Acuity Brands Reports Fiscal 2024 Second-Quarter Results

April 3, 2024
Solid Execution Continues Delivering Margin Expansion and EPS Growth
  • Delivered Net Sales of $906M, a 4% Decline Compared to the Prior Year
  • Grew Operating Profit to $118M, up 6% Over the Prior Year; Adjusted Operating Profit of $140M, up 6% Over the Prior Year
  • Reported Diluted EPS of $2.84, up 11% Over the Prior Year; Adjusted Diluted EPS of $3.38, up 11% Over the Prior Year
  • Generated $293M in Year-to-Date Cash Flow from Operations

ATLANTA, April 03, 2024 (GLOBE NEWSWIRE) -- Acuity Brands, Inc. (NYSE: AYI) (the “Company”), a market-leading industrial technology company, announced net sales of $905.9 million in the second quarter of fiscal 2024 ended February 29, 2024, a decrease of $37.7 million, or 4.0 percent, compared to the prior year.

“Our fiscal 2024 second quarter was another quarter of solid execution,” 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 $118.1 million in the second quarter of fiscal 2024, an increase of $6.6 million, or 5.9 percent, compared to the prior year. Operating profit as a percent of net sales was 13.0 percent in the second quarter of fiscal 2024, an increase of 120 basis points compared to the prior year. Adjusted operating profit was $140.1 million in the second quarter of fiscal 2024, an increase of $8.0 million, or 6.1 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 15.5 percent in the second quarter of fiscal 2024, an increase of 150 basis points compared to the prior year.

Diluted earnings per share was $2.84 in the second quarter of fiscal 2024, an increase of $0.27, or 10.5 percent, compared to the prior year. Adjusted diluted earnings per share was $3.38 in the second quarter of fiscal 2024, an increase of $0.32, or 10.5 percent, from $3.06 in the prior year.

Segment Performance

Acuity Brands Lighting and Lighting Controls (“ABL”)

ABL generated net sales of $843.5 million in the second quarter of fiscal 2024, a decrease of $47.3 million, or 5.3 percent, compared to the prior year.

ABL operating profit was $126.0 million in the second quarter of fiscal 2024, an increase of $2.4 million, or 1.9 percent, compared to the prior year. ABL operating profit as a percent of ABL net sales was 14.9 percent in the second quarter of fiscal 2024, an increase of 100 basis points compared to the prior year. ABL adjusted operating profit was $136.4 million in the second quarter of fiscal 2024, an increase of $3.1 million, or 2.3 percent, compared to the prior year. ABL adjusted operating profit as a percent of ABL net sales was 16.2 percent in the second quarter of fiscal 2024, an increase of 120 basis points compared to the prior year.

Intelligent Spaces Group (“ISG”)

ISG generated net sales of $68.1 million in the second quarter of fiscal 2024, an increase of $9.9 million, or 17.0 percent, compared to the prior year.

ISG operating profit was $9.1 million in the second quarter of fiscal 2024, an increase of $2.8 million compared to the prior year. ISG operating profit as a percent of ISG net sales was 13.4 percent in the second quarter of fiscal 2024, an increase of 260 basis points compared to the prior year. ISG adjusted operating profit was $14.3 million in the second quarter of fiscal 2024, an increase of $3.5 million compared to the prior year. ISG adjusted operating profit as a percent of ISG net sales was 21.0 percent in the second quarter of fiscal 2024, an increase of 240 basis points compared to the prior year.

Cash Flow and Capital Allocation

Net cash from operating activities was $292.6 million for the first half of fiscal 2024, a decrease of $13.8 million compared to the prior year.

Year-to-Date, the Company repurchased approximately 370,000 shares of common stock for a total of approximately $68 million.

Today's Call Details

The Company will host a conference call at 8:00 a.m. (ET) today, Wednesday, April 3, 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 approximately 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”);” and “adjusted EBITDA”. 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.

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 


ACUITY BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per-share data)

  February 29,
2024
  August 31, 2023
  (unaudited)    
ASSETS      
Current assets:      
Cash and cash equivalents $ 578.9     $ 397.9  
Accounts receivable, less reserve for doubtful accounts of $1.2 and $1.3, respectively   494.9       555.3  
Inventories   375.8       368.5  
Prepayments and other current assets   97.2       73.5  
Total current assets   1,546.8       1,395.2  
Property, plant, and equipment, net   296.0       297.6  
Operating lease right-of-use assets   76.2       84.1  
Goodwill   1,097.1       1,097.9  
Intangible assets, net   462.9       481.2  
Deferred income taxes   0.8       3.0  
Other long-term assets   46.0       49.5  
Total assets $ 3,525.8     $ 3,408.5  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 322.4     $ 285.7  
Current operating lease liabilities   19.6       19.7  
Accrued compensation   83.9       103.3  
Other current liabilities   172.0       186.7  
Total current liabilities   597.9       595.4  
Long-term debt   495.9       495.6  
Long-term operating lease liabilities   67.5       75.5  
Accrued pension liabilities   38.7       38.4  
Deferred income taxes   42.3       59.0  
Other long-term liabilities   133.9       129.2  
Total liabilities   1,376.2       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   1,087.7       1,066.8  
Retained earnings   3,686.4       3,505.4  
Accumulated other comprehensive loss   (112.7 )     (112.6 )
Treasury stock, at cost, of 23.7 and 23.4 shares, respectively   (2,512.3 )     (2,444.7 )
Total stockholders’ equity   2,149.6       2,015.4  
Total liabilities and stockholders’ equity $ 3,525.8     $ 3,408.5  
               

ACUITY BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In millions, except per-share data)

  Three Months Ended   Six Months Ended
  February 29,
2024
  February 28,
2023
  February 29,
2024
  February 28,
2023
Net sales $ 905.9     $ 943.6     $ 1,840.6   $ 1,941.5
Cost of products sold   493.5       536.9       999.8     1,118.3
Gross profit   412.4       406.7       840.8     823.2
Selling, distribution, and administrative expenses   294.3       295.2       589.8     595.9
Special charges                   6.9
Operating profit   118.1       111.5       251.0     220.4
Other expense:              
Interest (income) expense, net   (0.1 )     5.7       0.8     12.3
Miscellaneous expense (income), net   0.6       (3.7 )     1.7     5.4
Total other expense   0.5       2.0       2.5     17.7
Income before income taxes   117.6       109.5       248.5     202.7
Income tax expense   28.4       26.3       58.7     44.6
Net income $ 89.2     $ 83.2     $ 189.8   $ 158.1
               
Earnings per share(1):              
Basic earnings per share $ 2.89     $ 2.60     $ 6.13   $ 4.91
Basic weighted average number of shares outstanding   30.864       32.048       30.940     32.178
Diluted earnings per share $ 2.84     $ 2.57     $ 6.05   $ 4.86
Diluted weighted average number of shares outstanding   31.399       32.386       31.388     32.545
Dividends declared per share $ 0.15     $ 0.13     $ 0.28   $ 0.26
                           

(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)

  Six Months Ended
  February 29, 2024   February 28, 2023
Cash flows from operating activities:      
Net income $ 189.8     $ 158.1  
Adjustments to reconcile net income to cash flows from operating activities:      
Depreciation and amortization   45.6       48.5  
Share-based payment expense   23.1       22.0  
Loss on the sale or 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   60.1       142.6  
Inventories   (4.7 )     44.5  
Prepayments and other current assets   (23.0 )     (1.7 )
Accounts payable   39.2       (69.1 )
Other operating activities   (37.8 )     (54.0 )
Net cash provided by operating activities   292.6       306.4  
Cash flows from investing activities:      
Purchases of property, plant, and equipment   (29.0 )     (35.6 )
Other investing activities   (3.7 )     6.4  
Net cash used for investing activities   (32.7 )     (29.2 )
Cash flows from financing activities:      
Repayments on credit facility, net of borrowings         (18.0 )
Repurchases of common stock   (67.8 )     (121.7 )
Proceeds from stock option exercises and other   7.0       1.7  
Payments of taxes withheld on net settlement of equity awards   (9.4 )     (12.9 )
Dividends paid   (8.8 )     (8.5 )
Net cash used for financing activities   (79.0 )     (159.4 )
Effect of exchange rate changes on cash and cash equivalents   0.1       (2.0 )
Net change in cash and cash equivalents   181.0       115.8  
Cash and cash equivalents at beginning of period   397.9       223.2  
Cash and cash equivalents at end of period $ 578.9     $ 339.0  
               

ACUITY BRANDS, INC.
DISAGGREGATED NET SALES
(In millions)

The following tables show net sales by channel for the periods presented:

  Three Months Ended    
  February 29, 2024   February 28, 2023   Increase (Decrease)   Percent Change
ABL:              
Independent sales network $ 612.3     $ 635.3     $ (23.0 )   (3.6)%
Direct sales network   93.0       94.7       (1.7 )   (1.8)%
Retail sales   46.4       50.4       (4.0 )   (7.9)%
Corporate accounts   38.1       54.0       (15.9 )   (29.4)%
Original equipment manufacturer and other   53.7       56.4       (2.7 )   (4.8)%
Total ABL   843.5       890.8       (47.3 )   (5.3)%
ISG   68.1       58.2       9.9     17.0 %
Eliminations   (5.7 )     (5.4 )     (0.3 )   5.6 %
Total $ 905.9     $ 943.6     $ (37.7 )   (4.0)%
                           


  Six Months Ended    
  February 29, 2024   February 28, 2023   Increase (Decrease)   Percent Change
ABL:              
Independent sales network $ 1,237.5     $ 1,309.0     $ (71.5 )   (5.5)%
Direct sales network   190.4       201.1       (10.7 )   (5.3)%
Retail sales   102.0       100.3       1.7     1.7 %
Corporate accounts   79.6       103.1       (23.5 )   (22.8)%
Original equipment manufacturer and other   110.4       124.4       (14.0 )   (11.3)%
Total ABL   1,719.9       1,837.9       (118.0 )   (6.4)%
ISG   132.3       115.0       17.3     15.0 %
Eliminations   (11.6 )     (11.4 )     (0.2 )   1.8 %
Total $ 1,840.6     $ 1,941.5     $ (100.9 )   (5.2)%
                           

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          
  February 29, 2024       February 28, 2023     Increase (Decrease)   Percent Change
Net sales $ 905.9         $ 943.6       $ (37.7 )   (4.0 )%
                     
Operating profit (GAAP) $ 118.1         $ 111.5       $ 6.6     5.9 %
Percent of net sales     13.0 %       11.8 %   120     bps
Add-back: Amortization of acquired intangible assets   10.0           9.3            
Add-back: Share-based payment expense   12.0           11.3            
Adjusted operating profit (Non-GAAP) $ 140.1         $ 132.1       $ 8.0     6.1 %
Percent of net sales (Non-GAAP)     15.5 %       14.0 %   150     bps
                     
Net income (GAAP) $ 89.2         $ 83.2       $ 6.0     7.2 %
Add-back: Amortization of acquired intangible assets   10.0           9.3            
Add-back: Share-based payment expense   12.0           11.3            
Total pre-tax adjustments to net income   22.0           20.6            
Income tax effects   (5.1 )         (4.8 )          
Adjusted net income (Non-GAAP) $ 106.1         $ 99.0       $ 7.1     7.2 %
                     
Diluted earnings per share (GAAP) $ 2.84         $ 2.57       $ 0.27     10.5 %
Adjusted diluted earnings per share (Non-GAAP) $ 3.38         $ 3.06       $ 0.32     10.5 %
                     
Net income (GAAP) $ 89.2         $ 83.2       $ 6.0     7.2 %
Percent of net sales     9.8 %       8.8 %   100     bps
Interest (income) expense, net   (0.1 )         5.7            
Income tax expense   28.4           26.3            
Depreciation   12.9           12.7            
Amortization of acquired intangible assets   10.0           9.3            
EBITDA (Non-GAAP)   140.4           137.2       $ 3.2     2.3 %
Percent of net sales (Non-GAAP)     15.5 %       14.5 %   100     bps
Share-based payment expense   12.0           11.3            
Miscellaneous expense (income), net   0.6           (3.7 )          
Adjusted EBITDA (Non-GAAP) $ 153.0         $ 144.8       $ 8.2     5.7 %
Percent of net sales (Non-GAAP)     16.9 %       15.3 %   160     bps
                             


    Three Months Ended        
ABL   February 29, 2024   February 28, 2023   Increase (Decrease)   Percent Change
Net sales   $ 843.5     $ 890.8     $         (47.3 )           (5.3)%
                 
Operating profit (GAAP)   $ 126.0     $ 123.6     $ 2.4     1.9 %
Add-back: Amortization of acquired intangible assets     6.6       6.2          
Add-back: Share-based payment expense     3.8       3.5          
Adjusted operating profit (Non-GAAP)   $ 136.4     $ 133.3     $ 3.1     2.3 %
                 
Operating profit margin (GAAP)     14.9 %     13.9 %     100     bps
Adjusted operating profit margin (Non-GAAP)     16.2 %     15.0 %     120     bps
                             


    Three Months Ended        
ISG   February 29, 2024   February 28, 2023   Increase (Decrease)   Percent Change
Net sales   $ 68.1     $ 58.2     $ 9.9   17.0 %
                 
Operating profit (GAAP)   $ 9.1     $ 6.3     $ 2.8   44.4 %
Add-back: Amortization of acquired intangible assets     3.4       3.1          
Add-back: Share-based payment expense     1.8       1.4          
Adjusted operating profit (Non-GAAP)   $ 14.3     $ 10.8     $ 3.5   32.4 %
                 
Operating profit margin (GAAP)     13.4 %     10.8 %     260   bps
Adjusted operating profit margin (Non-GAAP)     21.0 %     18.6 %     240   bps
                           


(In millions, except per share data) Six Months Ended          
  February 29, 2024       February 28, 2023       Increase (Decrease) Percent Change
Net sales $ 1,840.6         $ 1,941.5         $ (100.9 ) (5.2 )%
                     
Operating profit (GAAP) $ 251.0         $ 220.4         $ 30.6   13.9 %
Percent of net sales     13.6 %       11.4 %     220   bps
Add-back: Amortization of acquired intangible assets(1)   19.9           22.9            
Add-back: Share-based payment expense   23.1           22.0            
Add-back: Special charges             6.9            
Adjusted operating profit (Non-GAAP) $ 294.0         $ 272.2         $ 21.8   8.0 %
Percent of net sales     16.0 %       14.0 %     200   bps
                     
Net income (GAAP) $ 189.8         $ 158.1         $ 31.7   20.1 %
Add-back: Amortization of acquired intangible asset(1)   19.9           22.9            
Add-back: Share-based payment expense   23.1           22.0            
Add-back: Loss on sale of a business             11.2            
Add-back: Special charges             6.9            
Total pre-tax adjustments to net income   43.0           63.0            
Income tax effect   (9.9 )         (14.6 )          
Adjusted net income (Non-GAAP) $ 222.9         $ 206.5         $ 16.4   7.9 %
                     
Diluted earnings per share (GAAP) $ 6.05         $ 4.86         $ 1.19   24.5 %
Adjusted diluted earnings per share (Non-GAAP) $ 7.10         $ 6.35         $ 0.75   11.8 %
                     
Net income (GAAP) $ 189.8         $ 158.1         $ 31.7   20.1 %
Percent of net sales     10.3 %       8.1 %     220   bps
Interest expense, net   0.8           12.3            
Income tax expense   58.7           44.6            
Depreciation   25.7           25.6            
Amortization   19.9           22.9            
EBITDA (Non-GAAP)   294.9           263.5         $ 31.4   11.9 %
Percent of net sales     16.0 %       13.6 %     240   bps
Share-based payment expense   23.1           22.0            
Miscellaneous expense, net   1.7           5.4            
Special charges             6.9            
Adjusted EBITDA (Non-GAAP) $ 319.7         $ 297.8         $ 21.9   7.4 %
Percent of net sales     17.4 %       15.3 %     210   bps
                             

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

    Six Months Ended        
ABL   February 29,
2024
  February 28,
2023
  Increase (Decrease)   Percent Change
Net sales   $         1,719.9             $         1,837.9             $         (118.0 )           (6.4)%
                 
Operating profit   $ 269.8     $ 241.7     $ 28.1     11.6 %
Add-back: Amortization of acquired intangible assets (1)     13.1       16.7          
Add-back: Share-based payment expense     7.3       6.8          
Add-back: Special charges           6.9          
Adjusted operating profit   $ 290.2     $ 272.1     $ 18.1     6.7 %
                 
Operating profit margin     15.7 %     13.2 %     250     bps
Adjusted operating profit margin     16.9 %     14.8 %     210     bps
                             

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

    Six Months Ended        
ISG   February 29,
2024
  February 28,
2023
  Increase (Decrease)   Percent Change
Net sales   $ 132.3     $ 115.0     $ 17.3     15.0 %
                 
Operating profit   $ 14.4     $ 14.0     $ 0.4     2.9 %
Add-back: Amortization of acquired intangible assets     6.8       6.2          
Add-back: Share-based payment expense     3.4       2.7          
Adjusted operating profit   $ 24.6     $ 22.9     $ 1.7     7.4 %
                 
Operating profit margin     10.9 %     12.2 %     (130 )   bps
Adjusted operating profit margin     18.6 %     19.9 %     (130 )   bps
                             


  Six Months Ended        
  February 29,
2024
  February 28,
2023
  Increase (Decrease)   Percent Change
Net cash provided by operating activities (GAAP) $ 292.6     $ 306.4     $ (13.8 )   (4.5)%
Less: Purchases of property, plant, and equipment   (29.0 )     (35.6 )        
Free cash flow (Non-GAAP) $ 263.6     $ 270.8     $ (7.2 )   (2.7)%

 


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Source: Acuity Brands, Inc.