Acuity Brands, Inc. (NYSE: AYI) (the "Company"), a market-leading
industrial technology company, announced net sales of $1.0 billion
in the fourth quarter of fiscal 2023 ended August 31, 2023, a
decrease of $99.9 million, or 9.0 percent, compared to the prior
year. Diluted earnings per share was $2.63 in the fourth quarter of
fiscal 2023, a decrease of $0.85, or 24.4 percent, compared to the
prior year. Adjusted diluted earnings per share was $3.97 in the
fourth quarter of fiscal 2023, an increase of $0.02 from $3.95 in
the prior year.
“Our fiscal fourth quarter performance
demonstrated excellent execution. Our focus on margin and cash
generation led to increased adjusted operating profit margin and
higher adjusted diluted earnings per share, despite a decline in
sales in the lighting business,” stated Neil Ashe, Chairman,
President and Chief Executive Officer of Acuity Brands, Inc. "This
quarter concluded a successful year. We delivered strong financial
performance, continued to improve our businesses and allocated
capital effectively.”
Operating profit was $109.7 million in the
fourth quarter of fiscal 2023, a decrease of $39.9 million,
compared to the prior year. Adjusted operating profit was $162.3
million in the fourth quarter of fiscal 2023, a decrease of $7.4
million compared to the prior year.
During the quarter, we recognized pre-tax
charges of $35.5 million that affected net income. This included a
pre-tax charge of $22.5 million related to severance costs and
non-cash charges for impairments of certain trade names based upon
our annual impairment review, of which $20.0 million is included in
operating income. The third charge of $13.0 million resulted from
the collectability of a supplier warranty obligation owed to us for
components we used in products manufactured and sold between 2017
and 2019.
Full-Year 2023 Summary
Net sales of $3.95 billion for the full year of
fiscal 2023 decreased $53.9 million, or 1.3 percent, from $4.01
billion in the full year of fiscal 2022.
Operating profit was $473.4 million for the full
year of fiscal 2023, a decrease of $36.3 million compared to the
prior year. Adjusted operating profit was $597.4 million for the
full year of fiscal 2023, an increase of $9.3 million compared to
the prior year.
Diluted earnings per share was $10.76 for the
full year of fiscal 2023, a decrease of $0.32 or 2.9 percent,
compared to the prior year. Adjusted diluted earnings per share was
$14.05, an increase of $1.22, or 9.5 percent, from $12.83 in the
prior year.
Segment Performance
Acuity Brands Lighting and Lighting Controls
("ABL")
Fourth-Quarter Results
ABL generated net sales of $944.2 million in the
fourth quarter of fiscal 2023, a decrease of $110.8 million, or
10.5 percent, compared to the prior year.
ABL operating profit was $117.8 million in the
fourth quarter of fiscal 2023, a decrease of $33.6 million compared
to the prior year. ABL adjusted operating profit was $158.7 million
in the fourth quarter of fiscal 2023, a decrease of $3.0 million
compared to the prior year.
Full-Year Results
ABL generated net sales of $3.7 billion for the
full year of fiscal 2023, a decrease of $87.3 million, or 2.3
percent, as compared to the prior year.
ABL operating profit was $509.5 million for the
full year of fiscal 2023, a decrease of $36.1 million, or 6.6
percent, as compared to the prior year. ABL adjusted operating
profit was $590.5 million for the full year of fiscal 2023, an
increase of $3.9 million, or 0.7 percent, from the same period of
fiscal 2022.
Intelligent Spaces Group ("ISG")
Fourth-Quarter Results
ISG generated net sales of $71.9 million in the
fourth quarter of fiscal 2023, an increase of $10.5 million, or
17.1 percent, compared to the prior year.
ISG operating profit was $9.4 million in the
fourth quarter of fiscal 2023, a decrease of $0.9 million compared
to the prior year. ISG adjusted operating profit was $14.2 million
in the fourth quarter of fiscal 2023, a decrease of $0.4 million
compared to the prior year.
Full-Year Results
ISG generated net sales of $252.7 million for
the full year of fiscal 2023, an increase of $36.6 million, or 16.9
percent, as compared to the prior year.
ISG operating profit was $32.1 million for the
full year of fiscal 2023, an increase of $9.4 million compared to
the prior year. ISG adjusted operating profit was $50.1 million for
the full year of fiscal 2023, an increase of $10.2 million as
compared to the prior year.
Cash Flow and Capital
Allocation
Net cash from operating activities was $578.1
million for the full year of fiscal 2023, an increase of $261.8
million compared to the prior year due primarily to an improvement
in our working capital.
During fiscal 2023, the Company repurchased
approximately 1.6 million shares of common stock for a total of
$269 million.
Form 10-K Filing
The independent registered public accounting
firm’s audit report with respect to the Company’s fiscal year-end
financial statements will not be issued until the Company files its
annual report on Form 10-K, including its evaluation of the
effectiveness of internal controls over financial reporting.
Accordingly, the financial results reported in this earnings
release are preliminary pending completion of the audit.
Today's Call Details
The Company will host a conference call at 8:00
a.m. (ET) today, Wednesday, October 4, 2023. 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 more than 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 gross
profit", "adjusted gross profit margin", “adjusted net income;”
“adjusted diluted EPS;” “earnings before interest, taxes,
depreciation, and amortization (“EBITDA”);” “adjusted EBITDA” and
"adjusted gross profit". 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 gross profit and adjusted gross profit margin for total
company are “gross profit” and “gross profit margin,” respectively,
which include the impact of supplier recovery charge. Adjusted
gross profit margin is adjusted gross profit divided by net sales
for total company. 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, which include the impact of
amortization of acquired intangible assets, share-based payment
expense, supplier recovery charge 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, impairments
of investment, supplier recovery charge 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. 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, supplier recovery
charge and miscellaneous (income) expense, net. The
most directly comparable GAAP measure for adjusted gross profit is
"gross profit,” which includes a supplier recovery
charge. 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)
|
August 31, |
|
|
2023 |
|
|
2022 |
|
(Preliminary) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
397.9 |
|
$ |
223.2 |
Accounts receivable, net |
|
555.3 |
|
|
665.9 |
Inventories |
|
368.5 |
|
|
485.7 |
Prepayments and other current assets |
|
73.5 |
|
|
91.2 |
Total current assets |
|
1,395.2 |
|
|
1,466.0 |
Property, plant, and equipment,
net |
|
297.6 |
|
|
276.5 |
Other long-term assets |
|
1,715.7 |
|
|
1,737.7 |
Total assets |
$ |
3,408.5 |
|
$ |
3,480.2 |
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
285.7 |
|
$ |
397.8 |
Current maturities of debt |
|
— |
|
|
18.0 |
Other accrued liabilities |
|
309.7 |
|
|
317.8 |
Total current liabilities |
|
595.4 |
|
|
733.6 |
Long-term debt |
|
495.6 |
|
|
495.0 |
Other long-term liabilities |
|
302.1 |
|
|
339.8 |
Commitments and contingencies
(see Commitments and Contingencies footnote) |
|
|
|
Total stockholders’ equity |
|
2,015.4 |
|
|
1,911.8 |
Total liabilities and stockholders’ equity |
$ |
3,408.5 |
|
$ |
3,480.2 |
|
|
|
|
|
|
ACUITY BRANDS,
INC.CONDENSED STATEMENTS OF INCOME(In
millions, except per-share data)
|
Three Months Ended August 31, |
|
Year Ended August 31, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Preliminary) |
|
|
Net sales |
$ |
1,010.4 |
|
$ |
1,110.3 |
|
|
$ |
3,952.2 |
|
$ |
4,006.1 |
|
Cost of products sold |
|
567.7 |
|
|
647.8 |
|
|
|
2,239.0 |
|
|
2,333.4 |
|
Gross profit |
|
442.7 |
|
|
462.5 |
|
|
|
1,713.2 |
|
|
1,672.7 |
|
Selling, distribution, and
administrative expenses |
|
313.0 |
|
|
312.9 |
|
|
|
1,212.9 |
|
|
1,163.0 |
|
Special charges |
|
20.0 |
|
|
— |
|
|
|
26.9 |
|
|
— |
|
Operating profit |
|
109.7 |
|
|
149.6 |
|
|
|
473.4 |
|
|
509.7 |
|
Other expense: |
|
|
|
|
|
|
|
Interest expense, net |
|
2.7 |
|
|
6.8 |
|
|
|
18.9 |
|
|
24.9 |
|
Miscellaneous expense (income), net |
|
1.7 |
|
|
(6.0 |
) |
|
|
7.8 |
|
|
(9.1 |
) |
Total other expense |
|
4.4 |
|
|
0.8 |
|
|
|
26.7 |
|
|
15.8 |
|
Income before income taxes |
|
105.3 |
|
|
148.8 |
|
|
|
446.7 |
|
|
493.9 |
|
Income tax expense |
|
22.4 |
|
|
33.4 |
|
|
|
100.7 |
|
|
109.9 |
|
Net income |
$ |
82.9 |
|
$ |
115.4 |
|
|
$ |
346.0 |
|
$ |
384.0 |
|
|
|
|
|
|
|
|
|
Earnings per share(1): |
|
|
|
|
|
|
|
Basic earnings per share |
$ |
2.66 |
|
$ |
3.53 |
|
|
$ |
10.88 |
|
$ |
11.23 |
|
Basic weighted average number of shares outstanding |
|
31.190 |
|
|
32.717 |
|
|
|
31.806 |
|
|
34.182 |
|
Diluted earnings per share |
$ |
2.63 |
|
$ |
3.48 |
|
|
$ |
10.76 |
|
$ |
11.08 |
|
Diluted weighted average number of shares outstanding |
|
31.562 |
|
|
33.159 |
|
|
|
32.164 |
|
|
34.645 |
|
Dividends declared per share |
$ |
0.13 |
|
$ |
0.13 |
|
|
$ |
0.52 |
|
$ |
0.52 |
|
______________________________(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(In millions)
|
Year Ended August 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(Preliminary) |
|
|
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
346.0 |
|
|
$ |
384.0 |
|
Adjustments to reconcile net income to net cash flows from
operating activities: |
|
|
|
Depreciation and amortization |
|
93.2 |
|
|
|
94.8 |
|
Share-based payment expense |
|
42.0 |
|
|
|
37.4 |
|
Gain on the sale or disposal of property, plant, and equipment |
|
— |
|
|
|
(2.3 |
) |
Loss on sale of a business |
|
11.2 |
|
|
|
— |
|
Asset impairments |
|
20.8 |
|
|
|
1.7 |
|
Other |
|
64.9 |
|
|
|
(199.3 |
) |
Net cash provided by operating activities |
|
578.1 |
|
|
|
316.3 |
|
Cash flows from investing
activities: |
|
|
|
Purchases of property, plant, and equipment |
|
(66.7 |
) |
|
|
(56.5 |
) |
Proceeds from sale of property, plant, and equipment |
|
— |
|
|
|
8.9 |
|
Acquisitions of businesses, net of cash acquired |
|
(35.5 |
) |
|
|
(12.9 |
) |
Other investing activities |
|
11.5 |
|
|
|
(1.7 |
) |
Net cash used for investing activities |
|
(90.7 |
) |
|
|
(62.2 |
) |
Cash flows from financing
activities: |
|
|
|
Borrowings on credit facility, net of repayments |
|
(18.0 |
) |
|
|
18.0 |
|
Repurchases of common stock |
|
(266.6 |
) |
|
|
(514.8 |
) |
Proceeds from stock option exercises and other |
|
2.7 |
|
|
|
12.5 |
|
Payments of taxes withheld on net settlement of equity awards |
|
(14.2 |
) |
|
|
(8.6 |
) |
Dividends paid |
|
(16.8 |
) |
|
|
(18.1 |
) |
Other financing activities |
|
— |
|
|
|
(1.4 |
) |
Net cash used for financing activities |
|
(312.9 |
) |
|
|
(512.4 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
0.2 |
|
|
|
(9.8 |
) |
Net change in cash and cash
equivalents |
|
174.7 |
|
|
|
(268.1 |
) |
Cash and cash equivalents at
beginning of year |
|
223.2 |
|
|
|
491.3 |
|
Cash and cash equivalents at
end of year |
$ |
397.9 |
|
|
$ |
223.2 |
|
|
|
|
|
|
|
|
|
ACUITY BRANDS,
INC.DISAGGREGATED NET SALES(In
millions)
The following table shows net sales by channel
for the periods presented:
|
Three Months Ended August 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Increase (Decrease) |
|
Percent Change |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
ABL: |
|
|
|
|
|
|
|
Independent sales network |
$ |
676.0 |
|
|
$ |
737.1 |
|
|
$ |
(61.1 |
) |
|
(8.3)% |
Direct sales network |
|
109.4 |
|
|
|
114.9 |
|
|
|
(5.5 |
) |
|
(4.8)% |
Retail sales |
|
46.6 |
|
|
|
44.0 |
|
|
|
2.6 |
|
|
5.9 |
% |
Corporate accounts |
|
52.8 |
|
|
|
73.0 |
|
|
|
(20.2 |
) |
|
(27.7)% |
Original equipment manufacturer and other |
|
59.4 |
|
|
|
86.0 |
|
|
|
(26.6 |
) |
|
(30.9)% |
Total ABL |
|
944.2 |
|
|
|
1,055.0 |
|
|
|
(110.8 |
) |
|
(10.5)% |
ISG |
|
71.9 |
|
|
|
61.4 |
|
|
|
10.5 |
|
|
17.1 |
% |
Eliminations |
|
(5.7 |
) |
|
|
(6.1 |
) |
|
|
0.4 |
|
|
(6.6)% |
Total |
$ |
1,010.4 |
|
|
$ |
1,110.3 |
|
|
$ |
(99.9 |
) |
|
(9.0)% |
|
Year Ended August 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Increase (Decrease) |
|
Percent Change |
|
(Preliminary) |
|
(Unaudited) |
|
|
|
|
ABL: |
|
|
|
|
|
|
|
Independent sales network |
$ |
2,671.0 |
|
|
$ |
2,714.1 |
|
|
$ |
(43.1 |
) |
|
(1.6)% |
Direct sales network |
|
414.4 |
|
|
|
384.2 |
|
|
|
30.2 |
|
|
7.9 |
% |
Retail sales |
|
194.9 |
|
|
|
178.3 |
|
|
|
16.6 |
|
|
9.3 |
% |
Corporate accounts |
|
200.3 |
|
|
|
222.7 |
|
|
|
(22.4 |
) |
|
(10.1)% |
Original equipment manufacturer and other |
|
242.2 |
|
|
|
310.8 |
|
|
|
(68.6 |
) |
|
(22.1)% |
Total ABL |
|
3,722.8 |
|
|
|
3,810.1 |
|
|
|
(87.3 |
) |
|
(2.3)% |
ISG |
|
252.7 |
|
|
|
216.1 |
|
|
|
36.6 |
|
|
16.9 |
% |
Eliminations |
|
(23.3 |
) |
|
|
(20.1 |
) |
|
|
(3.2 |
) |
|
15.9 |
% |
Total |
$ |
3,952.2 |
|
|
$ |
4,006.1 |
|
|
$ |
(53.9 |
) |
|
(1.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 August 31, |
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
2022 |
|
|
|
|
Increase (Decrease) |
Percent Change |
Net sales |
$ |
1,010.4 |
|
|
|
|
$ |
1,110.3 |
|
|
|
|
$ |
(99.9 |
) |
(9.0)% |
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
$ |
442.7 |
|
|
|
|
$ |
462.5 |
|
|
|
|
$ |
(19.8 |
) |
(4.3)% |
Percent of net sales |
|
|
43.8 |
% |
|
|
|
41.7 |
% |
|
|
210 |
|
bps |
Add-back: Supplier recovery charge |
|
13.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Adjusted gross profit
(Non-GAAP) |
$ |
455.7 |
|
|
|
|
$ |
462.5 |
|
|
|
|
$ |
(6.8 |
) |
(1.5)% |
Percent of net sales |
|
|
45.1 |
% |
|
|
|
41.7 |
% |
|
|
340 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
$ |
109.7 |
|
|
|
|
$ |
149.6 |
|
|
|
|
$ |
(39.9 |
) |
(26.7)% |
Percent of net sales |
|
|
10.9 |
% |
|
|
|
13.5 |
% |
|
|
(260 |
) |
bps |
Add-back: Amortization of acquired intangible assets |
|
10.0 |
|
|
|
|
|
10.2 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
9.6 |
|
|
|
|
|
9.9 |
|
|
|
|
|
|
Add-back: Supplier recovery charge |
|
13.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Special charges |
|
20.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
$ |
162.3 |
|
|
|
|
$ |
169.7 |
|
|
|
|
$ |
(7.4 |
) |
(4.4)% |
Percent of net sales |
|
|
16.1 |
% |
|
|
|
15.3 |
% |
|
|
80 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
82.9 |
|
|
|
|
$ |
115.4 |
|
|
|
|
$ |
(32.5 |
) |
(28.2)% |
Add-back: Amortization of acquired intangible assets |
|
10.0 |
|
|
|
|
|
10.2 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
9.6 |
|
|
|
|
|
9.9 |
|
|
|
|
|
|
Add-back: Supplier recovery charge |
|
13.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Special charges |
|
20.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Impairment on investment |
|
2.5 |
|
|
|
|
|
— |
|
|
|
|
|
|
Total pre-tax adjustments to net income |
|
55.1 |
|
|
|
|
|
20.1 |
|
|
|
|
|
|
Income tax effects |
|
(12.6 |
) |
|
|
|
|
(4.7 |
) |
|
|
|
|
|
Adjusted net income
(Non-GAAP) |
$ |
125.4 |
|
|
|
|
$ |
130.8 |
|
|
|
|
$ |
(5.4 |
) |
(4.1)% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(GAAP) |
$ |
2.63 |
|
|
|
|
$ |
3.48 |
|
|
|
|
$ |
(0.85 |
) |
(24.4)% |
Adjusted diluted earnings per share (Non-GAAP)(1) |
$ |
3.97 |
|
|
|
|
$ |
3.95 |
|
|
|
|
$ |
0.02 |
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
82.9 |
|
|
|
|
$ |
115.4 |
|
|
|
|
$ |
(32.5 |
) |
(28.2)% |
Interest expense, net |
|
2.7 |
|
|
|
|
|
6.8 |
|
|
|
|
|
|
Income tax expense |
|
22.4 |
|
|
|
|
|
33.4 |
|
|
|
|
|
|
Depreciation |
|
12.8 |
|
|
|
|
|
13.2 |
|
|
|
|
|
|
Amortization |
|
10.0 |
|
|
|
|
|
10.2 |
|
|
|
|
|
|
EBITDA (Non-GAAP) |
|
130.8 |
|
|
|
|
|
179.0 |
|
|
|
|
|
(48.2 |
) |
(26.9)% |
Share-based payment expense |
|
9.6 |
|
|
|
|
|
9.9 |
|
|
|
|
|
|
Miscellaneous expense (income), net |
|
1.7 |
|
|
|
|
|
(6.0 |
) |
|
|
|
|
|
Special charges |
|
20.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Supplier recovery charge |
|
13.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP) |
$ |
175.1 |
|
|
|
|
$ |
182.9 |
|
|
|
|
$ |
(7.8 |
) |
(4.3)% |
______________________________(1) Adjusted diluted earnings per
share is equal to adjusted net income divided by Diluted weighted
average number of shares outstanding on the Condensed Consolidated
Statements of Comprehensive Income.
(In millions) |
|
Three Months Ended August 31, |
|
|
|
|
ABL |
|
|
2023 |
|
|
|
2022 |
|
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
944.2 |
|
|
$ |
1,055.0 |
|
|
$ |
(110.8 |
) |
|
(10.5)% |
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
117.8 |
|
|
$ |
151.4 |
|
|
$ |
(33.6 |
) |
|
(22.2)% |
Add-back: Amortization of acquired intangible assets |
|
|
6.5 |
|
|
|
7.0 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
|
3.3 |
|
|
|
3.3 |
|
|
|
|
|
Add back: Special charges |
|
|
18.1 |
|
|
|
— |
|
|
|
|
|
Add-back: Supplier recovery charge |
|
|
13.0 |
|
|
|
— |
|
|
|
|
|
Adjusted operating profit |
|
$ |
158.7 |
|
|
$ |
161.7 |
|
|
$ |
(3.0 |
) |
|
(1.9)% |
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
|
12.5 |
% |
|
|
14.4 |
% |
|
|
(190 |
) |
|
bps |
Adjusted operating profit
margin |
|
|
16.8 |
% |
|
|
15.3 |
% |
|
|
150 |
|
|
bps |
(In millions) |
|
Three Months Ended August 31, |
|
|
|
|
ISG |
|
|
2023 |
|
|
|
2022 |
|
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
71.9 |
|
|
$ |
61.4 |
|
|
$ |
10.5 |
|
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
9.4 |
|
|
$ |
10.3 |
|
|
$ |
(0.9 |
) |
|
(8.7)% |
Add-back: Amortization of acquired intangible assets |
|
|
3.5 |
|
|
|
3.2 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
|
1.3 |
|
|
|
1.1 |
|
|
|
|
|
Adjusted operating profit |
|
$ |
14.2 |
|
|
$ |
14.6 |
|
|
$ |
(0.4 |
) |
|
(2.7)% |
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
|
13.1 |
% |
|
|
16.8 |
% |
|
|
(370 |
) |
|
bps |
Adjusted operating profit
margin |
|
|
19.7 |
% |
|
|
23.8 |
% |
|
|
(410 |
) |
|
bps |
(In millions, except per share
data) |
Year Ended August 31, |
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
2022 |
|
|
|
|
Increase (Decrease) |
Percent Change |
Net sales |
$ |
3,952.2 |
|
|
|
|
$ |
4,006.1 |
|
|
|
|
$ |
(53.9 |
) |
(1.3)% |
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
$ |
1,713.2 |
|
|
|
|
$ |
1,672.7 |
|
|
|
|
$ |
40.5 |
|
2.4 |
% |
Percent of net sales |
|
|
43.3 |
% |
|
|
|
41.8 |
% |
|
|
150 |
|
bps |
Add-back: Supplier recovery charge |
|
13.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Adjusted gross profit
(Non-GAAP) |
$ |
1,726.2 |
|
|
|
|
$ |
1,672.7 |
|
|
|
|
$ |
53.5 |
|
3.2 |
% |
Percent of net sales |
|
|
43.7 |
% |
|
|
|
41.8 |
% |
|
|
190 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
$ |
473.4 |
|
|
|
|
$ |
509.7 |
|
|
|
|
$ |
(36.3 |
) |
(7.1)% |
Percent of net sales |
|
|
12.0 |
% |
|
|
|
12.7 |
% |
|
|
(70 |
) |
bps |
Add-back: Amortization of acquired intangible assets |
|
42.1 |
|
|
|
|
|
41.0 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
42.0 |
|
|
|
|
|
37.4 |
|
|
|
|
|
|
Add-back: Supplier recovery charge |
|
13.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Special charges |
|
26.9 |
|
|
|
|
|
— |
|
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
$ |
597.4 |
|
|
|
|
$ |
588.1 |
|
|
|
|
$ |
9.3 |
|
1.6 |
% |
Percent of net sales |
|
|
15.1 |
% |
|
|
|
14.7 |
% |
|
|
40 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
346.0 |
|
|
|
|
$ |
384.0 |
|
|
|
|
$ |
(38.0 |
) |
(9.9)% |
Add-back: Amortization of acquired intangible assets |
|
42.1 |
|
|
|
|
|
41.0 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
42.0 |
|
|
|
|
|
37.4 |
|
|
|
|
|
|
Add-back: Supplier recovery charge |
|
13.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Loss on sale of a business |
|
11.2 |
|
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Special charges |
|
26.9 |
|
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Impairments of investments |
|
2.5 |
|
|
|
|
|
— |
|
|
|
|
|
|
Total pre-tax adjustments to net income |
|
137.7 |
|
|
|
|
|
78.4 |
|
|
|
|
|
|
Income tax effect |
|
(31.7 |
) |
|
|
|
|
(18.0 |
) |
|
|
|
|
|
Adjusted net income
(Non-GAAP) |
$ |
452.0 |
|
|
|
|
$ |
444.4 |
|
|
|
|
$ |
7.6 |
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(GAAP) |
$ |
10.76 |
|
|
|
|
$ |
11.08 |
|
|
|
|
$ |
(0.32 |
) |
(2.9)% |
Adjusted diluted earnings per
share (Non-GAAP)(1) |
$ |
14.05 |
|
|
|
|
$ |
12.83 |
|
|
|
|
$ |
1.22 |
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
346.0 |
|
|
|
|
$ |
384.0 |
|
|
|
|
$ |
(38.0 |
) |
(9.9)% |
Interest expense, net |
|
18.9 |
|
|
|
|
|
24.9 |
|
|
|
|
|
|
Income tax expense |
|
100.7 |
|
|
|
|
|
109.9 |
|
|
|
|
|
|
Depreciation |
|
51.1 |
|
|
|
|
|
53.8 |
|
|
|
|
|
|
Amortization |
|
42.1 |
|
|
|
|
|
41.0 |
|
|
|
|
|
|
EBITDA (Non-GAAP) |
|
558.8 |
|
|
|
|
|
613.6 |
|
|
|
|
|
(54.8 |
) |
(8.9)% |
Share-based payment expense |
|
42.0 |
|
|
|
|
|
37.4 |
|
|
|
|
|
|
Miscellaneous expense (income), net |
|
7.8 |
|
|
|
|
|
(9.1 |
) |
|
|
|
|
|
Special charges |
|
26.9 |
|
|
|
|
|
— |
|
|
|
|
|
|
Supplier recovery charge |
|
13.0 |
|
|
|
|
|
— |
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP) |
$ |
648.5 |
|
|
|
|
$ |
641.9 |
|
|
|
|
$ |
6.6 |
|
1.0 |
% |
______________________________(1) Adjusted diluted earnings per
share is equal to adjusted net income divided by Diluted weighted
average number of shares outstanding on the Condensed Consolidated
Statements of Comprehensive Income.
(In millions) |
|
Year Ended August 31, |
|
|
|
|
ABL |
|
|
2023 |
|
|
|
2022 |
|
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
3,722.8 |
|
|
$ |
3,810.1 |
|
|
$ |
(87.3 |
) |
|
(2.3)% |
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
509.5 |
|
|
$ |
545.6 |
|
|
$ |
(36.1 |
) |
|
(6.6)% |
Add-back: Amortization of acquired intangible assets |
|
|
29.3 |
|
|
|
28.2 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
|
13.7 |
|
|
|
12.8 |
|
|
|
|
|
Add back: Special charges |
|
|
25.0 |
|
|
|
— |
|
|
|
|
|
Add-back: Supplier recovery charge |
|
|
13.0 |
|
|
|
— |
|
|
|
|
|
Adjusted operating profit |
|
$ |
590.5 |
|
|
$ |
586.6 |
|
|
$ |
3.9 |
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
|
13.7 |
% |
|
|
14.3 |
% |
|
|
(60 |
) |
|
bps |
Adjusted operating profit
margin |
|
|
15.9 |
% |
|
|
15.4 |
% |
|
|
50 |
|
|
bps |
(In millions) |
|
Year Ended August 31, |
|
|
|
|
ISG |
|
|
2023 |
|
|
|
2022 |
|
|
Increase (Decrease) |
|
Percent Change |
Net sales |
|
$ |
252.7 |
|
|
$ |
216.1 |
|
|
$ |
36.6 |
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
32.1 |
|
|
$ |
22.7 |
|
|
$ |
9.4 |
|
41.4 |
% |
Add-back: Amortization of acquired intangible assets |
|
|
12.8 |
|
|
|
12.8 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
|
5.2 |
|
|
|
4.4 |
|
|
|
|
|
Adjusted operating profit |
|
$ |
50.1 |
|
|
$ |
39.9 |
|
|
$ |
10.2 |
|
25.6 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
|
12.7 |
% |
|
|
10.5 |
% |
|
|
220 |
|
bps |
Adjusted operating profit
margin |
|
|
19.8 |
% |
|
|
18.5 |
% |
|
|
130 |
|
bps |
(In millions) |
Year Ended August 31, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Increase (Decrease) |
Percent Change |
Net cash provided by operating activities (GAAP) |
$ |
578.1 |
|
|
$ |
316.3 |
|
|
$ |
261.8 |
82.8 |
% |
Less: Purchases of property, plant, and equipment |
|
(66.7 |
) |
|
|
(56.5 |
) |
|
|
|
Free cash flow (Non-GAAP) |
$ |
511.4 |
|
|
$ |
259.8 |
|
|
$ |
251.6 |
96.8 |
% |
Acuity Brands (NYSE:AYI)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Acuity Brands (NYSE:AYI)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024