(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||
(d) | Exhibits |
10.1 | Form of Indemnification Agreement. | |
99.1 | Press Release dated June 30, 2020. | |
99.2 | Press Release dated June 30, 2020. | |
99.3 | Press Release dated June 25, 2020. | |
104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |
ACUITY BRANDS, INC. | ||
By: | /s/ Karen J. Holcom | |
Karen J. Holcom | ||
Senior Vice President and Chief Financial Officer |
EXHIBIT INDEX | ||
10.1 | Reference is made to Exhibit 10.1 to the registrant’s Form 8-K filed with the Commission on February 9, 2010, which is incorporated herein by reference. | |
99.1 | (Filed with the Commission as part of this Form 8-K). | |
99.2 | (Filed with the Commission as part of this Form 8-K). | |
99.2 | (Filed with the Commission as part of this Form 8-K). | |
104 | Cover Page Interactive Data File (embedded within the inline XBRL document). | (Filed with the Commission as part of this Form 8-K). |
Press Release Exhibit 99.1 |
Press Release Exhibit 99.1 |
Press Release Exhibit 99.1 |
Press Release Exhibit 99.1 |
Press Release Exhibit 99.1 |
May 31, 2020 | August 31, 2019 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 520.6 | $ | 461.0 | |||
Accounts receivable, less reserve for doubtful accounts of $1.8 and $1.0, respectively | 451.3 | 561.0 | |||||
Inventories | 355.3 | 340.8 | |||||
Prepayments and other current assets | 53.1 | 79.0 | |||||
Total current assets | 1,380.3 | 1,441.8 | |||||
Property, plant, and equipment, net | 275.1 | 277.3 | |||||
Operating lease right-of-use assets | 56.7 | — | |||||
Goodwill | 1,086.4 | 967.3 | |||||
Intangible assets, net | 612.9 | 466.0 | |||||
Deferred income taxes | 1.9 | 2.3 | |||||
Other long-term assets | 29.0 | 17.7 | |||||
Total assets | $ | 3,442.3 | $ | 3,172.4 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 331.3 | $ | 338.8 | |||
Current maturities of debt | 17.8 | 9.1 | |||||
Current operating lease liabilities | 16.2 | — | |||||
Accrued compensation | 55.8 | 73.2 | |||||
Other accrued liabilities | 154.8 | 175.0 | |||||
Total current liabilities | 575.9 | 596.1 | |||||
Long-term debt | 385.8 | 347.5 | |||||
Long-term operating lease liabilities | 46.4 | — | |||||
Accrued pension liabilities | 94.7 | 99.7 | |||||
Deferred income taxes | 119.2 | 92.7 | |||||
Self-insurance reserves | 7.1 | 6.8 | |||||
Other long-term liabilities | 117.5 | 110.7 | |||||
Total liabilities | 1,346.6 | 1,253.5 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued | — | — | |||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 53,873,349 and 53,778,155 issued, respectively | 0.5 | 0.5 | |||||
Paid-in capital | 958.0 | 930.0 | |||||
Retained earnings | 2,454.8 | 2,295.8 | |||||
Accumulated other comprehensive loss | (161.6 | ) | (151.4 | ) | |||
Treasury stock, at cost — 14,325,197 and 14,325,197 shares, respectively | (1,156.0 | ) | (1,156.0 | ) | |||
Total stockholders’ equity | 2,095.7 | 1,918.9 | |||||
Total liabilities and stockholders’ equity | $ | 3,442.3 | $ | 3,172.4 |
Press Release Exhibit 99.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | ||||||||||||
Net sales | $ | 776.2 | $ | 947.6 | $ | 2,435.1 | $ | 2,734.6 | |||||||
Cost of products sold | 448.6 | 564.0 | 1,407.8 | 1,649.6 | |||||||||||
Gross profit | 327.6 | 383.6 | 1,027.3 | 1,085.0 | |||||||||||
Selling, distribution, and administrative expenses | 241.3 | 263.4 | 767.5 | 751.1 | |||||||||||
Special charges | 3.3 | (0.1 | ) | 11.8 | 1.3 | ||||||||||
Operating profit | 83.0 | 120.3 | 248.0 | 332.6 | |||||||||||
Other expense: | |||||||||||||||
Interest expense, net | 5.4 | 8.3 | 19.4 | 25.6 | |||||||||||
Miscellaneous (income) expense, net | (0.9 | ) | 0.2 | 1.5 | 2.6 | ||||||||||
Total other expense | 4.5 | 8.5 | 20.9 | 28.2 | |||||||||||
Income before income taxes | 78.5 | 111.8 | 227.1 | 304.4 | |||||||||||
Income tax expense | 18.1 | 23.4 | 52.5 | 70.1 | |||||||||||
Net income | $ | 60.4 | $ | 88.4 | $ | 174.6 | $ | 234.3 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 1.53 | $ | 2.23 | $ | 4.42 | $ | 5.89 | |||||||
Basic weighted average number of shares outstanding | 39.5 | 39.7 | 39.5 | 39.8 | |||||||||||
Diluted earnings per share | $ | 1.52 | $ | 2.22 | $ | 4.40 | $ | 5.87 | |||||||
Diluted weighted average number of shares outstanding | 39.7 | 39.8 | 39.7 | 39.9 | |||||||||||
Dividends declared per share | $ | 0.13 | $ | 0.13 | $ | 0.39 | $ | 0.39 | |||||||
Comprehensive income: | |||||||||||||||
Net income | $ | 60.4 | $ | 88.4 | $ | 174.6 | $ | 234.3 | |||||||
Other comprehensive income (loss) items: | |||||||||||||||
Foreign currency translation adjustments | (13.8 | ) | (8.7 | ) | (15.6 | ) | (12.6 | ) | |||||||
Defined benefit plans, net of tax | 1.8 | 1.3 | 5.4 | 5.3 | |||||||||||
Other comprehensive loss items, net of tax | (12.0 | ) | (7.4 | ) | (10.2 | ) | (7.3 | ) | |||||||
Comprehensive income | $ | 48.4 | $ | 81.0 | $ | 164.4 | $ | 227.0 |
Press Release Exhibit 99.1 |
Nine Months Ended | |||||||
May 31, 2020 | May 31, 2019 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 174.6 | $ | 234.3 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 75.3 | 65.7 | |||||
Share-based payment expense | 32.5 | 22.9 | |||||
Loss on sale or disposal of property, plant, and equipment | 0.2 | 0.6 | |||||
Asset impairment | 1.4 | — | |||||
Deferred income taxes | 0.3 | 0.2 | |||||
Change in assets and liabilities, net of effect of acquisitions, divestitures, and exchange rate changes: | |||||||
Accounts receivable | 119.9 | 72.1 | |||||
Inventories | 1.0 | 20.5 | |||||
Prepayments and other current assets | 13.2 | (23.6 | ) | ||||
Accounts payable | (14.7 | ) | (71.5 | ) | |||
Other current liabilities | (38.5 | ) | (21.6 | ) | |||
Other | 13.1 | 12.4 | |||||
Net cash provided by operating activities | 378.3 | 312.0 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant, and equipment | (38.3 | ) | (39.8 | ) | |||
Proceeds from sale of property, plant, and equipment | 0.2 | — | |||||
Acquisition of businesses, net of cash acquired | (303.0 | ) | — | ||||
Other investing activities | (1.9 | ) | 2.9 | ||||
Net cash used for investing activities | (343.0 | ) | (36.9 | ) | |||
Cash flows from financing activities: | |||||||
Borrowings on credit facility | 400.0 | 86.5 | |||||
Repayments of borrowings on credit facility | (2.5 | ) | (86.5 | ) | |||
Repayments of long-term debt | (350.7 | ) | (0.3 | ) | |||
Repurchases of common stock | — | (48.7 | ) | ||||
Proceeds from stock option exercises and other | 0.7 | 0.5 | |||||
Payments of taxes withheld on net settlement of equity awards | (5.1 | ) | (4.9 | ) | |||
Dividends paid | (15.6 | ) | (15.6 | ) | |||
Net cash provided by (used for) financing activities | 26.8 | (69.0 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (2.5 | ) | (1.5 | ) | |||
Net change in cash and cash equivalents | 59.6 | 204.6 | |||||
Cash and cash equivalents at beginning of period | 461.0 | 129.1 | |||||
Cash and cash equivalents at end of period | $ | 520.6 | $ | 333.7 |
Press Release Exhibit 99.1 |
(In millions except per share data) | Three Months Ended | ||||||||||||||||||
May 31, 2020 | May 31, 2019 | Increase (Decrease) | Percent Change | ||||||||||||||||
Net sales | $ | 776.2 | $ | 947.6 | $ | (171.4 | ) | (18.1 | )% | ||||||||||
Gross profit (GAAP) | $ | 327.6 | $ | 383.6 | $ | (56.0 | ) | (14.6 | )% | ||||||||||
Selling, distribution, and administrative (SD&A) expenses (GAAP) | $ | 241.3 | $ | 263.4 | $ | (22.1 | ) | (8.4 | )% | ||||||||||
Percent of net sales | 31.1 | % | 27.8 | % | 330 | bps | |||||||||||||
Less: Amortization of acquired intangible assets | (10.8 | ) | (7.7 | ) | |||||||||||||||
Less: Share-based payment expense | (7.8 | ) | (7.6 | ) | |||||||||||||||
Adjusted SD&A expenses (Non-GAAP) | $ | 222.7 | $ | 248.1 | $ | (25.4 | ) | (10.2 | )% | ||||||||||
Percent of net sales | 28.7 | % | 26.2 | % | 250 | bps | |||||||||||||
Operating profit (GAAP) | $ | 83.0 | $ | 120.3 | $ | (37.3 | ) | (31.0 | )% | ||||||||||
Percent of net sales | 10.7 | % | 12.7 | % | (200 | ) | bps | ||||||||||||
Add-back: Amortization of acquired intangible assets | 10.8 | 7.7 | |||||||||||||||||
Add-back: Share-based payment expense | 7.8 | 7.6 | |||||||||||||||||
Add-back: Special charges | 3.3 | (0.1 | ) | ||||||||||||||||
Adjusted operating profit (Non-GAAP) | $ | 104.9 | $ | 135.5 | $ | (30.6 | ) | (22.6 | )% | ||||||||||
Percent of net sales | 13.5 | % | 14.3 | % | (80 | ) | bps | ||||||||||||
Net income (GAAP) | $ | 60.4 | $ | 88.4 | $ | (28.0 | ) | (31.7 | )% | ||||||||||
Add-back: Amortization of acquired intangible assets | 10.8 | 7.7 | |||||||||||||||||
Add-back: Share-based payment expense | 7.8 | 7.6 | |||||||||||||||||
Add-back: Special charges | 3.3 | (0.1 | ) | ||||||||||||||||
Total pre-tax adjustments to net income | 21.9 | 15.2 | |||||||||||||||||
Income tax effects | (5.1 | ) | (3.0 | ) | |||||||||||||||
Adjusted net income (Non-GAAP) | $ | 77.2 | $ | 100.6 | $ | (23.4 | ) | (23.3 | )% | ||||||||||
Diluted earnings per share (GAAP) | $ | 1.52 | $ | 2.22 | $ | (0.70 | ) | (31.5 | )% | ||||||||||
Adjusted diluted earnings per share (Non-GAAP) | $ | 1.94 | $ | 2.53 | $ | (0.59 | ) | (23.3 | )% |
Press Release Exhibit 99.1 |
(In millions, except per share data) | Nine Months Ended | ||||||||||||||||||
May 31, 2020 | May 31, 2019 | Increase (Decrease) | Percent Change | ||||||||||||||||
Net sales | $ | 2,435.1 | $ | 2,734.6 | $ | (299.5 | ) | (11.0 | )% | ||||||||||
Gross profit (GAAP) | $ | 1,027.3 | $ | 1,085.0 | $ | (57.7 | ) | (5.3 | )% | ||||||||||
Percent of net sales | 42.2 | % | 39.7 | % | 250 | bps | |||||||||||||
Add-back: Manufacturing inefficiencies (1) | — | 0.9 | |||||||||||||||||
Add-back: Acquisition-related items (2) | 1.2 | 1.2 | |||||||||||||||||
Adjusted gross profit (Non-GAAP) | $ | 1,028.5 | $ | 1,087.1 | $ | (58.6 | ) | (5.4 | )% | ||||||||||
Percent of net sales | 42.2 | % | 39.8 | % | 240 | bps | |||||||||||||
Selling, distribution, and administrative (SD&A) expenses (GAAP) | $ | 767.5 | $ | 751.1 | $ | 16.4 | 2.2 | % | |||||||||||
Percent of net sales | 31.5 | % | 27.5 | % | 400 | bps | |||||||||||||
Less: Amortization of acquired intangible assets | (30.8 | ) | (23.1 | ) | |||||||||||||||
Less: Share-based payment expense | (32.5 | ) | (22.9 | ) | |||||||||||||||
Less: Acquisition-related items (2) | (1.3 | ) | — | ||||||||||||||||
Adjusted SD&A expenses (Non-GAAP) | $ | 702.9 | $ | 705.1 | $ | (2.2 | ) | (0.3 | )% | ||||||||||
Percent of net sales | 28.9 | % | 25.8 | % | 310 | bps | |||||||||||||
Operating profit (GAAP) | $ | 248.0 | $ | 332.6 | $ | (84.6 | ) | (25.4 | )% | ||||||||||
Percent of net sales | 10.2 | % | 12.2 | % | (200 | ) | bps | ||||||||||||
Add-back: Amortization of acquired intangible assets | 30.8 | 23.1 | |||||||||||||||||
Add-back: Share-based payment expense | 32.5 | 22.9 | |||||||||||||||||
Add-back: Manufacturing inefficiencies (1) | — | 0.9 | |||||||||||||||||
Add-back: Acquisition-related items (2) | 2.5 | 1.2 | |||||||||||||||||
Add-back: Special charges | 11.8 | 1.3 | |||||||||||||||||
Adjusted operating profit (Non-GAAP) | $ | 325.6 | $ | 382.0 | $ | (56.4 | ) | (14.8 | )% | ||||||||||
Percent of net sales | 13.4 | % | 14.0 | % | (60 | ) | bps | ||||||||||||
Net income (GAAP) | $ | 174.6 | $ | 234.3 | $ | (59.7 | ) | (25.5 | )% | ||||||||||
Add-back: Amortization of acquired intangible assets | 30.8 | 23.1 | |||||||||||||||||
Add-back: Share-based payment expense | 32.5 | 22.9 | |||||||||||||||||
Add-back: Manufacturing inefficiencies (1) | — | 0.9 | |||||||||||||||||
Add-back: Acquisition-related items (2) | 2.5 | 1.2 | |||||||||||||||||
Add-back: Special charges | 11.8 | 1.3 | |||||||||||||||||
Total pre-tax adjustments to net income | 77.6 | 49.4 | |||||||||||||||||
Income tax effect | (17.7 | ) | (11.3 | ) | |||||||||||||||
Adjusted net income (Non-GAAP) | $ | 234.5 | $ | 272.4 | $ | (37.9 | ) | (13.9 | )% | ||||||||||
Diluted earnings per share (GAAP) | $ | 4.40 | $ | 5.87 | $ | (1.47 | ) | (25.0 | )% | ||||||||||
Adjusted diluted earnings per share (Non-GAAP) | $ | 5.91 | $ | 6.83 | $ | (0.92 | ) | (13.5 | )% |
Press Release Exhibit 99.3 |
Cover Page |
Jun. 25, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jun. 25, 2020 |
Entity File Number | 001-16583 |
Entity Registrant Name | ACUITY BRANDS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 58-2632672 |
Entity Address, Address Line One | 1170 Peachtree Street, N.E. |
Entity Address, Address Line Two | Suite 2300 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30309 |
City Area Code | 404 |
Local Phone Number | 853-1400 |
Title of 12(b) Security | Common stock, $0.01 par value per share |
Trading Symbol | AYI |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001144215 |
Amendment Flag | false |
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