Acuity Brands, Inc. (NYSE: AYI) (the "Company") a market-leading
industrial technology company announced net sales of $992.7 million
for the fiscal fourth quarter ended August 31, 2021, an increase of
$101.5 million, or 11.4 percent as compared to the same period in
2020. Diluted earnings per share was $2.72, an increase of 45.5
percent over the prior year, and adjusted diluted earnings per
share was $3.27 per share, an increase of 39.1 percent over the
prior year.
“I am proud of the progress our team made to
transform our Company during fiscal 2021. We improved our
operations and delivered solid performance in a challenging
environment,” said Neil Ashe, Chief Executive Officer of Acuity
Brands. “We are entering fiscal 2022 from a position of strength
with a diverse and capable team, who are driven by our values to
deliver results for our customers, our investors and our
environment.”
Fourth-Quarter Results
Gross profit of $419.3 million increased $44.2
million, or 11.8 percent, as compared to the prior year. Gross
profit was 42.2 percent of net sales for the fourth quarter of
fiscal 2021, an increase of 10 basis points from 42.1 percent in
the fourth quarter of fiscal 2020. Gross profit margin was impacted
this quarter by higher material, labor, and freight costs. This
impact was mostly offset by our ongoing product and productivity
improvements, increased sales volume and benefits from recent price
increases.
Operating profit of $132.8 million increased
$26.9 million, or 25.4 percent, as compared to the prior year.
Operating profit was 13.4 percent of net sales for the fourth
quarter of fiscal 2021, an increase of 150 basis points from 11.9
percent for the fourth quarter of fiscal 2020 driven by gross
profit improvement and leverage of our operating expenses.
Adjusted operating profit of $156.4 million
increased $25.7 million, or 19.7 percent, for the fourth quarter of
fiscal 2021 as compared to the prior year. Adjusted operating
profit was 15.8 percent of net sales for the fourth quarter of
fiscal 2021, an increase of 110 basis points from 14.7 percent in
the fourth quarter of fiscal 2020.
Net income of $98.1 million increased $24.4
million, or 33.1 percent, as compared to the prior year. Diluted
earnings per share of $2.72 increased $0.85, or 45.5 percent, for
the fourth quarter of fiscal 2021, as compared to $1.87 for the
fourth quarter of fiscal 2020.
Adjusted net income of $117.7 million increased
$24.9 million, or 26.8 percent, as compared to the prior year.
Adjusted diluted earnings per share of $3.27 increased $0.92, or
39.1 percent, as compared to $2.35 for the fourth quarter of fiscal
2020.
Full-Year 2021 Summary
Net sales were $3.5 billion for the full year of
fiscal 2021, an increase of $134.7 million or 4.0 percent, as
compared to fiscal 2020.
Gross profit of $1.5 billion increased $72.6
million, or 5.2 percent, in fiscal 2021, as compared to the prior
year. Gross profit margin was 42.6 percent for fiscal 2021, an
increase of 40 basis points from 42.2 percent in fiscal 2020.
Operating profit of $427.6 million increased
$73.7 million, or 20.8 percent, in fiscal 2021, as compared to the
prior year. Operating profit was 12.4 percent of net sales for
fiscal 2021, an increase of 180 basis points versus the prior year.
Adjusted operating profit of $506.3 million increased $50.0
million, or 11.0 percent, for fiscal 2021 as compared to the prior
year. Adjusted operating profit was 14.6 percent of net sales for
fiscal 2021, an increase of 90 basis points versus the prior
year.
Net income of $306.3 million increased $58.0
million in fiscal 2021, or 23.4 percent, as compared to the prior
year. Diluted earnings per share of $8.38 increased $2.11, or 33.7
percent, for fiscal 2021, as compared to $6.27 for fiscal 2020.
Adjusted net income of $371.7 million increased
$44.4 million in fiscal 2021, or 13.6 percent, as compared to the
prior year. Adjusted diluted earnings per share of $10.17 increased
$1.90 in fiscal 2021, or 23.0 percent, as compared to $8.27 for
fiscal 2020.
Segment Performance
Acuity Brands Lighting and Lighting
Controls (ABL)
Fourth-Quarter Results
ABL generated net sales of $946.9 million for
the fourth quarter of fiscal 2021, an increase of $93.8 million or
11.0 percent, as compared to the fourth quarter of fiscal 2020.
- Net sales of $663.1
million in the Independent Sales Network and $102.1 million in the
Direct Sales Network increased 9.6 percent and 14.8 percent,
respectively, as compared to the prior year, as these channels
continue to benefit from improved service levels and an improving
economy.
- Sales in the
Corporate Accounts channel of $75.6 million increased 16.0 percent
over the prior year as some large accounts began previously
deferred maintenance and renovations.
- Retail sales of
$45.7 million declined 20.1 percent, primarily due to continued
customer inventory rebalancing.
Operating profit was $149.3 million for the
fourth quarter of fiscal 2021, an increase of $27.5 million or 22.6
percent, as compared to the fourth quarter of fiscal 2020. Adjusted
operating profit was $159.1 million for the fiscal fourth quarter
of 2021, an increase of $27.8 million or 21.2 percent, as compared
to the fourth quarter of fiscal 2020.
Full-Year Results Summary
ABL generated net sales of $3.3 billion for the
full year of fiscal 2021, an increase of $106.4 million or 3.3
percent, as compared to fiscal 2020.
Operating profit was $476.2 million for fiscal
2021, an increase of $50.4 million or 11.8 percent, as compared to
fiscal 2020. Adjusted operating profit was $515.1 million for
fiscal 2021 an increase of $47.3 million or 10.1 percent, as
compared to fiscal 2020.
Intelligent Spaces Group
(ISG)
Fourth-Quarter Results Summary
ISG generated net sales of $50.5 million for the
fourth quarter of fiscal 2021, an increase of $9.6 million or 23.5
percent, as compared to the fourth quarter of fiscal 2020.The
increase in net sales was due to strong demand for building and
HVAC controls, energy management, and location services.
Operating profit was $2.0 million for the fourth
quarter of fiscal 2021, an increase of $3.6 million as compared to
the fourth quarter of fiscal 2020. Adjusted operating profit was
$6.0 million for the fourth quarter of 2021 an increase of $3.9
million, as compared to the fourth quarter of fiscal 2020.
Full-Year Results
ISG generated net sales of $190.0 million for
fiscal 2021, an increase of $33.0 million or 21.0 percent, as
compared to fiscal 2020.
Operating profit was $9.9 million for fiscal
2021, an increase of $13.8 million as compared to fiscal 2020.
Adjusted operating profit was $25.6 million for fiscal 2021, an
increase of $10.7 million, as compared to fiscal 2020.
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.
Cash Flow and Capital
Allocation
Net cash from operating activities of $408.7
million decreased $96.1 million, or 19.0 percent, for fiscal 2021
as compared to the prior year. The decrease was driven primarily by
an increase in net working capital to support the higher level of
sales.
During the twelve months of 2021, the Company
repurchased 3.8 million shares of common stock for a total of
$434.9 million at an average price paid of $114 per share. The
Company had approximately 3.8 million shares remaining under its
most recent share purchase authorization at the end of the fourth
quarter of 2021. Since May of 2020, the Company has reduced the
outstanding share count by over 10 percent.
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 is planning to host a conference
call at 8:00 a.m. (EDT) today, Wednesday, October 6th. Neil M.
Ashe, Chairman, President and Chief Executive Officer of Acuity
Brands, will lead the call.
The conference call and earnings release can be
accessed via the Investor Relations section of the Company's
website at investors.acuitybrands.com. The online replay will
remain available for a limited time following the call. 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
archived on the site.
About Acuity Brands
Acuity Brands, Inc. (NYSE: AYI) is a
market-leading industrial technology company. Through its two
business segments, Acuity Brands Lighting and Lighting Controls
(ABL) and the Intelligent Spaces Group (ISG), the Company designs,
manufactures, and brings to market products and services that make
the world more brilliant, productive, and connected. Acuity Brands
achieves growth through the development of innovative new products
and services, including building management systems, lighting,
lighting controls, and location-aware applications.
Acuity Brands 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 is based in Atlanta, Georgia, with
operations across North America, Europe, and Asia. The Company is
powered by approximately 13,000 dedicated and talented associates.
Visit us at www.acuitybrands.com.
Non-GAAP Financial Measures
This news release and the related conference
call and webcast and presentation include the following
non-generally accepted accounting principles (“GAAP”) financial
measures: “adjusted gross profit,” “adjusted gross profit margin,”
“adjusted SD&A expenses,” “adjusted SD&A expenses as a
percent of net sales,” “adjusted operating profit” and “adjusted
operating profit margin” for total company and by segment,
“adjusted other expense,” “adjusted net income,” and “adjusted
diluted Earnings per Share (“EPS”). 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,
impairments on investments, and special charges associated with
continued efforts to streamline the organization and integrate
recent acquisitions. 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.
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 and the related conference
call and webcast and presentation include “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: ongoing customer inventory rebalancing and
achievement of growth and efficiencies. 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, 2020, filed on October 23,
2020 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)
|
August 31, |
|
2021 |
|
2020 |
|
(Preliminary) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
491.3 |
|
|
$ |
560.7 |
|
Accounts receivable, less reserve for doubtful accounts of $1.2 and
$2.6, respectively |
571.8 |
|
|
500.3 |
|
Inventories |
398.7 |
|
|
320.1 |
|
Prepayments and other current assets |
82.5 |
|
|
58.6 |
|
Total current assets |
1,544.3 |
|
|
1,439.7 |
|
Property, plant, and
equipment, net |
269.1 |
|
|
270.5 |
|
Other long-term assets |
1,761.7 |
|
|
1,781.5 |
|
Total assets |
$ |
3,575.1 |
|
|
$ |
3,491.7 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
391.5 |
|
|
$ |
326.5 |
|
Current maturities of debt |
— |
|
|
24.3 |
|
Other accrued liabilities |
300.7 |
|
|
266.8 |
|
Total current liabilities |
692.2 |
|
|
617.6 |
|
Long-term debt |
494.3 |
|
|
376.8 |
|
Other long-term
liabilities |
344.1 |
|
|
369.8 |
|
Total stockholders’
equity |
2,044.5 |
|
|
2,127.5 |
|
Total liabilities and stockholders’ equity |
$ |
3,575.1 |
|
|
$ |
3,491.7 |
|
|
|
|
|
|
|
|
|
ACUITY BRANDS,
INC.CONDENSED STATEMENTS OF INCOME(In
millions, except per-share data)
|
Three Months Ended August 31, |
|
Year Ended August 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(Unaudited) |
|
(Unaudited) |
|
(Preliminary) |
|
|
Net sales |
$ |
992.7 |
|
|
$ |
891.2 |
|
|
$ |
3,461.0 |
|
|
$ |
3,326.3 |
|
Cost of products sold |
573.4 |
|
|
516.1 |
|
|
1,986.0 |
|
|
1,923.9 |
|
Gross profit |
419.3 |
|
|
375.1 |
|
|
1,475.0 |
|
|
1,402.4 |
|
Selling, distribution, and
administrative expenses |
284.7 |
|
|
261.0 |
|
|
1,044.1 |
|
|
1,028.5 |
|
Special charges |
1.8 |
|
|
8.2 |
|
|
3.3 |
|
|
20.0 |
|
Operating profit |
132.8 |
|
|
105.9 |
|
|
427.6 |
|
|
353.9 |
|
Other expense: |
|
|
|
|
|
|
|
Interest expense, net |
5.5 |
|
|
3.9 |
|
|
23.2 |
|
|
23.3 |
|
Miscellaneous expense, net |
1.7 |
|
|
4.4 |
|
|
8.2 |
|
|
5.9 |
|
Total other expense |
7.2 |
|
|
8.3 |
|
|
31.4 |
|
|
29.2 |
|
Income before income
taxes |
125.6 |
|
|
97.6 |
|
|
396.2 |
|
|
324.7 |
|
Income tax expense |
27.5 |
|
|
23.9 |
|
|
89.9 |
|
|
76.4 |
|
Net income |
$ |
98.1 |
|
|
$ |
73.7 |
|
|
$ |
306.3 |
|
|
$ |
248.3 |
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
Basic earnings per share |
$ |
2.76 |
|
|
$ |
1.88 |
|
|
$ |
8.44 |
|
|
$ |
6.29 |
|
Basic weighted average number of shares outstanding |
35.5 |
|
|
39.3 |
|
|
36.3 |
|
|
39.5 |
|
Diluted earnings per share |
$ |
2.72 |
|
|
$ |
1.87 |
|
|
$ |
8.38 |
|
|
$ |
6.27 |
|
Diluted weighted average number of shares outstanding |
36.0 |
|
|
39.5 |
|
|
36.6 |
|
|
39.6 |
|
Dividends declared per
share |
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.52 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUITY BRANDS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(In millions)
|
Year Ended August 31, |
|
2021 |
|
2020 |
|
(Preliminary) |
|
|
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
306.3 |
|
|
$ |
248.3 |
|
Depreciation and amortization |
100.1 |
|
|
101.1 |
|
Share-based payment expense |
32.5 |
|
|
38.2 |
|
Asset impairments |
6.0 |
|
|
8.8 |
|
Other |
(36.2 |
) |
|
108.4 |
|
Net cash provided by operating activities |
408.7 |
|
|
504.8 |
|
Cash flows from investing
activities: |
|
|
|
Purchases of property, plant, and equipment |
(43.8 |
) |
|
(54.9 |
) |
Proceeds from sale of property, plant, and equipment |
4.7 |
|
|
0.2 |
|
Acquisitions of businesses, net of cash acquired |
(75.3 |
) |
|
(303.0 |
) |
Other investing activities |
(3.5 |
) |
|
(2.1 |
) |
Net cash used for investing activities |
(117.9 |
) |
|
(359.8 |
) |
Cash flows from financing
activities: |
|
|
|
Issuances of long-term debt |
493.8 |
|
|
400.0 |
|
Repayments of long-term debt |
(401.1 |
) |
|
(355.7 |
) |
Repurchases of common stock |
(434.9 |
) |
|
(69.3 |
) |
Proceeds from stock option exercises and other |
3.2 |
|
|
0.9 |
|
Payments of taxes withheld on net settlement of equity awards |
(4.5 |
) |
|
(5.4 |
) |
Dividends paid |
(19.1 |
) |
|
(20.8 |
) |
Net cash used for financing activities |
(362.6 |
) |
|
(50.3 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
2.4 |
|
|
5.0 |
|
Net change in cash and cash
equivalents |
(69.4 |
) |
|
99.7 |
|
Cash and cash equivalents at
beginning of year |
560.7 |
|
|
461.0 |
|
Cash and cash equivalents at
end of year |
$ |
491.3 |
|
|
$ |
560.7 |
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2021 |
|
2020 |
|
Increase(Decrease) |
|
Percent Change |
ABL: |
|
|
|
|
|
|
|
|
|
Independent sales network |
$ |
663.1 |
|
|
$ |
605.1 |
|
|
$ |
58.0 |
|
|
9.6 |
% |
Direct sales network |
102.1 |
|
|
88.9 |
|
|
13.2 |
|
|
14.8 |
% |
Retail sales |
45.7 |
|
|
57.2 |
|
|
(11.5 |
) |
|
(20.1) |
% |
Corporate accounts |
75.6 |
|
|
65.2 |
|
|
10.4 |
|
|
16.0 |
% |
Other |
60.4 |
|
|
36.7 |
|
|
23.7 |
|
|
64.6 |
% |
Total ABL |
946.9 |
|
|
853.1 |
|
|
93.8 |
|
|
11.0 |
% |
ISG |
50.5 |
|
|
40.9 |
|
|
9.6 |
|
|
23.5 |
% |
Eliminations |
(4.7 |
) |
|
(2.8 |
) |
|
(1.9 |
) |
|
67.9 |
% |
Total |
$ |
992.7 |
|
|
$ |
891.2 |
|
|
$ |
101.5 |
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended August 31, |
|
|
|
2021 |
|
2020 |
|
Increase(Decrease) |
|
Percent Change |
ABL: |
|
|
|
|
|
|
|
Independent sales network |
$ |
2,400.5 |
|
|
$ |
2,284.3 |
|
|
$ |
116.2 |
|
|
5.1 |
% |
Direct sales network |
358.1 |
|
|
329.0 |
|
|
29.1 |
|
|
8.8 |
% |
Retail sales |
181.5 |
|
|
218.3 |
|
|
(36.8 |
) |
|
(16.9) |
% |
Corporate accounts |
168.7 |
|
|
191.8 |
|
|
(23.1 |
) |
|
(12.0) |
% |
Other |
178.5 |
|
|
157.5 |
|
|
21.0 |
|
|
13.3 |
% |
Total ABL |
3,287.3 |
|
|
3,180.9 |
|
|
106.4 |
|
|
3.3 |
% |
ISG |
190.0 |
|
|
157.0 |
|
|
33.0 |
|
|
21.0 |
% |
Eliminations |
(16.3 |
) |
|
(11.6 |
) |
|
(4.7 |
) |
|
40.5 |
% |
Total |
$ |
3,461.0 |
|
|
$ |
3,326.3 |
|
|
$ |
134.7 |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
Increase(Decrease) |
PercentChange |
Net sales |
$ |
992.7 |
|
|
|
|
$ |
891.2 |
|
|
|
|
$ |
101.5 |
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Selling, distribution, and
administrative (SD&A) expenses (GAAP) |
$ |
284.7 |
|
|
|
|
$ |
261.0 |
|
|
|
|
$ |
23.7 |
|
|
9.1 |
% |
Percent of net sales |
|
|
28.7 |
% |
|
|
|
29.3 |
% |
|
(60 |
) |
|
bps |
Less: Amortization of acquired intangible assets |
(10.3 |
) |
|
|
|
(10.9 |
) |
|
|
|
|
|
Less: Share-based payment expense |
(10.2 |
) |
|
|
|
(5.7 |
) |
|
|
|
|
|
Less: Acquisition-related items (1) |
(1.3 |
) |
|
|
|
— |
|
|
|
|
|
|
Adjusted SD&A expenses
(Non-GAAP) |
$ |
262.9 |
|
|
|
|
$ |
244.4 |
|
|
|
|
$ |
18.5 |
|
|
7.6 |
% |
Percent of net sales |
|
|
26.5 |
% |
|
|
|
27.4 |
% |
|
(90 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
$ |
132.8 |
|
|
|
|
$ |
105.9 |
|
|
|
|
$ |
26.9 |
|
|
25.4 |
% |
Percent of net sales |
|
|
13.4 |
% |
|
|
|
11.9 |
% |
|
150 |
|
|
bps |
Add-back: Amortization of acquired intangible assets |
10.3 |
|
|
|
|
10.9 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
10.2 |
|
|
|
|
5.7 |
|
|
|
|
|
|
Add-back: Acquisition-related items (1) |
1.3 |
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Special charges |
1.8 |
|
|
|
|
8.2 |
|
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
$ |
156.4 |
|
|
|
|
$ |
130.7 |
|
|
|
|
$ |
25.7 |
|
|
19.7 |
% |
Percent of net sales |
|
|
15.8 |
% |
|
|
|
14.7 |
% |
|
110 |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Other expense (GAAP) |
$ |
7.2 |
|
|
|
|
$ |
8.3 |
|
|
|
|
$ |
(1.1 |
) |
|
(13.3) |
% |
Less: Impairment on investment |
(2.0 |
) |
|
|
|
— |
|
|
|
|
|
|
Adjusted other expense
(Non-GAAP) |
$ |
5.2 |
|
|
|
|
$ |
8.3 |
|
|
|
|
$ |
(3.1 |
) |
|
(37.3) |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
98.1 |
|
|
|
|
$ |
73.7 |
|
|
|
|
$ |
24.4 |
|
|
33.1 |
% |
Add-back: Amortization of acquired intangible assets |
10.3 |
|
|
|
|
10.9 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
10.2 |
|
|
|
|
5.7 |
|
|
|
|
|
|
Add-back: Acquisition-related items (1) |
1.3 |
|
|
|
|
— |
|
|
|
|
|
|
Add-back: Special charges |
1.8 |
|
|
|
|
8.2 |
|
|
|
|
|
|
Add-back: Impairment on investment |
2.0 |
|
|
|
|
— |
|
|
|
|
|
|
Total pre-tax adjustments to net income |
25.6 |
|
|
|
|
24.8 |
|
|
|
|
|
|
Income tax effects |
(6.0 |
) |
|
|
|
(5.7 |
) |
|
|
|
|
|
Adjusted net income
(Non-GAAP) |
$ |
117.7 |
|
|
|
|
$ |
92.8 |
|
|
|
|
$ |
24.9 |
|
|
26.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(GAAP) |
$ |
2.72 |
|
|
|
|
$ |
1.87 |
|
|
|
|
$ |
0.85 |
|
|
45.5 |
% |
Adjusted diluted earnings per
share (Non-GAAP) |
$ |
3.27 |
|
|
|
|
$ |
2.35 |
|
|
|
|
$ |
0.92 |
|
|
39.1 |
% |
______________________________(1) Acquisition-related items
include professional fees.
|
|
Three Months Ended August 31, |
|
|
|
|
ABL |
|
2021 |
|
2020 |
|
Increase(Decrease) |
|
PercentChange |
Net sales |
|
$ |
946.9 |
|
|
$ |
853.1 |
|
|
$ |
93.8 |
|
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
149.3 |
|
|
$ |
121.8 |
|
|
$ |
27.5 |
|
|
22.6 |
% |
Add-back: Amortization of acquired intangible assets |
|
7.1 |
|
|
7.2 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
2.7 |
|
|
2.3 |
|
|
|
|
|
Adjusted operating profit |
|
$ |
159.1 |
|
|
$ |
131.3 |
|
|
$ |
27.8 |
|
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
15.8 |
% |
|
14.3 |
% |
|
150 |
|
bps |
Adjusted operating profit
margin |
|
16.8 |
% |
|
15.4 |
% |
|
140 |
|
bps |
|
|
Three Months Ended August 31, |
|
|
|
|
ISG |
|
2021 |
|
2020 |
|
Increase(Decrease) |
|
PercentChange |
Net sales |
|
$ |
50.5 |
|
|
$ |
40.9 |
|
|
|
$ |
9.6 |
|
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
$ |
2.0 |
|
|
$ |
(1.6 |
) |
|
|
$ |
3.6 |
|
|
NM |
Add-back: Amortization of acquired intangible assets |
|
3.2 |
|
|
3.7 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
0.8 |
|
|
— |
|
|
|
|
|
|
Adjusted operating profit |
|
$ |
6.0 |
|
|
$ |
2.1 |
|
|
|
$ |
3.9 |
|
|
185.7 |
% |
|
|
|
|
|
|
|
|
|
Operating profit (loss)
margin |
|
4.0 |
% |
|
(3.9 |
) |
% |
|
790 |
|
bps |
Adjusted operating profit
margin |
|
11.9 |
% |
|
5.1 |
|
% |
|
680 |
|
bps |
(In millions, except per share
data) |
Year Ended August 31, |
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
Increase(Decrease) |
PercentChange |
Net sales |
$ |
3,461.0 |
|
|
|
|
$ |
3,326.3 |
|
|
|
|
$ |
134.7 |
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP) |
$ |
1,475.0 |
|
|
|
|
$ |
1,402.4 |
|
|
|
|
$ |
72.6 |
|
5.2 |
% |
Percent of net sales |
|
|
42.6 |
% |
|
|
|
42.2 |
% |
|
40 |
|
bps |
Add-back: Acquisition-related items (1) |
— |
|
|
|
|
1.2 |
|
|
|
|
|
|
Adjusted gross profit
(Non-GAAP) |
$ |
1,475.0 |
|
|
|
|
$ |
1,403.6 |
|
|
|
|
$ |
71.4 |
|
5.1 |
% |
Percent of net sales |
|
|
42.6 |
% |
|
|
|
42.2 |
% |
|
40 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Selling, distribution, and
administrative (SD&A) expenses (GAAP) |
$ |
1,044.1 |
|
|
|
|
$ |
1,028.5 |
|
|
|
|
$ |
15.6 |
|
1.5 |
% |
Percent of net sales |
|
|
30.2 |
% |
|
|
|
30.9 |
% |
|
(70 |
) |
bps |
Less: Amortization of acquired intangible assets |
(40.7 |
) |
|
|
|
(41.7 |
) |
|
|
|
|
|
Less: Share-based payment expense |
(32.5 |
) |
|
|
|
(38.2 |
) |
|
|
|
|
|
Less: Acquisition-related items (1) |
(2.2 |
) |
|
|
|
(1.3 |
) |
|
|
|
|
|
Adjusted SD&A expenses
(Non-GAAP) |
$ |
968.7 |
|
|
|
|
$ |
947.3 |
|
|
|
|
$ |
21.4 |
|
2.3 |
% |
Percent of net sales |
|
|
28.0 |
% |
|
|
|
28.5 |
% |
|
(50 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (GAAP) |
$ |
427.6 |
|
|
|
|
$ |
353.9 |
|
|
|
|
$ |
73.7 |
|
20.8 |
% |
Percent of net sales |
|
|
12.4 |
% |
|
|
|
10.6 |
% |
|
180 |
|
bps |
Add-back: Amortization of acquired intangible assets |
40.7 |
|
|
|
|
41.7 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
32.5 |
|
|
|
|
38.2 |
|
|
|
|
|
|
Add-back: Acquisition-related items (1) |
2.2 |
|
|
|
|
2.5 |
|
|
|
|
|
|
Add-back: Special charges |
3.3 |
|
|
|
|
20.0 |
|
|
|
|
|
|
Adjusted operating profit
(Non-GAAP) |
$ |
506.3 |
|
|
|
|
$ |
456.3 |
|
|
|
|
$ |
50.0 |
|
11.0 |
% |
Percent of net sales |
|
|
14.6 |
% |
|
|
|
13.7 |
% |
|
90 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
Other expense (income)
(GAAP) |
$ |
31.4 |
|
|
|
|
$ |
29.2 |
|
|
|
|
$ |
2.2 |
|
7.5 |
% |
Less: Impairment of investment |
(6.0 |
) |
|
|
|
— |
|
|
|
|
|
|
Adjusted other expense
(income) (Non-GAAP) |
$ |
25.4 |
|
|
|
|
$ |
29.2 |
|
|
|
|
$ |
(3.8 |
) |
(13.0) |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
306.3 |
|
|
|
|
$ |
248.3 |
|
|
|
|
$ |
58.0 |
|
23.4 |
% |
Add-back: Amortization of acquired intangible assets |
40.7 |
|
|
|
|
41.7 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
32.5 |
|
|
|
|
38.2 |
|
|
|
|
|
|
Add-back: Acquisition-related items (1) |
2.2 |
|
|
|
|
2.5 |
|
|
|
|
|
|
Add-back: Special charges |
3.3 |
|
|
|
|
20.0 |
|
|
|
|
|
|
Add-back: Impairments of investments |
6.0 |
|
|
|
|
— |
|
|
|
|
|
|
Total pre-tax adjustments to net income |
84.7 |
|
|
|
|
102.4 |
|
|
|
|
|
|
Income tax effect |
(19.3 |
) |
|
|
|
(23.4 |
) |
|
|
|
|
|
Adjusted net income
(Non-GAAP) |
$ |
371.7 |
|
|
|
|
$ |
327.3 |
|
|
|
|
$ |
44.4 |
|
13.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(GAAP) |
$ |
8.38 |
|
|
|
|
$ |
6.27 |
|
|
|
|
$ |
2.11 |
|
33.7 |
% |
Adjusted diluted earnings per
share (Non-GAAP) |
$ |
10.17 |
|
|
|
|
$ |
8.27 |
|
|
|
|
$ |
1.90 |
|
23.0 |
% |
______________________________(1) Acquisition-related items
include profit in inventory and professional fees.
|
|
Year Ended August 31, |
|
|
|
|
ABL |
|
2021 |
|
2020 |
|
Increase(Decrease) |
|
PercentChange |
Net sales |
|
$ |
3,287.3 |
|
|
$ |
3,180.9 |
|
|
$ |
106.4 |
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
476.2 |
|
|
$ |
425.8 |
|
|
$ |
50.4 |
|
11.8 |
% |
Add-back: Amortization of acquired intangible assets |
|
27.9 |
|
|
27.4 |
|
|
|
|
|
Add-back: Share-based payment expense |
|
11.0 |
|
|
13.4 |
|
|
|
|
|
Add-back: Acquisition-related items (1) |
|
— |
|
|
1.2 |
|
|
|
|
|
Adjusted operating profit |
|
$ |
515.1 |
|
|
$ |
467.8 |
|
|
$ |
47.3 |
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
Operating profit margin |
|
14.5 |
% |
|
13.4 |
% |
|
110 |
|
bps |
Adjusted operating profit
margin |
|
15.7 |
% |
|
14.7 |
% |
|
100 |
|
bps |
|
|
Year Ended August 31, |
|
|
|
|
ISG |
|
2021 |
|
2020 |
|
Increase(Decrease) |
|
PercentChange |
Net sales |
|
$ |
190.0 |
|
|
$ |
157.0 |
|
|
|
$ |
33.0 |
|
21.0 |
% |
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
$ |
9.9 |
|
|
$ |
(3.9 |
) |
|
|
$ |
13.8 |
|
NM |
Add-back: Amortization of acquired intangible assets |
|
12.8 |
|
|
14.3 |
|
|
|
|
|
|
Add-back: Share-based payment expense |
|
2.9 |
|
|
4.5 |
|
|
|
|
|
|
Adjusted operating profit |
|
$ |
25.6 |
|
|
$ |
14.9 |
|
|
|
$ |
10.7 |
|
71.8 |
% |
|
|
|
|
|
|
|
|
|
Operating profit (loss)
margin |
|
5.2 |
% |
|
(2.5 |
) |
% |
|
770 |
|
bps |
Adjusted operating profit
margin |
|
13.5 |
% |
|
9.5 |
|
% |
|
400 |
|
bps |
(1) Acquisition-related items include
professional fees.
Investor Contact:Charlotte
McLaughlinVice President, Investor Relations(404)
853-1456investorrelations@acuitybrands.com
Media Contact:Chrystal Neely
Director, Corporate
Communicationschrystal.neely@acuitybrands.com
Grafico Azioni Acuity Brands (NYSE:AYI)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Acuity Brands (NYSE:AYI)
Storico
Da Apr 2023 a Apr 2024