Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world
leader in identification solutions, today reported its financial
results for its fiscal 2023 second quarter ended January 31, 2023.
Quarter Ended January 31, 2023 Financial
Results:Sales for the quarter ended January 31, 2023
increased 2.6 percent, which consisted of an organic sales increase
of 6.3 percent and a decrease of 3.7 percent from foreign currency
translation. Sales for the quarter ended January 31, 2023 were
$326.2 million compared to $318.1 million in the same quarter last
year. By segment, sales increased 4.4 percent in Identification
Solutions and decreased 3.4 percent in Workplace Safety, which
consisted of an organic sales increase of 7.4 percent in
Identification Solutions and an organic sales increase of 2.8
percent in Workplace Safety.
Income before income taxes increased 15.4 percent to $48.5
million for the quarter ended January 31, 2023, compared to $42.0
million in the same quarter last year. Income Before Income Taxes
Excluding Certain Items* for the quarter ended January 31, 2023,
which was adjusted for amortization expense of $3.3 million, was
$51.8 million, an increase of 13.1 percent compared to the second
quarter of last year.
Net income for the quarter ended January 31, 2023 was $38.0
million compared to $33.8 million in the same quarter last year.
Earnings per diluted Class A Nonvoting Common Share were $0.76 in
the second quarter of fiscal 2023, compared to $0.65 in the same
quarter last year. Net Income Excluding Certain Items* for the
quarter ended January 31, 2023 was $40.5 million and Diluted EPS
Excluding Certain Items* for the quarter ended January 31, 2023 was
$0.81. Net Income Excluding Certain Items* for the quarter ended
January 31, 2022 was $36.7 million, and Diluted EPS Excluding
Certain Items* for the quarter ended January 31, 2022 was
$0.70.
Six-Month Period Ended January 31, 2023 Financial
Results:Sales for the six-month period ended January 31,
2023 increased 1.5 percent, which consisted of an organic sales
increase of 6.6 percent and a decrease of 5.1 percent from foreign
currency translation. Sales for the six months ended January 31,
2023 were $648.8 million compared to $639.5 million in the same
period last year. By segment, sales increased 3.7 percent in
Identification Solutions and decreased 6.3 percent in Workplace
Safety, which consisted of an organic sales increase of 8.0 percent
in Identification Solutions and an organic sales increase of 2.0
percent in Workplace Safety.
Income before income taxes increased 14.0 percent to $98.8
million for the six-month period ended January 31, 2023, compared
to $86.7 million in the same period last year. Income Before Income
Taxes Excluding Certain Items* for the six months ended January 31,
2023, which was adjusted for amortization expense of $6.9 million,
was $105.7 million, an increase of 12.1 percent compared to the
same period of the prior year.
Net income for the six-month period ended January 31, 2023 was
$77.4 million compared to $68.9 million in the same period last
year. Earnings per diluted Class A Nonvoting Common Share were
$1.55 for the six months ended January 31, 2023, compared to $1.32
in the same period last year. Net Income Excluding Certain Items*
for the six months ended January 31, 2023 was $82.7 million and
Diluted EPS Excluding Certain Items* for the six months ended
January 31, 2023 was $1.65. Net Income Excluding Certain Items* for
the six months ended January 31, 2022 was $74.6 million, and
Diluted EPS Excluding Certain Items* for the six months ended
January 31, 2022 was $1.43.
Commentary: “This quarter’s results once again
demonstrate our commitment to serving our customers extremely well
while making their jobs easier and safer. Our investments in sales,
marketing, and research and development are paying off as we’ve now
generated organic sales growth of at least six percent in each of
the last eight quarters and our reinvigorated innovative spirit has
set the stage for continued future growth,” said Brady’s President
and Chief Executive Officer, Russell R. Shaller. “Our
Identification Solutions segment is performing well, with a robust
pipeline of innovative new products set to launch in the second
half of this fiscal year. In our Workplace Safety segment, we are
seeing the benefits from the actions we took to simplify our
product offering, to streamline our cost structure, and to improve
our price competitiveness, resulting in another quarter of organic
sales growth and increased segment profit. This quarter, we
announced the reorganization of Brady around two new operating
segments which will be effective next quarter: Americas & Asia
and Europe & Australia. This reorganization allows us to
further integrate our businesses, support continued growth through
the application of our best go-to-market strategies in key
geographies, facilitate new product development in our recent
acquisitions, and further simplify our global businesses. While we
recognize that the macro-economy is uncertain and that foreign
currency translation is creating challenges, we continue to
experience robust demand and we will continue to invest in our
critical organic growth initiatives throughout the economic cycle,
which we believe positions us for future success.”
“Brady is in an enviable financial position. This quarter, we
grew organic sales by 6.3 percent, we grew GAAP diluted earnings
per share by 16.9 percent, and cash flow from operating activities
was a robust $29.4 million. For the first half of this fiscal year,
our cash flow from operating activities was more than double what
it was in the first half of last year,” said Brady’s Chief
Financial Officer, Aaron Pearce. “We also returned $22.8 million to
our shareholders in the form of dividends and repurchased another
$17.9 million worth of shares in the first half of this fiscal
year. We are in a net cash position of $30.9 million at January 31,
2023. We will remain disciplined with capital allocation by fully
funding our organic investments, returning funds to our
shareholders in the form of dividends, being opportunistic with
share buybacks and executing acquisitions that increase our growth
trajectory in a highly disciplined manner. We are confident that
this disciplined approach to capital allocation will serve our
shareholders well over the long term.”
Fiscal 2023 Guidance:The Company raised the low
end of its GAAP earnings per diluted Class A Nonvoting Common Share
guidance for the year ending July 31, 2023 from the previous
guidance range of $3.13 to $3.43 per share to the new full year
guidance range of $3.23 to $3.43 per share. The Company also raised
the low end of its Diluted EPS Excluding Certain Items* guidance
for the year ending July 31, 2023 from the previous range of $3.30
to $3.60 per share to the new full year guidance range of $3.40 to
$3.60 per share.
The other assumptions included in our fiscal 2023 guidance
include a full-year income tax rate of approximately 21 percent,
depreciation and amortization expense ranging from $32 million to
$34 million, and capital expenditures of approximately $22 million.
Our fiscal 2023 guidance is based on foreign currency exchange
rates as of January 31, 2023 and assumes continued economic
growth.
A webcast regarding Brady’s fiscal 2023 second quarter financial
results will be available at www.bradycorp.com/investors beginning
at 9:30 a.m. central time today.
Brady Corporation is an international manufacturer and marketer
of complete solutions that identify and protect people, products
and places. Brady’s products help customers increase safety,
security, productivity and performance and include high-performance
labels, signs, safety devices, printing systems and software.
Founded in 1914, the Company has a diverse customer base in
electronics, telecommunications, manufacturing, electrical,
construction, medical, aerospace and a variety of other industries.
Brady is headquartered in Milwaukee, Wisconsin and as of July 31,
2022, employed approximately 5,700 people in its worldwide
businesses. Brady’s fiscal 2022 sales were approximately $1.30
billion. Brady stock trades on the New York Stock Exchange under
the symbol BRC. More information is available on the Internet at
www.bradyid.com.
* Income Before Income Taxes Excluding Certain Items, Net Income
Excluding Certain Items, and Diluted EPS Excluding Certain Items
are non-GAAP measures. See appendix for more information on these
measures, including reconciliations to the most directly comparable
GAAP measures.
In this news release, statements that are not reported financial
results or other historic information are “forward-looking
statements.” These forward-looking statements relate to, among
other things, the Company's future financial position, business
strategy, targets, projected sales, costs, income, capital
expenditures, debt levels and cash flows, and plans and objectives
of management for future operations.
The use of words such as “may,” “will,” “expect,” “intend,”
“estimate,” “anticipate,” “believe,” “should,” “project,” “plan” or
similar terminology are generally intended to identify
forward-looking statements. These forward-looking statements by
their nature address matters that are, to different degrees,
uncertain and are subject to risks, assumptions, and other factors,
some of which are beyond Brady’s control, that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. For Brady, uncertainties arise
from: increased cost of raw materials, labor and freight as well as
raw material shortages and supply chain disruptions; decreased
demand for our products; our ability to compete effectively or to
successfully execute our strategy; our ability to develop
technologically advanced products that meet customer demands;
Brady’s ability to identify, integrate, and grow acquired
companies, and to manage contingent liabilities from divested
businesses; adverse impacts of the novel coronavirus (“COVID-19”)
pandemic or other pandemics; difficulties in protecting our
websites, networks, and systems against security breaches; risks
associated with the loss of key employees; extensive regulations by
U.S. and non-U.S. governmental and self-regulatory entities;
litigation, including product liability claims; foreign currency
fluctuations; potential write-offs of goodwill and other intangible
assets; changes in tax legislation and tax rates; differing
interests of voting and non-voting shareholders; numerous other
matters of national, regional and global scale, including major
public health crises and government responses thereto and those of
a political, economic, business, competitive, and regulatory nature
contained from time to time in Brady’s U.S. Securities and Exchange
Commission filings, including, but not limited to, those factors
listed in the “Risk Factors” section within Item 1A of Part I of
Brady’s Form 10-K for the year ended July 31, 2022.
These uncertainties may cause Brady's actual future results to
be materially different than those expressed in its forward-looking
statements. Brady does not undertake to update its forward-looking
statements except as required by law.
BRADY CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
|
|
|
|
(Unaudited; Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended January 31, |
|
Six months ended January 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net sales |
$ |
326,249 |
|
|
$ |
318,055 |
|
|
$ |
648,818 |
|
|
$ |
639,530 |
|
|
Cost of goods sold |
|
169,809 |
|
|
|
168,693 |
|
|
|
337,114 |
|
|
|
335,180 |
|
|
Gross margin |
|
156,440 |
|
|
|
149,362 |
|
|
|
311,704 |
|
|
|
304,350 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
15,377 |
|
|
|
13,965 |
|
|
|
29,310 |
|
|
|
27,872 |
|
|
Selling, general and administrative |
|
92,282 |
|
|
|
92,525 |
|
|
|
182,227 |
|
|
|
189,271 |
|
|
Total operating expenses |
|
107,659 |
|
|
|
106,490 |
|
|
|
211,537 |
|
|
|
217,143 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
48,781 |
|
|
|
42,872 |
|
|
|
100,167 |
|
|
|
87,207 |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Investment and other income (expense) |
|
968 |
|
|
|
(578 |
) |
|
|
811 |
|
|
|
(35 |
) |
|
Interest expense |
|
(1,239 |
) |
|
|
(252 |
) |
|
|
(2,133 |
) |
|
|
(434 |
) |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
48,510 |
|
|
|
42,042 |
|
|
|
98,845 |
|
|
|
86,738 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
10,524 |
|
|
|
8,227 |
|
|
|
21,418 |
|
|
|
17,877 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
37,986 |
|
|
$ |
33,815 |
|
|
$ |
77,427 |
|
|
$ |
68,861 |
|
|
|
|
|
|
|
|
|
|
|
Net income per Class A Nonvoting Common Share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.76 |
|
|
$ |
0.65 |
|
|
$ |
1.55 |
|
|
$ |
1.33 |
|
|
Diluted |
$ |
0.76 |
|
|
$ |
0.65 |
|
|
$ |
1.55 |
|
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
|
|
Net income per Class B Voting Common Share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.76 |
|
|
$ |
0.65 |
|
|
$ |
1.54 |
|
|
$ |
1.31 |
|
|
Diluted |
$ |
0.76 |
|
|
$ |
0.65 |
|
|
$ |
1.53 |
|
|
$ |
1.30 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
49,745 |
|
|
|
51,800 |
|
|
|
49,806 |
|
|
|
51,887 |
|
|
Diluted |
|
50,009 |
|
|
|
52,162 |
|
|
|
50,049 |
|
|
|
52,299 |
|
|
|
|
|
|
|
|
|
|
|
BRADY CORPORATION AND SUBSIDIARIES |
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
January 31, 2023 |
|
July 31, 2022 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
108,210 |
|
|
$ |
114,069 |
|
Accounts receivable, net of allowance for credit losses of $8,097
and $7,355, respectively |
|
186,852 |
|
|
|
183,233 |
|
Inventories |
|
195,167 |
|
|
|
190,023 |
|
Prepaid expenses and other current assets |
|
13,986 |
|
|
|
10,743 |
|
Total current assets |
|
504,215 |
|
|
|
498,068 |
|
Property, plant and equipment—net |
|
140,784 |
|
|
|
139,511 |
|
Goodwill |
|
590,776 |
|
|
|
586,832 |
|
Other intangible assets |
|
67,513 |
|
|
|
74,028 |
|
Deferred income taxes |
|
15,826 |
|
|
|
15,881 |
|
Operating lease assets |
|
31,411 |
|
|
|
31,293 |
|
Other assets |
|
21,748 |
|
|
|
21,719 |
|
Total |
$ |
1,372,273 |
|
|
$ |
1,367,332 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
75,876 |
|
|
$ |
81,116 |
|
Accrued compensation and benefits |
|
53,213 |
|
|
|
76,764 |
|
Taxes, other than income taxes |
|
12,799 |
|
|
|
12,539 |
|
Accrued income taxes |
|
6,794 |
|
|
|
8,294 |
|
Current operating lease liabilities |
|
15,402 |
|
|
|
15,003 |
|
Other current liabilities |
|
65,765 |
|
|
|
61,458 |
|
Total current liabilities |
|
229,849 |
|
|
|
255,174 |
|
Long-term debt |
|
77,281 |
|
|
|
95,000 |
|
Long-term operating lease liabilities |
|
17,822 |
|
|
|
19,143 |
|
Other liabilities |
|
79,917 |
|
|
|
86,717 |
|
Total liabilities |
|
404,869 |
|
|
|
456,034 |
|
Stockholders’ equity: |
|
|
|
Common stock: |
|
|
|
Class A nonvoting common stock—Issued 51,261,487 shares, and
outstanding 46,115,760 and 46,370,708 shares, respectively |
|
513 |
|
|
|
513 |
|
Class B voting common stock—Issued and outstanding, 3,538,628
shares |
|
35 |
|
|
|
35 |
|
Additional paid-in capital |
|
348,513 |
|
|
|
345,266 |
|
Retained earnings |
|
947,051 |
|
|
|
892,417 |
|
Treasury stock—5,145,727 and 4,890,779 shares, respectively, of
Class A nonvoting common stock, at cost |
|
(233,338 |
) |
|
|
(217,856 |
) |
Accumulated other comprehensive loss |
|
(95,370 |
) |
|
|
(109,077 |
) |
Total stockholders’ equity |
|
967,404 |
|
|
|
911,298 |
|
Total |
$ |
1,372,273 |
|
|
$ |
1,367,332 |
|
|
|
|
|
BRADY CORPORATION AND SUBSIDIARIES |
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
(Unaudited; Dollars in thousands) |
|
|
|
|
|
Six months ended January 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
Operating activities: |
|
|
|
|
Net income |
$ |
77,427 |
|
|
$ |
68,861 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
17,117 |
|
|
|
16,996 |
|
|
Stock-based compensation expense |
|
4,381 |
|
|
|
7,170 |
|
|
Deferred income taxes |
|
(5,234 |
) |
|
|
(788 |
) |
|
Other |
|
(908 |
) |
|
|
(812 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
280 |
|
|
|
(7,216 |
) |
|
Inventories |
|
(1,287 |
) |
|
|
(34,360 |
) |
|
Prepaid expenses and other assets |
|
(3,502 |
) |
|
|
(1,148 |
) |
|
Accounts payable and accrued liabilities |
|
(29,156 |
) |
|
|
(25,357 |
) |
|
Income taxes |
|
(1,734 |
) |
|
|
982 |
|
|
Net cash provided by operating activities |
|
57,384 |
|
|
|
24,328 |
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
Purchases of property, plant and equipment |
|
(8,167 |
) |
|
|
(16,440 |
) |
|
Other |
|
11 |
|
|
|
59 |
|
|
Net cash used in investing activities |
|
(8,156 |
) |
|
|
(16,381 |
) |
|
|
|
|
|
|
Financing activities: |
|
|
|
|
Payment of dividends |
|
(22,793 |
) |
|
|
(23,249 |
) |
|
Proceeds from exercise of stock options |
|
2,688 |
|
|
|
374 |
|
|
Payments for employee taxes withheld from stock-based awards |
|
(1,509 |
) |
|
|
(5,025 |
) |
|
Purchase of treasury stock |
|
(17,861 |
) |
|
|
(21,720 |
) |
|
Proceeds from borrowing on credit agreement |
|
71,036 |
|
|
|
131,216 |
|
|
Repayment of borrowing on credit agreement |
|
(88,755 |
) |
|
|
(86,216 |
) |
|
Other |
|
66 |
|
|
|
115 |
|
|
Net cash used in financing activities |
|
(57,128 |
) |
|
|
(4,505 |
) |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
2,041 |
|
|
|
(3,370 |
) |
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(5,859 |
) |
|
|
72 |
|
|
Cash and cash equivalents, beginning of period |
|
114,069 |
|
|
|
147,335 |
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
$ |
108,210 |
|
|
$ |
147,407 |
|
|
|
|
|
|
|
BRADY CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
(Unaudited; Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended January 31, |
|
Six months ended January 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
NET SALES |
|
|
|
|
|
|
|
|
IDS |
$ |
255,683 |
|
|
$ |
244,986 |
|
|
$ |
512,039 |
|
|
$ |
493,603 |
|
|
WPS |
|
70,566 |
|
|
|
73,069 |
|
|
|
136,779 |
|
|
|
145,927 |
|
|
Total |
$ |
326,249 |
|
|
$ |
318,055 |
|
|
$ |
648,818 |
|
|
$ |
639,530 |
|
|
|
|
|
|
|
|
|
|
|
SALES INFORMATION |
|
|
|
|
|
|
|
|
IDS |
|
|
|
|
|
|
|
|
Organic |
|
7.4% |
|
|
|
16.0% |
|
|
|
8.0% |
|
|
|
14.6% |
|
|
Currency |
|
(3.0)% |
|
|
|
(1.7)% |
|
|
|
(4.3)% |
|
|
|
(0.5)% |
|
|
Acquisition |
|
—% |
|
|
|
11.8% |
|
|
|
—% |
|
|
|
11.7% |
|
|
Total |
|
4.4% |
|
|
|
26.1% |
|
|
|
3.7% |
|
|
|
25.8% |
|
|
WPS |
|
|
|
|
|
|
|
|
Organic |
|
2.8% |
|
|
|
5.2% |
|
|
|
2.0% |
|
|
|
(2.0)% |
|
|
Currency |
|
(6.2)% |
|
|
|
(3.2)% |
|
|
|
(8.3)% |
|
|
|
(1.1)% |
|
|
Total |
|
(3.4)% |
|
|
|
2.0% |
|
|
|
(6.3)% |
|
|
|
(3.1)% |
|
|
Total Company |
|
|
|
|
|
|
|
|
Organic |
|
6.3% |
|
|
|
13.1% |
|
|
|
6.6% |
|
|
|
10.0% |
|
|
Currency |
|
(3.7)% |
|
|
|
(2.1)% |
|
|
|
(5.1)% |
|
|
|
(0.7)% |
|
|
Acquisition |
|
—% |
|
|
|
8.6% |
|
|
|
—% |
|
|
|
8.5% |
|
|
Total |
|
2.6% |
|
|
|
19.6% |
|
|
|
1.5% |
|
|
|
17.8% |
|
|
|
|
|
|
|
|
|
|
|
SEGMENT PROFIT |
|
|
|
|
|
|
|
|
IDS |
$ |
47,384 |
|
|
$ |
44,129 |
|
|
$ |
98,909 |
|
|
$ |
92,945 |
|
|
WPS |
|
6,249 |
|
|
|
4,515 |
|
|
|
12,627 |
|
|
|
6,808 |
|
|
Total |
$ |
53,633 |
|
|
$ |
48,644 |
|
|
$ |
111,536 |
|
|
$ |
99,753 |
|
|
SEGMENT PROFIT AS A PERCENT OF NET SALES |
|
|
|
|
|
|
|
|
IDS |
|
18.5% |
|
|
|
18.0% |
|
|
|
19.3% |
|
|
|
18.8% |
|
|
WPS |
|
8.9% |
|
|
|
6.2% |
|
|
|
9.2% |
|
|
|
4.7% |
|
|
Total |
|
16.4% |
|
|
|
15.3% |
|
|
|
17.2% |
|
|
|
15.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended January 31, |
|
Six months ended January 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Total segment profit |
$ |
53,633 |
|
|
$ |
48,644 |
|
|
$ |
111,536 |
|
|
$ |
99,753 |
|
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
Administrative costs |
|
(4,852 |
) |
|
|
(5,772 |
) |
|
|
(11,369 |
) |
|
|
(12,546 |
) |
|
Investment and other income (expense) |
|
968 |
|
|
|
(578 |
) |
|
|
811 |
|
|
|
(35 |
) |
|
Interest expense |
|
(1,239 |
) |
|
|
(252 |
) |
|
|
(2,133 |
) |
|
|
(434 |
) |
|
Income before income taxes |
$ |
48,510 |
|
|
$ |
42,042 |
|
|
$ |
98,845 |
|
|
$ |
86,738 |
|
|
|
|
|
|
|
|
|
|
|
GAAP to NON-GAAP MEASURES |
|
|
|
|
|
|
|
|
|
(Unaudited; Dollars in Thousands, Except Per Share Amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
In accordance with the U.S. Securities and Exchange Commission’s
Regulation G, the following provides definitions of the non-GAAP
measures used in the earnings release and the reconciliation to the
most closely related GAAP measure. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes Excluding Certain
Items: |
|
Brady is presenting the non-GAAP measure, "Income Before Income
Taxes Excluding Certain Items." This is not a calculation based
upon GAAP. The amounts included in this non-GAAP measure are
derived from amounts included in the Consolidated Financial
Statements and supporting footnote disclosures. We do not view
these items to be part of our ongoing results. We believe this
profit measure provides an important perspective of underlying
business trends and results and provides a more comparable measure
from year to year. The table below provides a reconciliation of the
GAAP measure of Income before income taxes to the non-GAAP measure
of Income Before Income Taxes Excluding Certain Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended January 31, |
|
Six months ended January 31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Income before income taxes |
$ |
48,510 |
|
$ |
42,042 |
|
$ |
98,845 |
|
$ |
86,738 |
|
|
Amortization expense |
|
|
3,258 |
|
|
3,749 |
|
|
6,889 |
|
|
7,556 |
|
Income Before Income Taxes Excluding Certain Items
(non-GAAP measure) |
$ |
51,768 |
|
$ |
45,791 |
|
$ |
105,734 |
|
$ |
94,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense Excluding Certain Items: |
|
Brady is presenting the non-GAAP measure, "Income Tax Expense
Excluding Certain Items." This is not a calculation based upon
GAAP. The amounts included in this non-GAAP measure are derived
from amounts included in the Consolidated Financial Statements and
supporting footnote disclosures. We do not view these items to be
part of our ongoing results. We believe this measure provides an
important perspective of underlying business trends and results and
provides a more comparable measure from year to year. The table
below provides a reconciliation of the GAAP measure of Income tax
expense to the non-GAAP measure of Income Tax Expense Excluding
Certain Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended January 31, |
|
Six months ended January 31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Income tax expense (GAAP measure) |
$ |
10,524 |
|
$ |
8,227 |
|
$ |
21,418 |
|
$ |
17,877 |
|
|
Amortization expense |
|
|
769 |
|
|
887 |
|
|
1,634 |
|
|
1,787 |
|
Income Tax Expense Excluding Certain Items (non-GAAP
measure) |
$ |
11,293 |
|
$ |
9,114 |
|
$ |
23,052 |
|
$ |
19,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Excluding Certain Items: |
|
Brady is presenting the non-GAAP measure, "Net Income Excluding
Certain Items." This is not a calculation based upon GAAP. The
amounts included in this non-GAAP measure are derived from amounts
included in the Consolidated Financial Statements and supporting
footnote disclosures. We do not view these items to be part of our
ongoing results. We believe this measure provides an important
perspective of underlying business trends and results and provides
a more comparable measure from year to year. The table below
provides a reconciliation of the GAAP measure of Net income to the
non-GAAP measure of Net Income Excluding Certain Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended January 31, |
|
Six months ended January 31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income (GAAP measure) |
$ |
37,986 |
|
$ |
33,815 |
|
$ |
77,427 |
|
$ |
68,861 |
|
|
Amortization expense |
|
|
2,489 |
|
|
2,862 |
|
|
5,255 |
|
|
5,769 |
|
Net Income Excluding Certain Items (non-GAAP
measure) |
$ |
40,475 |
|
$ |
36,677 |
|
$ |
82,682 |
|
$ |
74,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS Excluding Certain Items: |
|
Brady is presenting the non-GAAP measure, "Diluted EPS Excluding
Certain Items." This is not a calculation based upon GAAP. The
amounts included in this non-GAAP measure are derived from amounts
included in the Consolidated Financial Statements. We do not view
these items to be part of our ongoing results. We believe this
measure provides an important perspective of underlying business
trends and results and provides a more comparable measure from year
to year. The table below provides a reconciliation of the GAAP
measure of Net income per Class A Nonvoting Common Share to the
non-GAAP measure of Diluted EPS Excluding Certain Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended January 31, |
|
Six months ended January 31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income per Class A Nonvoting Common Share (GAAP
measure) |
$ |
0.76 |
|
$ |
0.65 |
|
$ |
1.55 |
|
$ |
1.32 |
|
|
Amortization expense |
|
|
0.05 |
|
|
0.05 |
|
|
0.10 |
|
|
0.11 |
|
Diluted EPS Excluding Certain Items (non-GAAP
measure) |
$ |
0.81 |
|
$ |
0.70 |
|
$ |
1.65 |
|
$ |
1.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS Excluding Certain Items Guidance: |
|
|
|
|
|
Fiscal 2023 Expectations |
|
|
|
|
|
|
|
|
|
Low |
|
High |
|
Earnings per diluted Class A Common Share (GAAP
measure) |
|
|
|
|
|
$ |
3.23 |
|
$ |
3.43 |
|
|
Amortization expense |
|
|
|
|
|
|
0.17 |
|
|
0.17 |
|
Diluted EPS Excluding Certain Items (non-GAAP
measure) |
|
|
|
|
|
$ |
3.40 |
|
$ |
3.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For More Information:Investor contact: Ann Thornton
414-438-6887Media contact: Kate Venne 414-358-5176
Grafico Azioni Brady (NYSE:BRC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Brady (NYSE:BRC)
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Da Giu 2023 a Giu 2024