Acuity Reports Fiscal 2025 Third-Quarter Results

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Strong Performance Delivers Sales Growth in Both Lighting and Intelligent Spaces
Delivered Net Sales of $1.2B, an Increase of 22% Compared to the Prior Year
Delivered Operating Profit of $140M, Down 4 % Compared to the Prior Year; Grew Adjusted Operating Profit to $222M, Up 33% Compared to the Prior Year
Delivered Diluted EPS of $3.12, Down 14% Compared to the Prior Year; Grew Adjusted Diluted EPS to $5.12, Up 23% Compared to the Prior Year
ATLANTA, June 26, 2025 (GLOBE NEWSWIRE) -- Acuity Inc. (NYSE: AYI), ("Acuity"), a market-leading industrial technology company, delivered net sales of $1.2 billion in the third quarter of fiscal 2025 ended May 31, 2025, an increase of $210.5 million, or 21.7 percent, compared to the prior year.
"We delivered strong performance in the third quarter of fiscal 2025," stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Inc. "We grew net sales, expanded our adjusted operating profit and adjusted operating profit margin and we increased our adjusted diluted earnings per share. We generated strong cash flow and allocated capital effectively. "
During the third quarter of fiscal 2025, we accelerated productivity actions in our ABL segment that resulted in $29.7 million of special charges. These charges included the elimination of brands, associate severance, and facility reorganization.
Operating profit was $139.8 million in the third quarter of fiscal 2025, a decrease of $5.5 million, or 3.8 percent, compared to the prior year. Operating profit as a percent of net sales was 11.9 percent in the third quarter of fiscal 2025, a decrease of 310 basis points compared to the prior year. Adjusted operating profit was $221.7 million in the third quarter of fiscal 2025, an increase of $54.6 million, or 32.7 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 18.8 percent in the third quarter of fiscal 2025, an increase of 150 basis points compared to the prior year.
Diluted earnings per share was $3.12 in the third quarter of fiscal 2025, a decrease of $0.50, or 13.8 percent, compared to the prior year. Adjusted diluted earnings per share was $5.12 in the third quarter of fiscal 2025, an increase of $0.97, or 23.4 percent, from $4.15 in the prior year.
Segment Performance
Acuity Brands Lighting ("ABL")
ABL generated net sales of $923.2 million in the third quarter of fiscal 2025, an increase of $24.7 million, or 2.7 percent, compared to the prior year.
Operating profit was $134.0 million in the third quarter of fiscal 2025, a decrease of $17.5 million, or 11.6 percent, compared to the prior year. Operating profit as a percent of ABL net sales was 14.5 percent in the third quarter of fiscal 2025, a decrease of 240 basis points compared to the prior year. Adjusted operating profit was $173.9 million in the third quarter of fiscal 2025, an increase of $11.8 million, or 7.3 percent, compared to the prior year. Adjusted operating profit as a percent of ABL net sales was 18.8 percent in the third quarter of fiscal 2025, an increase of 80 basis points compared to the prior year.
Acuity Intelligent Spaces ("AIS")
AIS generated net sales of $264.1 million in the third quarter of fiscal 2025, an increase of $188.4 million, or 248.9 percent, compared to the prior year. Included in net sales are $172.8 million from three months of QSC performance.
Operating profit was $27.4 million in the third quarter of fiscal 2025, an increase of $14.9 million compared to the prior year. Operating profit as a percent of AIS net sales was 10.4 percent in the third quarter of fiscal 2025, a decrease of 610 basis points compared to the prior year. Adjusted operating profit was $62.3 million in the third quarter of fiscal 2025, an increase of $45.0 million compared to the prior year. Adjusted operating profit as a percent of AIS net sales was 23.6 percent in the third quarter of fiscal 2025, an increase of 70 basis points compared to the prior year.
Cash Flow and Capital Allocation
Net cash from operating activities was $398.9 million for the first nine months of fiscal 2025. We closed the QSC acquisition and acquired M3 Innovation, increased our dividend by 13 percent to 17 cents per share and repurchased approximately 344,000 shares of common stock for a total of $91.3 million.
Call Details
We will host a conference call at 8:00 a.m. ET today, Thursday, June 26, 2025. Neil Ashe, Chief Executive Officer of Acuity Inc. will lead the call. The conference call and earnings release can be accessed via our Investor Relations section of our website at www.investors.acuityinc.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
Acuity 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 (ABL) and Acuity Intelligent Spaces (AIS), 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 an audio, video and control platform. We focus on customer outcomes and drive growth and productivity 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 Inc. 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.acuityinc.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; for total company only we additionally include: "adjusted gross profit", "adjusted gross profit margin", 'adjusted net income;' 'adjusted diluted EPS;' 'earnings before interest, taxes, depreciation and amortization ('EBITDA');" "EBITDA margin;" 'adjusted EBITDA;' and "adjusted EBITDA margin". These non-GAAP financial measures are provided to enhance the reader's overall understanding of our 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, acquired profit in inventory, acquisition-related items, and special charges.
We also provide 'free cash flow' ('FCF') to enhance the reader's understanding of our 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 our 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 gross profit and adjusted gross profit margin for total company are 'gross profit' and 'gross profit margin,' respectively, which include the impact of acquired profit in inventory. Adjusted gross profit margin is adjusted gross profit divided by net sales for total company. 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, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related costs, 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, share-based payment expense, acquired profit in inventory, acquisition-related costs, 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, acquired profit in inventory, acquisition-related items, 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.
We define 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.
Our 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 contains '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 include, but are not limited to, statements that describe or relate to our plans, initiatives, projections, vision, goals, targets, commitments, expectations, objectives, prospects, strategies, or financial outlook, and the assumptions underlying or relating thereto. In some cases, we may use words such as 'expect,' 'believe,' 'intend,' 'anticipate,' 'estimate,' 'forecast,' 'indicate,' 'project,' 'predict,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'would,' 'potential,' and words of similar meaning, as well as other words or expressions referencing future events, conditions, or circumstances, to identify forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. 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, assumptions, and other important factors, many of which are outside of our control and any of which could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. 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, the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), 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. This press release is not comprehensive, and for that reason, should be read in conjunction with such filings. 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 INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In millions, except per-share data)
May 31, 2025
August 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
371.8
$
845.8
Accounts receivable, less reserve for doubtful accounts of $2.6 and $1.9, respectively
608.6
563.0
Inventories
486.0
387.6
Prepayments and other current assets
122.6
75.1
Total current assets
1,589.0
1,871.5
Property, plant, and equipment, net
323.8
303.9
Operating lease right-of-use assets
77.8
65.6
Goodwill
1,492.6
1,098.7
Intangible assets, net
1,108.3
440.5
Deferred income taxes
21.1
2.3
Other long-term assets
33.7
32.1
Total assets
$
4,646.3
$
3,814.6
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
409.0
$
352.3
Current operating lease liabilities
23.3
19.2
Accrued compensation
110.2
110.1
Other current liabilities
257.0
206.3
Total current liabilities
799.5
687.9
Long-term debt
996.7
496.2
Long-term operating lease liabilities
65.6
58.1
Accrued pension liabilities
37.8
37.5
Deferred income taxes
14.3
26.0
Other long-term liabilities
148.4
130.1
Total liabilities
2,062.3
1,435.8
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; 54.9 and 54.6 issued, respectively
0.5
0.5
Paid-in capital
1,143.5
1,115.9
Retained earnings
4,177.1
3,909.8
Accumulated other comprehensive loss
(114.6
)
(114.9
)
Treasury stock, at cost, of 24.2 and 23.8 shares, respectively
(2,622.5
)
(2,532.5
)
Total stockholders' equity
2,584.0
2,378.8
Total liabilities and stockholders' equity
$
4,646.3
$
3,814.6
ACUITY INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(In millions, except per-share data)
Three Months Ended
Nine Months Ended
May 31, 2025
May 31, 2024
May 31, 2025
May 31, 2024
Net sales
$
1,178.6
$
968.1
$
3,136.5
$
2,808.7
Cost of products sold
608.4
515.9
1,649.0
1,515.7
Gross profit
570.2
452.2
1,487.5
1,293.0
Selling, distribution, and administrative expenses
400.7
306.9
1,074.5
896.7
Special charges
29.7
—
29.7
—
Operating profit
139.8
145.3
383.3
396.3
Other expense:
Interest expense (income), net
12.1
(1.8
)
15.0
(1.0
)
Miscellaneous expense (income), net
2.3
(0.5
)
5.8
1.2
Total other expense (income)
14.4
(2.3
)
20.8
0.2
Income before income taxes
125.4
147.6
362.5
396.1
Income tax expense
27.0
33.7
79.9
92.4
Net income
$
98.4
$
113.9
$
282.6
$
303.7
Earnings per share(1):
Basic earnings per share
$
3.19
$
3.70
$
9.14
$
9.83
Basic weighted average number of shares outstanding
30.851
30.829
30.912
30.905
Diluted earnings per share
$
3.12
$
3.62
$
8.92
$
9.67
Diluted weighted average number of shares outstanding
31.565
31.477
31.673
31.420
Dividends declared per share
$
0.17
$
0.15
$
0.49
$
0.43
(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.
ACUITY INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)
Nine Months Ended
May 31, 2025
May 31, 2024
Cash flows from operating activities:
Net income
$
282.6
$
303.7
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization
86.7
68.5
Share-based payment expense
34.0
34.9
Asset impairments
16.7
—
Changes in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable
10.4
42.5
Inventories
5.1
(1.2
)
Prepayments and other current assets
(31.9
)
(16.3
)
Accounts payable
38.1
40.4
Other operating activities
(42.8
)
(27.4
)
Net cash provided by operating activities
398.9
445.1
Cash flows from investing activities:
Purchases of property, plant, and equipment
(43.6
)
(41.0
)
Acquisition of business, net of cash acquired
(1,189.4
)
—
Other investing activities
(16.3
)
(3.6
)
Net cash used for investing activities
(1,249.3
)
(44.6
)
Cash flows from financing activities:
Borrowings from term loan
600.0
—
Repayments of term loan borrowings
(100.0
)
—
Repurchases of common stock
(91.3
)
(88.7
)
Proceeds from stock option exercises and other
17.5
12.0
Payments of taxes withheld on net settlement of equity awards
(24.0
)
(10.4
)
Dividends paid
(15.3
)
(13.4
)
Other financing activities
(9.3
)
—
Net cash provided by (used for) financing activities
377.6
(100.5
)
Effect of exchange rate changes on cash and cash equivalents
(1.2
)
1.1
Net change in cash and cash equivalents
(474.0
)
301.1
Cash and cash equivalents at beginning of period
845.8
397.9
Cash and cash equivalents at end of period
$
371.8
$
699.0
ACUITY INC.DISAGGREGATED NET SALES(In millions)
The following tables show net sales by channel for the periods presented:
Three Months Ended
May 31, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Acuity Brands Lighting:
Independent sales network
$
685.3
$
637.1
$
48.2
7.6
%
Direct sales network
101.5
97.0
4.5
4.6
%
Retail sales
41.4
45.7
(4.3
)
(9.4
)%
Corporate accounts
35.5
60.5
(25.0
)
(41.3
)%
Original equipment manufacturer and other
59.5
58.2
1.3
2.2
%
Total Acuity Brands Lighting
923.2
898.5
24.7
2.7
%
Acuity Intelligent Spaces
264.1
75.7
188.4
248.9
%
Eliminations
(8.7
)
(6.1
)
(2.6
)
42.6
%
Total
$
1,178.6
$
968.1
$
210.5
21.7
%
Nine Months Ended
May 31, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Acuity Brands Lighting:
Independent sales network
$
1,944.4
$
1,874.6
$
69.8
3.7
%
Direct sales network
306.1
287.4
18.7
6.5
%
Retail sales
127.3
147.7
(20.4
)
(13.8
)%
Corporate accounts
103.8
140.1
(36.3
)
(25.9
)%
Original equipment manufacturer and other
168.2
168.6
(0.4
)
(0.2
)%
Total Acuity Brands Lighting
2,649.8
2,618.4
31.4
1.2
%
Acuity Intelligent Spaces
509.1
208.0
301.1
144.8
%
Eliminations
(22.4
)
(17.7
)
(4.7
)
26.6
%
Total
$
3,136.5
$
2,808.7
$
327.8
11.7
%
ACUITY 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, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Net sales
$
1,178.6
$
968.1
$
210.5
21.7
%
Gross profit (GAAP)
$
570.2
$
452.2
$
118.0
26.1
%
Percent of net sales
48.4
%
46.7
%
170
bps
Add-back: Acquired profit in inventory
19.2
—
Adjusted gross profit (Non-GAAP)
$
589.4
$
452.2
$
137.2
30.3
%
Percent of net sales
50.0
%
46.7
%
330
bps
Operating profit (GAAP)
$
139.8
$
145.3
$
(5.5
)
(3.8
)%
Percent of net sales (GAAP)
11.9
%
15.0
%
(310
)
bps
Add-back: Amortization of acquired intangible assets
20.0
10.0
Add-back: Share-based payment expense
10.5
11.8
Add-back: Acquisition-related costs (1)
2.5
—
Add-back: Acquired profit in inventory
19.2
—
Add-back: Special charges
29.7
—
Adjusted operating profit (Non-GAAP)
$
221.7
$
167.1
$
54.6
32.7
%
Percent of net sales (Non-GAAP)
18.8
%
17.3
%
150
bps
Net income (GAAP)
$
98.4
$
113.9
$
(15.5
)
(13.6
)%
Add-back: Amortization of acquired intangible assets
20.0
10.0
Add-back: Share-based payment expense
10.5
11.8
Add-back: Acquisition-related costs (1)
2.5
—
Add-back: Acquired profit in inventory
19.2
—
Add-back: Special charges
29.7
—
Total pre-tax adjustments to net income
81.9
21.8
Income tax effects
(18.8
)
(5.0
)
Adjusted net income (Non-GAAP)
$
161.5
$
130.7
$
30.8
23.6
%
Diluted earnings per share (GAAP)
$
3.12
$
3.62
$
(0.50
)
(13.8
)%
Adjusted diluted earnings per share (Non-GAAP)
$
5.12
$
4.15
$
0.97
23.4
%
Net income (GAAP)
$
98.4
$
113.9
$
(15.5
)
(13.6
)%
Percent of net sales (GAAP)
8.3
%
11.8
%
(350
)
bps
Interest expense (income), net
12.1
(1.8
)
Income tax expense
27.0
33.7
Depreciation
14.6
12.9
Amortization of acquired intangible assets
20.0
10.0
EBITDA (Non-GAAP)
172.1
168.7
3.4
2.0
%
Percent of net sales (Non-GAAP)
14.6
%
17.4
%
(280
)
bps
Share-based payment expense
10.5
11.8
Acquisition-related costs (1)
2.5
—
Acquired profit in inventory
19.2
—
Miscellaneous expense (income), net
2.3
(0.5
)
Special charges
29.7
—
Adjusted EBITDA (Non-GAAP)
$
236.3
$
180.0
$
56.3
31.3
%
Percent of net sales (Non-GAAP)
20.0
%
18.6
%
140
bps
(1) Acquisition-related items include professional fees.
Three Months Ended
Acuity Brands Lighting
May 31, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Net sales
$
923.2
$
898.5
$
24.7
2.7
%
Operating profit (GAAP)
$
134.0
$
151.5
$
(17.5
)
(11.6
)%
Add-back: Amortization of acquired intangible assets
6.3
6.6
Add-back: Share-based payment expense
3.9
4.0
Add-back: Special charges
29.7
—
Adjusted operating profit (Non-GAAP)
$
173.9
$
162.1
$
11.8
7.3
%
Operating profit margin (GAAP)
14.5
%
16.9
%
(240
)
bps
Adjusted operating profit margin (Non-GAAP)
18.8
%
18.0
%
80
bps
Three Months Ended
Acuity Intelligent Spaces
May 31, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Net sales
$
264.1
$
75.7
$
188.4
248.9
%
Operating profit (GAAP)
$
27.4
$
12.5
$
14.9
119.2
%
Add-back: Amortization of acquired intangible assets
13.7
3.4
Add-back: Share-based payment expense
2.0
1.4
Add-back: Acquired profit in inventory
19.2
—
Adjusted operating profit (Non-GAAP)
$
62.3
$
17.3
$
45.0
260.1
%
Operating profit margin (GAAP)
10.4
%
16.5
%
(610
)
bps
Adjusted operating profit margin (Non-GAAP)
23.6
%
22.9
%
70
bps
(In millions, except per share data)
Nine Months Ended
May 31, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Net sales
$
3,136.5
$
2,808.7
$
327.8
11.7
%
Gross profit (GAAP)
$
1,487.5
$
1,293.0
$
194.5
15.0
%
Percent of net sales (GAAP)
47.4
%
46.0
%
140
bps
Add-back: Acquired profit in inventory
29.6
—
Adjusted gross profit (Non-GAAP)
$
1,517.1
$
1,293.0
$
224.1
17.3
%
Percent of net sales (Non-GAAP)
48.4
%
46.0
%
240
bps
Operating profit (GAAP)
$
383.3
$
396.3
$
(13.0
)
(3.3
)%
Percent of net sales (GAAP)
12.2
%
14.1
%
(190
)
bps
Add-back: Amortization of acquired intangible assets
45.5
29.9
Add-back: Share-based payment expense
34.0
34.9
Add-back: Acquisition-related costs (1)
21.2
—
Add-back: Acquired profit in inventory
29.6
—
Add-back: Special charges
29.7
—
Adjusted operating profit (Non-GAAP)
$
543.3
$
461.1
$
82.2
17.8
%
Percent of net sales (Non-GAAP)
17.3
%
16.4
%
90
bps
Net income (GAAP)
$
282.6
$
303.7
$
(21.1
)
(6.9
)%
Add-back: Amortization of acquired intangible asset
45.5
29.9
Add-back: Share-based payment expense
34.0
34.9
Add-back: Acquisition-related costs (1)
21.2
—
Add-back: Acquired profit in inventory
29.6
—
Add-back: Special charges
29.7
—
Total pre-tax adjustments to net income
160.0
64.8
Income tax effect
(36.8
)
(14.9
)
Adjusted net income (Non-GAAP)
$
405.8
$
353.6
$
52.2
14.8
%
Diluted earnings per share (GAAP)
$
8.92
$
9.67
$
(0.75
)
(7.8
)%
Adjusted diluted earnings per share (Non-GAAP)
$
12.81
$
11.25
$
1.56
13.9
%
Net income (GAAP)
$
282.6
$
303.7
$
(21.1
)
(6.9
)%
Percent of net sales (GAAP)
9.0
%
10.8
%
(180
)
bps
Interest expense (income), net
15.0
(1.0
)
Income tax expense
79.9
92.4
Depreciation
41.2
38.6
Amortization
45.5
29.9
EBITDA (Non-GAAP)
464.2
463.6
0.6
0.1
%
Percent of net sales (Non-GAAP)
14.8
%
16.5
%
(170
)
bps
Share-based payment expense
34.0
34.9
Miscellaneous expense, net
5.8
1.2
Special charges
29.7
—
Acquisition-related costs (1)
21.2
—
Acquired profit in inventory
29.6
—
Adjusted EBITDA (Non-GAAP)
$
584.5
$
499.7
$
84.8
17.0
%
Percent of net sales (Non-GAAP)
18.6
%
17.8
%
80
bps
(1) Acquisition-related items include professional fees.
Nine Months Ended
Acuity Brands Lighting
May 31, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Net sales
$
2,649.8
$
2,618.4
$
31.4
1.2
%
Operating profit (GAAP)
$
407.6
$
421.3
$
(13.7
)
(3.3
)%
Add-back: Amortization of acquired intangible assets
19.0
19.7
Add-back: Share-based payment expense
12.4
11.3
Add-back: Special charges
29.7
—
Adjusted operating profit (Non-GAAP)
$
468.7
$
452.3
$
16.4
3.6
%
Operating profit margin (GAAP)
15.4
%
16.1
%
(70
)
bps
Adjusted operating profit margin (Non-GAAP)
17.7
%
17.3
%
40
bps
Nine Months Ended
Acuity Intelligent Spaces
May 31, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Net sales
$
509.1
$
208.0
$
301.1
144.8
%
Operating profit (GAAP)
$
48.1
$
26.9
$
21.2
78.8
%
Add-back: Amortization of acquired intangible assets
26.5
10.2
Add-back: Share-based payment expense
5.5
4.8
Add-back: Acquired profit in inventory
29.6
—
Adjusted operating profit (Non-GAAP)
$
109.7
$
41.9
$
67.8
161.8
%
Operating profit margin (GAAP)
9.4
%
12.9
%
(350
)
bps
Adjusted operating profit margin (Non-GAAP)
21.5
%
20.1
%
140
bps
Nine Months Ended
May 31, 2025
May 31, 2024
Increase (Decrease)
Percent Change
Net cash provided by operating activities (GAAP)
$
398.9
$
445.1
$
(46.2
)
(10.4
)%
Less: Purchases of property, plant, and equipment
(43.6
)
(41.0
)
Free cash flow (Non-GAAP)
$
355.3
$
404.1
$
(48.8
)
(12.1
)%
Investor Contact:Charlotte McLaughlinVice President, Investor Relations(404) [e-mail]
Media Contact:April ApplingSenior Vice President, Corporate Marketing and [e-mail]