Acuity Brands, Inc. (NYSE: AYI) (the “Company”), a market-leading
industrial technology company, announced net sales of $905.9
million in the second quarter of fiscal 2024 ended February 29,
2024, a decrease of $37.7 million, or 4.0 percent, compared to the
prior year.
“Our fiscal 2024 second quarter was another
quarter of solid execution,” stated Neil Ashe, Chairman, President
and Chief Executive Officer of Acuity Brands, Inc. “We increased
our adjusted operating profit, adjusted operating profit margin and
adjusted diluted earnings per share. We generated strong free cash
flow, and we allocated capital effectively to drive value.”
Operating profit was $118.1 million in the
second quarter of fiscal 2024, an increase of $6.6 million, or 5.9
percent, compared to the prior year. Operating profit as a percent
of net sales was 13.0 percent in the second quarter of fiscal 2024,
an increase of 120 basis points compared to the prior year.
Adjusted operating profit was $140.1 million in the second quarter
of fiscal 2024, an increase of $8.0 million, or 6.1 percent,
compared to the prior year. Adjusted operating profit as a percent
of net sales was 15.5 percent in the second quarter of fiscal 2024,
an increase of 150 basis points compared to the prior year.
Diluted earnings per share was $2.84 in the
second quarter of fiscal 2024, an increase of $0.27, or 10.5
percent, compared to the prior year. Adjusted diluted earnings per
share was $3.38 in the second quarter of fiscal 2024, an increase
of $0.32, or 10.5 percent, from $3.06 in the prior year.
Segment Performance
Acuity Brands Lighting and Lighting Controls
(“ABL”)
ABL generated net sales of $843.5 million
in the second quarter of fiscal 2024, a decrease of
$47.3 million, or 5.3 percent, compared to the prior year.
ABL operating profit was $126.0 million in
the second quarter of fiscal 2024, an increase of
$2.4 million, or 1.9 percent, compared to the prior year. ABL
operating profit as a percent of ABL net sales was 14.9 percent in
the second quarter of fiscal 2024, an increase of 100 basis points
compared to the prior year. ABL adjusted operating profit was
$136.4 million in the second quarter of fiscal 2024, an
increase of $3.1 million, or 2.3 percent, compared to the
prior year. ABL adjusted operating profit as a percent of ABL net
sales was 16.2 percent in the second quarter of fiscal 2024, an
increase of 120 basis points compared to the prior year.
Intelligent Spaces Group (“ISG”)
ISG generated net sales of $68.1 million in
the second quarter of fiscal 2024, an increase of
$9.9 million, or 17.0 percent, compared to the prior year.
ISG operating profit was $9.1 million in
the second quarter of fiscal 2024, an increase of $2.8 million
compared to the prior year. ISG operating profit as a percent of
ISG net sales was 13.4 percent in the second quarter of fiscal
2024, an increase of 260 basis points compared to the prior year.
ISG adjusted operating profit was $14.3 million in the second
quarter of fiscal 2024, an increase of $3.5 million compared
to the prior year. ISG adjusted operating profit as a percent of
ISG net sales was 21.0 percent in the second quarter of fiscal
2024, an increase of 240 basis points compared to the prior
year.
Cash Flow and Capital
Allocation
Net cash from operating activities was
$292.6 million for the first half of fiscal 2024, a decrease
of $13.8 million compared to the prior year.
Year-to-Date, the Company repurchased
approximately 370,000 shares of common stock for a total of
approximately $68 million.
Today's Call Details
The Company will host a conference call at 8:00
a.m. (ET) today, Wednesday, April 3, 2024. Neil Ashe, Chairman,
President and Chief Executive Officer of Acuity Brands, Inc. will
lead the call. The conference call and earnings release can be
accessed via the Investor Relations section of the Company's
website at www.investors.acuitybrands.com. A replay of the call
will also be posted to the Investor Relations website within two
hours of the completion of the conference call and will be
available on the website for a limited time.
About Acuity Brands
Acuity Brands, Inc. (NYSE: AYI) is a
market-leading industrial technology company. We use technology to
solve problems in spaces, light, and more things to come. Through
our two business segments, Acuity Brands Lighting and Lighting
Controls (ABL) and the Intelligent Spaces Group (ISG), we design,
manufacture, and bring to market products and services that make a
valuable difference in people’s lives.
We achieve growth through the development of
innovative new products and services, including lighting, lighting
controls, building management solutions, and location-aware
applications. We achieve customer-focused efficiencies that allow
us to increase market share and deliver superior returns. We look
to aggressively deploy capital to grow the business and to enter
attractive new verticals.
Acuity Brands, Inc. is based in Atlanta,
Georgia, with operations across North America, Europe, and Asia.
The Company is powered by approximately 12,000 dedicated and
talented associates. Visit us at www.acuitybrands.com.
Non-GAAP Financial Measures
This news release includes the following
non-generally accepted accounting principles (“GAAP”) financial
measures: “adjusted operating profit” and “adjusted operating
profit margin” for total company and by segment; “adjusted net
income;” “adjusted diluted EPS;” “earnings before interest, taxes,
depreciation, and amortization (“EBITDA”);” and “adjusted EBITDA”.
These non-GAAP financial measures are provided to enhance the
reader's overall understanding of the Company's current financial
performance and prospects for the future. Specifically, management
believes that these non-GAAP measures provide useful information to
investors by excluding or adjusting items for amortization of
acquired intangible assets, share-based payment expense, loss on
sale of business, and special charges associated with continued
efforts to streamline the organization and integrate recent
acquisitions.
We also provide “free cash flow” (“FCF”) to
enhance the reader’s understanding of the Company’s ability to
generate additional cash from its business.
Management typically adjusts for these items for
internal reviews of performance and uses the above non-GAAP
measures for baseline comparative operational analysis, decision
making, and other activities. Management believes these non-GAAP
measures provide greater comparability and enhanced visibility into
the Company’s results of operations as well as comparability with
many of its peers, especially those companies focused more on
technology and software. Non-GAAP financial measures included in
this news release should be considered in addition to, and not as a
substitute for or superior to, results prepared in accordance with
GAAP.
The most directly comparable GAAP measures for
adjusted operating profit and adjusted operating profit margin for
total company and by segment are “operating profit” and “operating
profit margin,” respectively, for total company and by segment,
which include the impact of amortization of acquired intangible
assets, share-based payment expense, and special charges. Adjusted
operating profit margin is adjusted operating profit divided by net
sales for total company and by segment. The most directly
comparable GAAP measures for adjusted net income and adjusted
diluted EPS are “net income” and “diluted EPS,” respectively, which
include the impact of amortization of acquired intangible assets,
loss on sale of business, share-based payment expense, and special
charges. Adjusted diluted EPS is adjusted net income divided by
diluted weighted average shares outstanding. The most directly
comparable GAAP measure for EBITDA is “net income”, which includes
the impact of net interest expense, income taxes, depreciation, and
amortization of acquired intangible assets. EBITDA margin is EBITDA
divided by net sales for total company. The most directly
comparable GAAP measure for adjusted EBITDA is “net income”, which
includes the impact of net interest expense, income taxes,
depreciation, amortization of acquired intangible assets,
share-based payment expense, special charges, and miscellaneous
(income) expense, net. Adjusted EBITDA margin is Adjusted EBITDA
divided by net sales for total company. A reconciliation of each
measure to the most directly comparable GAAP measure is available
in this news release.
The Company defines FCF as net cash provided by
operating activities less purchases of property, plant and
equipment. A calculation of this measure is available in this news
release.
The Company’s non-GAAP financial measures may
not be comparable to similarly titled non-GAAP financial measures
used by other companies, have limitations as an analytical tool,
and should not be considered in isolation or as a substitute for
GAAP financial measures. Our presentation of such measures, which
may include adjustments to exclude unusual or non-recurring items,
should not be construed as an inference that our future results
will be unaffected by other unusual or non-recurring items.
Forward-Looking Information
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 (the “Act”).
Forward-looking statements use words such as “expect,” “believe,”
“intend,” “anticipate,” “indicative,” “projection,” “predict,”
“plan,” “may,” “could,” “should,” “would,” “potential,” and words
of similar meaning, as well as other words or expressions
referencing future events, conditions, or circumstances. We intend
these forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Act.
Statements that describe or relate to the Company’s plans, goals,
intentions, strategies, or financial outlook, and statements that
do not relate to historical or current fact, are examples of
forward-looking statements. Forward-looking statements are not
guarantees of future performance. Our forward-looking statements
are based on our current beliefs, expectations, and assumptions,
which may not prove to be accurate, and are subject to known and
unknown risks and uncertainties, many of which are outside of our
control. These risks and uncertainties could cause actual results
to differ materially from our historical experience and
management’s present expectations or projections. These risks and
uncertainties are discussed in our filings with the U.S. Securities
and Exchange Commission, including our most recent annual report on
Form 10-K (including, but not limited to, Part I, Item 1A Risk
Factors), quarterly reports on Form 10-Q, and current reports on
Form 8-K. Any forward-looking statement speaks only as of the date
on which it is made. You are cautioned not to place undue reliance
on any forward-looking statements. Except as required by law, we
undertake no obligation to publicly update or release any revisions
to these forward-looking statements to reflect any events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events, whether as a result of new
information, future events, or otherwise.
Investor Contact:Charlotte
McLaughlinVice President, Investor Relations(404)
853-1456investorrelations@acuitybrands.com
Media Contact:April ApplingVice
President, Corporate
Communicationscorporatecommunications@acuitybrands.com
ACUITY BRANDS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In millions, except per-share data)
|
February 29, 2024 |
|
August 31, 2023 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
578.9 |
|
|
$ |
397.9 |
|
Accounts receivable, less reserve for doubtful accounts of $1.2 and
$1.3, respectively |
|
494.9 |
|
|
|
555.3 |
|
Inventories |
|
375.8 |
|
|
|
368.5 |
|
Prepayments and other current assets |
|
97.2 |
|
|
|
73.5 |
|
Total current assets |
|
1,546.8 |
|
|
|
1,395.2 |
|
Property, plant, and equipment,
net |
|
296.0 |
|
|
|
297.6 |
|
Operating lease right-of-use
assets |
|
76.2 |
|
|
|
84.1 |
|
Goodwill |
|
1,097.1 |
|
|
|
1,097.9 |
|
Intangible assets, net |
|
462.9 |
|
|
|
481.2 |
|
Deferred income taxes |
|
0.8 |
|
|
|
3.0 |
|
Other long-term assets |
|
46.0 |
|
|
|
49.5 |
|
Total assets |
$ |
3,525.8 |
|
|
$ |
3,408.5 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
322.4 |
|
|
$ |
285.7 |
|
Current operating lease liabilities |
|
19.6 |
|
|
|
19.7 |
|
Accrued compensation |
|
83.9 |
|
|
|
103.3 |
|
Other current liabilities |
|
172.0 |
|
|
|
186.7 |
|
Total current liabilities |
|
597.9 |
|
|
|
595.4 |
|
Long-term debt |
|
495.9 |
|
|
|
495.6 |
|
Long-term operating lease
liabilities |
|
67.5 |
|
|
|
75.5 |
|
Accrued pension liabilities |
|
38.7 |
|
|
|
38.4 |
|
Deferred income taxes |
|
42.3 |
|
|
|
59.0 |
|
Other long-term liabilities |
|
133.9 |
|
|
|
129.2 |
|
Total liabilities |
|
1,376.2 |
|
|
|
1,393.1 |
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.01 par value per share; 50.0 shares
authorized; none issued |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value per share; 500.0 shares
authorized; 54.6 and 54.4 issued, respectively |
|
0.5 |
|
|
|
0.5 |
|
Paid-in capital |
|
1,087.7 |
|
|
|
1,066.8 |
|
Retained earnings |
|
3,686.4 |
|
|
|
3,505.4 |
|
Accumulated other comprehensive loss |
|
(112.7 |
) |
|
|
(112.6 |
) |
Treasury stock, at cost, of 23.7 and 23.4 shares, respectively |
|
(2,512.3 |
) |
|
|
(2,444.7 |
) |
Total stockholders’ equity |
|
2,149.6 |
|
|
|
2,015.4 |
|
Total liabilities and stockholders’ equity |
$ |
3,525.8 |
|
|
$ |
3,408.5 |
|
|
|
|
|
|
|
|
|
ACUITY BRANDS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)(In millions, except per-share data)
|
Three Months Ended |
|
Six Months Ended |
|
February 29, 2024 |
|
February 28, 2023 |
|
February 29, 2024 |
|
February 28, 2023 |
Net sales |
$ |
905.9 |
|
|
$ |
943.6 |
|
|
$ |
1,840.6 |
|
$ |
1,941.5 |
Cost of products sold |
|
493.5 |
|
|
|
536.9 |
|
|
|
999.8 |
|
|
1,118.3 |
Gross profit |
|
412.4 |
|
|
|
406.7 |
|
|
|
840.8 |
|
|
823.2 |
Selling, distribution, and
administrative expenses |
|
294.3 |
|
|
|
295.2 |
|
|
|
589.8 |
|
|
595.9 |
Special charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
6.9 |
Operating profit |
|
118.1 |
|
|
|
111.5 |
|
|
|
251.0 |
|
|
220.4 |
Other expense: |
|
|
|
|
|
|
|
Interest (income) expense, net |
|
(0.1 |
) |
|
|
5.7 |
|
|
|
0.8 |
|
|
12.3 |
Miscellaneous expense (income), net |
|
0.6 |
|
|
|
(3.7 |
) |
|
|
1.7 |
|
|
5.4 |
Total other expense |
|
0.5 |
|
|
|
2.0 |
|
|
|
2.5 |
|
|
17.7 |
Income before income taxes |
|
117.6 |
|
|
|
109.5 |
|
|
|
248.5 |
|
|
202.7 |
Income tax expense |
|
28.4 |
|
|
|
26.3 |
|
|
|
58.7 |
|
|
44.6 |
Net income |
$ |
89.2 |
|
|
$ |
83.2 |
|
|
$ |
189.8 |
|
$ |
158.1 |
|
|
|
|
|
|
|
|
Earnings per share(1): |
|
|
|
|
|
|
|
Basic earnings per share |
$ |
2.89 |
|
|
$ |
2.60 |
|
|
$ |
6.13 |
|
$ |
4.91 |
Basic weighted average number of shares outstanding |
|
30.864 |
|
|
|
32.048 |
|
|
|
30.940 |
|
|
32.178 |
Diluted earnings per share |
$ |
2.84 |
|
|
$ |
2.57 |
|
|
$ |
6.05 |
|
$ |
4.86 |
Diluted weighted average number of shares outstanding |
|
31.399 |
|
|
|
32.386 |
|
|
|
31.388 |
|
|
32.545 |
Dividends declared per share |
$ |
0.15 |
|
|
$ |
0.13 |
|
|
$ |
0.28 |
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Earnings per share is calculated using unrounded numbers.
Amounts in the table may not recalculate exactly due to
rounding.
ACUITY BRANDS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited)(In millions)
|
Six Months Ended |
|
February 29, 2024 |
|
February 28, 2023 |
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
189.8 |
|
|
$ |
158.1 |
|
Adjustments to reconcile net income to cash flows from operating
activities: |
|
|
|
Depreciation and amortization |
|
45.6 |
|
|
|
48.5 |
|
Share-based payment expense |
|
23.1 |
|
|
|
22.0 |
|
Loss on the sale or disposal of property, plant, and equipment |
|
0.3 |
|
|
|
— |
|
Asset impairment |
|
— |
|
|
|
4.3 |
|
Loss on sale of a business |
|
— |
|
|
|
11.2 |
|
Changes in operating assets and liabilities, net of acquisitions
and divestitures: |
|
|
|
Accounts receivable |
|
60.1 |
|
|
|
142.6 |
|
Inventories |
|
(4.7 |
) |
|
|
44.5 |
|
Prepayments and other current assets |
|
(23.0 |
) |
|
|
(1.7 |
) |
Accounts payable |
|
39.2 |
|
|
|
(69.1 |
) |
Other operating activities |
|
(37.8 |
) |
|
|
(54.0 |
) |
Net cash provided by operating activities |
|
292.6 |
|
|
|
306.4 |
|
Cash flows from investing
activities: |
|
|
|
Purchases of property, plant, and equipment |
|
(29.0 |
) |
|
|
(35.6 |
) |
Other investing activities |
|
(3.7 |
) |
|
|
6.4 |
|
Net cash used for investing activities |
|
(32.7 |
) |
|
|
(29.2 |
) |
Cash flows from financing
activities: |
|
|
|
Repayments on credit facility, net of borrowings |
|
— |
|
|
|
(18.0 |
) |
Repurchases of common stock |
|
(67.8 |
) |
|
|
(121.7 |
) |
Proceeds from stock option exercises and other |
|
7.0 |
|
|
|
1.7 |
|
Payments of taxes withheld on net settlement of equity awards |
|
(9.4 |
) |
|
|
(12.9 |
) |
Dividends paid |
|
(8.8 |
) |
|
|
(8.5 |
) |
Net cash used for financing activities |
|
(79.0 |
) |
|
|
(159.4 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
0.1 |
|
|
|
(2.0 |
) |
Net change in cash and cash
equivalents |
|
181.0 |
|
|
|
115.8 |
|
Cash and cash equivalents at
beginning of period |
|
397.9 |
|
|
|
223.2 |
|
Cash and cash equivalents at
end of period |
$ |
578.9 |
|
|
$ |
339.0 |
|
|
|
|
|
|
|
|
|
ACUITY BRANDS,
INC.DISAGGREGATED NET SALES(In
millions)
The following tables show net sales by channel
for the periods presented:
|
Three Months Ended |
|
|
|
February 29, 2024 |
|
February 28, 2023 |
|
Increase (Decrease) |
|
Percent Change |
ABL: |
|
|
|
|
|
|
|
Independent sales network |
$ |
612.3 |
|
|
$ |
635.3 |
|
|
$ |
(23.0 |
) |
|
(3.6)% |
Direct sales network |
|
93.0 |
|
|
|
94.7 |
|
|
|
(1.7 |
) |
|
(1.8)% |
Retail sales |
|
46.4 |
|
|
|
50.4 |
|
|
|
(4.0 |
) |
|
(7.9)% |
Corporate accounts |
|
38.1 |
|
|
|
54.0 |
|
|
|
(15.9 |
) |
|
(29.4)% |
Original equipment manufacturer and other |
|
53.7 |
|
|
|
56.4 |
|
|
|
(2.7 |
) |
|
(4.8)% |
Total ABL |
|
843.5 |
|
|
|
890.8 |
|
|
|
(47.3 |
) |
|
(5.3)% |
ISG |
|
68.1 |
|
|
|
58.2 |
|
|
|
9.9 |
|
|
17.0 |
% |
Eliminations |
|
(5.7 |
) |
|
|
(5.4 |
) |
|
|
(0.3 |
) |
|
5.6 |
% |
Total |
$ |
905.9 |
|
|
$ |
943.6 |
|
|
$ |
(37.7 |
) |
|
(4.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
February 29, 2024 |
|
February 28, 2023 |
|
Increase (Decrease) |
|
Percent Change |
ABL: |
|
|
|
|
|
|
|
Independent sales network |
$ |
1,237.5 |
|
|
$ |
1,309.0 |
|
|
$ |
(71.5 |
) |
|
(5.5)% |
Direct sales network |
|
190.4 |
|
|
|
201.1 |
|
|
|
(10.7 |
) |
|
(5.3)% |
Retail sales |
|
102.0 |
|
|
|
100.3 |
|
|
|
1.7 |
|
|
1.7 |
% |
Corporate accounts |
|
79.6 |
|
|
|
103.1 |
|
|
|
(23.5 |
) |
|
(22.8)% |
Original equipment manufacturer and other |
|
110.4 |
|
|
|
124.4 |
|
|
|
(14.0 |
) |
|
(11.3)% |
Total ABL |
|
1,719.9 |
|
|
|
1,837.9 |
|
|
|
(118.0 |
) |
|
(6.4)% |
ISG |
|
132.3 |
|
|
|
115.0 |
|
|
|
17.3 |
|
|
15.0 |
% |
Eliminations |
|
(11.6 |
) |
|
|
(11.4 |
) |
|
|
(0.2 |
) |
|
1.8 |
% |
Total |
$ |
1,840.6 |
|
|
$ |
1,941.5 |
|
|
$ |
(100.9 |
) |
|
(5.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUITY BRANDS,
INC.Reconciliation of Non-U.S. GAAP
Measures
The tables below reconcile certain GAAP
financial measures to the corresponding non-GAAP measures for total
Company as well as our reportable operating segments (in millions
except per share data):
|
Three Months Ended |
|
|
|
|
|
|
February 29, 2024 |
|
|
|
February 28, 2023 |
|
|
Increase (Decrease) |
|
Percent Change |
Net sales |
$ |
905.9 |
|
|
|
|
$ |
943.6 |
|
|
|
$ |
(37.7 |
) |
|
(4.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
$ |
118.1 |
|
|
|
|
$ |
111.5 |
|
|
|
$ |
6.6 |
|
|
5.9 |
% |
Percent of net sales |
|
|
13.0 |
% |
|
|
|
11.8 |
% |
|
120 |
|
|
bps |
Add-back: Amortization of acquired intangible assets |
|
10.0 |
|
|
|
|
|
9.3 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
12.0 |
|
|
|
|
|
11.3 |
|
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
$ |
140.1 |
|
|
|
|
$ |
132.1 |
|
|
|
$ |
8.0 |
|
|
6.1 |
% |
Percent of net sales (Non-GAAP) |
|
|
15.5 |
% |
|
|
|
14.0 |
% |
|
150 |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
89.2 |
|
|
|
|
$ |
83.2 |
|
|
|
$ |
6.0 |
|
|
7.2 |
% |
Add-back: Amortization of acquired intangible assets |
|
10.0 |
|
|
|
|
|
9.3 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
12.0 |
|
|
|
|
|
11.3 |
|
|
|
|
|
|
Total pre-tax adjustments to net income |
|
22.0 |
|
|
|
|
|
20.6 |
|
|
|
|
|
|
Income tax effects |
|
(5.1 |
) |
|
|
|
|
(4.8 |
) |
|
|
|
|
|
Adjusted net income
(Non-GAAP) |
$ |
106.1 |
|
|
|
|
$ |
99.0 |
|
|
|
$ |
7.1 |
|
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(GAAP) |
$ |
2.84 |
|
|
|
|
$ |
2.57 |
|
|
|
$ |
0.27 |
|
|
10.5 |
% |
Adjusted diluted earnings per
share (Non-GAAP) |
$ |
3.38 |
|
|
|
|
$ |
3.06 |
|
|
|
$ |
0.32 |
|
|
10.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
89.2 |
|
|
|
|
$ |
83.2 |
|
|
|
$ |
6.0 |
|
|
7.2 |
% |
Percent of net sales |
|
|
9.8 |
% |
|
|
|
8.8 |
% |
|
100 |
|
|
bps |
Interest (income) expense, net |
|
(0.1 |
) |
|
|
|
|
5.7 |
|
|
|
|
|
|
Income tax expense |
|
28.4 |
|
|
|
|
|
26.3 |
|
|
|
|
|
|
Depreciation |
|
12.9 |
|
|
|
|
|
12.7 |
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
10.0 |
|
|
|
|
|
9.3 |
|
|
|
|
|
|
EBITDA (Non-GAAP) |
|
140.4 |
|
|
|
|
|
137.2 |
|
|
|
$ |
3.2 |
|
|
2.3 |
% |
Percent of net sales (Non-GAAP) |
|
|
15.5 |
% |
|
|
|
14.5 |
% |
|
100 |
|
|
bps |
Share-based payment expense |
|
12.0 |
|
|
|
|
|
11.3 |
|
|
|
|
|
|
Miscellaneous expense (income), net |
|
0.6 |
|
|
|
|
|
(3.7 |
) |
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP) |
$ |
153.0 |
|
|
|
|
$ |
144.8 |
|
|
|
$ |
8.2 |
|
|
5.7 |
% |
Percent of net sales (Non-GAAP) |
|
|
16.9 |
% |
|
|
|
15.3 |
% |
|
160 |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
ABL |
|
February 29, 2024 |
|
February 28, 2023 |
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
843.5 |
|
|
$ |
890.8 |
|
|
$ |
(47.3 |
) |
|
(5.3)% |
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
|
$ |
126.0 |
|
|
$ |
123.6 |
|
|
$ |
2.4 |
|
|
1.9 |
% |
Add-back: Amortization of acquired intangible assets |
|
|
6.6 |
|
|
|
6.2 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
|
3.8 |
|
|
|
3.5 |
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
|
$ |
136.4 |
|
|
$ |
133.3 |
|
|
$ |
3.1 |
|
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin
(GAAP) |
|
|
14.9 |
% |
|
|
13.9 |
% |
|
|
100 |
|
|
bps |
Adjusted operating profit
margin (Non-GAAP) |
|
|
16.2 |
% |
|
|
15.0 |
% |
|
|
120 |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
ISG |
|
February 29, 2024 |
|
February 28, 2023 |
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
68.1 |
|
|
$ |
58.2 |
|
|
$ |
9.9 |
|
17.0 |
% |
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
|
$ |
9.1 |
|
|
$ |
6.3 |
|
|
$ |
2.8 |
|
44.4 |
% |
Add-back: Amortization of acquired intangible assets |
|
|
3.4 |
|
|
|
3.1 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
|
1.8 |
|
|
|
1.4 |
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
|
$ |
14.3 |
|
|
$ |
10.8 |
|
|
$ |
3.5 |
|
32.4 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin
(GAAP) |
|
|
13.4 |
% |
|
|
10.8 |
% |
|
|
260 |
|
bps |
Adjusted operating profit
margin (Non-GAAP) |
|
|
21.0 |
% |
|
|
18.6 |
% |
|
|
240 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except per share
data) |
Six Months Ended |
|
|
|
|
|
|
February 29, 2024 |
|
|
|
February 28, 2023 |
|
|
|
Increase (Decrease) |
Percent Change |
Net sales |
$ |
1,840.6 |
|
|
|
|
$ |
1,941.5 |
|
|
|
|
$ |
(100.9 |
) |
(5.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
$ |
251.0 |
|
|
|
|
$ |
220.4 |
|
|
|
|
$ |
30.6 |
|
13.9 |
% |
Percent of net sales |
|
|
13.6 |
% |
|
|
|
11.4 |
% |
|
|
220 |
|
bps |
Add-back: Amortization of acquired intangible assets(1) |
|
19.9 |
|
|
|
|
|
22.9 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
23.1 |
|
|
|
|
|
22.0 |
|
|
|
|
|
|
Add-back: Special charges |
|
— |
|
|
|
|
|
6.9 |
|
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
$ |
294.0 |
|
|
|
|
$ |
272.2 |
|
|
|
|
$ |
21.8 |
|
8.0 |
% |
Percent of net sales |
|
|
16.0 |
% |
|
|
|
14.0 |
% |
|
|
200 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
189.8 |
|
|
|
|
$ |
158.1 |
|
|
|
|
$ |
31.7 |
|
20.1 |
% |
Add-back: Amortization of acquired intangible asset(1) |
|
19.9 |
|
|
|
|
|
22.9 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
23.1 |
|
|
|
|
|
22.0 |
|
|
|
|
|
|
Add-back: Loss on sale of a business |
|
— |
|
|
|
|
|
11.2 |
|
|
|
|
|
|
Add-back: Special charges |
|
— |
|
|
|
|
|
6.9 |
|
|
|
|
|
|
Total pre-tax adjustments to net income |
|
43.0 |
|
|
|
|
|
63.0 |
|
|
|
|
|
|
Income tax effect |
|
(9.9 |
) |
|
|
|
|
(14.6 |
) |
|
|
|
|
|
Adjusted net income
(Non-GAAP) |
$ |
222.9 |
|
|
|
|
$ |
206.5 |
|
|
|
|
$ |
16.4 |
|
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(GAAP) |
$ |
6.05 |
|
|
|
|
$ |
4.86 |
|
|
|
|
$ |
1.19 |
|
24.5 |
% |
Adjusted diluted earnings per
share (Non-GAAP) |
$ |
7.10 |
|
|
|
|
$ |
6.35 |
|
|
|
|
$ |
0.75 |
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
189.8 |
|
|
|
|
$ |
158.1 |
|
|
|
|
$ |
31.7 |
|
20.1 |
% |
Percent of net sales |
|
|
10.3 |
% |
|
|
|
8.1 |
% |
|
|
220 |
|
bps |
Interest expense, net |
|
0.8 |
|
|
|
|
|
12.3 |
|
|
|
|
|
|
Income tax expense |
|
58.7 |
|
|
|
|
|
44.6 |
|
|
|
|
|
|
Depreciation |
|
25.7 |
|
|
|
|
|
25.6 |
|
|
|
|
|
|
Amortization |
|
19.9 |
|
|
|
|
|
22.9 |
|
|
|
|
|
|
EBITDA (Non-GAAP) |
|
294.9 |
|
|
|
|
|
263.5 |
|
|
|
|
$ |
31.4 |
|
11.9 |
% |
Percent of net sales |
|
|
16.0 |
% |
|
|
|
13.6 |
% |
|
|
240 |
|
bps |
Share-based payment expense |
|
23.1 |
|
|
|
|
|
22.0 |
|
|
|
|
|
|
Miscellaneous expense, net |
|
1.7 |
|
|
|
|
|
5.4 |
|
|
|
|
|
|
Special charges |
|
— |
|
|
|
|
|
6.9 |
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP) |
$ |
319.7 |
|
|
|
|
$ |
297.8 |
|
|
|
|
$ |
21.9 |
|
7.4 |
% |
Percent of net sales |
|
|
17.4 |
% |
|
|
|
15.3 |
% |
|
|
210 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amortization expense for the first six
months of fiscal 2023 includes accelerated amortization of $4.0
million for certain discontinued brands.
|
|
Six Months Ended |
|
|
|
|
ABL |
|
February 29, 2024 |
|
February 28, 2023 |
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
1,719.9 |
|
|
$ |
1,837.9 |
|
|
$ |
(118.0 |
) |
|
(6.4)% |
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
269.8 |
|
|
$ |
241.7 |
|
|
$ |
28.1 |
|
|
11.6 |
% |
Add-back: Amortization of acquired intangible assets (1) |
|
|
13.1 |
|
|
|
16.7 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
|
7.3 |
|
|
|
6.8 |
|
|
|
|
|
Add-back: Special charges |
|
|
— |
|
|
|
6.9 |
|
|
|
|
|
Adjusted operating profit |
|
$ |
290.2 |
|
|
$ |
272.1 |
|
|
$ |
18.1 |
|
|
6.7 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
|
15.7 |
% |
|
|
13.2 |
% |
|
|
250 |
|
|
bps |
Adjusted operating profit
margin |
|
|
16.9 |
% |
|
|
14.8 |
% |
|
|
210 |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amortization expense for the first six
months of fiscal 2023 includes accelerated amortization of $4.0
million for certain discontinued brands.
|
|
Six Months Ended |
|
|
|
|
ISG |
|
February 29, 2024 |
|
February 28, 2023 |
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
132.3 |
|
|
$ |
115.0 |
|
|
$ |
17.3 |
|
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
14.4 |
|
|
$ |
14.0 |
|
|
$ |
0.4 |
|
|
2.9 |
% |
Add-back: Amortization of acquired intangible assets |
|
|
6.8 |
|
|
|
6.2 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
|
3.4 |
|
|
|
2.7 |
|
|
|
|
|
Adjusted operating profit |
|
$ |
24.6 |
|
|
$ |
22.9 |
|
|
$ |
1.7 |
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
|
10.9 |
% |
|
|
12.2 |
% |
|
|
(130 |
) |
|
bps |
Adjusted operating profit
margin |
|
|
18.6 |
% |
|
|
19.9 |
% |
|
|
(130 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
February 29, 2024 |
|
February 28, 2023 |
|
Increase (Decrease) |
|
Percent Change |
Net cash provided by operating activities (GAAP) |
$ |
292.6 |
|
|
$ |
306.4 |
|
|
$ |
(13.8 |
) |
|
(4.5)% |
Less: Purchases of property, plant, and equipment |
|
(29.0 |
) |
|
|
(35.6 |
) |
|
|
|
|
Free cash flow (Non-GAAP) |
$ |
263.6 |
|
|
$ |
270.8 |
|
|
$ |
(7.2 |
) |
|
(2.7)% |
Acuity Brands (NYSE:AYI)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Acuity Brands (NYSE:AYI)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024