Acuity Brands, Inc. (NYSE: AYI) (the "Company") a market-leading
industrial technology company announced net sales of $926.1 million
for the first quarter of fiscal 2022 ended November 30, 2021, an
increase of $134.1 million or 16.9 percent, compared to the same
period in fiscal 2021. Diluted earnings per share "EPS" was $2.46,
an increase of 56.7 percent over the prior year.
"I am proud of our performance in the first
quarter of fiscal 2022. Our team delivered sales growth of 17%,
expanded our operating profit margin by 160 basis points and
increased diluted EPS by 57% despite global supply chain challenges
and unpredictable market conditions,” stated Neil Ashe, Chairman,
President and Chief Executive Officer of Acuity Brands, Inc. "Our
performance demonstrates that by prioritizing customers we are
driving sales growth and turning that into operating income while
continuing to invest in the long-term growth and transformation of
the Company."
Gross profit of $385.8 million for the first
quarter of fiscal 2022 increased $53.4 million, or 16.1 percent,
over the prior year, driven by revenue growth as well as our
ability to largely offset the significant increase in material and
freight costs through price increases and product and productivity
improvements. Gross profit as a percent of sales was 41.7 percent
for the first quarter of fiscal 2022, a decrease of 30 basis points
from 42.0 percent over the prior year.
Operating profit of $115.1 million for the first
quarter of fiscal 2022 increased $29.4 million, or 34.3 percent
over the prior year. Operating profit was 12.4 percent of net sales
for the first quarter of fiscal 2022, an increase of 160 basis
points from 10.8 percent over the prior year. The improvement in
operating profit margin was due primarily to improved leveraging of
our operating costs.
Adjusted operating profit of $133.0 million for
the first quarter of fiscal 2022 increased $28.8 million, or 27.6
percent over the prior year. Adjusted operating profit was 14.4
percent of net sales for the first quarter of fiscal 2022, an
increase of 120 basis points from 13.2 percent in the prior
year.
Net income of $87.6 million for the first
quarter of fiscal 2022 increased $28.0 million, or 47.0 percent,
over the prior year. Diluted earnings per share of $2.46 for the
first quarter of fiscal 2022 increased $0.89, or 56.7 percent, from
$1.57 in the prior year.
Adjusted net income of $101.3 million increased
$24.4 million, or 31.7 percent, over the prior year. Adjusted
diluted earnings per share of $2.85 increased $0.82, or 40.4
percent, from $2.03 in the prior year.
Segment Performance
Acuity Brands Lighting and Lighting Controls
("ABL")
ABL generated net sales of $883.6 million for
the first quarter of fiscal 2022, an increase of $130.0 million or
17.3 percent, over the prior year with acquisitions contributing
less than 4% to current year sales growth.
- Net sales of $636.8
million in the Independent Sales Network and $90.0 million in the
Direct Sales Network increased 13.8 percent and12.4 percent,
respectively, over the prior year.
- Sales in the
Corporate Accounts channel of $37.0 million increased 61.6 percent
over the prior year as large accounts continuing to carry out
previously deferred maintenance and renovations.
- Retail sales of
$46.9 million declined 16.3 percent over the prior year.
Operating profit was $128.1 million for the
first quarter of fiscal 2022, an increase of $29.7 million or 30.2
percent over the prior year. Adjusted operating profit was $138.2
million for the first quarter of fiscal 2022, an increase of $29.9
million or 27.6 percent, over the prior year.
Intelligent Spaces Group ("ISG")
ISG generated net sales of $46.4 million for the
first quarter of fiscal 2022, an increase of $5.6 million or 13.7
percent over the prior year.
Operating profit was $2.0 million for the first
quarter of fiscal 2022, an increase of $2.1 million over the prior
year. Adjusted operating profit was $6.1 million for the first
quarter of fiscal 2022, an increase of $2.4 million or 64.9 percent
over the prior year.
Cash Flow and Capital
Allocation
Net cash from operating activities of $83.7
million decreased $40.2 million, or 32.4 percent for the first
three months of fiscal 2022 compared to the same period in the
prior year. This decline primarily reflects the increased working
capital to support the growth of the business, timing of income tax
payments, and the prior year deferral of withholding taxes under
the CARES Act.
During the first three months of 2022, the
Company repurchased 0.3 million shares of common stock for a total
of $52.8 million at an average price of $175.75 per share. The
Company had approximately 3.5 million shares remaining under its
most recent share purchase authorization at the end of the first
fiscal quarter of 2022. Since May of 2020, the Company has reduced
the outstanding share count by approximately 12 percent.
Today's Call Details
The Company is planning to host a conference
call at 8:00 a.m. (ET) today, Friday, January 7th, 2022. 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 site within two hours
of the completion of the conference call and will be available on
the site 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 and light. 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 the world more
brilliant, productive, and connected. We achieve growth through the
development of innovative new products and services, including
lighting, lighting controls, building management systems, and
location-aware applications.
Acuity Brands, Inc. achieves customer-focused
efficiencies that allow the Company to increase market share and
deliver superior returns. The Company looks 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 13,500 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”);” “adjusted EBITDA'” and
“free cash flow (“FCF”)”. 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 acquisition-related items, amortization of
acquired intangible assets, share-based payment expense, impairment
on investment, and special charges associated with continued
efforts to streamline the organization and integrate recent
acquisitions. FCF is provided 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. 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, share-based payment expense, an impairment of
investment, and special charges. The most directly comparable GAAP
measure for FCF is “net cash provided by operating activities.” The
most directly comparable GAAP measure for EBITDA and adjusted
EBITDA is “net income”, which include the impact of net interest
expense, income taxes, depreciation, amortization of acquired
intangible assets, share-based payment expense, special charges,
and miscellaneous expense, net. The most directly comparable GAAP
measure for FCF is “net cash provided by operating activities.” A
reconciliation of each measure to the most directly comparable GAAP
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, that are based on management’s beliefs and
assumptions and information currently available to management.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond our control. We
caution you that the forward-looking information presented in this
press release is not a guarantee of future events, and that actual
events may differ materially from those made in or suggested by the
forward-looking information contained in this press release. In
addition, forward-looking statements are statements other than
those of historical fact and may include statements relating to
goals, plans, market conditions and projections regarding Acuity
Brands' strategy, and specifically include statements made in this
press release regarding: long term growth and transformation.
Generally, forward-looking statements can be identified by the use
of forward-looking terminology such as “may,” “plan,” “seek,”
“comfortable with,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe” or “continue” or the negative thereof or
variations thereon or similar terminology. A number of important
factors could cause actual events to differ materially from those
contained in or implied by the forward-looking statements,
including those factors discussed in our annual report on Form 10-K
for the fiscal year ended August 31, 2021, filed on October 27,
2021 and those described from time to time in our other filings
with the U.S. Securities and Exchange Commission (the “SEC”), which
can be found at the SEC’s website www.sec.gov. Any forward-looking
information presented herein is made only as of the date of this
press release, and we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of events, or otherwise.
ACUITY BRANDS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In millions)
|
November 30, 2021 |
|
August 31, 2021 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
504.0 |
|
|
$ |
491.3 |
|
Accounts receivable, less reserve for doubtful accounts of $1.0 and
$1.2, respectively |
529.3 |
|
|
571.8 |
|
Inventories |
439.7 |
|
|
398.7 |
|
Prepayments and other current assets |
126.9 |
|
|
82.5 |
|
Total current assets |
1,599.9 |
|
|
1,544.3 |
|
Property, plant, and
equipment, net |
261.0 |
|
|
269.1 |
|
Operating lease right-of-use
assets |
54.7 |
|
|
58.0 |
|
Goodwill |
1,091.0 |
|
|
1,094.7 |
|
Intangible assets, net |
561.8 |
|
|
573.2 |
|
Deferred income taxes |
1.9 |
|
|
1.9 |
|
Other long-term assets |
35.3 |
|
|
33.9 |
|
Total assets |
$ |
3,605.6 |
|
|
$ |
3,575.1 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
409.3 |
|
|
$ |
391.5 |
|
Current operating lease liabilities |
15.6 |
|
|
15.9 |
|
Accrued compensation |
67.7 |
|
|
95.3 |
|
Other accrued liabilities |
202.6 |
|
|
189.5 |
|
Total current liabilities |
695.2 |
|
|
692.2 |
|
Long-term debt |
494.5 |
|
|
494.3 |
|
Long-term operating lease
liabilities |
44.0 |
|
|
46.7 |
|
Accrued pension
liabilities |
52.8 |
|
|
60.2 |
|
Deferred income taxes |
100.6 |
|
|
101.0 |
|
Other long-term
liabilities |
145.6 |
|
|
136.2 |
|
Total liabilities |
1,532.7 |
|
|
1,530.6 |
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.01 par value; 50,000,000 shares
authorized; none issued |
— |
|
|
— |
|
Common stock, $0.01 par value; 500,000,000 shares
authorized; 54,180,355 and 54,018,978 issued, respectively |
0.5 |
|
|
0.5 |
|
Paid-in capital |
1,004.6 |
|
|
995.6 |
|
Retained earnings |
2,893.2 |
|
|
2,810.3 |
|
Accumulated other comprehensive loss |
(108.9 |
) |
|
(98.2 |
) |
Treasury stock, at cost, of 19,127,037 and 18,826,611 shares,
respectively |
(1,716.5 |
) |
|
(1,663.7 |
) |
Total stockholders’ equity |
2,072.9 |
|
|
2,044.5 |
|
Total liabilities and stockholders’ equity |
$ |
3,605.6 |
|
|
$ |
3,575.1 |
|
ACUITY BRANDS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)(In millions, except per-share data)
|
Three Months Ended |
|
November 30, 2021 |
|
November 30, 2020 |
Net sales |
$ |
926.1 |
|
$ |
792.0 |
Cost of products sold |
540.3 |
|
459.6 |
Gross profit |
385.8 |
|
332.4 |
Selling, distribution, and
administrative expenses |
270.7 |
|
246.0 |
Special charges |
— |
|
0.7 |
Operating profit |
115.1 |
|
85.7 |
Other expense: |
|
|
|
Interest expense, net |
5.9 |
|
4.9 |
Miscellaneous expense, net |
0.3 |
|
1.6 |
Total other expense |
6.2 |
|
6.5 |
Income before income
taxes |
108.9 |
|
79.2 |
Income tax expense |
21.3 |
|
19.6 |
Net income |
$ |
87.6 |
|
$ |
59.6 |
|
|
|
|
Earnings per share: |
|
|
|
Basic earnings per share |
$ |
2.50 |
|
$ |
1.58 |
Basic weighted average number of shares outstanding |
35.1 |
|
37.6 |
Diluted earnings per share |
$ |
2.46 |
|
$ |
1.57 |
Diluted weighted average number of shares outstanding |
35.5 |
|
37.8 |
Dividends declared per
share |
$ |
0.13 |
|
$ |
0.13 |
ACUITY BRANDS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited)(In millions)
|
Three Months Ended |
|
November 30, 2021 |
|
November 30, 2020 |
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
87.6 |
|
|
$ |
59.6 |
|
Adjustments to reconcile net income to net cash flows from
operating activities: |
|
|
|
Depreciation and amortization |
24.3 |
|
|
25.0 |
|
Share-based payment expense |
7.6 |
|
|
7.7 |
|
Asset impairment |
— |
|
|
4.0 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
Accounts receivable |
40.2 |
|
|
56.3 |
|
Inventories |
(41.3 |
) |
|
4.1 |
|
Prepayments and other current assets |
(47.7 |
) |
|
(20.3 |
) |
Accounts payable |
17.7 |
|
|
(9.2 |
) |
Other |
(4.7 |
) |
|
(3.3 |
) |
Net cash provided by operating activities |
83.7 |
|
|
123.9 |
|
Cash flows from investing
activities: |
|
|
|
Purchases of property, plant, and equipment |
(9.3 |
) |
|
(11.4 |
) |
Proceeds from sale of property, plant, and equipment |
— |
|
|
0.4 |
|
Other investing activities |
0.3 |
|
|
(3.1 |
) |
Net cash used for investing activities |
(9.0 |
) |
|
(14.1 |
) |
Cash flows from financing
activities: |
|
|
|
Issuance of long-term debt |
— |
|
|
493.9 |
|
Repayments of long-term debt |
— |
|
|
(395.1 |
) |
Repurchases of common stock |
(56.3 |
) |
|
(255.2 |
) |
Proceeds from stock option exercises and other |
8.6 |
|
|
0.3 |
|
Payments of taxes withheld on net settlement of equity awards |
(6.7 |
) |
|
(3.0 |
) |
Dividends paid |
(4.7 |
) |
|
(5.0 |
) |
Net cash used for financing activities |
(59.1 |
) |
|
(164.1 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
(2.9 |
) |
|
0.6 |
|
Net change in cash and cash
equivalents |
12.7 |
|
|
(53.7 |
) |
Cash and cash equivalents at
beginning of period |
491.3 |
|
|
560.7 |
|
Cash and cash equivalents at
end of period |
$ |
504.0 |
|
|
$ |
507.0 |
|
ACUITY BRANDS,
INC.DISAGGREGATED NET SALES(In
millions)
The following table shows net sales by channel
for the periods presented:
|
Three Months Ended |
|
|
|
November 30, 2021 |
|
November 30, 2020 |
|
Increase (Decrease) |
|
Percent Change |
Acuity Brands Lighting: |
|
|
|
|
|
|
|
Independent sales network |
$ |
636.8 |
|
|
$ |
559.5 |
|
|
$ |
77.3 |
|
|
13.8 |
|
% |
Direct sales network |
90.0 |
|
|
80.1 |
|
|
9.9 |
|
|
12.4 |
|
% |
Retail sales |
46.9 |
|
|
56.0 |
|
|
(9.1 |
) |
|
(16.3 |
) |
% |
Corporate accounts |
37.0 |
|
|
22.9 |
|
|
14.1 |
|
|
61.6 |
|
% |
Other |
72.9 |
|
|
35.1 |
|
|
37.8 |
|
|
107.7 |
|
% |
Total Acuity Brands
Lighting |
883.6 |
|
|
753.6 |
|
|
130.0 |
|
|
17.3 |
|
% |
Intelligent Spaces Group |
46.4 |
|
|
40.8 |
|
|
5.6 |
|
|
13.7 |
|
% |
Eliminations |
(3.9 |
) |
|
(2.4 |
) |
|
(1.5 |
) |
|
62.5 |
|
% |
Total |
$ |
926.1 |
|
|
$ |
792.0 |
|
|
$ |
134.1 |
|
|
16.9 |
|
% |
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 |
|
|
|
|
|
|
November 30, 2021 |
|
|
|
November 30, 2020 |
|
|
|
Increase (Decrease) |
Percent Change |
Net sales |
$ |
926.1 |
|
|
|
|
$ |
792.0 |
|
|
|
|
$ |
134.1 |
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
$ |
115.1 |
|
|
|
|
$ |
85.7 |
|
|
|
|
$ |
29.4 |
|
34.3 |
% |
Percent of net sales |
|
|
12.4 |
% |
|
|
|
10.8 |
% |
|
160 |
|
bps |
Add-back: Amortization of acquired intangible assets |
10.3 |
|
|
|
|
10.1 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
7.6 |
|
|
|
|
7.7 |
|
|
|
|
|
|
Add-back: Special charges |
— |
|
|
|
|
0.7 |
|
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
$ |
133.0 |
|
|
|
|
$ |
104.2 |
|
|
|
|
$ |
28.8 |
|
27.6 |
% |
Percent of net sales |
|
|
14.4 |
% |
|
|
|
13.2 |
% |
|
120 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
87.6 |
|
|
|
|
$ |
59.6 |
|
|
|
|
$ |
28.0 |
|
47.0 |
% |
Add-back: Amortization of acquired intangible assets |
10.3 |
|
|
|
|
10.1 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
7.6 |
|
|
|
|
7.7 |
|
|
|
|
|
|
Add-back: Special charges |
— |
|
|
|
|
0.7 |
|
|
|
|
|
|
Add-back: Impairment of investment |
— |
|
|
|
|
4.0 |
|
|
|
|
|
|
Total pre-tax adjustments to net income |
17.9 |
|
|
|
|
22.5 |
|
|
|
|
|
|
Income tax effects |
(4.2 |
) |
|
|
|
(5.2 |
) |
|
|
|
|
|
Adjusted net income
(Non-GAAP) |
$ |
101.3 |
|
|
|
|
$ |
76.9 |
|
|
|
|
$ |
24.4 |
|
31.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(GAAP) |
$ |
2.46 |
|
|
|
|
$ |
1.57 |
|
|
|
|
$ |
0.89 |
|
56.7 |
% |
Adjusted diluted earnings per
share (Non-GAAP) |
$ |
2.85 |
|
|
|
|
$ |
2.03 |
|
|
|
|
$ |
0.82 |
|
40.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
87.6 |
|
|
|
|
$ |
59.6 |
|
|
|
|
$ |
28.0 |
|
47.0 |
% |
Interest expense, net |
5.9 |
|
|
|
|
4.9 |
|
|
|
|
|
|
Income tax expense |
21.3 |
|
|
|
|
19.6 |
|
|
|
|
|
|
Depreciation |
14.0 |
|
|
|
|
14.9 |
|
|
|
|
|
|
Amortization |
10.3 |
|
|
|
|
10.1 |
|
|
|
|
|
|
EBITDA (Non-GAAP) |
139.1 |
|
|
|
|
109.1 |
|
|
|
|
30.0 |
|
27.5 |
% |
Share-based payment expense |
7.6 |
|
|
|
|
7.7 |
|
|
|
|
|
|
Miscellaneous expense, net |
0.3 |
|
|
|
|
1.6 |
|
|
|
|
|
|
Special charges |
— |
|
|
|
|
0.7 |
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP) |
$ |
147.0 |
|
|
|
|
$ |
119.1 |
|
|
|
|
$ |
27.9 |
|
23.4 |
% |
|
|
Three Months Ended |
|
|
|
|
ABL |
|
November 30, 2021 |
|
November 30, 2020 |
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
883.6 |
|
|
$ |
753.6 |
|
|
$ |
130.0 |
|
|
17.3 |
% |
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
|
128.1 |
|
|
98.4 |
|
|
29.7 |
|
|
30.2 |
% |
Add-back: Amortization of acquired intangible assets |
|
7.1 |
|
|
7.0 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
3.0 |
|
|
2.9 |
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
|
$ |
138.2 |
|
|
$ |
108.3 |
|
|
$ |
29.9 |
|
|
27.6 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin
(GAAP) |
|
14.5 |
% |
|
13.1 |
% |
|
140 |
|
bps |
Adjusted operating profit
margin (Non-GAAP) |
|
15.6 |
% |
|
14.4 |
% |
|
120 |
|
bps |
|
|
Three Months Ended |
|
|
|
|
ISG |
|
November 30, 2021 |
|
November 30, 2020 |
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
46.4 |
|
|
$ |
40.8 |
|
|
|
$ |
5.6 |
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
Operating profit (loss)
(GAAP) |
|
2.0 |
|
|
(0.1 |
) |
|
|
2.1 |
|
|
NM |
Add-back: Amortization of acquired intangible assets |
|
3.2 |
|
|
3.1 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
0.9 |
|
|
0.7 |
|
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
|
$ |
6.1 |
|
|
$ |
3.7 |
|
|
|
$ |
2.4 |
|
|
64.9 |
% |
|
|
|
|
|
|
|
|
|
Operating profit (loss) margin
(GAAP) |
|
4.3 |
% |
|
(0.2 |
) |
% |
|
450 |
|
bps |
Adjusted operating profit
margin (Non-GAAP) |
|
13.1 |
% |
|
9.1 |
|
% |
|
400 |
|
bps |
|
Three Months Ended |
|
|
|
|
November 30, 2021 |
|
November 30, 2020 |
|
Increase (Decrease) |
Percent Change |
Net cash provided by operating activities (GAAP) |
$ |
83.7 |
|
|
$ |
123.9 |
|
|
$ |
(40.2 |
) |
(32.4 |
) |
% |
Less: Purchases of property, plant, and equipment |
(9.3 |
) |
|
(11.4 |
) |
|
|
|
Free cash flow (Non-GAAP) |
$ |
74.4 |
|
|
$ |
112.5 |
|
|
$ |
(38.1 |
) |
(33.9 |
) |
% |
Investor Contact:Charlotte McLaughlinVice
President, Investor Relations(404)
853-1456investorrelations@acuitybrands.com
Media Contact:Chrystal NeelyDirector, Corporate
Communicationschrystal.neely@acuitybrands.com
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