• Acuity Brands Reports Fiscal 2024 Third-Quarter Results

    Source: Nasdaq GlobeNewswire / 27 Jun 2024 06:00:01   America/New_York

    • Delivered Net Sales of $968M, a 3% Decline Compared to the Prior Year
    • Grew Operating Profit to $145M, up 1% Over the Prior Year; Adjusted Operating Profit of $167M, up 3% Over the Prior Year
    • Reported Diluted EPS of $3.62, up 10% Over the Prior Year; Adjusted Diluted EPS of $4.15, up 11% Over the Prior Year
    • Generated $445M in Year-to-Date Cash Flow from Operations

    ATLANTA, June 27, 2024 (GLOBE NEWSWIRE) -- Acuity Brands, Inc. (NYSE: AYI) (the “Company”), a market-leading industrial technology company, announced net sales of $968.1 million in the third quarter of fiscal 2024 ended May 31, 2024, a decrease of $32.2 million, or 3.2 percent, compared to the prior year.

    “In our fiscal 2024 third quarter we delivered solid results as we continued to execute on our strategy,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We increased our adjusted operating profit, adjusted operating profit margin and adjusted diluted earnings per share. We generated strong free cash flow, and we allocated capital effectively to drive value.”

    Operating profit was $145.3 million in the third quarter of fiscal 2024, an increase of $2.0 million, or 1.4 percent, compared to the prior year. Operating profit as a percent of net sales was 15.0 percent in the third quarter of fiscal 2024, an increase of 70 basis points compared to the prior year. Adjusted operating profit was $167.1 million in the third quarter of fiscal 2024, an increase of $4.2 million, or 2.6 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 17.3 percent in the third quarter of fiscal 2024, an increase of 100 basis points compared to the prior year.

    Diluted earnings per share was $3.62 in the third quarter of fiscal 2024, an increase of $0.34, or 10.4 percent, compared to the prior year. Adjusted diluted earnings per share was $4.15 in the third quarter of fiscal 2024, an increase of $0.40, or 10.7 percent, from $3.75 in the prior year.

    Segment Performance

    Acuity Brands Lighting and Lighting Controls (“ABL”)

    ABL generated net sales of $898.5 million in the third quarter of fiscal 2024, a decrease of $42.2 million, or 4.5 percent, compared to the prior year.

    ABL operating profit was $151.5 million in the third quarter of fiscal 2024, an increase of $1.5 million, or 1.0 percent, compared to the prior year. ABL operating profit as a percent of ABL net sales was 16.9 percent in the third quarter of fiscal 2024, an increase of 100 basis points compared to the prior year. ABL adjusted operating profit was $162.1 million in the third quarter of fiscal 2024, an increase of $2.4 million, or 1.5 percent, compared to the prior year. ABL adjusted operating profit as a percent of ABL net sales was 18.0 percent in the third quarter of fiscal 2024, an increase of 100 basis points compared to the prior year.

    Intelligent Spaces Group (“ISG”)

    ISG generated net sales of $75.7 million in the third quarter of fiscal 2024, an increase of $9.9 million, or 15.0 percent, compared to the prior year.

    ISG operating profit was $12.5 million in the third quarter of fiscal 2024, an increase of $3.9 million compared to the prior year. ISG operating profit as a percent of ISG net sales was 16.5 percent in the third quarter of fiscal 2024, an increase of 340 basis points compared to the prior year. ISG adjusted operating profit was $17.3 million in the third quarter of fiscal 2024, an increase of $4.5 million compared to the prior year. ISG adjusted operating profit as a percent of ISG net sales was 22.9 percent in the third quarter of fiscal 2024, an increase of 340 basis points compared to the prior year.

    Cash Flow and Capital Allocation

    Net cash from operating activities was $445.1 million for the first nine months of fiscal 2024, a decrease of $26.4 million compared to the prior year.

    Year-to-Date, the Company repurchased approximately 454,000 shares of common stock for a total of approximately $89 million.

    Today's Call Details

    The Company will host a conference call at 8:00 a.m. (ET) today, Thursday, June 27, 2024. Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. will lead the call. The conference call and earnings release can be accessed via the Investor Relations section of the Company's website at www.investors.acuitybrands.com. A replay of the call will also be posted to the Investor Relations website within two hours of the completion of the conference call and will be available on the website for a limited time.

    About Acuity Brands

    Acuity Brands, Inc. (NYSE: AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces, light, and more things to come. Through our two business segments, Acuity Brands Lighting and Lighting Controls (ABL) and the Intelligent Spaces Group (ISG), we design, manufacture, and bring to market products and services that make a valuable difference in people’s lives.

    We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and location-aware applications. We achieve customer-focused efficiencies that allow us to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals.

    Acuity Brands, Inc. is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by 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 net income;” “adjusted diluted EPS;” “earnings before interest, taxes, depreciation, and amortization (“EBITDA”);" "EBITDA margin;" “adjusted EBITDA;” "Adjusted EBITDA margin". These non-GAAP financial measures are provided to enhance the reader's overall understanding of the Company's current financial performance and prospects for the future. Specifically, management believes that these non-GAAP measures provide useful information to investors by excluding or adjusting items for amortization of acquired intangible assets, share-based payment expense, loss on sale of business, and special charges associated with continued efforts to streamline the organization and integrate recent acquisitions.

    We also provide “free cash flow” (“FCF”) to enhance the reader’s understanding of the Company’s ability to generate additional cash from its business.

    Management typically adjusts for these items for internal reviews of performance and uses the above non-GAAP measures for baseline comparative operational analysis, decision making, and other activities. Management believes these non-GAAP measures provide greater comparability and enhanced visibility into the Company’s results of operations as well as comparability with many of its peers, especially those companies focused more on technology and software. Non-GAAP financial measures included in this news release should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP.

    The most directly comparable GAAP measures for adjusted operating profit and adjusted operating profit margin for total company and by segment are “operating profit” and “operating profit margin,” respectively, for total company and by segment, which include the impact of amortization of acquired intangible assets, share-based payment expense, and special charges. Adjusted operating profit margin is adjusted operating profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted net income and adjusted diluted EPS are “net income” and “diluted EPS,” respectively, which include the impact of amortization of acquired intangible assets, loss on sale of business, share-based payment expense, and special charges. Adjusted diluted EPS is adjusted net income divided by diluted weighted average shares outstanding. The most directly comparable GAAP measure for EBITDA is “net income”, which includes the impact of net interest expense, income taxes, depreciation, and amortization of acquired intangible assets. EBITDA margin is EBITDA divided by net sales for total company. The most directly comparable GAAP measure for adjusted EBITDA is “net income”, which includes the impact of net interest expense, income taxes, depreciation, amortization of acquired intangible assets, share-based payment expense, special charges, and miscellaneous (income) expense, net. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales for total company. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release.

    The Company defines FCF as net cash provided by operating activities less purchases of property, plant and equipment. A calculation of this measure is available in this news release.

    The Company’s non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for GAAP financial measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items.

    Forward-Looking Information

    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements use words such as “expect,” “believe,” “intend,” “anticipate,” “indicative,” “projection,” “predict,” “plan,” “may,” “could,” “should,” “would,” “potential,” and words of similar meaning, as well as other words or expressions referencing future events, conditions, or circumstances. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. Statements that describe or relate to the Company’s plans, goals, intentions, strategies, or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on our current beliefs, expectations, and assumptions, which may not prove to be accurate, and are subject to known and unknown risks and uncertainties, many of which are outside of our control. These risks and uncertainties could cause actual results to differ materially from our historical experience and management’s present expectations or projections. These risks and uncertainties are discussed in our filings with the U.S. Securities and Exchange Commission, including our most recent annual report on Form 10-K (including, but not limited to, Part I, Item 1A Risk Factors), quarterly reports on Form 10-Q, and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. You are cautioned not to place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, or otherwise.

     
    ACUITY BRANDS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions, except per-share data)
     
     May 31, 2024 August 31, 2023
     (unaudited)  
    ASSETS   
    Current assets:   
    Cash and cash equivalents$699.0  $397.9 
    Accounts receivable, less reserve for doubtful accounts of $1.5 and $1.3, respectively 512.3   555.3 
    Inventories 372.3   368.5 
    Prepayments and other current assets 90.4   73.5 
    Total current assets 1,674.0   1,395.2 
    Property, plant, and equipment, net 298.0   297.6 
    Operating lease right-of-use assets 71.7   84.1 
    Goodwill 1,096.7   1,097.9 
    Intangible assets, net 452.9   481.2 
    Deferred income taxes 0.8   3.0 
    Other long-term assets 48.8   49.5 
    Total assets$3,642.9  $3,408.5 
    LIABILITIES AND STOCKHOLDERS’ EQUITY   
    Current liabilities:   
    Accounts payable$323.3  $285.7 
    Current operating lease liabilities 19.3   19.7 
    Accrued compensation 88.0   103.3 
    Other current liabilities 174.7   186.7 
    Total current liabilities 605.3   595.4 
    Long-term debt 496.0   495.6 
    Long-term operating lease liabilities 63.4   75.5 
    Accrued pension liabilities 38.8   38.4 
    Deferred income taxes 42.0   59.0 
    Other long-term liabilities 142.7   129.2 
    Total liabilities 1,388.2   1,393.1 
    Stockholders’ equity:   
    Preferred stock, $0.01 par value per share; 50.0 shares authorized; none issued —   — 
    Common stock, $0.01 par value per share; 500.0 shares authorized; 54.6 and 54.4 issued, respectively 0.5   0.5 
    Paid-in capital 1,103.4   1,066.8 
    Retained earnings 3,795.7   3,505.4 
    Accumulated other comprehensive loss (111.9)  (112.6)
    Treasury stock, at cost, of 23.9 and 23.4 shares, respectively (2,533.0)  (2,444.7)
    Total stockholders’ equity 2,254.7   2,015.4 
    Total liabilities and stockholders’ equity$3,642.9  $3,408.5 
            


     
    ACUITY BRANDS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (In millions, except per-share data)
     
     Three Months Ended Nine Months Ended
     May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023
    Net sales$968.1  $1,000.3  $2,808.7  $2,941.8 
    Cost of products sold 515.9   553.0   1,515.7   1,671.3 
    Gross profit 452.2   447.3   1,293.0   1,270.5 
    Selling, distribution, and administrative expenses 306.9   304.0   896.7   899.9 
    Special charges —   —   —   6.9 
    Operating profit 145.3   143.3   396.3   363.7 
    Other (income) expense:       
    Interest (income) expense, net (1.8)  3.9   (1.0)  16.2 
    Miscellaneous (income) expense, net (0.5)  0.7   1.2   6.1 
    Total other (income) expense (2.3)  4.6   0.2   22.3 
    Income before income taxes 147.6   138.7   396.1   341.4 
    Income tax expense 33.7   33.7   92.4   78.3 
    Net income$113.9  $105.0  $303.7  $263.1 
            
    Earnings per share(1):       
    Basic earnings per share$3.70  $3.31  $9.83  $8.22 
    Basic weighted average number of shares outstanding 30.829   31.682   30.905   32.006 
    Diluted earnings per share$3.62  $3.28  $9.67  $8.13 
    Diluted weighted average number of shares outstanding 31.477   32.011   31.420   32.360 
    Dividends declared per share$0.15  $0.13  $0.43  $0.39 
                    

    (1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

     
    ACUITY BRANDS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In millions)
     
     Nine Months Ended
     May 31, 2024 May 31, 2023
    Cash flows from operating activities:   
    Net income$303.7  $263.1 
    Adjustments to reconcile net income to cash flows from operating activities:   
    Depreciation and amortization 68.5   70.4 
    Share-based payment expense 34.9   32.4 
    Loss on disposal of property, plant, and equipment 0.3   — 
    Asset impairment —   4.3 
    Loss on sale of a business —   11.2 
    Changes in operating assets and liabilities, net of acquisitions and divestitures:   
    Accounts receivable 42.5   123.9 
    Inventories (1.2)  82.6 
    Prepayments and other current assets (16.3)  (9.6)
    Accounts payable 40.4   (53.4)
    Other operating activities (27.7)  (53.4)
    Net cash provided by operating activities 445.1   471.5 
    Cash flows from investing activities:   
    Purchases of property, plant, and equipment (41.0)  (48.0)
    Acquisition of businesses, net of cash acquired —   (35.4)
    Other investing activities (3.6)  7.0 
    Net cash used for investing activities (44.6)  (76.4)
    Cash flows from financing activities:   
    Repayments on credit facility, net of borrowings —   (18.0)
    Repurchases of common stock (88.7)  (216.2)
    Proceeds from stock option exercises and other 12.0   2.1 
    Payments of taxes withheld on net settlement of equity awards (10.4)  (13.9)
    Dividends paid (13.4)  (12.7)
    Net cash used for financing activities (100.5)  (258.7)
    Effect of exchange rate changes on cash and cash equivalents 1.1   (0.3)
    Net change in cash and cash equivalents 301.1   136.1 
    Cash and cash equivalents at beginning of period 397.9   223.2 
    Cash and cash equivalents at end of period$699.0  $359.3 
            


    ACUITY BRANDS, INC.
    DISAGGREGATED NET SALES
    (In millions)
     
    The following tables show net sales by channel for the periods presented:
     
     Three Months Ended  
     May 31, 2024 May 31, 2023 Increase
    (Decrease)    		 Percent Change
    ABL:       
    Independent sales network$637.1  $686.0  $(48.9)  (7.1)%
    Direct sales network 97.0   103.9   (6.9)  (6.6)%
    Retail sales 45.7   48.0   (2.3)  (4.8)%
    Corporate accounts 60.5   44.4   16.1   36.3%
    Original equipment manufacturer and other 58.2   58.4   (0.2)  (0.3)%
    Total ABL 898.5   940.7   (42.2)  (4.5)%
    ISG 75.7   65.8   9.9   15.0%
    Eliminations (6.1)  (6.2)  0.1   (1.6)%
    Total$968.1  $1,000.3  $(32.2)  (3.2)%
                  


     Nine Months Ended  
     May 31, 2024 May 31, 2023 Increase
    (Decrease)    		 Percent Change
    ABL:       
    Independent sales network$1,874.6  $1,995.0  $(120.4)  (6.0)%
    Direct sales network 287.4   305.0   (17.6)  (5.8)%
    Retail sales 147.7   148.3   (0.6)  (0.4)%
    Corporate accounts 140.1   147.5   (7.4)  (5.0)%
    Original equipment manufacturer and other 168.6   182.8   (14.2)  (7.8)%
    Total ABL 2,618.4   2,778.6   (160.2)  (5.8)%
    ISG 208.0   180.8   27.2   15.0%
    Eliminations (17.7)  (17.6)  (0.1)  0.6%
    Total$2,808.7  $2,941.8  $(133.1)  (4.5)%
                  


    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    
     May 31, 2024  May 31, 2023 Increase
    (Decrease)    		 Percent Change
    Net sales$968.1   $1,000.3  $(32.2)  (3.2)%
             
    Operating profit (GAAP)$145.3   $143.3  $2.0   1.4%
    Percent of net sales (GAAP) 15.0%  14.3% 70   bps 
    Add-back: Amortization of acquired intangible assets 10.0    9.2     
    Add-back: Share-based payment expense 11.8    10.4     
    Adjusted operating profit (Non-GAAP)$167.1   $162.9  $4.2   2.6%
    Percent of net sales (Non-GAAP) 17.3%  16.3% 100   bps 
             
    Net income (GAAP)$113.9   $105.0  $8.9   8.5%
    Add-back: Amortization of acquired intangible assets 10.0    9.2     
    Add-back: Share-based payment expense 11.8    10.4     
    Total pre-tax adjustments to net income 21.8    19.6     
    Income tax effects (5.0)   (4.5)    
    Adjusted net income (Non-GAAP)$130.7   $120.1  $10.6   8.8%
             
    Diluted earnings per share (GAAP)$3.62   $3.28  $0.34   10.4%
    Adjusted diluted earnings per share (Non-GAAP)$4.15   $3.75  $0.40   10.7%
             
    Net income (GAAP)$113.9   $105.0  $8.9   8.5%
    Percent of net sales (GAAP) 11.8%  10.5% 130   bps 
    Interest (income) expense, net (1.8)   3.9     
    Income tax expense 33.7    33.7     
    Depreciation 12.9    12.7     
    Amortization of acquired intangible assets 10.0    9.2     
    EBITDA (Non-GAAP) 168.7    164.5   4.2   2.6%
    Percent of net sales (Non-GAAP) 17.4%  16.4% 100   bps 
    Share-based payment expense 11.8    10.4     
    Miscellaneous expense (income), net (0.5)   0.7     
    Adjusted EBITDA (Non-GAAP)$180.0   $175.6  $4.4   2.5%
    Percent of net sales (Non-GAAP) 18.6%  17.6% 100   bps 
                 



      Three Months Ended    
    ABL May 31, 2024 May 31, 2023 Increase
    (Decrease)    		 Percent Change
    Net sales $898.5  $940.7  $(42.2) (4.5)%
             
    Operating profit (GAAP) $151.5  $150.0  $1.5   1.0%
    Add-back: Amortization of acquired intangible assets  6.6   6.1     
    Add-back: Share-based payment expense  4.0   3.6     
    Adjusted operating profit (Non-GAAP) $162.1  $159.7  $2.4   1.5%
             
    Operating profit margin (GAAP)  16.9%  15.9%  100   bps 
    Adjusted operating profit margin (Non-GAAP)  18.0%  17.0%  100   bps 
                     


      Three Months Ended    
    ISG May 31, 2024 May 31, 2023 Increase
    (Decrease)    		 Percent Change
    Net sales $75.7  $65.8  $9.9   15.0%
             
    Operating profit (GAAP) $12.5  $8.6  $3.9   45.3%
    Add-back: Amortization of acquired intangible assets  3.4   3.1     
    Add-back: Share-based payment expense  1.4   1.1     
    Adjusted operating profit (Non-GAAP) $17.3  $12.8  $4.5   35.2%
             
    Operating profit margin (GAAP)  16.5%  13.1%  340   bps 
    Adjusted operating profit margin (Non-GAAP)  22.9%  19.5%  340   bps 
                     



    (In millions, except per share data)Nine Months Ended   
     May 31, 2024 May 31, 2023 Increase
    (Decrease)    		Percent Change
    Net sales$2,808.7  $2,941.8  $(133.1) (4.5)%
           
    Operating profit (GAAP)$396.3  $363.7  $32.6  9.0%
    Percent of net sales (GAAP) 14.1% 12.4% 170  bps 
    Add-back: Amortization of acquired intangible assets (1) 29.9   32.1    
    Add-back: Share-based payment expense 34.9   32.4    
    Add-back: Special charges —   6.9    
    Adjusted operating profit (Non-GAAP)$461.1  $435.1  $26.0  6.0%
    Percent of net sales (Non-GAAP) 16.4% 14.8% 160  bps 
           
    Net income (GAAP)$303.7  $263.1  $40.6  15.4%
    Add-back: Amortization of acquired intangible asset (1) 29.9   32.1    
    Add-back: Share-based payment expense 34.9   32.4    
    Add-back: Loss on sale of a business —   11.2    
    Add-back: Special charges —   6.9    
    Total pre-tax adjustments to net income 64.8   82.6    
    Income tax effect (14.9)  (19.1)   
    Adjusted net income (Non-GAAP)$353.6  $326.6  $27.0  8.3%
           
    Diluted earnings per share (GAAP)$9.67  $8.13  $1.54  18.9%
    Adjusted diluted earnings per share (Non-GAAP)$11.25  $10.09  $1.16  11.5%
           
    Net income (GAAP)$303.7  $263.1  $40.6  15.4%
    Percent of net sales (GAAP) 10.8% 8.9% 190  bps 
    Interest expense, net (1.0)  16.2    
    Income tax expense 92.4   78.3    
    Depreciation 38.6   38.3    
    Amortization 29.9   32.1    
    EBITDA (Non-GAAP) 463.6   428.0   35.6  8.3%
    Percent of net sales (Non-GAAP) 16.5% 14.5% 200  bps 
    Share-based payment expense 34.9   32.4    
    Miscellaneous expense, net 1.2   6.1    
    Special charges —   6.9    
    Adjusted EBITDA (Non-GAAP)$499.7  $473.4  $26.3  5.6%
    Percent of net sales (Non-GAAP) 17.8% 16.1% 170  bps 
                 

    (1) Amortization expense for the first nine months of fiscal 2023 includes accelerated amortization of $4.0 million for certain discontinued brands.

     
      Nine Months Ended    
    ABL May 31, 2024 May 31, 2023 Increase
    (Decrease)    		 Percent Change
    Net sales $2,618.4  $2,778.6  $(160.2)  (5.8)%
             
    Operating profit (GAAP) $421.3  $391.7  $29.6   7.6%
    Add-back: Amortization of acquired intangible assets (1)  19.7   22.8     
    Add-back: Share-based payment expense  11.3   10.4     
    Add-back: Special charges  —   6.9     
    Adjusted operating profit (Non-GAAP) $452.3  $431.8  $20.5   4.7%
             
    Operating profit margin (GAAP)  16.1%  14.1%  200   bps 
    Adjusted operating profit margin (Non-GAAP)  17.3%  15.5%  180   bps 
                     

    (1) Amortization expense for the first nine months of fiscal 2023 includes accelerated amortization of $4.0 million for certain discontinued brands.

     
      Nine Months Ended    
    ISG May 31, 2024 May 31, 2023 Increase
    (Decrease)    		 Percent Change
    Net sales $208.0  $180.8  $27.2   15.0%
               
    Operating profit (GAAP) $26.9  $22.7  $4.2   18.5%
    Add-back: Amortization of acquired intangible assets  10.2   9.3       
    Add-back: Share-based payment expense  4.8   3.9       
    Adjusted operating profit (Non-GAAP) $41.9  $35.9  $6.0   16.7%
               
    Operating profit margin (GAAP)  12.9%  12.6%  30   bps 
    Adjusted operating profit margin (Non-GAAP)  20.1%  19.9%  20   bps 
                     


     Nine Months Ended      
     May 31, 2024 May 31, 2023 Increase
    (Decrease)    		 
    Percent Change
    Net cash provided by operating activities (GAAP)$445.1  $471.5  $(26.4)  (5.6)%
    Less: Purchases of property, plant, and equipment (41.0)  (48.0)      
    Free cash flow (Non-GAAP)$404.1  $423.5  $(19.4)  (4.6)%
                    

    Investor Contact:
    Charlotte McLaughlin
    Vice President, Investor Relations
    (404) 853-1456
    investorrelations@acuitybrands.com

    Media Contact:
    April Appling
    Vice President, Corporate Communications
    corporatecommunications@acuitybrands.com


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