Lsi Industries Inc. · NASDAQ:LYTS
Lsi Industries — Q4 2024 Earnings Presentation
16 slides from Lsi Industries's earnings presentation, Aug 15, 2024
Slide 1: Fiscal Fourth Quarter and Full-Year 2024 Results
Fiscal Fourth Quarter And Full-Year 2024 Results Conference Call August 15, 2024
Slide 2: Disclaimer
DISCLAIMER This presentation contains “forward-looking statements”—that is, statements related to future events within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In t
Slide 3: Key Messages
KEY MESSAGES Strong commercial and operational execution Display Solutions realized much improved Q4 Sound execution, F4Q24 sales 4% above PY driven by partial book-to-bill ratio quarter impact of EMI. Comparable sales down Enter FY25 with strong backlog in refueling/c- quality of earnings, 10% with
Slide 4: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS Total Net Sales ($M) Operating Income ($M) 8.4% 8.8% Solid Q4 concludes $497.0 $42.0 $41.4 successful FY2024 $469.6 $37.0 $35.5 9.5% 8.7% Sales growth in refueling/C- store, QSR and other markets $123.6 $129.0 $10.2 $11.7 $11.2 $9.0 offset by the significant disruption
Slide 5: Lighting Segment Update
LIGHTING SEGMENT UPDATE Lighting Segment Sales ($M) Lighting Segment Adj. Gross Margin ($M) Q4 sales impacted by $272.5 $262.4 33.9% lengthened quote-to-order 31.9% conversion period $86.8 $89.0 Full year adj. gross margin 33.3% 33.0% rate increased by 200 basis $71.4 $65.1 points driven by price/mi
Slide 6: Display Solutions Segment Update
DISPLAY SOLUTIONS SEGMENT UPDATE Display Solutions Segment Sales ($M) Display Solutions Segment Adj. Gross Margin ($M) Q4 Refueling/c-store sales $224.5 realized double-digit growth $207.2 22.3% in Q4 and enter FY25 with 21.6% strong backlog 23.2% $50.2 $44.7 19.4% Grocery vertical sales $52.3 $63.9
Slide 7: Disciplined Working Capital Management
DISCIPLINED WORKING CAPITAL MANAGEMENT Total Working Capital ($M) Reduced comparable working capital (excl. EMI) by $83.3 $77.2 2% in Q4 and 4% for full year $73.3 $76.2 $75.8 FY24 Days of Working Capital and Margin MarginRate Rate Inventory (DIO) remain stable 30.6% 22.1% reflecting solid planning
Slide 8: Strong Cash Generation, Balance Sheet Discipline
STRONG CASH GENERATION, BALANCE SHEET DISCIPLINE Free Cash Flow ($M)(1) Free cash flow $10 million in $46.4 Q4 and $38m for full year $45.4 $43.8 $43.3 $38.0 Exit the year with net debt of $50 million and net leverage ratio of 1.0x $15.6 $11.2 Margin MarginRate Rate $9.2 $10.3 $7.3 30.6% 22.1% Capex
Slide 9: Appendix
APPENDIX
Slide 10: Statement on Non-GAAP Financial Measures
STATEMENT ON NON-GAAP FINANCIAL MEASURES This presentation includes adjustments to GAAP gross margin, operating income, net income, and earnings per share for the rolling five quarters ending June 30, 2024. Gross Margin, operating income, net income, and earnings per share, which exclude the impact
Slide 11: Non-GAAP Reconciliation
Non-GAAP RECONCILIATION LSI Industries Q4 2023 Q4 2024 FY 23 FY 24 Net Sales 123,636 129,007 496,979 469,638 Gross Margin 35,864 33,834 136,945 133,168 Severance costs/Restructuring costs - - 31 508 Adjusted Gross Margin 35,864 33,834 136,976 133,676 Adjusted Gross Margin % 29.0% 26.2% 27.6% 28.5% L
Slide 12: Non-GAAP Reconciliation
Non-GAAP RECONCILIATION LSI Industries Q4 2023 Q4 2024 FY 23 FY 24 Lighting Segment Q4 2023 Q4 2024 FY 23 FY 24 Net Sales 123,636 129,007 496,979 469,638 Net Sales 71,377 65,095 272,451 262,413 Operating Income 10,237 9,010 37,028 35,517 Operating Income 9,192 8,450 31,633 33,327 Acquisition Costs -
Slide 13: Non-GAAP Reconciliation
Non-GAAP RECONCILIATION Full Year Diluted Diluted Diluted Diluted LSI Industries Q4 2023 EPS Q4 2024 EPS FY 23 EPS FY 24 EPS Net Income Reported $ 8,415 $ 0.28 $ 5,668 $ 0.19 $ 25,762 $ 0.88 $ 24,977 $ 0.83 Acquisition Costs $ 722 $ 0.02 $ - $ - $ 735 $ 0.02 Consulting Expense: Commercial Growth Ini
Slide 14: Non-GAAP Reconciliation
Non-GAAP RECONCILIATION Full Year LSI Industries Q4 2023 Q4 2024 FY 23 FY 24 Net Income Reported 8,415 5,668 25,762 24,977 Income Tax 1,130 2,219 7,564 8,122 Interest Expense, net 764 1,003 3,687 2,156 Other expense (Income) (72) 121 15 262 Operating Income as Reported 10,237 9,011 37,028 35,517 Dep
Slide 15: Non-GAAP Reconciliation
Non-GAAP RECONCILIATION Free Cash Flow Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 24 Cash Flow from Operations 17,038 10,592 9,276 12,429 11,096 43,393 Less: Capital Expenditures (1,454) (1,393) (1,956) (1,277) (762) (5,388) Free Cash Flow 15,584 9,199 7,320 11,152 10,334 38,005 Net Debt Outstanding
Slide 16: For Additional Questions, Please Contact
For Additional Questions, Please Contact 720.778.2415 Thank you, LSI Investor Relations