our responsibility is to express an opinion on 
these financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We 
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and 
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to 
error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the 
financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures 
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also 
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the 
overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an 
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and 
evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included 
performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a 
reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
37

Critical Audit Matter 
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that 
was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that 
are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The 
communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and 
we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the 
accounts or disclosures to which it relates.
Revenue Recognition - Contracts Recognized Over Time  - Refer to Notes 1 and 2 to the Financial Statements
Critical Audit Matter Description
The majority of the Company’s revenue is recognized over time as manufacturing services are performed when the Company 
manufactures a product to customer specifications with no alternative use and for which the Company has an enforceable right 
to payment for performance completed to date. The Company generally recognizes revenue over time to depict the Company’s 
progress towards meeting its performance obligations, using costs based input methods, in which judgment is required to 
evaluate assumptions including the anticipated margins to estimate the corresponding amount of revenue to recognize. 
The timing differences of revenue recognition, billings to the Company’s customers, and cash collections from the Company’s 
customers result in billed accounts receivable and unbilled accounts receivable. Contract assets on the consolidated balance 
sheets relate to unbilled accounts receivable and occur when revenue is recognized over time as manufacturing services are 
provided and the billing to the customer has not yet occurred as of the balance sheet date, which are generally transferred to 
receivables in the next fiscal quarter due to the short-term nature of the manufacturing cycle. 
We identified the Company’s revenue recognition over time for contracts with customers as a critical audit matter because of 
the judgments required to evaluate assumptions including the anticipated margins to estimate the corresponding amount of 
revenue to recognize and contract assets to record. This required an increased extent of audit effort due to the significant 
number of contracts on which the Company recognizes revenue over time, and a high degree of auditor judgment when 
performing procedures to audit management’s estimate of anticipated margins used to recognize revenue over time and 
evaluating the results of those procedures.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to management’s estimates of the anticipated margins used to recognize revenue over time and 
record contract assets included the following, among others:
•
We tested the effectiveness of controls over the Company’s recognition of revenue over time and the related contract 
asset balance, including management’s process for estimating the anticipated margins for products manufactured to 
customer specifications for which the Company has an enforceable right to payment for performance completed to 
date. 
•
We evaluated management’s ability to estimate revenue accurately by comparing actual margins to management’s 
historical estimates for completed contracts.
•
We selected a sample of contracts with customers and performed the following:
◦
Evaluated whether the contracts with customers were properly included or excluded in management’s 
calculation of over time contract revenue based on the terms and conditions of each contract, including 
whether the Company determined the product has no alternative use and that the Company has an enforceable 
right to payment for performance completed to date. 
◦
Compared the transaction prices to the consideration expected to be received based on current rights and 
obligations under the contracts and any modifications that were agreed upon with the customers.
◦
Tested the accuracy and completeness of the costs incurred to date for the respective performance obligations 
by comparing the quantities on hand and standard cost per the calculation to the Company’s perpetual 
inventory information and testing any manufacturing variances and purchase price adjustments.
◦
Evaluated the calculation of the amount of revenue to recognize for the performance obligation by:
 
38

▪
Evaluating the reasonableness of management’s anticipated margins used in the Company’s 
calculation of revenue.
▪
Evaluating the appropriateness and consistency of the methods and assumptions used by 
management to develop the estimates of anticipated margin at completion.
•
We tested the mathematical accuracy of management’s calculation of revenue recognized over time and the related 
contract asset balance.
/s/ Deloitte & Touche LLP
Indianapolis, Indiana
August 23, 2024
We have served as the Company’s auditor since 2014.
 
39

KIMBALL ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
 (Amounts in Thousands, Except for Share Data) 
June 30,
2024
June 30,
2023
ASSETS
 
 
Current Assets:
 
 
Cash and cash equivalents      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
77,965 $ 
42,955 
Receivables, net of allowances of $1,002 and $257, respectively  . . . . . . . . . . . . . . . . . . . . . .  
282,336  
308,167 
Contract assets     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
76,320  
78,798 
Inventories     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
338,116  
450,319 
Prepaid expenses and other current assets     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
44,682  
49,188 
Assets held for sale      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
27,587  
— 
Total current assets     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
847,006  
929,427 
Property and Equipment, net of accumulated depreciation of $309,499 and $293,197, 
respectively  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
269,659  
267,684 
Goodwill   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
6,191  
12,011 
Other Intangible Assets, net of accumulated amortization of $27,300 and $38,785, 
respectively  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2,994  
12,335 
Other Assets, net        . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
82,069  
38,262 
Total Assets    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
1,207,919 $ 
1,259,719 
LIABILITIES AND SHARE OWNERS’ EQUITY
 
 
Current Liabilities:
 
 
Current portion of borrowings under credit facilities      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
59,837 $ 
46,454 
Accounts payable   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
213,551  
322,274 
Advances from customers    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
30,151  
33,905 
Accrued expenses     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
63,189  
72,515 
Liabilities held for sale       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
8,594  
— 
Total current liabilities      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
375,322  
475,148 
Other Liabilities:
 
 
Long-term debt under credit facilities, less current portion     . . . . . . . . . . . . . . . . . . . . . . . . . .  
235,000  
235,000 
Long-term income taxes payable    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
3,255  
5,859 
Other long-term liabilities      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
53,881  
19,718 
Total other liabilities      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
292,136  
260,577 
Share Owners’ Equity:
 
 
Preferred stock-no par value
Shares authorized: 15,000,000
Shares issued: None    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—  
— 
Common stock-no par value
Shares authorized: 150,000,000
Shares issued: 29,430,000
Shares outstanding:  24,733,000 and 24,724,000, respectively      . . . . . . . . . . . . . . . . . . . .  
—  
— 
Additional paid-in capital      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
319,463  
315,482 
Retained earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
316,564  
296,053 
Accumulated other comprehensive loss       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(17,807)  
(11,046) 
Treasury stock, at cost:
Shares:  4,697,000 and 4,706,000, respectively    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(77,759)  
(76,495) 
Total Share Owners’ Equity     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
540,461  
523,994 
Total Liabilities and Share Owners’ Equity     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
1,207,919 $ 
1,259,719 
See Notes to Consolidated Financial Statements
 
40

KIMBALL ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME
  (Amounts in Thousands, Except for Per Share Data)
Year Ended June 30
2024
2023
2022
Net Sales   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
1,714,510 $ 
1,823,429 $ 
1,349,535 
Cost of Sales    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
1,574,253  
1,667,264  
1,244,933 
Gross Profit    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
140,257  
156,165  
104,602 
Selling and Administrative Expenses    . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
66,626  
68,648  
53,437 
Other General Income      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(892)  
(212)  
(1,384) 
Restructuring Expense     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2,386  
—  
— 
Goodwill Impairment      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
5,820  
—  
— 
Asset Impairment     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
17,040  
—  
— 
Operating Income   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
49,277  
87,729  
52,549 
Other Income (Expense):
 
 
 
Interest income   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
638  
153  
81 
Interest expense     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(22,839)  
(16,263)  
(2,655) 
Non-operating income (expense), net     . . . . . . . . . . . . . . . . . . . . . . . . . .  
(1,877)  
3,125  
(6,244) 
Other income (expense), net        . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(24,078)  
(12,985)  
(8,818) 
Income Before Taxes on Income     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
25,199  
74,744  
43,731 
Provision for Income Taxes      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
4,688  
18,913  
12,478 
Net Income     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
20,511 $ 
55,831 $ 
31,253 
Earnings Per Share of Common Stock:
 
 
 
Basic     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
0.82 $ 
2.24 $ 
1.24 
Diluted       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
0.81 $ 
2.22 $ 
1.24 
Average Number of Shares Outstanding:
 
 
 
Basic     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
25,079  
24,904  
25,115 
Diluted       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
25,278  
25,076  
25,221 
See Notes to Consolidated Financial Statements
 
41

KIMBALL ELECTRONICS, INC. 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in Thousands)
 
Year Ended June 30, 2024
Year Ended June 30, 2023
Year Ended June 30, 2022
Pre-tax
Tax
Net of 
Tax
Pre-tax
Tax
Net of 
Tax
Pre-tax
Tax
Net of 
Tax
Net Income   . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 20,511 
$ 55,831 
$ 31,253 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments  . . . . $ (2,620) $ 
192 
$ (2,428) $ 
5,517 
$ 
— 
$ 5,517 
$ (15,126) $ 
— 
$ (15,126) 
Postemployment actuarial change     . . . . . . . . .  
(916)  
275 
 
(641)  
(276)  
(54)  
(330)  
266 
 
39 
 
305 
Derivative gain (loss)    . . . . . . . . . . . . . . . . . . .  
2,621 
 
(524)  
2,097 
 
9,547 
 (2,081)  
7,466 
 
468 
 
(171)  
297 
Reclassification to (earnings) loss:
Derivatives   . . . . . . . . . . . . . . . . . . . . . . . . . .  
(7,530)  
1,670 
 
(5,860)  
(4,936)  
1,041 
 
(3,895)  
(279)  
206 
 
(73) 
Amortization of actuarial change     . . . . . . . . .  
94 
 
(23)  
71 
 
(174)  
42 
 
(132)  
(253)  
61 
 
(192) 
Other Comprehensive Income (Loss)     . . . . . . . . $ (8,351) $ 1,590 
$ (6,761) $ 
9,678 
$ (1,052) $ 8,626 
$ (14,924) $ 
135 
$ (14,789) 
Total Comprehensive Income    . . . . . . . . . . . . . .
 
 
$ 13,750 
 
 
$ 64,457 
 
 
$ 16,464 
See Notes to Consolidated Financial Statements
 
42

KIMBALL ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands) 
Year Ended June 30
2024
2023
2022
Cash Flows From Operating Activities:
 
 
 
Net income   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
20,511 
$ 
55,831 
$ 
31,253 
Adjustments to reconcile net income to net cash provided by (used for):
 
 
 
Depreciation and amortization      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
38,030 
 
32,416 
 
29,411 
(Gain) loss on sales of assets     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(15)  
(23)  
90 
Deferred income taxes      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(8,852)  
(1,714)  
772 
Goodwill impairment       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
5,820 
 
— 
 
— 
Asset impairment   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
17,040 
 
— 
 
— 
Stock-based compensation     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
7,185 
 
6,914 
 
6,224 
Other, net      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2,928 
 
33 
 
1,914 
Change in operating assets and liabilities:
Receivables   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
8,485 
 
(82,386)  
(26,483) 
Contract assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2,478 
 
(14,718)  
(18,217) 
Inventories    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
64,219 
 
(50,234)  
(203,168) 
Prepaid expenses and other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(6,412)  
(13,265)  
(5,086) 
Accounts payable    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(102,574)  
20,448 
 
89,234 
Advances from customers   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
34,922 
 
7,938 
 
22,565 
Accrued expenses and taxes payable      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(10,548)  
24,956 
 
(11,687) 
Net cash provided by (used for) operating activities     . . . . . . . . . . . . . . . . . . . .  
73,217 
 
(13,804)  
(83,178) 
Cash Flows From Investing Activities:
 
 
 
Capital expenditures      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(46,074)  
(89,367)  
(73,957) 
Proceeds from sales of assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
499 
 
316 
 
456 
Purchases of capitalized software   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(966)  
(1,321)  
(757) 
Other, net    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
20 
 
(95)  
(540) 
Net cash used for investing activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(46,521)  
(90,467)  
(74,798) 
Cash Flows From Financing Activities:
 
 
 
Proceeds from credit facilities   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
— 
 
105,000 
 
100,000 
Additional net change in revolving credit facilities   . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
13,450 
 
(4,304)  
14,936 
Repurchases of common stock       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(2,847)  
— 
 
(8,952) 
Payments related to tax withholding for stock-based compensation   . . . . . . . . . . . . . . . .  
(1,479)  
(1,417)  
(1,591) 
Debt issuance costs    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(150)  
(100)  
(652) 
Net cash provided by financing activities   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
8,974 
 
99,179 
 
103,741 
Effect of Exchange Rate Change on Cash, Cash Equivalents, and Restricted Cash   . . . . .  
(755)  
(895)  
(2,356) 
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash   . . . . . . . . .  
34,915 
 
(5,987)  
(56,591) 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year (1)   . . . . . . . . . . . . . . .  
43,864 
 
49,851 
 
106,442 
Cash, Cash Equivalents, and Restricted Cash at End of Year (1)
     . . . . . . . . . . . . . . . . . $ 
78,779 
$ 
43,864 
$ 
49,851 
Supplemental Disclosure of Cash Flow Information
Cash paid during the year for:
Income taxes    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
27,265 
$ 
13,662 
$ 
14,329 
Interest expense     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
19,444 
$ 
15,334 
$ 
2,328 
Non-cash investing activity:
Unpaid purchases of property and equipment at the end of the year       . . . . . . . . . . . $ 
1,442 
$ 
3,122 
$ 
4,538 
(1) The following table reconciles cash and cash equivalents in the consolidated balance sheets to 
cash, cash equivalents, and restricted cash per the consolidated statements of cash flows. The 
restricted cash included in Prepaid expenses and other current assets on the consolidated balance 
sheet represents funds held by the Company for a foreign subsidiary’s employee savings plan.
Year Ended June 30
2024
2023
2022
Cash and Cash Equivalents     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
77,965 
$ 
42,955 
$ 
49,851 
Restricted Cash included in Prepaid expenses and other current assets   . . . . . . . . . . . . $ 
814 
$ 
909 
$ 
— 
Total Cash, Cash Equivalents, and Restricted Cash at end of period    . . . . . . . . . . . . . . $ 
78,779 
$ 
43,864 
$ 
49,851 
See Notes to Consolidated Financial Statements
 
43

KIMBALL ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF SHARE OWNERS’ EQUITY
(Amounts in Thousands, Except for Share Data) 
Additional 
Paid-In 
Capital
Retained 
Earnings
Accumulated 
Other 
Comprehensive 
Income (Loss)
Treasury 
Stock
Total Share 
Owners’ 
Equity
Amounts at June 30, 2021  . . . . . . . . . . . . . . . . . . . . . $ 308,123 
$ 208,969 
$ 
(4,883) $ (70,237) $ 
441,972 
Net income       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
31,253 
 
31,253 
Other comprehensive income (loss)   . . . . . . . . . . . .
 
(14,789) 
 
(14,789) 
Issuance of non-restricted stock (6,000 shares)    . . .  
73 
 
70 
 
143 
Compensation expense related to stock 
compensation plans  . . . . . . . . . . . . . . . . . . . . . . . . .  
6,092 
 
6,092 
Performance share issuance (143,000 shares)       . . . .  
(3,126) 
 
1,566 
 
(1,560) 
Restricted share units issuance (2,000 shares)       . . . .  
(40) 
 
22 
 
(18) 
Deferred share issuance (3,000 shares)    . . . . . . . . .  
(32) 
 
32 
 
— 
Repurchase of Common Stock (485,000 shares)     . .
 
(9,122)  
(9,122) 
Amounts at June 30, 2022  . . . . . . . . . . . . . . . . . . . . . $ 311,090 
$ 240,222 
$ 
(19,672) $ (77,669) $ 
453,971 
Net income       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
55,831 
 
55,831 
Other comprehensive income (loss)   . . . . . . . . . . . .
 
8,626 
 
8,626 
Issuance of non-restricted stock (14,000
shares)    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
152 
 
173 
 
325 
Compensation expense related to stock 
compensation plans  . . . . . . . . . . . . . . . . . . . . . . . . .  
6,657 
 
6,657 
Performance share issuance (84,000 shares)       . . . . .  
(2,417) 
 
1,001 
 
(1,416) 
Amounts at June 30, 2023  . . . . . . . . . . . . . . . . . . . . . $ 315,482 
$ 296,053 
$ 
(11,046) $ (76,495) $ 
523,994 
Net income       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
20,511 
 
20,511 
Other comprehensive income (loss)   . . . . . . . . . . . .
 
(6,761) 
 
(6,761) 
Issuance of non-restricted stock 
(18,000 shares)     . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
235 
 
222 
 
457 
Compensation expense related to stock 
compensation plans  . . . . . . . . . . . . . . . . . . . . . . . . .  
6,773 
 
6,773 
Performance and restricted share issuance 
(108,000 and 19,000 shares, respectively)    . . . . . . .  
(3,027) 
 
1,549 
 
(1,478) 
Repurchase of Common Stock 
(136,000 shares) (including excise tax)      . . . . . . . . .
 
(3,035)  
(3,035) 
Amounts at June 30, 2024  . . . . . . . . . . . . . . . . . . . . . $ 319,463 
$ 316,564 
$ 
(17,807) $ (77,759) $ 
540,461 
See Notes to Consolidated Financial Statements
 
44

KIMBALL ELECTRONICS, INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1    Business Description and Summary of Significant Accounting Policies
Business Description:
Kimball Electronics, Inc. (also referred to herein as “Kimball Electronics,” the “Company,” “we,” “us,” or “our”) is a global, 
multifaceted manufacturing solutions provider. We provide electronics manufacturing services (“EMS”), including engineering 
and supply chain support, to customers in the automotive, medical, and industrial end markets. We deliver a package of value 
that begins with our core competency of producing durable electronics, and we further offer contract manufacturing services for 
non-electronic components, medical disposables, precision molded plastics, and production automation, test, and inspection 
equipment. Our design and manufacturing expertise coupled with robust processes and procedures help us ensure that we 
deliver the highest levels of quality, reliability, and service throughout the entire life cycle of our customers’ products. We 
deliver award-winning service across our highly integrated global footprint, which is enabled by our largely common operating 
system, procedures, and standardization. We are well recognized by customers and industry trade publications for our excellent 
quality, reliability, and innovative service. 
Subsequent to June 30, 2024, on July 31, 2024, we completed the divestiture of GES, our automation, test and measurement 
business unit. See Note 3 - Assets and Liabilities Held for Sale for more information on the GES divestiture.
Principles of Consolidation: 
The Consolidated Financial Statements include the accounts of all domestic and foreign subsidiaries. All significant 
intercompany balances and transactions have been eliminated in the consolidation. 
Use of Estimates: 
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of 
America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts included in 
the Consolidated Financial Statements and related note disclosures. While efforts are made to assure estimates used are 
reasonably accurate based on management’s knowledge of current events, actual results could differ from those estimates. 
Segment Information: 
Kimball Electronics has business units located in the United States, China, Mexico, Poland, Romania, and Thailand, and each 
of these business units qualify as operating segments. In addition, GES has operations located in the United States, China, India, 
Japan, and Vietnam. The GES operations qualify as a single operating segment with its group results regularly reviewed by our 
chief operating decision maker, which is our Chief Executive Officer. 
Our operating segments meet the aggregation criteria under the current accounting guidance for segment reporting. As of 
June 30, 2024, all of our operating segments provide contract manufacturing services, including engineering and supply chain 
support, for the production of electronic assemblies and other products including medical devices, medical disposables, 
precision molded plastics, and automation, test, and inspection equipment primarily in automotive, medical, and industrial 
applications, to the specifications and designs of our customers. The nature of the products, the production process, the type of 
customers, and the methods used to distribute the products have similar characteristics across all our operating segments. Each 
of our operating segments service customers in multiple markets, and many of our customers’ programs are manufactured and 
serviced by multiple operating segments. We leverage global processes such as component procurement and customer pricing 
that provide commonality and consistency among the various regions in which we operate. All of our operating segments have 
similar long-term economic characteristics, and as such, have been aggregated into one reportable segment. 
Revenue Recognition:  
We recognize revenue in accordance with the standard issued by the Financial Accounting Standards Board (“FASB”), 
Revenue from Contracts with Customers and all the related amendments. Our revenue from contracts with customers is 
generated primarily from manufacturing services provided for the production of electronic assemblies, components, medical 
devices, medical disposables, precision molded plastics, and automation, test, and inspection equipment built to customers’ 
specifications. Our customer agreements are generally not for a definitive term but continue for the relevant product’s life cycle. 
Typically, our customer agreements do not commit the customer to purchase our services until a purchase order is provided, 
which is generally short term in nature. Customer purchase orders primarily have a single performance obligation. Generally, 
the prices stated in the customer purchase orders are agreed upon prices for the manufactured product and do not vary over the 
 
45

term of the order, and therefore, the majority of our contracts do not contain variable consideration. In limited circumstances, 
we may enter into a contract which contains minimum quantity thresholds to cover our capital costs, and we may offer our 
customer a rebate for specific volume thresholds or other incentives; in these cases, the rebates or incentives are accounted for 
as variable consideration. 
The majority of our revenue is recognized over time as manufacturing services are performed as we manufacture a product to 
customer specifications with no alternative use and we have an enforceable right to payment for performance completed to date. 
The remaining revenue for manufacturing services is recognized when the customer obtains control of the product, typically 
either upon shipment or delivery of the product dependent on the terms of the contract, and the customer is able to direct the use 
of and obtain substantially all of the remaining benefits from the asset. We generally recognize revenue over time using costs 
based input methods, in which judgment is required to evaluate assumptions including anticipated margins to estimate the 
corresponding amount of revenue to recognize. Costs used as a basis for estimating anticipated margins include material, direct 
and indirect labor, and appropriate applied overheads. Anticipated margins are determined based on historical or quoted 
customer pricing. Costs based input methods are considered a faithful depiction of our efforts and progress toward satisfying 
our performance obligations for manufacturing services and for which we believe we are entitled to payment for performance 
completed to date. The cumulative effect of revisions to estimates related to net contract revenues or costs are recorded in the 
period in which the revisions to estimates are identified and the amounts can be reasonably estimated. 
We have elected to account for shipping and handling activities related to contracts with customers as costs to fulfill our 
promise to transfer the associated services and products. Accordingly, we record customer payments of shipping and handling 
costs as a component of net sales and classify such costs as a component of cost of sales. We recognize sales net of applicable 
sales or value add taxes. Based on estimated product returns and price concessions, a reserve for returns and allowances is 
recorded at the time revenue is recognized, resulting in a reduction of net revenue. 
Direct incremental costs to obtain and fulfill a contract are capitalized as a contract asset only if they are material, expected to 
be recovered, and are not accounted for in accordance with other guidance. Incidental items that are immaterial in the context of 
the contract are recognized as expense in the period incurred. 
Cash and Cash Equivalents: 
Cash equivalents consist primarily of highly liquid investments with original maturities of three months or less at the time of 
acquisition. Cash and cash equivalents consist of bank accounts and money market funds. Bank accounts are stated at cost, 
which approximates fair value, and money market funds are stated at fair value.
Trade Accounts Receivable: 
The Company’s trade accounts receivable are recorded per the terms of the agreement or sale, and accrued interest is 
recognized when earned. Our policy for estimating the allowance for credit losses on trade accounts receivable includes 
analysis of such items as aging, credit worthiness, payment history, and historical bad debt experience. Management uses these 
specific analyses in conjunction with an evaluation of the general economic and market conditions to estimate expected credit 
losses. Management believes that historical loss information generally provides a basis for its assessment of expected credit 
losses. Trade accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed 
uncollectible. Adjustments to the allowance for credit losses are recorded in Selling and Administrative Expenses on our 
Consolidated Statements of Income. 
In the ordinary course of business, customers periodically negotiate extended payment terms on trade accounts receivable. 
Customary terms require payment within 30 to 45 days, with any terms beyond 45 days being considered extended payment 
terms. We participate in our customers’ supply chain financing arrangements for certain of our accounts receivables in order to 
extend terms for the customer without negatively impacting our cash flow. These arrangements in all cases do not contain 
recourse provisions which would obligate us in the event of our customers’ failure to pay. Receivables are considered sold 
when they are transferred beyond the reach of Kimball Electronics and its creditors, the purchaser has the right to pledge or 
exchange the receivables, and we have surrendered control over the transferred receivables. During fiscal years 2024, 2023, and 
2022, we sold, without recourse, $410.0 million, $485.4 million, and $303.4 million of accounts receivable, respectively. 
Factoring fees were $3.4 million, $4.8 million, and $1.6 million during fiscal years 2024, 2023, and 2022, respectively, and 
were included in Selling and Administrative Expenses on the Consolidated Statements of Income. 
During fiscal year 2024, changes to the expected timing of payments from and risk of default for a customer resulted in the 
recording of an allowance for credit losses of $2.0 million in Selling and Administrative Expenses on our Consolidated 
Statements of Income. Although the customer is not in bankruptcy and we will continue to pursue full recovery, an allowance 
was deemed necessary in consideration of the expected timing of payments and risk of default. The amount expected to be 
collected after twelve months is included in Other Assets, net on the Consolidated Balance Sheet. At June 30, 2024, the 
noncurrent receivable associated with this customer in Other Assets, net totaled $2.5 million, which is net of the $2.0 million 
allowance for expected credit losses. The current portion of receivables from this customer is $3.4 million at June 30, 2024.
 
46

Inventories:
Inventories are stated at the lower of cost and net realizable value. Cost includes material, labor, and applicable manufacturing 
overhead. Costs associated with underutilization of capacity are expensed as incurred. Inventories are valued using the first-in, 
first-out (“FIFO”) method. Inventories are adjusted for excess and obsolete inventory. Evaluation of excess inventory includes 
such factors as anticipated usage, inventory turnover, inventory levels, and product demand levels. Factors considered when 
evaluating obsolescence include the age of on-hand inventory and reduction in value due to damage, design changes, or 
cessation of product lines. Evaluation of both excess inventory and obsolescence also considers whether customer agreements 
specify customer obligation to pay for such inventory.
Property, Equipment, and Depreciation: 
Property and equipment are stated at cost less accumulated depreciation and depreciated over the estimated useful life of the 
assets using the straight-line method. Generally, maintenance and repairs are expensed as incurred. Depreciation and expenses 
for maintenance and repairs are included in both Cost of Sales and Selling and Administrative Expense on the Consolidated 
Statements of Income.
Impairment of Long-Lived Assets:
We perform reviews for impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying 
value of an asset may not be recoverable. Impairment is recognized when estimated future cash flows expected to result from 
the use of the asset and its eventual disposition are less than its carrying amount. When an impairment is identified, the carrying 
amount of the asset is reduced to its estimated fair value. Assets to be disposed of are recorded at the lower of net book value or 
fair market value less cost to sell at the date management commits to a plan of disposal. In fiscal year 2024, we recognized  
$17.0 million of impairment with the decision to divest of GES. See Note 3 - Assets and Liabilities Held for Sale for more 
information on the GES divestiture. Impairment of long-lived assets was not material during fiscal years 2023 and 2022. 
Goodwill: 
Goodwill represents the difference between the purchase price and the related underlying tangible and intangible net asset fair 
values resulting from business acquisitions. Annually, or if conditions indicate an earlier review is necessary, goodwill is 
assessed or tested at the reporting unit level. If the estimated fair value of the reporting unit is less than the carrying value, 
goodwill is written down to its estimated fair value. 
To test for goodwill impairment, we use a combination of the Income Approach and the Market Approach. The discounted cash 
flow method (Income Approach) uses forecasted information based on management’s strategic plans and projections. Discount 
rates are developed using a weighted average cost of capital (“WACC”) methodology. The WACC represents the blended 
average required rate of return for equity and debt capital based on observed market return data and company specific risk 
factors. In the Market Approach, fair value is determined using transactional evidence for similar publicly traded equity. 
During fiscal year 2024, the Company made the decision to divest of GES, our automation, test and measurement business unit 
and committed to a plan to sell the business. As a result, the business unit met the criteria to be classified as held for sale, and 
goodwill and asset impairment were recorded during the quarter. See Note 3 - Assets and Liabilities Held for Sale for more 
information on goodwill and asset impairment and Note 6 - Goodwill and Other Intangible Assets of Notes to Condensed 
Consolidated Financial Statements for more information on Goodwill.
Other Intangible Assets:
Other Intangible Assets reported on the Consolidated Balance Sheets consist of capitalized software, customer relationships, 
technology, and trade name. Intangible assets are reviewed for impairment, and their remaining useful lives evaluated for 
revision, when events or circumstances indicate that the carrying value may not be recoverable over the remaining lives of the 
assets. Internal-use software is stated at cost less accumulated amortization and is amortized using the straight-line method. 
During the software application development stage, capitalized costs include external consulting costs, cost of software 
licenses, and could include internal payroll and payroll-related costs for employees who are directly associated with a software 
project. Upgrades and enhancements are capitalized if they result in added functionality which enable the software to perform 
tasks it was previously incapable of performing. Software maintenance, training, data conversion, and business process 
reengineering costs are expensed in the period in which they are incurred.
 
47

Leases:
The Company leases certain office facilities, warehouse facilities and equipment under operating leases, in addition to land on 
which certain office and manufacturing facilities reside. These operating leases expire from fiscal year 2025 to 2057. Operating 
lease costs and cash payments for operating leases are immaterial to the Consolidated Balance Sheets, Consolidated Statements 
of Income and our Consolidated Statements of Cash Flows.
Research and Development: 
The costs of research and development are expensed as incurred and are included in Cost of Sales on the Consolidated 
Statements of Income. Research and development costs were approximately $18.3 million, $24.4 million, and $23.7 million in 
fiscal years 2024, 2023, and 2022, respectively.
Insurance and Self-insurance: 
We are self-insured up to certain limits for general liability, workers’ compensation, and certain domestic employee health 
benefits including medical, short-term disability, and dental, with the related liabilities included in the accompanying financial 
statements. Our policy is to estimate reserves based upon a number of factors including known claims, estimated incurred but 
not reported claims, and other analyses, which are based on historical information along with certain assumptions about future 
events. Approximately 15% of the workforce is covered under self-insured medical and short-term disability plans. At June 30, 
2024 and 2023, accrued liabilities for self-insurance exposure were $2.2 million and $2.7 million, respectively. 
The remainder of our workforce not covered by self-insured plans have medical and disability coverage through either our 
external plans or government plans. Insurance benefits are not provided to retired employees.
Income Taxes: 
Deferred income tax assets and liabilities, recorded in Other Assets and Other long-term liabilities, respectively, in the 
Consolidated Balance Sheets, are recognized for the estimated future tax consequences attributable to temporary differences 
between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets 
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary 
differences are expected to reverse. We evaluate the recoverability of deferred tax assets each quarter by assessing the 
likelihood of future taxable income and available tax planning strategies that could be implemented to realize our deferred tax 
assets. If recovery is not likely, we provide a valuation allowance based on our best estimate of future taxable income in the 
various taxing jurisdictions and the amount of deferred taxes ultimately realizable. Future events could change management’s 
assessment.
We operate within multiple taxing jurisdictions and are subject to tax audits in these jurisdictions. These audits can involve 
complex uncertain tax positions, which may require an extended period of time to resolve. A tax benefit from an uncertain tax 
position may be recognized only if it is more likely than not that the tax position will be sustained on examination by taxing 
authorities, based on the technical merits of the position. We maintain a liability for uncertain income tax and other tax 
positions, including accrued interest and penalties on those positions. As tax positions are effectively settled, the tax liability is 
adjusted accordingly. We recognize interest and penalties related to unrecognized tax benefits in Provision for Income Taxes on 
the Consolidated Statements of Income. See Note 11 - Income Taxes of Notes to Consolidated Financial Statements for more 
information on income taxes.
Concentrations of Credit Risk: 
We have business and credit risks associated with our customers. The Company monitors credit quality and associated risks of 
receivables on an individual basis based on criteria such as financial stability of the party and collection experience in 
conjunction with general economic and market conditions. 
A summary of significant customers’ net sales and trade receivables as a percentage of consolidated net sales and consolidated 
trade receivables is as follows:
Net Sales
Trade Receivables
Year Ended June 30
As of June 30
2024
2023
2022
2024
2023
Nexteer Automotive    . . . . . . . . . . . . . . . . . . . . . .
16%
15%
17%
21%
21%
Philips      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
14%
15%
*
*
ZF    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13%
12%
*
14%
10%
HL Mando    . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
*
*
*
12%
* amount is less than 10% of total
 
48

Off-Balance Sheet Risk: 
Off-balance sheet arrangements are limited to standby letters of credit entered into in the normal course of business as described 
in Note 7 - Commitments and Contingent Liabilities of Notes to Consolidated Financial Statements.
Other General Income:  
Other General Income in fiscal years 2024, 2023, and 2022 consisted of $0.9 million, $0.2 million, and $1.4 million, 
respectively, resulting from payments received related to class action lawsuits in which Kimball Electronics was a class 
member. These lawsuits alleged that certain suppliers to the EMS industry conspired over a number of years to raise and fix the 
prices of electronic components, resulting in overcharges to purchasers of those components. 
Restructuring:
We recorded restructuring expenses of $2.4 million in fiscal year 2024 for employee-related costs as we undertook restructuring 
efforts to align our cost structure with reduced end market demand levels, including resizing our workforce and taking specific 
cost actions. We expect to continue executing the restructuring efforts and estimate between $3.0 million and $4.0 million of 
additional pre-tax restructuring charges, most of which we expect in the first half of fiscal year 2025. There were no 
restructuring charges in fiscal year 2023 or fiscal year 2022.
Non-operating Income and Expense: 
Non-operating income (expense), net includes the impact of such items as foreign currency rate movements and related 
derivative gain or loss, fair value adjustments on supplemental employee retirement plan (“SERP”) investments, government 
subsidies, credit facility fees, bank charges, and other miscellaneous non-operating income and expense items that are not 
directly related to operations. The gain (loss) on SERP investments is offset by a change in the SERP liability that is recognized 
in Selling and Administrative Expense. 
Components of Non-operating income (expense), net:
 
Year Ended
 
June 30
(Amounts in Thousands)
2024
2023
2022
Foreign currency/derivative gain (loss)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,425) $ 
2,769 $ 
(4,182) 
Gain (loss) on SERP investments      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
680  
701  
(1,563) 
Credit facilities fees and bank charges      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(873)  
(714)  
(691) 
Other     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(259)  
369  
192 
Non-operating income (expense), net    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,877) $ 
3,125 $ 
(6,244) 
Foreign Currency Translation: 
The Company uses the U.S. dollar and Euro as its functional currencies. Foreign currency assets and liabilities are remeasured 
into functional currencies at end-of-period exchange rates, except for nonmonetary assets and equity, which are remeasured at 
historical exchange rates. Revenue and expenses are remeasured at the weighted average exchange rate during the fiscal year, 
except for expenses related to nonmonetary assets, which are remeasured at historical exchange rates. Gains and losses from 
foreign currency remeasurement are reported in Non-operating income or expense on the Consolidated Statements of Income.
For business units whose functional currency is other than the U.S. dollar, the translation of functional currency statements to 
U.S. dollar statements uses end-of-period exchange rates for assets and liabilities, weighted average exchange rates for revenue 
and expenses, and historical rates for equity. The resulting currency translation adjustment is recorded in Accumulated Other 
Comprehensive Income (Loss), as a component of Share Owners’ Equity.
 
49

Derivative Instruments and Hedging Activities: 
Derivative financial instruments are recognized on the balance sheet as assets and liabilities and are measured at fair value. 
Changes in the fair value of derivatives are recorded each period in earnings or Accumulated Other Comprehensive Income 
(Loss), depending on whether a derivative is designated and effective as part of a hedge transaction, and if it is, the type of 
hedge transaction. Hedge accounting is utilized when a derivative is expected to be highly effective upon execution and 
continues to be highly effective over the duration of the hedge transaction. Hedge accounting permits gains and losses on 
derivative instruments to be deferred in Accumulated Other Comprehensive Income (Loss) and subsequently included in 
earnings in the periods in which earnings are affected by the hedged item. For transactions and balances denominated in 
currencies other than functional currencies, we use forward purchases to manage exposure to the variability of cash flows and 
foreign exchange contracts to hedge intercompany balances and other balance sheet positions. Cash receipts and cash payments 
related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the 
Consolidated Statements of Cash Flows. See Note 14 - Derivative Instruments of Notes to Consolidated Financial Statements 
for more information on derivative instruments and hedging activities.
Stock-Based Compensation: 
As described in Note 10 - Stock Compensation Plans of Notes to Consolidated Financial Statements, the Company maintains 
the 2023 Equity Incentive Plan, which allows for the issuance of incentive stock options, stock appreciation rights, restricted 
shares, unrestricted shares, restricted share units, or performance shares and performance units for grant to officers and other 
key employees, and to members of the Board of Directors who are not employees. The Company also maintains the Kimball 
Electronics, Inc. Non-Employee Directors Stock Compensation Deferral Plan (the “Deferral Plan”), which allows Non-
Employee Directors to elect to defer all, or a portion of, their retainer fees in stock. We recognize the cost resulting from share-
based payment transactions using a fair-value-based method on a majority of our transactions. The estimated fair value of 
outstanding performance shares is based on the stock price at the date of the grant. Stock-based compensation expense is 
recognized for the portion of the award for which performance targets have been established and is expected to vest. The 
Company has elected to account for forfeitures by reversing the compensation costs at the time a forfeiture occurs. 
New Accounting Standards:  
Not Yet Adopted:
In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance on Improvements to Reportable 
Segment Disclosures, requiring additional, more detailed information about a reportable segment. The guidance is effective for 
fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. Early adoption is 
permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements.
In December 2023, the FASB issued guidance on Improvements to Income Tax Disclosures, intended to enhance the 
transparency and decision usefulness of income tax disclosures. The guidance is effective for fiscal years beginning after 
December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance on our 
consolidated financial statements.
Note 2    Revenue from Contracts with Customers
Our revenue from contracts with customers is generated primarily from manufacturing services provided for the production of 
electronic assemblies, electronic and non-electronic components, medical devices, medical disposables, precision molded 
plastics, and automation, test, and inspection equipment in automotive, medical, and industrial applications, to the specifications 
and designs of our customers. Beginning in fiscal year 2023, the Company changed its presentation of revenue for the industrial 
and public safety end market verticals by combining them into the industrial end market vertical. Beginning in fiscal year 2024, 
the Company changed its presentation of revenue for miscellaneous sales previously included in Other to include in the 
respective customers’ end market verticals. Prior year periods have been recast to conform to the current year presentation.
 
50

The following table disaggregates our revenue by end market vertical for fiscal years 2024, 2023, and 2022:
Year Ended
(Amounts in Millions)
2024
2023
2022
Vertical Markets:
Automotive (1)
      . . . . . . . . . . . . . . $ 
826.4 $ 
843.8 
$ 
590.5 
Medical (2)
    . . . . . . . . . . . . . . . . .  
425.7  
500.7 
 
394.9 
Industrial (3)
      . . . . . . . . . . . . . . . .  
462.4  
478.9 
 
364.1 
Total net sales     . . . . . . . . . . . . . $ 
1,714.5 $ 
1,823.4 
$ 
1,349.5 
(1) For the fiscal years ended June 30, 2023 and 2022, respectively, $23.7 million and $8.3 million of the Automotive net sales 
were previously categorized as Other.
(2) For the fiscal years ended June 30, 2023 and 2022, respectively, $6.7 million and $3.2 million of the Medical net sales 
were previously categorized as Other.
(3) For the fiscal years ended June 30, 2023 and 2022, respectively, $4.3 million and $5.9 million of the Industrial net sales 
were previously categorized as Other.
For fiscal years 2024, 2023, and 2022, approximately 96%, 95%, and 95% of our net sales, respectively, were recognized over 
time as manufacturing services were performed under a customer contract on a product with no alternative use and we have an 
enforceable right to payment for performance completed to date. The remaining sales revenues were recognized at a point in 
time when the customer obtained control of the products. 
The timing differences of revenue recognition, billings to our customers, and cash collections from our customers result in 
billed accounts receivable and unbilled accounts receivable. Contract assets on the Consolidated Balance Sheets relate to 
unbilled accounts receivable and occur when revenue is recognized over time as manufacturing services are provided and the 
billing to the customer has not yet occurred as of the balance sheet date, which are generally transferred to receivables in the 
next fiscal quarter due to the short-term nature of the manufacturing cycle. Contract assets were $76.3 million and $78.8 million 
as of June 30, 2024 and 2023, respectively.
The Company may receive payments from customers in advance of the satisfaction of performance obligations primarily for 
material price variances, inventory purchases, tooling, or other miscellaneous services or costs. These payments are recognized 
as contract liabilities until the performance obligations are completed and are included in Advances from customers, if 
inventory related, and Accrued expenses, if not inventory related, on the Consolidated Balance Sheets which amounted to $43.1 
million and $45.6 million as of June 30, 2024 and 2023, respectively. Our performance obligations are short term in nature and 
therefore our contract liabilities are all expected to be settled within twelve months. We also have deposits associated with 
inventory purchases classified as long term. See Note 4 - Inventories of Notes to Consolidated Financial Statements for further 
discussion.
Note 3   Assets and Liabilities Held for Sale
During fiscal year 2024, the Company made the decision to divest GES, our automation, test and measurement business unit 
(“disposal group”), and committed to a plan to sell the business, allowing for increased focus and support for the Company’s 
EMS operations. As a result, the disposal group business has met the criteria to be classified as held for sale. Accordingly, the 
Company classified the assets and liabilities of the disposal group as held for sale during the third quarter of fiscal year 2024. 
The disposal group did not qualify as discontinued operations as it did not represent a strategic shift that will have a major 
effect on our operations and financial results. 
Once the disposal group was classified as held for sale, it was reported at the lower of its carrying value or fair value less costs 
to sell during the fiscal year ended June 30, 2024. The carrying value exceeded the fair value less costs to sell, and the 
Company recognized impairment charges of $5.8 million and $17.0 million on goodwill and assets held for sale, respectively. 
The Company ceased recording depreciation and amortization on the applicable assets of the disposal group.
We assess goodwill for impairment at the reporting unit level annually or when conditions indicate an earlier review is 
necessary. In connection with the preparation of our financial statements for the quarter ended March 31, 2024, we completed 
an impairment analysis for the goodwill recorded in the reporting unit due to the more-likely-than-not expectation of selling the 
reporting unit. We determined the reporting unit’s carrying value was more than its fair value by an amount greater than the 
$5.8 million carrying amount of goodwill and thus was fully impaired. See Note 6 - Goodwill and Other Intangible Assets of 
Notes to Condensed Consolidated Financial Statements for more information on Goodwill.
 
51

The major classes of assets and liabilities held for sale consisted of the following:
(Amounts in Thousands)
June 30,
2024
Assets held for sale:
Receivables, net   . . . . . . . . . . . . . . . . . . . . . . . . $ 
12,472 
Inventories    . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
4,395 
Prepaid expenses and other current assets  . . . .  
1,237 
Property and Equipment, net     . . . . . . . . . . . . . .  
5,861 
Goodwill     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
— 
Other Intangible Assets, net      . . . . . . . . . . . . . . .  
8,010 
Other Assets, net    . . . . . . . . . . . . . . . . . . . . . . . .  
12,652 
Valuation Allowance        . . . . . . . . . . . . . . . . . . . .  
(17,040) 
Total Assets held for sale    . . . . . . . . . . . . . . . $ 
27,587 
Liabilities held for sale:
Accounts payable    . . . . . . . . . . . . . . . . . . . . . . $ 
4,376 
Advances from customers      . . . . . . . . . . . . . . .  
— 
Accrued expenses    . . . . . . . . . . . . . . . . . . . . . .  
2,428 
Other long-term liabilities     . . . . . . . . . . . . . . .  
1,790 
Total Liabilities held for sale     . . . . . . . . . . . . $ 
8,594 
In the table above, Other assets, net includes $11.1 million of deferred tax assets and Other long-term liabilities includes 
$1.2 million of deferred tax liabilities.
The following table summarizes net sales and income (loss) before taxes on income for the disposal group:
Year Ended
(Amounts in Thousands)
2024
2023
2022
Net Sales     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
45,674 $ 
68,608 $ 
48,415 
Income (Loss) Before Taxes on Income (1)
     . . . . . $ 
(23,518) $ 
5,467 $ 
(4,075) 
(1) Includes goodwill impairment of $5.8 million and asset impairment of $17.0 million for the fiscal year ended June 30, 2024. 
Also includes allocated corporate overhead expenses.
Following approval by our Board of Directors, on July 31, 2024, we entered into a definitive agreement and closed on the sale 
of 100% of the equity interests in GES to Averna Test Systems, Inc. for net cash proceeds of $21 million, subject to customary 
purchase price adjustments in fiscal year 2025. As a result of impairment already recognized in fiscal year 2024, we do not 
expect a material gain or loss from the transaction. At June 30, 2024, GES included approximately 400 employees and 
operations in California, China, India, Japan, and Vietnam. 
Note 4    Inventories
Inventories were valued using the lower of first-in, first-out (“FIFO”) cost and net realizable value. Inventory components were 
as follows at June 30, amounts as of June 30, 2024 exclude the amounts classified as held for sale:
(Amounts in Thousands)
2024
2023
Finished products    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
141 $ 
432 
Work-in-process  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—  
3,117 
Raw materials     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
337,975  
446,770 
Total inventory   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
338,116 $ 
450,319 
 
52

Additionally, we have raw materials inventory totaling $42.8 million classified as long-term included in Other Assets, net in our 
Consolidated Balance Sheets. This inventory is associated with a customer who is remediating a recall and we do not expect the 
inventory to be consumed within the next twelve months. We have received deposits totaling $38.7 million from this customer 
related to this inventory, which is included in Other long-term liabilities in our Consolidated Balance Sheets. At June 30, 2023, 
we had no inventory or customer deposits classified as long-term.
Note 5    Property and Equipment
Major classes of property and equipment consist of the following at June 30, amounts as of June 30, 2024 exclude the amounts 
classified as held for sale:
(Amounts in Thousands)
2024
2023
Land     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
12,902 $ 
14,689 
Buildings and improvements      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
125,219  
125,216 
Machinery and equipment      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
402,100  
379,006 
Construction-in-progress     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
38,937  
41,970 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
579,158 $ 
560,881 
Less:  Accumulated depreciation     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(309,499)  
(293,197) 
Property and equipment, net       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
269,659 $ 
267,684 
The useful lives used in computing depreciation are based on estimated service lives for classes of property, as follows:
 
Years
Buildings and improvements      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 to 40
Machinery and equipment      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 to 11
Depreciation of property and equipment totaled $35.7 million for fiscal year 2024, $28.9 million for fiscal year 2023, and $26.0 
million for fiscal year 2022.
Note 6    Goodwill and Other Intangible Assets
A summary of goodwill is as follows, amounts as of June 30, 2024 exclude the amounts classified as held for sale:
(Amounts in Thousands)
Balance as of June 30, 2023
 
Goodwill     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
32,762 
Accumulated impairment     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(20,751) 
Goodwill, net     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
12,011 
Impairment recorded    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(5,820) 
Goodwill classified as held for sale . . . . . . . . . . . . . . . . . . . . . . . . . .  
(13,745) 
Accumulated impairment classified as held for sale   . . . . . . . . . . . . .  
13,745 
Balance as of June 30, 2024
 
Goodwill     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
19,017 
Accumulated impairment     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(12,826) 
Goodwill, net     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
6,191 
 
53

A summary of other intangible assets subject to amortization is as follows, amounts as of June 30, 2024 exclude the amounts 
classified as held for sale:
 
June 30, 2024
June 30, 2023
(Amounts in Thousands)
Cost
Accumulated
Amortization
Net Value
Cost
Accumulated
Amortization
Net Value
Capitalized Software  . . . . . . . . . . . . . $ 
30,294 $ 
(27,300) $ 
2,994 $ 
30,867 $ 
(27,385) $ 
3,482 
Customer Relationships     . . . . . . . . . .  
—  
—  
—  
8,618  
(3,524)  
5,094 
Technology    . . . . . . . . . . . . . . . . . . . .  
—  
—  
—  
5,060  
(4,816)  
244 
Trade Name   . . . . . . . . . . . . . . . . . . . .  
—  
—  
—  
6,575  
(3,060)  
3,515 
Other Intangible Assets     . . . . . . . . $ 
30,294 $ 
(27,300) $ 
2,994 $ 
51,120 $ 
(38,785) $ 
12,335 
During fiscal years 2024, 2023, and 2022, amortization expense of other intangible assets was, in millions, $2.3, $3.5, and $3.4, 
respectively. Amortization expense in future periods is expected to be, in millions, $0.9, $0.6, $0.4, $0.3, and $0.2 in the five 
years ending June 30, 2029, and $0.6 thereafter. The estimated useful life of internal-use software ranges from 3 to 10 years. 
The amortization period for the customer relationships, technology, and trade name intangible assets is 15 years, 5 years, and 10 
years, respectively. We ceased amortization on the intangible assets upon meeting the held for sale classification. See Note 3 - 
Assets and Liabilities Held for Sale of Notes to Condensed Consolidated Financial Statements for additional information. We 
have no intangible assets with indefinite useful lives which are not subject to amortization. 
Intangible assets are reviewed for impairment, and their remaining useful lives evaluated for revision, when events or 
circumstances indicate that the carrying value may not be recoverable over the remaining lives of the assets. 
Note 7    Commitments and Contingent Liabilities
Guarantees:
As of June 30, 2024 and 2023, we had no guarantees issued which were contingent on the future performance of another entity. 
Standby letters of credit may be issued to third-party suppliers and insurance institutions and can only be drawn upon in the 
event of the Company’s failure to pay its obligations to the beneficiary. We had a maximum financial exposure from unused 
standby letters of credit totaling $0.4 million as of both June 30, 2024 and 2023. We do not expect circumstances to arise that 
would require us to perform under any of these arrangements and believe that the resolution of any claims that might arise in 
the future, either individually or in the aggregate, would not materially affect our consolidated financial statements. 
Accordingly, no liability has been recorded as of June 30, 2024 and 2023 with respect to the standby letters of credit. We also 
may enter into commercial letters of credit to facilitate payments to vendors and from customers.
Product Warranties:
The Company provides only assurance-type warranties for a limited time period, which cover primarily workmanship and 
assure that products comply with specifications provided by or agreed upon with the customer. We maintain a provision for 
limited warranty repair or replacement of products manufactured and sold pursuant to specific manufacturing contract 
agreements that require such provisions. We estimate this product warranty liability at the time of sale based on historical repair 
or replacement cost trends in conjunction with the length of the warranty offered. Management refines this warranty liability 
periodically based on changes in historical cost trends and in certain cases where specific warranty issues become known. This 
product warranty liability and expense were immaterial during fiscal years 2024, 2023, and 2022.
 
54

Note 8    Credit Facilities
Credit facilities consisted of the following:
Available 
Borrowing 
Capacity at
Borrowings 
Outstanding at
Borrowings 
Outstanding at
(Amounts in Millions, in U.S. Dollar Equivalents)
June 30, 2024
June 30, 2024
June 30, 2023
Primary credit facility (1)       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
14.1 $ 
285.5 $ 
272.1 
Secondary credit facility (2)
      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
100.0  
—  
— 
Thailand overdraft credit facility (3,4)    . . . . . . . . . . . . . . . . . . . . . . . . . . .  
10.1  
—  
— 
China revolving credit facility (3,5)
   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
6.9  
—  
— 
Netherlands revolving credit facility (3,6)
   . . . . . . . . . . . . . . . . . . . . . . . . .  
0.6  
9.3  
9.4 
Poland revolving credit facility (3,7)
     . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
5.4  
—  
— 
Vietnam credit facility (3,8)
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
5.0  
—  
— 
Total credit facilities    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
142.1  
294.8  
281.5 
Less: current portion    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 
(59.8)  
(46.5) 
Long-term debt under credit facilities, less current portion (9)
   . . . . . . .
$ 
235.0 $ 
235.0 
(1) The Company maintains a U.S. primary credit facility (the “primary credit facility”) among the Company, the lenders party 
thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent, and Bank of America, N.A., as Documentation Agent, 
scheduled to mature May 4, 2027. The primary credit facility provides for $300 million in borrowings, with an option to 
increase the amount available for borrowing to $450 million at the Company’s request, subject to the consent of each 
lender participating in such increase. This facility is maintained for working capital and general corporate purposes of the 
Company. A commitment fee is payable on the unused portion of the credit facility which was immaterial to our operating 
results in fiscal years 2024, 2023, and 2022. The commitment fee on the unused portion of principal amount of the credit 
facility is payable at a rate that ranges from 10.0 to 25.0 basis points per annum as determined by the Company’s ratio of 
consolidated total indebtedness to adjusted consolidated EBITDA, as defined in the primary credit facility. Types of 
borrowings available on the primary credit facility include revolving loans, multi-currency term loans, and swingline loans. 
 
The interest rate on borrowings is dependent on the type and currencies of borrowings and will be one of the following 
options:
•
any Term Benchmark borrowing denominated in U.S. Dollars will utilize the Secured Overnight Financing Rate 
(“SOFR”), which is a rate per annum equal to the secured overnight financing rate for such business day published 
by the SOFR Administrator, the Federal Reserve Bank of New York, on the immediately succeeding business day, 
plus the Revolving Commitment Term Benchmark spread which can range from 100.0 to 175.0 basis points based 
on the Company’s ratio of consolidated total indebtedness to adjusted consolidated EBITDA;
•
any Term Benchmark borrowing denominated in Euros will utilize the Euro Interbank Offered Rate 
(“EURIBOR”) in effect two target days prior to the advance (adjusted upwards to reflect bank reserve costs) for 
such interest period as defined in the agreement, plus the Revolving Commitment Term Benchmark spread which 
can range from 100.0 to 175.0 basis points based on the Company’s ratio of consolidated total indebtedness to 
adjusted consolidated EBITDA; or
•
the Alternate Base Rate (“ABR”), which is defined as the highest of the fluctuating rate per annum equal to the 
higher of:
a.
Prime Rate in the U.S. last quoted by the Wall Street Journal, and if this is ceased to be quoted, the highest 
bank prime loan rate or similar loan rate quoted by the Federal Reserve Board;
b.
1/2 of 1% per annum above the Federal Funds Effective Rate (as defined under the primary credit facility); or
c.
1% per annum above the Adjusted SOFR Rate (as defined under the primary credit facility);
plus the Revolving Commitment ABR spread which can range from 0.0 to 75.0 basis points based on the 
Company’s ratio of consolidated total indebtedness to adjusted consolidated EBITDA.
 
The Company’s financial covenants under the primary credit facility require:
•
a ratio of consolidated total indebtedness minus unencumbered U.S. cash on hand in the United States in excess of  
$15 million to adjusted consolidated EBITDA, determined as of the end of each of its fiscal quarters for the then 
most recently ended four fiscal quarters, to not be greater than 3.0 to 1.0 provided, however, that for each fiscal 
quarter end during the four quarter period following a material permitted acquisition, as defined in the Credit 
Agreement, the Company will not permit this financial covenant to be greater than 3.5 to 1.0 for each such fiscal 
quarter end, and,
 
55

•
an interest coverage ratio, defined as that ratio of consolidated EBITDA for such period to cash interest expense 
for such period, for any period of four consecutive fiscal quarters, to not be less than 3.5 to 1.0. 
   
The Company had $0.4 million in letters of credit contingently committed against the primary credit facility at both 
June 30, 2024 and 2023.
(2) The Company amended its 364-day multi-currency revolving credit facility agreement on January 5, 2024 (the “secondary 
credit facility”), which allows for borrowings up to $100.0 million, among the Company, as borrower, certain subsidiaries 
of the Company as guarantors, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and Bank 
of America, N.A., as Documentation Agent. The secondary credit facility has a maturity date of January 3, 2025. The 
proceeds of the loans are to be used for working capital and general corporate purposes of the Company. A commitment 
fee on the unused portion of principal amount of this secondary credit facility is payable at 30.0 basis points per annum.
The interest rate on borrowings is dependent on the type of borrowings and will be one of the following options:
•
any Term Benchmark borrowing denominated in U.S. Dollars will utilize the Secured Overnight Financing Rate 
(“SOFR”), which is a rate per annum equal to the secured overnight financing rate for such business day published 
by the SOFR Administrator, the Federal Reserve Bank of New York, on the immediately succeeding business day, 
plus a Revolving Commitment Term Benchmark spread of 175.0 basis points; 
•
any Term Benchmark borrowing denominated in Euros will utilize the Euro Interbank Offered Rate 
(“EURIBOR”) in effect two target days prior to the advance (adjusted upwards to reflect bank reserve costs) for 
such interest period as defined in the agreement, plus a Revolving Commitment Term Benchmark spread of 175.0 
basis points; or 
•
the Alternate Base Rate (“ABR”), which is defined as the highest of the fluctuating rate per annum equal to the 
higher of:
a.
Prime Rate in the U.S. last quoted by the Wall Street Journal, and if this is ceased to be quoted, the highest 
bank prime loan rate or similar loan rate quoted by the Federal Reserve Board;
b.
1/2 of 1% per annum above the Federal Funds Effective Rate (as defined under the primary credit facility); or
c.
1% per annum above the Adjusted SOFR Rate (as defined under the primary credit facility);
plus a Revolving Commitment ABR spread of 75.0 basis points.
The Company’s financial covenants under this secondary credit facility are the same as the financial covenants for its 
primary credit facility.
(3) The Company also maintains foreign credit facilities for working capital and general corporate purposes at specific foreign 
locations rather than utilizing funding from intercompany sources. These foreign credit facilities can be canceled at any 
time by either the bank or us and generally include renewal clauses. Interest on borrowing under these facilities is charged 
at a rate as defined under the respective foreign credit facility. 
(4) The Company maintains a foreign credit facility for its operation in Thailand which allows for borrowings of up to $10.1 
million. 
(5) The Company entered into a foreign credit facility for its EMS operation in China with a new lender during the current 
fiscal year which allows for borrowings up to 50 million RMB (approximately $6.9 million at June 30, 2024 exchange 
rates) and canceled the prior credit facility which allowed for borrowings up to $7.5 million. 
(6) The Company also maintains an uncommitted revolving credit facility for our Netherlands subsidiary. The Netherlands 
credit facility allows for borrowings of up to 9.2 million Euro (approximately $9.9 million at June 30, 2024 exchange 
rates), which borrowings can be made in Euro, U.S. dollars, or other optional currency. Interest on borrowing under this 
facility is charged at a rate of interest dependent on the denomination of the currency borrowed. 
(7) The Company entered into a foreign credit facility for its operation in Poland which allows for borrowings up to 5.0 million 
Euro (approximately $5.4 million at June 30, 2024 exchange rates). 
(8) The Company entered into a foreign credit facility for its operation in Vietnam which allows for borrowings up to $5.0 
million. 
(9) The amount of Long-term debt under credit facilities, less current maturities reflects the borrowings on the primary credit 
facility that the Company intends, and has the ability, to refinance for a period longer than twelve months. The primary 
credit facility matures on May 4, 2027.
The weighted-average interest rate on borrowings outstanding under the credit facilities at both June 30, 2024 and June 30, 
2023 were 6.8%. Capitalized interest expense was immaterial during fiscal years 2024, 2023, and 2022.
 
56

Note 9    Employee Benefit Plans
Defined Contribution Retirement Plans:
The Company maintains a trusteed defined contribution retirement plan which is in effect for substantially all domestic 
employees meeting the eligibility requirements. The Company matches 50% of eligible employee contributions up to 6%. The 
Company also provides a discretionary contribution determined annually by the Talent, Culture, and Compensation Committee 
of the Company’s Board of Directors. Total expense related to employer contributions to the domestic retirement plans was, in 
millions, $4.8, $6.1, and $4.2 for fiscal years 2024, 2023, and 2022, respectively.
The Company also maintains a supplemental employee retirement plan (“SERP”) for executives and other key employees 
which enables them to defer cash compensation on a pre-tax basis and restore amounts that would be otherwise payable under 
our tax-qualified retirement plans if the IRS did not have limits on includable compensation and maximum benefits. The SERP 
is structured as a rabbi trust, and therefore, assets in the SERP portfolio are subject to creditor claims in the event of 
bankruptcy. We recognize SERP investment assets on the balance sheet at current fair value. A SERP liability of the same 
amount is recorded on the balance sheet representing an obligation to distribute SERP funds to participants. As of June 30, 
2024, both total investments and obligations under SERP were $5.4 million, of which $2.0 million were short term and $3.4 
million were long term. As of June 30, 2023, both total investments and obligations under SERP were $8.7 million, of which 
$2.7 million were short term and $6.0 million were long term. The SERP investment assets are classified as trading, and 
accordingly, realized and unrealized gains and losses are recognized in the Other Income (Expense) category on our 
Consolidated Statements of Income. Adjustments made to revalue the SERP liability are also recognized in income as selling 
and administrative expenses and offset valuation adjustments on SERP investment assets. The change in net unrealized holding 
gains for the fiscal years ended June 30, 2024, 2023, and 2022 was approximately $0.5 million, $0.2 million, and $(2.2) million, 
respectively. 
Defined Benefit Postemployment Plans:
The Company established and maintains severance plans for all domestic employees and other postemployment plans for 
certain foreign subsidiaries. There are no statutory requirements for us to contribute to the plans, nor do employees contribute to 
the plans. The plans hold no assets. Benefits are paid using available cash on hand when eligible employees meet plan 
qualifications for payment. As of June 30, 2024, total obligations under these plans were $7.0 million of which $6.2 million 
were long term and $0.8 million were short term. As of June 30, 2023, total obligations under these plans were $6.6 million of 
which $5.6 million were long term and $1.0 million were short term. Net periodic benefit costs were not material for the twelve 
months ended June 30, 2024 and 2023. 
Note 10    Stock Compensation Plans
A stock compensation plan was created and adopted by the Company’s Board of Directors (the “Board”) on September 20, 
2023 and approved by our Share Owners at our 2023 Annual Meeting on November 17, 2023. The 2023 Plan allows for the 
issuance of up to 2 million shares and replaced our former 2014 plan. The shares under the 2023 Plan may be granted in the 
form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted awards, performance share 
awards, cash awards, and other equity awards. The Plan is a ten-year plan that terminates automatically on November 17, 2033. 
No award shall be granted pursuant to the Plan after such date, but awards theretofore granted may extend beyond that date.
On October 20, 2016, the Board approved a nonqualified deferred stock compensation plan, the Kimball Electronics, Inc. Non-
Employee Directors Stock Compensation Deferral Plan (the “Deferral Plan”), which allows Non-Employee Directors to elect to 
defer all, or a portion of, their retainer fees in stock until retirement or termination from the Board or death. The Deferral Plan 
allows for issuance of up to 1.0 million shares of the Company’s common stock. 
Pre-tax stock compensation charged against income in fiscal years 2024, 2023, and 2022 was $7.2 million, $6.9 million, and 
$6.2 million, respectively. These costs are included in Selling and Administrative Expenses.
Performance Shares:
We made long-term performance share grants to officers and other key employees. The Talent, Culture, and Compensation 
Committee of the Board approved these annual performance share grants. Grants cliff vest at the third anniversary of the award 
date.
Under these grants, a number of shares will be awarded to each participant based upon a combination of the Company’s  
profitability based on its operating income over the performance period as defined in the Company’s operating business plans 
for the applicable fiscal years and the Company’s growth based on a comparison of its three-year revenue compounded annual 
growth rate (“CAGR”) with the Electronics Manufacturing Services Industry’s three-year revenue CAGR. The number of 
shares issued will be less than the targeted shares issuable if the Company does not reach 100% of one or both of the above-
 
57

mentioned performance metrics, and could be zero if the Company does not reach the required minimum thresholds of either 
metric. The number of shares issued will exceed the number of targeted issuable shares granted (up to a maximum of 125%) if 
the Company exceeds 100% of one or both of the above-mentioned incentive metrics. The Company recognizes expense based 
on management’s expectation of achievement of the specific performance metrics monitored throughout the service period of 
the awards.
The Talent, Culture, and Compensation Committee of the Board approved an additional long-term performance share grant of 
35,033 shares to a key employee in the second quarter of fiscal year 2024. Any awards will vest over a 5-year performance 
cycle, with one-third of the interest in the shares vesting after fiscal year 2026, another one-third after fiscal year 2027, and the 
final one-third after fiscal year 2028. The vesting of the performance share awards could range from 0% to 100% of the targeted 
issuable shares granted, dependent on the achievement of specific non-financial performance metrics.
If a participant is not employed on the date shares are issued, the performance share award is forfeited, except in the case of a 
Qualifying Termination (a termination of service due to death, Disability, or Retirement), as defined by the Plan.
A summary of the Company’s performance share activity during fiscal year 2024 is presented below:
 
Number
of Shares
Weighted Average
Grant Date
Fair Value
Performance shares outstanding at July 1, 2023      . . . . . . . . . . . . . . . . . . . . . . . . . . .  
375,554 
$ 
23.77 
Granted   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
212,464 
$ 
28.38 
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(82,744) 
$ 
19.87 
Forfeited   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(6,000) 
$ 
24.42 
Performance shares outstanding at June 30, 2024   . . . . . . . . . . . . . . . . . . . . . . . . . .  
499,274 
$ 
25.83 
As of June 30, 2024, there was approximately $6.4 million of unrecognized compensation cost related to performance shares, 
based on the latest estimated attainment of performance goals. That cost is expected to be recognized over performance periods 
ending August 2024 through August 2028, with a weighted average vesting period of 1.5 years. The fair value of performance 
shares is based on the stock price at the date of grant. During fiscal years 2024, 2023, and 2022, respectively, 82,744, 225,142, 
and 214,099 performance shares vested at a fair value of $1.6 million, $4.3 million, and $3.3 million. The performance shares 
vested represent the total number of shares vested prior to the reduction of shares withheld to satisfy tax withholding 
obligations.
Total Shareholder Return Performance Shares:
Separate from the performance shares described above, total shareholder return (“TSR”) performance shares were granted to 
our CEO during fiscal year 2023. This grant was approved by the Talent, Culture, and Compensation Committee of the Board. 
The participant will earn from 0% to 100% of the grant based on the total shareholder return ranking of the Company compared 
to the performance peer group at the end of the three-year performance period. TSR performance shares are expensed over the 
contractual vesting period as earned. The shares will vest on March 1, 2026. If the employment of a holder of TSR performance 
shares terminates before the TSR performance shares have vested for any reason other than death, retirement, or total 
permanent disability, the TSR performance shares will be forfeited. During fiscal year 2023, the Company granted 42,626 TSR 
performance shares at an average grant date fair value of $16.88 for a total fair value of $0.7 million. The grant date fair value 
of the TSR performance share grants was calculated using a Monte Carlo simulation, with the assistance of a third-party 
valuation specialist. No TSR performance shares were awarded during fiscal year 2024.
Unrestricted Share Grants:
Unrestricted shares were granted to key employees and non-employee members of the Board as consideration for services 
rendered. Unrestricted share grants do not have vesting periods, holding periods, restrictions on sale, or other restrictions. The 
fair value of unrestricted shares is based on the stock price at the date of the award. During fiscal years 2024, 2023, and 2022, 
respectively, the Company granted a total of 18,128, 13,950, and 6,777 unrestricted shares at an average grant date fair value of 
$25.24, $23.30, and $23.10 for a total fair value of $0.5 million, $0.3 million, and $0.2 million. Unrestricted shares are awarded 
to non-employee members of the Board as compensation for director’s fees, including fees that directors elected to receive as 
unrestricted shares in lieu of cash payment. Directors’ fees are expensed over the period that directors earn the compensation. 
Unrestricted shares that are awarded to key employees are expensed immediately.
 
58

Restricted Shares:
Restricted shares were granted to employees as consideration for services rendered. The contractual life of the restricted shares 
is three years, with one-third of the interest in the restricted shares vested after year one of the grant, another one-third after year 
two of the grant, and the final one-third after year three of the grant. Additional restricted share grants were approved by the 
Talent, Culture, and Compensation Committee of the Board and 23,356 shares were granted to a key employee in the second 
quarter of fiscal year 2024. The awards will vest over a 5-year service period, with one-third of the interest in the shares vesting 
after fiscal year 2026, another one-third after fiscal year 2027, and the final one-third after fiscal year 2028. 
Restricted shares are expensed over the contractual vesting period as earned. If a participant is not employed on the date shares 
are issued, the restricted share award is forfeited, except in the case of a Qualifying Termination (a termination of service due to 
death, Disability, or Retirement), as defined by the Plan. During fiscal years 2024 and 2023, the Company granted restricted 
shares to officers and other key employees for a total fair value of $2.8 million and $1.9 million.
 
Number
of Shares
Weighted Average
Grant Date
Fair Value
Restricted shares outstanding at July 1, 2023      . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
60,312 
$ 
24.17 
Granted   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
98,347 
$ 
28.03 
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(20,768) 
$ 
24.21 
Forfeited   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(608) 
$ 
27.16 
Restricted shares outstanding at June 30, 2024  . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
137,283 
$ 
26.91 
As of June 30, 2024, there was approximately $1.9 million of unrecognized compensation cost related to restricted shares. The 
cost is expected to be recognized over vesting periods ending August 2024 through August 2028, with a weighted average 
vesting period of 1.4 years. The fair value of the restricted shares is based on the stock price at the date of grant. During fiscal 
years 2024 and 2023, respectively, 20,768 and 6,458 restricted shares vested. The restricted shares vested represent the total 
number of shares vested prior to the reduction of shares withheld to satisfy tax withholding obligations.
Deferred Share Units:
Deferred share units may be granted to non-employee members of the Board under the Deferral Plan as compensation for the 
portion of their annual retainer fees resulting from their election to receive deferred share units in lieu of cash payment or 
unrestricted shares. Directors’ fees are expensed over the period that directors earn the compensation. Deferred share units are 
participating securities and are payable in common stock in a lump sum or installments in accordance with deferral elections 
upon a director’s death, retirement, or termination of service with the Board. During fiscal years 2024, 2023, and 2022, 
respectively, 26,347, 39,032, and 34,480 deferred share units were granted to non-employee members of the Board at an 
average grant date fair value of $25.24, $23.07, and $24.87 for a total fair value of $0.7 million, $0.9 million, and $0.9 million. 
During fiscal year 2024, no shares of common stock were issued under the Deferral Plan.
Note 11    Income Taxes
The U.S. Tax Cuts and Jobs Act (“Tax Reform”) was enacted into law on December 22, 2017, making broad and complex 
changes to the U.S. tax code. Tax Reform required a one-time transition tax on certain unremitted earnings of foreign 
subsidiaries that is payable over an eight-year period. As of June 30, 2024 and 2023, the remaining provision recorded for the 
one-time deemed repatriation tax were $5.9 million and $7.8 million, respectively, payable through fiscal year 2026, with the 
long-term portion recorded in Long-term income taxes payable on the Consolidated Balance Sheets. As of June 30, 2024 and 
2023, $2.6 million and $1.9 million of the remaining deemed repatriation tax is short term and is recorded in Accrued expenses 
on the Consolidated Balance Sheet.
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities 
for financial reporting purposes and the amounts used for income tax purposes.
 
59

The components of the deferred tax assets and liabilities as of June 30, 2024 and 2023, were as follows, amounts as of June 30, 
2024 exclude $11.1 million of deferred tax assets and $1.2 million of deferred tax liabilities classified as held for sale:
 
(Amounts in Thousands)
2024
2023
Deferred Tax Assets:
 
 
Receivables       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
244 $ 
77 
Inventory      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2,465  
3,293 
Employee benefits    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
378  
276 
Deferred compensation    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
8,046  
9,013 
Capitalized research and development   . . . . . . . . . . . . . . . . . . . . . . . . . . .  
5,682  
3,501 
Tax credit carryforwards    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
6,171  
5,930 
Goodwill  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—  
746 
Net operating loss carryforward      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
364  
2,529 
Net foreign currency losses     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
12  
— 
Business interest carryforward     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
3,396  
871 
Asset impairment    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
4,099  
— 
Miscellaneous    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
3,509  
2,229 
Valuation Allowance     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(9,242)  
(4,254) 
Total asset       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
25,124 $ 
24,211 
Deferred Tax Liabilities:
 
 
Other intangible assets   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
— $ 
859 
Property and equipment    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
4,100  
3,681 
Goodwill  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
477  
— 
Net foreign currency gains     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—  
79 
Miscellaneous    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
799  
1,743 
Total liability     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
5,376 $ 
6,362 
Net Deferred Income Taxes       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
19,748 $ 
17,849 
During fiscal year 2024, the Company has capitalized research and development expenses that are required to be capitalized as 
an amortizable asset under Section 174 of the Internal Revenue Code and amortized over a period of five years. This 
requirement is based on the implementation of Tax Reform effective in tax years beginning as of January 1, 2022. As of June 
30, 2024 and 2023, the Company has a net deferred tax asset from capitalized research and development expenses of $5.7 
million and $3.5 million, respectively. 
Income tax benefits associated with the net operating loss carryforwards expire from fiscal year 2026 to 2044. Income tax 
benefits associated with tax credit carryforwards primarily expire from fiscal year 2025 to 2033. A valuation allowance was 
provided as of June 30, 2024 and 2023 for deferred tax assets related to certain state credits of $5.8 million and $4.3 million, 
respectively.  Additionally, in fiscal year 2024, we recorded a full $3.4 million valuation allowance on the business interest 
carryforward deferred tax asset, following a determination that it is more likely than not that it will not be realized. Except as 
reserved for in the valuation allowance, we believe our deferred income taxes are more likely than not to be realized in the 
future.
The components of income before taxes on income are as follows:
Year Ended June 30
(Amounts in Thousands)
2024
2023
2022
United States    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
(35,055) $ 
(6,269) $ 
1,542 
Foreign      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
60,254  
81,013  
42,189 
Total income before taxes on income . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
25,199 $ 
74,744 $ 
43,731 
The Company currently operates international jurisdictions which expose the Company to taxation in various regions. The 
Company continually evaluates its global cash needs. The aggregate unremitted earnings of the Company’s foreign subsidiaries, 
which are currently permanently reinvested, were approximately $482 million as of June 30, 2024. If such funds were 
repatriated or we determined that all or a portion of such foreign earnings are no longer permanently reinvested, we may be 
subject to applicable non-U.S. income and withholding taxes. Determination of the amount of any potential future unrecognized 
deferred tax liability on such unremitted earnings is not practicable and is recorded in the period that the funds are repatriated.
 
60

The provision for income taxes is composed of the following items:
Year Ended June 30
(Amounts in Thousands)
2024
2023
2022
Current Taxes:
 
 
 
Federal    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
2,024 $ 
2,681 $ 
169 
Foreign       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
12,372  
15,560  
11,086 
State   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
587  
824  
179 
Total payable      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
14,983 $ 
19,065 $ 
11,434 
Deferred Taxes:
 
 
 
Federal    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
(12,280) $ 
(2,554) $ 
(1,009) 
Foreign       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
91  
3,281  
922 
State   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(3,094)  
(1,597)  
(603) 
Valuation allowance      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
4,988  
718  
1,734 
Total deferred    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
(10,295) $ 
(152) $ 
1,044 
Total provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
4,688 $ 
18,913 $ 
12,478 
A reconciliation of the statutory U.S. income tax rate to the Company’s effective income tax rate follows:
Year Ended June 30
2024
2023
2022
(Amounts in Thousands)
Amount
%
Amount
%
Amount
%
Tax computed at U.S. federal statutory rate    . . . . . $ 
5,292 
 21.0% $ 15,696 
 21.0% $ 
9,184 
 21.0% 
State income taxes, net of federal income tax 
benefit    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(2,433) 
 (9.7) 
 
(762) 
 (1.0) 
 
(699) 
 (1.6) 
Foreign tax rate differential   . . . . . . . . . . . . . . . . . .  
592 
 2.3 
 
410 
 0.5 
 
1,669 
 3.8 
Impact of foreign exchange rates on foreign 
income taxes     . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(995) 
 (3.9) 
 
1,868 
 2.5 
 
1,693 
 3.9 
Valuation allowance     . . . . . . . . . . . . . . . . . . . . . . .  
4,988 
 19.8 
 
718 
 1.0 
 
1,734 
 4.0 
Asset impairment   . . . . . . . . . . . . . . . . . . . . . . . . . .  
(2,882) 
 (11.4) 
 
— 
 — 
 
— 
 — 
Research credit   . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(1,150) 
 (4.6) 
 
(1,147) 
 (1.5) 
 
(1,094) 
 (2.5) 
Global intangible low tax income     . . . . . . . . . . . . .  
1,339 
 5.3 
 
1,387 
 1.9 
 
165 
 0.4 
Non-deductible compensation    . . . . . . . . . . . . . . . .  
385 
 1.5 
 
235 
 0.3 
 
489 
 1.1 
Other - net     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(448) 
 (1.7) 
 
508 
 0.6 
 
(663) 
 (1.6) 
Total provision for income taxes    . . . . . . . . . . . . . . $ 
4,688 
 18.6% $ 18,913 
 25.3% $ 12,478 
 28.5% 
In fiscal year 2024, the tax effects of recording deferred tax assets resulting from the impairment recorded following the held 
for sale classification of GES are included in asset impairment in the above table. 
 
61

Changes in the unrecognized tax benefit, excluding accrued interest and penalties, during fiscal years 2024, 2023, and 2022 
were as follows:
(Amounts in Thousands)
2024
2023
2022
Beginning balance - July 1      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
408 $ 
402 $ 
1,012 
Tax positions related to prior fiscal years:
 
 
 
Additions    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
10  
39  
85 
  Reductions     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—  
—  
— 
Tax positions related to current fiscal year:
 
 
 
Additions    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—  
—  
— 
Reductions     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—  
—  
— 
Settlements   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
—  
—  
— 
Lapses in statute of limitations     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
(202)  
(33)  
(695) 
Ending balance - June 30     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
216 $ 
408 $ 
402 
Portion that, if recognized, would reduce tax expense and effective tax rate  . . . . . . . . . . $ 
182 $ 
368 $ 
363 
We do not expect the change in the amount of unrecognized tax benefits in the next 12 months to have a significant impact on 
our results of operations or financial position. We recognize interest and penalties related to unrecognized tax benefits in 
Provision for Income Taxes on the Consolidated Statements of Income. 
Interest and penalties accrued for unrecognized tax benefits were $0.6 million at each of June 30, 2024, 2023, and 2022 . 
Expenses related to interest and penalties in fiscal years 2024, 2023, and 2022 were not material. 
The Company or its wholly-owned subsidiaries file U.S. federal income tax returns and income tax returns in various state, 
local, and foreign jurisdictions. We are no longer subject to any significant U.S. federal tax examinations by tax authorities for 
years before fiscal year 2018. We are subject to income tax examinations by various, state, local, and foreign jurisdiction tax 
authorities for years after June 30, 2018.
Note 12    Share Owners’ Equity
The Company has a Board-authorized stock repurchase plan (the “repurchase plan”) allowing the purchase of up to $100 
million of our common stock. Purchases may be made under various programs, including in open-market transactions, block 
transactions on or off an exchange, or in privately negotiated transactions, all in accordance with applicable securities laws and 
regulations. The Repurchase Plan has no expiration date but may be suspended or discontinued at any time.
During fiscal year 2024, the Company repurchased $3.0 million of common stock under the Repurchase Plan at an average 
price of $22.12 per share. The Company did not repurchase any shares during fiscal year 2023. During fiscal year 2022, the 
Company repurchased $9.1 million of common stock under the Repurchase Plan at an average price of $18.82 per share, which 
was recorded as Treasury stock, at cost in the Consolidated Balance Sheets. Since the inception of the Repurchase Plan, the 
Company has repurchased $91.8 million of common stock at an average cost of $15.43 per share. 
Note 13    Fair Value
The Company categorizes assets and liabilities measured at fair value into three levels based upon the assumptions (inputs) used 
to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas level 3 generally requires 
significant management judgment. The three levels are defined as follows:
•
Level 1:  Unadjusted quoted prices in active markets for identical assets and liabilities.
•
Level 2:  Observable inputs other than those included in level 1. For example, quoted prices for similar assets or 
liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
•
Level 3:  Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or 
liability. 
There were no changes in the inputs or valuation techniques used to measure fair values during fiscal year 2024.
 
62

Financial Instruments Recognized at Fair Value:
The following methods and assumptions were used to measure fair value:
Financial Instrument
Level
Valuation Technique/Inputs Used
Cash Equivalents
1
Market - Quoted market prices
Derivative Assets: Foreign exchange 
contracts
2
Market - Based on observable market inputs using standard 
calculations, such as time value, forward interest rate yield curves, 
and current spot rates, considering counterparty credit risk
Trading securities: Mutual funds held in 
SERP
1
Market - Quoted market prices
Derivative Liabilities: Foreign exchange 
contracts
2
Market - Based on observable market inputs using standard 
calculations, such as time value, forward interest rate yield curves, 
and current spot rates adjusted for Kimball Electronics’ non-
performance risk
Recurring Fair Value Measurements:
As of June 30, 2024 and 2023, the fair values of financial assets and liabilities that are measured at fair value on a recurring 
basis using the market approach are categorized as follows:
 
June 30, 2024
(Amounts in Thousands)
Level 1
Level 2
Total
Assets
 
 
 
Derivatives: foreign exchange contracts    . . . . . . . . . . . . . . . . . . . . . . . . . $ 
— $ 
1,420 $ 
1,420 
Trading securities: mutual funds held in nonqualified SERP    . . . . . . . . .  
5,445  
—  
5,445 
Total assets at fair value    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
5,445 $ 
1,420 $ 
6,865 
Liabilities
 
 
 
Derivatives: foreign exchange contracts    . . . . . . . . . . . . . . . . . . . . . . . . . $ 
— $ 
2,485 $ 
2,485 
Total liabilities at fair value  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
— $ 
2,485 $ 
2,485 
June 30, 2023
(Amounts in Thousands)
Level 1
Level 2
Total
Assets
 
 
 
Derivatives: foreign exchange contracts      . . . . . . . . . . . . . . . . . . . . . . . . $ 
— $ 
6,320 $ 
6,320 
Trading securities: mutual funds held in nonqualified SERP       . . . . . . . .  
8,668  
—  
8,668 
Total assets at fair value     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
8,668 $ 
6,320 $ 
14,988 
Liabilities
 
 
 
Derivatives: foreign exchange contracts      . . . . . . . . . . . . . . . . . . . . . . . . $ 
— $ 
1,245 $ 
1,245 
Total liabilities at fair value     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
— $ 
1,245 $ 
1,245 
We had no level 3 assets or liabilities as of June 30, 2024 and 2023, or any activity in level 3 assets or liabilities during fiscal 
years 2024, 2023, and 2022.
The nonqualified supplemental employee retirement plan (“SERP”) assets consist primarily of equity funds, balanced funds, 
bond funds, and a money market fund. The SERP investment assets are offset by a SERP liability which represents the 
Company’s obligation to distribute SERP funds to participants. See Note 9 - Employee Benefit Plans of Notes to Consolidated 
Financial Statements for further information regarding the SERP.
Non-Recurring Fair Value Measurements:
During fiscal year 2024, the automation, test and measurement business unit met the criteria to be classified as held for sale, and 
as a result, a valuation allowance of $17.0 million was established to reflect the fair value less cost to sell of the disposal group, 
which was based on expected proceeds and the estimated carrying value of the net assets to be disposed.  We utilized level 3 
inputs based on management’s best estimates and assumptions to estimate the fair value. See Note 3 - Assets and Liabilities 
Held for Sale of Notes to Consolidated Financial Statements for additional information.
 
63

Financial Instruments Not Carried At Fair Value:
Financial instruments that are not reflected in the Consolidated Balance Sheets at fair value that have carrying amounts which 
approximate fair value include the following:
Financial Instrument
Level
Valuation Technique/Inputs Used
Notes receivable
2
Market - Price approximated based on the assumed collection of 
receivables in the normal course of business, taking into account 
non-performance risk
Borrowings under credit facilities
2
Market - Based on observable market rates, taking into account 
Kimball Electronics’ non-performance risk
The carrying values of our cash deposit accounts, trade accounts receivable, and trade accounts payable approximate fair value 
due to their relatively short maturity and immaterial non-performance risk.
Note 14    Derivative Instruments
Foreign Exchange Contracts:
We operate internationally and are therefore exposed to foreign currency exchange rate fluctuations in the normal course of 
business. Our primary means of managing this exposure is to utilize natural hedges, such as aligning currencies used in the 
supply chain with the sale currency. To the extent natural hedging techniques do not fully offset currency risk, we use 
derivative instruments with the objective of reducing the residual exposure to certain foreign currency rate movements. Factors 
considered in the decision to hedge an underlying market exposure include the materiality of the risk, the volatility of the 
market, the duration of the hedge, the degree to which the underlying exposure is committed to, and the availability, 
effectiveness, and cost of derivative instruments. Derivative instruments are only utilized for risk management purposes and are 
not used for speculative or trading purposes.
We use forward contracts designated as cash flow hedges to protect against foreign currency exchange rate risks inherent in 
forecasted transactions denominated in a foreign currency. Non-designated foreign exchange contracts are also used to hedge 
against foreign currency exchange rate risks related to intercompany balances and other balance sheet positions denominated in 
currencies other than the functional currencies. As of June 30, 2024, we had outstanding foreign exchange contracts to hedge 
currencies against the U.S. dollar in the aggregate notional amount of $32.9 million and to hedge currencies against the Euro in 
the aggregate notional amount of 65.0 million Euro. The notional amounts are indicators of the volume of derivative activities 
but may not be indicators of the potential gain or loss on the derivatives.
In limited cases due to unexpected changes in forecasted transactions, cash flow hedges may cease to meet the criteria to be 
designated as cash flow hedges. Depending on the type of exposure hedged, we may either purchase a derivative contract in the 
opposite position of the undesignated hedge or may retain the hedge until it matures if the hedge continues to provide an 
adequate offset in earnings against the currency revaluation impact of foreign currency denominated liabilities.
The fair value of outstanding derivative instruments is recognized on the Consolidated Balance Sheets as a derivative asset or 
liability and presented with Prepaid expenses and other current assets and Accrued expenses, respectively. When derivatives are 
settled with the counterparty, the derivative asset or liability is relieved and cash flow is impacted for the net settlement. For 
derivative instruments that meet the criteria of hedging instruments under FASB guidance, the gain or loss on the derivative 
instrument is initially recorded net of related tax effect in Accumulated Other Comprehensive Income (Loss), a component of 
Share Owners’ Equity, and is subsequently reclassified into earnings in the period or periods during which the hedged 
transaction is recognized in earnings. The gain or loss associated with derivative instruments that are not designated as hedging 
instruments or that cease to meet the criteria for hedging under FASB guidance is reported immediately in Non-operating 
income (expense), net on the Consolidated Statements of Income.
Based on fair values as of June 30, 2024, we estimate that approximately $1.6 million of pre-tax derivative loss deferred in 
Accumulated Other Comprehensive Loss will be reclassified into earnings, along with the earnings effects of related forecasted 
transactions, within the next twelve months. Losses on foreign exchange contracts are generally offset by gains in operating 
income in the income statement when the underlying hedged transaction is recognized in earnings. Because gains or losses on 
foreign exchange contracts fluctuate partially based on currency spot rates, the future effect on earnings of the cash flow hedges 
alone is not determinable, but in conjunction with the underlying hedged transactions, the result is expected to be a decline in 
currency risk. The maximum length of time we had hedged our exposure to the variability in future cash flows was 12 months 
as of both June 30, 2024 and June 30, 2023.
 
64

See Note 13 - Fair Value of Notes to Consolidated Financial Statements for further information regarding the fair value of 
derivative assets and liabilities and Note 18 - Accumulated Other Comprehensive Income (Loss) of Notes to Consolidated 
Financial Statements for the changes in deferred derivative gains and losses.
Information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and 
losses in the Consolidated Statements of Income are presented below. 
Fair Values of Derivative Instruments on the Consolidated Balance Sheets
Asset Derivatives
Liability Derivatives
Fair Value As of
Fair Value As of
(Amounts in Thousands)
Balance Sheet Location
June 30
2024
June 30
2023
Balance Sheet 
Location
June 30
2024
June 30
2023
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts      . .
Prepaid expenses and other current 
assets    . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
966 
$ 4,772 
Accrued expenses    . .
$ 
2,330 
$ 
844 
Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts      . .
Prepaid expenses and other current 
assets    . . . . . . . . . . . . . . . . . . . . . . . . .
 
454 
 
1,548 
Accrued expenses    . .
 
155 
 
401 
Total derivatives   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
1,420 
$ 6,320 
$ 
2,485 
$ 1,245 
The Effect of Derivative Instruments on Other Comprehensive Income (Loss)
June 30
(Amounts in Thousands)
2024
2023
2022
Amount of Pre-Tax Gain or (Loss) Recognized in Other Comprehensive Income (Loss) (OCI) on Derivatives:
 
Foreign exchange contracts       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
2,621 
$ 
9,547 
$ 
468 
The Effect of Derivative Instruments on Consolidated Statements of Income
(Amounts in Thousands)
Year Ended June 30
Derivatives in Cash Flow Hedging Relationships
Location of Gain or (Loss) 
2024
2023
2022
Amount of Pre-Tax Gain or (Loss) Reclassified from Accumulated OCI into Income:
 
 
Foreign exchange contracts      . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost of Sales    . . . . . . . . . . . . . . . . . . . . . .
$ 
7,530 
$ 
4,936 
$ 
279 
Derivatives Not Designated as Hedging Instruments
Amount of Pre-Tax Gain or (Loss) Recognized in Income on Derivatives:
Foreign exchange contracts      . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-operating income (expense)   . . . . . .
$ 
64 
$ 
1,783 
$ 
(1,201) 
Total Derivative Pre-Tax Gain (Loss) Recognized in Income   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 
7,594 
$ 
6,719 
$ 
(922) 
Note 15    Accrued Expenses
Accrued expenses consisted of the following, amounts as of June 30, 2024 exclude the amounts classified as held for sale:
 
June 30
(Amounts in Thousands)
2024
2023
Compensation    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
24,140 $ 
28,021 
Non-inventory advance payments   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
12,974  
11,660 
Taxes      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
5,920  
14,052 
Interest       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
4,901  
1,506 
Retirement plan     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2,915  
3,909 
Derivatives    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2,485  
1,245 
Insurance      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
2,195  
2,662 
Other expenses     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
7,659  
9,460 
Total accrued expenses      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
63,189 $ 
72,515 
 
65

Note 16    Geographic Information
The following geographic area data includes net sales based on the country location of the Company’s business unit providing 
the manufacturing or other service and long-lived assets based on physical location. Long-lived assets include property and 
equipment and capitalized software, and amounts as of June 30, 2024 exclude the amounts classified as held for sale. 
 
  Year Ended June 30
(Amounts in Thousands)
2024
2023
2022
Net Sales:
 
 
 
Mexico    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
519,279 $ 
502,707 $ 
316,884 
United States     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
404,974  
395,439  
337,815 
Poland      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
261,433  
302,352  
234,057 
China     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
248,095  
253,976  
204,851 
Thailand    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
171,340  
232,878  
152,287 
Other Foreign  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
109,389  
136,077  
103,641 
Total net sales    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
1,714,510 $ 
1,823,429 $ 
1,349,535 
June 30
(Amounts in Thousands)
2024
2023
Long-Lived Assets:
 
 
 
Mexico    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
104,205 $ 
100,682 
United States     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
52,737  
61,404 
Poland      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
45,306  
35,688 
Thailand    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
27,592  
26,370 
China     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
25,777  
24,247 
Other Foreign  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
17,036  
22,775 
Total long-lived assets    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
272,653 $ 
271,166 
Note 17    Earnings Per Share
Basic and diluted earnings per share were calculated as follows under the two-class method:
(Amounts in thousands, except per share data)
Year Ended June 30
2024
2023
2022
Basic and Diluted Earnings Per Share:
   Net Income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
20,511 $ 
55,831 $ 
31,253 
Less: Net Income allocated to participating securities     . . . . . . . . . . . . .  
24  
82  
45 
   Net Income allocated to common Share Owners      . . . . . . . . . . . . . . . . . $ 
20,487 $ 
55,749 $ 
31,208 
Basic weighted average common shares outstanding   . . . . . . . . . . . . . .  
25,079  
24,904  
25,115 
Dilutive effect of average outstanding stock compensation awards    . . .  
199  
172  
106 
Dilutive weighted average shares outstanding     . . . . . . . . . . . . . . . . . . .  
25,278  
25,076  
25,221 
Earnings Per Share of Common Stock:
Basic   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
0.82 $ 
2.24 $ 
1.24 
Diluted    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
0.81 $ 
2.22 $ 
1.24 
 
66

Note 18    Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of Accumulated Other Comprehensive Income (Loss), net of tax, were as 
follows:
(Amounts in Thousands)
Foreign 
Currency 
Translation 
Adjustments
Derivative Gain 
(Loss)
Post Employment 
Benefits
Net Actuarial 
Gain (Loss)
Accumulated 
Other 
Comprehensive 
Income (Loss)
Balance at June 30, 2022       . . . . . . . . . . . . . . . . . $ 
(17,349) $ 
(2,203) $ 
(120) $ 
(19,672) 
Other comprehensive income (loss) before 
reclassifications     . . . . . . . . . . . . . . . . . . . . . . . .  
5,517  
7,466  
(330)  
12,653 
Reclassification to (earnings) loss    . . . . . . . . . .  
—  
(3,895)  
(132)  
(4,027) 
Net current-period other comprehensive 
income (loss)     . . . . . . . . . . . . . . . . . . . . . . . . . . $ 
5,517 $ 
3,571 $ 
(462) $ 
8,626 
Balance at June 30, 2023       . . . . . . . . . . . . . . . . . $ 
(11,832) $ 
1,368 $ 
(582) $ 
(11,046) 
Other comprehensive income (loss) before 
reclassifications     . . . . . . . . . . . . . . . . . . . . . . . .  
(2,428)  
2,097  
(641)  
(972) 
Reclassification to (earnings) loss    . . . . . . . . . .  
—  
(5,860)  
71  
(5,789) 
Net current-period other comprehensive 
income (loss)     . . . . . . . . . . . . . . . . . . . . . . . . . .  
(2,428)  
(3,763)  
(570)  
(6,761) 
Balance at June 30, 2024       . . . . . . . . . . . . . . . . . $ 
(14,260) $ 
(2,395) $ 
(1,152) $ 
(17,807) 
The following reclassifications were made from Accumulated Other Comprehensive Income (Loss) to the Consolidated 
Statements of Income:
Reclassifications from Accumulated 
Other Comprehensive Income (Loss)
Year Ended June 30
Affected Line Item in the 
(Amounts in Thousands)
2024
2023
Consolidated Statements of Income
Derivative Gain (Loss) (1)
$ 
7,530 $ 
4,936 
Cost of Sales
 
(1,670)  
(1,041) Benefit (Provision) for Income Taxes
$ 
5,860 $ 
3,895 
Net of Tax
Postemployment Benefits:
Amortization of Actuarial Gain (Loss) (2)
$ 
(94) $ 
174 
Non-operating income
 
23  
(42) Benefit (Provision) for Income Taxes
$ 
(71) $ 
132 
Net of Tax
Total Reclassifications for the Period
$ 
5,789 $ 
4,027 
Net of Tax
Amounts in parentheses indicate reductions to income.
(1) See Note 14 - Derivative Instruments of Notes to Consolidated Financial Statements for further information on derivative 
instruments. 
(2) See Note 9 - Employee Benefit Plans of Notes to Consolidated Financial Statements for further information on 
postemployment benefit plans. 
67

Item 9 - Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
Item 9A - Controls and Procedures
(a)   Evaluation of disclosure controls and procedures.
Kimball Electronics maintains controls and procedures designed to ensure that information required to be disclosed in 
the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, 
summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange 
Commission and that such information is accumulated and communicated to the Company’s management, including 
its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required 
disclosure. Based upon their evaluation of those controls and procedures performed, the Chief Executive Officer and 
Chief Financial Officer of the Company concluded that its disclosure controls and procedures were effective as of 
June 30, 2024.
(b)   Management’s report on internal control over financial reporting.
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted pursuant thereto, the 
Company included a report of management’s assessment of the effectiveness of its internal control over financial 
reporting as part of this report. The effectiveness of the Company’s internal control over financial reporting as of 
June 30, 2024 has been audited by the Company’s independent registered public accounting firm. Management’s 
report and the independent registered public accounting firm’s attestation report are included in the Company’s 
Consolidated Financial Statements under the caption entitled “Management’s Report on Internal Control Over 
Financial Reporting” and “Report of Independent Registered Public Accounting Firm” and are incorporated herein by 
reference.
(c)   Changes in internal control over financial reporting.
There have been no changes in our internal control over financial reporting that occurred during the quarter ended 
June 30, 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over 
financial reporting.
Item 9B - Other Information 
During the three months ended June 30, 2024, no officers or directors adopted or terminated any contract, instruction or written 
plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 
10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 9C - Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
68

PART III
Item 10 - Directors, Executive Officers and Corporate Governance 
Directors
The information required by this Item 10 with respect to Directors will be included in our definitive Proxy Statement to be filed 
no later than 120 days after the end of the Company’s fiscal year covered by this Annual Report on Form 10-K and is 
incorporated herein by reference.
Committees
The information required by this Item 10 with respect to the Audit Committee and its financial expert and with respect to the 
Nominating and ESG Committee’s responsibility for establishing procedures by which Share Owners may recommend 
nominees to the Board of Directors will be included in our definitive Proxy Statement to be filed no later than 120 days after the 
end of the Company’s fiscal year covered by this Annual Report on Form 10-K and is incorporated herein by reference.
Information about Our Executive Officers
The information required by this Item 10 with respect to Executive Officers of the Registrant is included at the end of Part I of 
this Annual Report on Form 10-K and is incorporated herein by reference. Additional information about our Executive Officers 
will also appear in our definitive Proxy Statement to be filed no later than 120 days after the end of the Company’s fiscal year 
covered by this Annual Report on Form 10-K.
Compliance with Section 16(a) of the Exchange Act
The information required by this Item 10 with respect to compliance with Section 16(a) of the Securities Exchange Act of 1934  
will be included in our definitive Proxy Statement to be filed no later than 120 days after the end of the Company’s fiscal year 
covered by this Annual Report on Form 10-K and is incorporated herein by reference.
Code of Ethics
Kimball Electronics has a code of ethics (its Code of Conduct) that applies to all of its employees, including the Chief 
Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer (functioning as Principal Accounting Officer). 
The code of ethics is posted on the Company’s website at https://investors.kimballelectronics.com under Governance 
Documents. The Company’s website and the information contained therein, or incorporated therein, are not intended to be 
incorporated into this Annual Report on Form 10-K. We will provide without charge, upon request, a copy of the Code of 
Conduct. Anyone wishing to obtain a copy should write to ATTN: Code of Conduct Requests, Secretary, Kimball Electronics, 
1205 Kimball Boulevard, Jasper, IN 47546. It is our intention to disclose any amendments to the code of ethics on this website. 
In addition, any waivers of the code of ethics for directors or executive officers of the Company will be disclosed in a Current 
Report on Form 8-K.
Insider Trading Arrangements and Policies
Kimball Electronics has adopted insider trading policies and procedures governing the purchase, sale, and or other dispositions 
of the Company’s securities by directors, officers, and employees that are reasonably designed to promote compliance with 
insider trading laws, rules, and regulations, and any listing standards applicable to us. Our insider trading policy has been filed 
as Exhibit 19 to this Annual Report on Form 10-K.
Item 11 - Executive Compensation
The information required by this Item 11 will be included in our definitive Proxy Statement to be filed no later than 120 days 
after the end of the Company’s fiscal year covered by this Annual Report on Form 10-K and is incorporated herein by 
reference.
69

Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Share Owner Matters
Security Ownership
The information required by this Item 12 will be included in our definitive Proxy Statement to be filed no later than 120 days 
after the end of the Company’s fiscal year covered by this Annual Report on Form 10-K and is incorporated herein by 
reference.
Securities Authorized for Issuance Under Equity Compensation Plans
The information required by this Item 12 will be included in our definitive Proxy Statement to be filed no later than 120 days 
after the end of the Company’s fiscal year covered by this Annual Report on Form 10-K and is incorporated herein by 
reference.
Item 13 - Certain Relationships and Related Transactions, and Director Independence
Relationships and Related Transactions
The information required by this Item 13 will be included in our definitive Proxy Statement to be filed no later than 120 days 
after the end of the Company’s fiscal year covered by this Annual Report on Form 10-K and is incorporated herein by 
reference.
Director Independence
The information required by this Item 13 will be included in our definitive Proxy Statement to be filed no later than 120 days 
after the end of the Company’s fiscal year covered by this Annual Report on Form 10-K and is incorporated herein by 
reference.
Item 14 - Principal Accounting Fees and Services
The information required by this Item 14 will be included in our definitive Proxy Statement to be filed no later than 120 days 
after the end of the Company’s fiscal year covered by this Annual Report on Form 10-K and is incorporated herein by 
reference.
70

PART IV
Item 15 - Exhibits, Financial Statement Schedules
(a) The following documents are filed as part of this report:
(1)  Financial Statements:
 The following consolidated financial statements of the Company are found in Item 8 and incorporated herein.
Management’s Report on Internal Control Over Financial Reporting     . . . . . . . . . . . . . . . . . . . . . . . . . .
36
Report of Independent Registered Public Accounting Firm (PCAOB No. 34)     . . . . . . . . . . . . . . . . . . .
37
Consolidated Balance Sheets as of June 30, 2024 and 2023    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
Consolidated Statements of Income for Each of the Three Years in the Period Ended June 30, 2024      .
41
Consolidated Statements of Comprehensive Income for Each of the Three Years in the Period Ended 
June 30, 2024      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended June 30, 
2024   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Consolidated Statements of Share Owners’ Equity for Each of the Three Years in the Period Ended 
June 30, 2024      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44
Notes to Consolidated Financial Statements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
(2)  Financial Statement Schedules:
II.  Valuation and Qualifying Accounts for Each of the Three Years in the Period Ended June 30, 
2024   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76
Schedules other than those listed above are omitted because they are either not required or not applicable, or 
the required information is presented in the Consolidated Financial Statements.
(3)  Exhibits
See the Index of Exhibits which immediately precedes the Signatures page in this Annual Report on Form 10-K 
for a list of the exhibits filed or incorporated herein as a part of this report.
Item 16 - Form 10-K Summary
None.
71

KIMBALL ELECTRONICS, INC.
INDEX OF EXHIBITS
2.1
Separation and Distribution Agreement by and between 
Kimball International, Inc. and Kimball Electronics, Inc.
8-K
2.1
11/3/2014
2.2(c)(d)
Stock Purchase Agreement By and Among Kimball 
Electronics, Inc.(“Seller”), The Sole Stockholder of Kimball 
Electronics Indiana, Inc. (“Company”); and Averna Test 
Systems Inc. (“Buyer”) and Company Dated as of July 31, 
2024
8-K
2.1
8/1/2024
3.1
Amended and Restated Articles of Incorporation of the 
Company 
8-K
3.1
2/18/2021
3.2
Amended and Restated By-Laws of the Company 
8-K
3.2
11/15/2022
4.1
Description of the Company’s Registered Securities
Filed 
Herewith
10.1(a)
Kimball Electronics, Inc. Supplemental Employee 
Retirement Plan (“SERP”) 
10
10.8
9/4/2014
10.2(a)
Kimball Electronics, Inc. Non-Employee Directors Stock 
Compensation Deferral Plan 
8-K
10.1
10/25/2016
10.3
Amended and Restated Credit Agreement, dated as of May 
4, 2022, among Kimball Electronics, Inc., the lenders party 
thereto, and JPMorgan Chase Bank, N.A., as Administrative 
Agent and Bank of America, N.A., as Documentation Agent
10-Q
3/31/2022
10.1
5/6/2022
10.4(a)
Richard D. Phillips Job Offer Dated January 4, 2023
8-K
10.1
1/10/2023
10.5
First Amendment to Amended and Restated Credit 
Agreement, dated as of February 3, 2023, among Kimball 
Electronics, Inc., the lenders party thereto, and JPMorgan 
Chase Bank, N.A., as Administrative Agent and Bank of 
America, N.A., as Documentation Agent
10-Q
12/31/2022
10.3
2/7/2023
10.6(a)
Kimball Electronics, Inc. 2023 Employee Profit Sharing 
Bonus Plan 
10-K
6/30/2023
10.2
8/24/2023
10.7(a)
Form of Fee Deferral Election Agreement under the Kimball 
Electronics, Inc. Non-Employee Directors Stock 
Compensation Deferral Plan 
10-K
6/30/2023
10.5
8/24/2023
10.8(a)
Form of Annual Retainer Fee Election Agreement under the 
Kimball Electronics, Inc. Non-Employee Directors Stock 
Compensation Deferral Plan
10-K
6/30/2023
10.6
8/24/2023
10.9(a)
Kimball Electronics, Inc. Leadership Team Severance and 
Change in Control Plan 
8-K
10.2
11/21/2023
10.10(a)
Kimball Electronics, Inc. 2023 Equity Incentive Plan
8-K
10.1
11/21/2023
10.11
First Amendment to Credit Agreement, dated as of January 
5, 2024, among Kimball Electronics, Inc., the lenders party 
thereto, and JPMorgan Chase Bank, N.A., as Administrative 
Agent and Bank of America, N.A., as Documentation Agent
8-K
10.1
1/5/2024
10.12(a)(d)
Transition and Retention Agreement and General Release
8-K
10.1
8/1/2024
10.13(a)
Form of Stock Award Notice for Performance Shares under 
Kimball Electronics, Inc. 2023 Equity Incentive Plan
Filed 
Herewith
10.14(a)
Form of Stock Award Notice for Restricted Shares under 
Kimball Electronics, Inc. 2023 Equity Incentive Plan
Filed 
Herewith
19
Insider Trading Policies and Procedures
Filed 
Herewith
21
Subsidiaries of the Registrant
Filed 
Herewith
23
Consent of Independent Registered Public Accounting Firm
Filed 
Herewith
Incorporated by Reference
Exhibit 
No.
Description
Form
Period 
Ending
Exhibit Filing Date
72

24
Power of Attorney
Filed 
Herewith
31.1
Certification filed by Chief Executive Officer pursuant to 
Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 
302 of the Sarbanes-Oxley Act of 2002
Filed 
Herewith
31.2
Certification filed by Chief Financial Officer pursuant to 
Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 
302 of the Sarbanes-Oxley Act of 2002
Filed 
Herewith
32.1(b)
Certification furnished by the Chief Executive Officer 
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to 
Section 906 of the Sarbanes-Oxley Act of 2002
Furnished 
Herewith
32.2(b)
Certification furnished by the Chief Financial Officer 
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to 
Section 906 of the Sarbanes-Oxley Act of 2002
Furnished 
Herewith
97
Policy Relating to Recovery of Erroneously Awarded 
Compensation 
Filed 
Herewith
101.INS
Inline XBRL Instance Document - The instance document 
does not appear in the Interactive Data File because its Inline 
XBRL tags are embedded within the Inline XBRL document
Filed 
Herewith
101.SCH
Inline XBRL Taxonomy Extension Schema Document
Filed 
Herewith
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase 
Document
Filed 
Herewith
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase 
Document
Filed 
Herewith
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase 
Document
Filed 
Herewith
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase 
Document
Filed 
Herewith
104
Cover Page Interactive Data File (formatted in Inline XBRL 
and contained in Exhibit 101)
Filed 
Herewith
Incorporated by Reference
Exhibit 
No.
Description
Form
Period 
Ending
Exhibit Filing Date
(a) Constitutes management contract or compensatory arrangement.
(b) In accordance with Item 601(b)(32)(ii) of Regulation S-K, the certifications furnished in Exhibit 32.1 and 32.2 will not be 
deemed “filed” for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by 
reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically 
incorporates it by reference. 
(c) Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant will 
supplementally furnish any of the omitted schedules or exhibits to the Securities and Exchange Commission upon request.
(d) Certain information contained in Exhibit 2.2 and Exhibit 10.12 has been excluded pursuant to Regulation S-K Item 
601(b)(2) and (10) because it is both (1) not material and (2) of the type that the Company treats as private or confidential. 
The Registrant will supplementally furnish a copy of the unredacted exhibit to the Securities and Exchange Commission 
upon request; provided, however, that the Registrant may request confidential treatment.
73

SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly 
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
KIMBALL ELECTRONICS, INC.
 
By: /s/ JANA T. CROOM
Jana T. Croom
Chief Financial Officer
August 23, 2024
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the 
following persons on behalf of the Registrant and in the capacities and on the dates indicated:
/s/ RICHARD D. PHILLIPS
Richard D. Phillips
Chief Executive Officer and Director
August 23, 2024
 
/s/ JANA T. CROOM
Jana T. Croom
Chief Financial Officer
August 23, 2024
/s/ ADAM M. BAUMANN
Adam M. Baumann
Chief Accounting Officer
August 23, 2024
74

Signature
Signature
 
 
GREGORY J. LAMPERT *
COLLEEN C. REPPLIER *
Gregory J. Lampert
Colleen C. Repplier
Director
Director
 
 
ROBERT J. PHILLIPPY *
GREGORY A. THAXTON *
Robert J. Phillippy
Gregory A. Thaxton
Director
Director
 
 
HOLLY A. VAN DEURSEN * 
MICHELE A. M. HOLCOMB, PhD *
Holly A. Van Deursen
Michele A. M. Holcomb, PhD
Director
Director
 
 
TOM G. VADAKETH *
Tom G. Vadaketh
Director
*  
The undersigned does hereby sign this document on my behalf pursuant to powers of attorney duly executed and filed 
with the Securities and Exchange Commission, all in the capacities as indicated:
        Date
 
August 23, 2024
/s/ RICHARD D. PHILLIPS
 
Richard D. Phillips
 
As Attorney-In-Fact
75

KIMBALL ELECTRONICS, INC.
Schedule II. - Valuation and Qualifying Accounts
Description
Balance at
Beginning
of Year
Additions 
(Reductions)
to Expense
Adjustments 
to Other
Accounts
Write-offs 
and
Recoveries
Balance at
End of
 Year
(Amounts in Thousands)
 
 
 
 
 
Year Ended June 30, 2024
 
 
 
 
 
    Valuation Allowances:
 
 
 
 
 
        Receivables    . . . . . . . . . . . . . . . . . .
$ 
257 
$ 
1,039 
$ 
— 
$ 
(294) 
$ 1,002 
        Long-Term Receivables      . . . . . . . .
$ 
— 
$ 
1,936 
$ 
— 
$ 
— 
$ 1,936 
        Deferred Tax Asset   . . . . . . . . . . . .
$ 4,254 
$ 
4,988 
$ (1,808) 
$ 
— 
$ 7,434 
Year Ended June 30, 2023
    Valuation Allowances:
        Receivables    . . . . . . . . . . . . . . . . . .
$ 
139 
$ 
86 
$ 
31 
$ 
1 
$ 
257 
        Deferred Tax Asset   . . . . . . . . . . . .
$ 3,536 
$ 
718 
$ 
— 
$ 
— 
$ 4,254 
Year Ended June 30, 2022
    Valuation Allowances:
        Receivables    . . . . . . . . . . . . . . . . . .
$ 
177 
$ 
(53) 
$ 
22 
$ 
(7) 
$ 
139 
        Deferred Tax Asset   . . . . . . . . . . . .
$ 1,802 
$ 
1,734 
$ 
— 
$ 
— 
$ 3,536 
76

Exhibit 31.1
CERTIFICATION PURSUANT TO
RULE 13a-14(a)/15d-14(a),
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Richard D. Phillips, certify that: 
1.
I have reviewed this Annual Report on Form 10-K of Kimball Electronics, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in 
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods 
presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to 
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting 
and the preparation of financial statements for external purposes in accordance with generally accepted accounting 
principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our 
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered 
by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during 
the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that 
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial 
reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial  
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and 
report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in 
the registrant’s internal control over financial reporting.
Date:
August 23, 2024
 
 
/s/ RICHARD D. PHILLIPS
 
RICHARD D. PHILLIPS
Chief Executive Officer and Director

Exhibit 31.2
CERTIFICATION PURSUANT TO
RULE 13a-14(a)/15d-14(a),
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Jana T. Croom, certify that: 
1.
I have reviewed this Annual Report on Form 10-K of Kimball Electronics, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in 
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods 
presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared; 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to 
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting 
and the preparation of financial statements for external purposes in accordance with generally accepted accounting 
principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our 
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered 
by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during 
the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that 
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial 
reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial  
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and 
report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in 
the registrant’s internal control over financial reporting.
Date:
August 23, 2024
 
 
 
/s/ JANA T. CROOM
 
 
JANA T. CROOM
Chief Financial Officer
 
 
 

Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of Kimball Electronics, Inc. (the “Company”) on Form 10-K for the period ended 
June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard D. Phillips, 
Chief Executive Officer and Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to 
Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of 
operations of the Company.
Date:
August 23, 2024
 
 
/s/ RICHARD D. PHILLIPS
 
RICHARD D. PHILLIPS
Chief Executive Officer and Director

Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of Kimball Electronics, Inc. (the “Company”) on Form 10-K for the period ended 
June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jana T. Croom, Chief 
Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of 
operations of the Company.
Date:
August 23, 2024
 
 
/s/ JANA T. CROOM
 
JANA T. CROOM
Chief Financial Officer

CORPORATE INFORMATION
Form 10-K Report
A copy of our Annual Report on Form 10-K  
to the Securities and Exchange Commission 
is available on our website at  
investors.kimballelectronics.com. We will 
provide without charge, upon request, a 
copy of the Form 10-K or our Code of 
Conduct. Anyone wishing to obtain a copy 
should write to ATTN: Secretary, Kimball 
Electronics, 1205 Kimball Boulevard, 
Jasper, IN 47546. 
Transfer Agent and Registrar of the 
Common Stock
Share Owners with questions concerning 
address changes, registration changes, lost 
share certificates, or transferring shares  
may contact:
Mail
Broadridge Shareholder Services 
c/o Broadridge Corporate Issuer Solutions 
PO Box 1342 
Brentwood, NY 11717-0718 
shareholder@broadridge.com 
1-303-562-9275 or 1-888-789-8606
Overnight Mail
Broadridge Shareholder Services 
c/o Broadridge Corporate Issuer Solutions 
1155 Long Island Avenue 
Edgewood, NY 11717-8309 
Attn: IWS
Website
shareholder.broadridge.com
LEADERSHIP
Board of Directors
Robert J. Phillippy
Chairperson of the Board
Michele A.M. Holcomb, Ph.D.
Director
Gregory J. Lampert
Director
Richard D. Phillips
Director
Colleen C. Repplier
Director
Gregory A. Thaxton
Director
Tom G. Vadaketh
Director
Holly A. Van Deursen
Director
Executive Officers
Richard D. Phillips
Chief Executive Officer
Adam M. Baumann
Chief Accounting Officer
Jana T. Croom 
Chief Financial Officer 
Jessica L. DeLorenzo 
Vice President, Human Resources 
Douglas A. Hass 
Chief Legal and Compliance Officer,  
Secretary 
Steven T. Korn 
Chief Operating Officer
Kathy R. Thomson
Chief Commercial Officer
Isabel S. Wells 
Chief Information Officer

WORLD HEADQUARTERS 
Kimball Electronics, Inc. 
1205 Kimball Blvd. 
Jasper, IN 47546
www.kimballelectronics.com