(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 |
99.1 | Press Release dated October 8, 2020. | |
99.2 | Press Release dated October 6, 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 | ||
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). | |
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 |
August 31, | |||||||
2020 | 2019 | ||||||
(Preliminary) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 560.7 | $ | 461.0 | |||
Accounts receivable, less reserve for doubtful accounts of $2.6 and $1.0, respectively | 500.3 | 561.0 | |||||
Inventories | 320.1 | 340.8 | |||||
Prepayments and other current assets | 58.6 | 79.0 | |||||
Total current assets | 1,439.7 | 1,441.8 | |||||
Property, plant, and equipment, net | 270.5 | 277.3 | |||||
Other long-term assets | 1,781.5 | 1,453.3 | |||||
Total assets | $ | 3,491.7 | $ | 3,172.4 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 326.5 | $ | 338.8 | |||
Current maturities of debt | 24.3 | 9.1 | |||||
Other accrued liabilities | 266.8 | 248.2 | |||||
Total current liabilities | 617.6 | 596.1 | |||||
Long-term debt | 376.8 | 347.5 | |||||
Other long-term liabilities | 369.8 | 309.9 | |||||
Total stockholders’ equity | 2,127.5 | 1,918.9 | |||||
Total liabilities and stockholders’ equity | $ | 3,491.7 | $ | 3,172.4 |
Press Release Exhibit 99.1 |
Three Months Ended | Year Ended | ||||||||||||||
August 31, | August 31, | ||||||||||||||
2020 (Unaudited) | 2019 (Unaudited) | 2020 (Preliminary) | 2019 | ||||||||||||
Net sales | $ | 891.2 | $ | 938.1 | $ | 3,326.3 | $ | 3,672.7 | |||||||
Cost of products sold | 516.1 | 543.4 | 1,923.9 | 2,193.0 | |||||||||||
Gross profit | 375.1 | 394.7 | 1,402.4 | 1,479.7 | |||||||||||
Selling, distribution, and administrative expenses | 261.0 | 263.9 | 1,028.5 | 1,015.0 | |||||||||||
Special charges | 8.2 | 0.5 | 20.0 | 1.8 | |||||||||||
Operating profit | 105.9 | 130.3 | 353.9 | 462.9 | |||||||||||
Other expense: | |||||||||||||||
Interest expense, net | 3.9 | 7.7 | 23.3 | 33.3 | |||||||||||
Miscellaneous expense, net | 4.4 | 2.1 | 5.9 | 4.7 | |||||||||||
Total other expense | 8.3 | 9.8 | 29.2 | 38.0 | |||||||||||
Income before income taxes | 97.6 | 120.5 | 324.7 | 424.9 | |||||||||||
Income tax expense | 23.9 | 24.4 | 76.4 | 94.5 | |||||||||||
Net income | $ | 73.7 | $ | 96.1 | $ | 248.3 | $ | 330.4 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 1.88 | $ | 2.43 | $ | 6.29 | $ | 8.32 | |||||||
Basic weighted average number of shares outstanding | 39.3 | 39.6 | 39.5 | 39.7 | |||||||||||
Diluted earnings per share | $ | 1.87 | $ | 2.42 | $ | 6.27 | $ | 8.29 | |||||||
Diluted weighted average number of shares outstanding | 39.5 | 39.7 | 39.6 | 39.8 | |||||||||||
Dividends declared per share | $ | 0.13 | $ | 0.13 | $ | 0.52 | $ | 0.52 | |||||||
Comprehensive income: | |||||||||||||||
Net income | $ | 73.7 | $ | 96.1 | $ | 248.3 | $ | 330.4 | |||||||
Other comprehensive income (loss) items: | |||||||||||||||
Foreign currency translation adjustments | 27.5 | 1.1 | 11.9 | (11.5 | ) | ||||||||||
Defined benefit plans, net of tax | 1.4 | (30.4 | ) | 6.8 | (25.1 | ) | |||||||||
Other comprehensive income (loss) items, net of tax | 28.9 | (29.3 | ) | 18.7 | (36.6 | ) | |||||||||
Comprehensive income | $ | 102.6 | $ | 66.8 | $ | 267.0 | $ | 293.8 |
Press Release Exhibit 99.1 |
Year Ended August 31, | |||||||
2020 (Preliminary) | 2019 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 248.3 | $ | 330.4 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 101.1 | 88.3 | |||||
Share-based payment expense | 38.2 | 29.2 | |||||
Loss on the sale or disposal of property, plant, and equipment | 0.3 | 0.9 | |||||
Asset impairments | 8.8 | — | |||||
Deferred income taxes | (6.7 | ) | 9.3 | ||||
Accounts receivable | 74.5 | 97.7 | |||||
Inventories | 38.0 | 70.8 | |||||
Prepayments and other current assets | 12.9 | (34.0 | ) | ||||
Accounts payable | (19.6 | ) | (111.5 | ) | |||
Other | 9.0 | 13.6 | |||||
Net cash provided by operating activities | 504.8 | 494.7 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant, and equipment | (54.9 | ) | (53.0 | ) | |||
Proceeds from sale of property, plant, and equipment | 0.2 | — | |||||
Acquisition of businesses, net of cash acquired | (303.0 | ) | (2.9 | ) | |||
Other investing activities | (2.1 | ) | 2.9 | ||||
Net cash used for investing activities | (359.8 | ) | (53.0 | ) | |||
Cash flows from financing activities: | |||||||
Borrowings on credit facility | 400.0 | 86.5 | |||||
Repayments of borrowings on credit facility | (5.0 | ) | (86.5 | ) | |||
Repayments of long-term debt | (350.7 | ) | (0.4 | ) | |||
Repurchases of common stock | (69.3 | ) | (81.6 | ) | |||
Proceeds from stock option exercises and other | 0.9 | 0.6 | |||||
Payments of taxes withheld on net settlement of equity awards | (5.4 | ) | (6.0 | ) | |||
Dividends paid | (20.8 | ) | (20.8 | ) | |||
Net cash used for financing activities | (50.3 | ) | (108.2 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 5.0 | (1.6 | ) | ||||
Net change in cash and cash equivalents | 99.7 | 331.9 | |||||
Cash and cash equivalents at beginning of year | 461.0 | 129.1 | |||||
Cash and cash equivalents at end of year | $ | 560.7 | $ | 461.0 |
Press Release Exhibit 99.1 |
Three Months Ended August 31, | Year Ended August 31, | ||||||||||||||
2020 (Unaudited) | 2019 (Unaudited) | 2020 (Preliminary) | 2019 | ||||||||||||
Independent sales network | $ | 643.7 | $ | 645.3 | $ | 2,442.9 | $ | 2,519.2 | |||||||
Direct sales network | 86.1 | 97.5 | 311.0 | 381.0 | |||||||||||
Retail sales | 56.7 | 52.8 | 214.9 | 270.3 | |||||||||||
Corporate accounts | 65.9 | 92.5 | 193.6 | 314.2 | |||||||||||
Other | 38.8 | 50.0 | 163.9 | 188.0 | |||||||||||
Total | $ | 891.2 | $ | 938.1 | $ | 3,326.3 | $ | 3,672.7 |
Press Release Exhibit 99.1 |
(In millions except per share data) | Three Months Ended August 31, | ||||||||||||||||||
2020 | 2019 | Increase (Decrease) | Percent Change | ||||||||||||||||
Net sales | $ | 891.2 | $ | 938.1 | $ | (46.9 | ) | (5.0 | )% | ||||||||||
Gross profit (GAAP) | $ | 375.1 | $ | 394.7 | $ | (19.6 | ) | (5.0 | )% | ||||||||||
Percent of net sales | 42.1 | % | 42.1 | % | — | bps | |||||||||||||
Selling, distribution, and administrative (SD&A) expenses (GAAP) | $ | 261.0 | $ | 263.9 | $ | (2.9 | ) | (1.1 | )% | ||||||||||
Percent of net sales | 29.3 | % | 28.1 | % | 120 | bps | |||||||||||||
Less: Amortization of acquired intangible assets | (10.9 | ) | (7.7 | ) | |||||||||||||||
Less: Share-based payment expense | (5.7 | ) | (6.3 | ) | |||||||||||||||
Less: Acquisition-related items (1) | — | (1.3 | ) | ||||||||||||||||
Adjusted SD&A expenses (Non-GAAP) | $ | 244.4 | $ | 248.6 | $ | (4.2 | ) | (1.7 | )% | ||||||||||
Percent of net sales | 27.4 | % | 26.5 | % | 90 | bps | |||||||||||||
Operating profit (GAAP) | $ | 105.9 | $ | 130.3 | $ | (24.4 | ) | (18.7 | )% | ||||||||||
Percent of net sales | 11.9 | % | 13.9 | % | (200 | ) | bps | ||||||||||||
Add-back: Amortization of acquired intangible assets | 10.9 | 7.7 | |||||||||||||||||
Add-back: Share-based payment expense | 5.7 | 6.3 | |||||||||||||||||
Add-back: Acquisition-related items (1) | — | 1.3 | |||||||||||||||||
Add-back: Special charges | 8.2 | 0.5 | |||||||||||||||||
Adjusted operating profit (Non-GAAP) | $ | 130.7 | $ | 146.1 | $ | (15.4 | ) | (10.5 | )% | ||||||||||
Percent of net sales | 14.7 | % | 15.6 | % | (90 | ) | bps | ||||||||||||
Net income (GAAP) | $ | 73.7 | $ | 96.1 | $ | (22.4 | ) | (23.3 | )% | ||||||||||
Add-back: Amortization of acquired intangible assets | 10.9 | 7.7 | |||||||||||||||||
Add-back: Share-based payment expense | 5.7 | 6.3 | |||||||||||||||||
Add-back: Acquisition-related items (1) | — | 1.3 | |||||||||||||||||
Add-back: Special charges | 8.2 | 0.5 | |||||||||||||||||
Total pre-tax adjustments to net income | 24.8 | 15.8 | |||||||||||||||||
Income tax effects | (5.7 | ) | (2.9 | ) | |||||||||||||||
Adjusted net income (Non-GAAP) | $ | 92.8 | $ | 109.0 | $ | (16.2 | ) | (14.9 | )% | ||||||||||
Diluted earnings per share (GAAP) | $ | 1.87 | $ | 2.42 | $ | (0.55 | ) | (22.7 | )% | ||||||||||
Adjusted diluted earnings per share (Non-GAAP) | $ | 2.35 | $ | 2.75 | $ | (0.40 | ) | (14.5 | )% |
Press Release Exhibit 99.1 |
(In millions, except per share data) | Year Ended August 31, | ||||||||||||||||||
2020 | 2019 | Increase (Decrease) | Percent Change | ||||||||||||||||
Net sales | $ | 3,326.3 | $ | 3,672.7 | $ | (346.4 | ) | (9.4 | )% | ||||||||||
Gross profit (GAAP) | $ | 1,402.4 | $ | 1,479.7 | $ | (77.3 | ) | (5.2 | )% | ||||||||||
Percent of net sales | 42.2 | % | 40.3 | % | 190 | bps | |||||||||||||
Add-back: Manufacturing inefficiencies (1) | — | 0.9 | |||||||||||||||||
Add-back: Acquisition-related items (2) | 1.2 | 1.2 | |||||||||||||||||
Adjusted gross profit (Non-GAAP) | $ | 1,403.6 | $ | 1,481.8 | $ | (78.2 | ) | (5.3 | )% | ||||||||||
Percent of net sales | 42.2 | % | 40.3 | % | 190 | bps | |||||||||||||
Selling, distribution, and administrative (SD&A) expenses (GAAP) | $ | 1,028.5 | $ | 1,015.0 | $ | 13.5 | 1.3 | % | |||||||||||
Percent of net sales | 30.9 | % | 27.6 | % | 330 | bps | |||||||||||||
Less: Amortization of acquired intangible assets | (41.7 | ) | (30.8 | ) | |||||||||||||||
Less: Share-based payment expense | (38.2 | ) | (29.2 | ) | |||||||||||||||
Less: Acquisition-related items (2) | (1.3 | ) | (1.3 | ) | |||||||||||||||
Adjusted SD&A expenses (Non-GAAP) | $ | 947.3 | $ | 953.7 | $ | (6.4 | ) | (0.7 | )% | ||||||||||
Percent of net sales | 28.5 | % | 26.0 | % | 250 | bps | |||||||||||||
Operating profit (GAAP) | $ | 353.9 | $ | 462.9 | $ | (109.0 | ) | (23.5 | )% | ||||||||||
Percent of net sales | 10.6 | % | 12.6 | % | (200 | ) | bps | ||||||||||||
Add-back: Amortization of acquired intangible assets | 41.7 | 30.8 | |||||||||||||||||
Add-back: Share-based payment expense | 38.2 | 29.2 | |||||||||||||||||
Add-back: Manufacturing inefficiencies (1) | — | 0.9 | |||||||||||||||||
Add-back: Acquisition-related items (2) | 2.5 | 2.5 | |||||||||||||||||
Add-back: Special charges | 20.0 | 1.8 | |||||||||||||||||
Adjusted operating profit (Non-GAAP) | $ | 456.3 | $ | 528.1 | $ | (71.8 | ) | (13.6 | )% | ||||||||||
Percent of net sales | 13.7 | % | 14.4 | % | (70 | ) | bps | ||||||||||||
Net income (GAAP) | $ | 248.3 | $ | 330.4 | $ | (82.1 | ) | (24.8 | )% | ||||||||||
Add-back: Amortization of acquired intangible assets | 41.7 | 30.8 | |||||||||||||||||
Add-back: Share-based payment expense | 38.2 | 29.2 | |||||||||||||||||
Add-back: Manufacturing inefficiencies (1) | — | 0.9 | |||||||||||||||||
Add-back: Acquisition-related items (2) | 2.5 | 2.5 | |||||||||||||||||
Add-back: Special charges | 20.0 | 1.8 | |||||||||||||||||
Total pre-tax adjustments to net income | 102.4 | 65.2 | |||||||||||||||||
Income tax effect | (23.4 | ) | (14.2 | ) | |||||||||||||||
Adjusted net income (Non-GAAP) | $ | 327.3 | $ | 381.4 | $ | (54.1 | ) | (14.2 | )% | ||||||||||
Diluted earnings per share (GAAP) | $ | 6.27 | $ | 8.29 | $ | (2.02 | ) | (24.4 | )% | ||||||||||
Adjusted diluted earnings per share (Non-GAAP) | $ | 8.27 | $ | 9.57 | $ | (1.30 | ) | (13.6 | )% |
Press Release Exhibit 99.1 |
Year Ended August 31, | |||||||||||||
2020 | 2019 | Increase (Decrease) | Percent Change | ||||||||||
Net cash provided by operating activities (GAAP) | $ | 504.8 | $ | 494.7 | $ | 10.1 | 2.0 | % | |||||
Less: Purchases of property, plant, and equipment | (54.9 | ) | (53.0 | ) | |||||||||
Free cash flow (Non-GAAP) | $ | 449.9 | $ | 441.7 | $ | 8.2 | 1.9 | % |
Cover Page |
Oct. 06, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 06, 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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