LSI(US:LYTS)2023-01-26 19:07Financial Performance Highlights - Total net sales increased by 16% year-over-year, reaching $128.8 million in F2Q23 compared to $111.1 million in F2Q22 [34][38] - Adjusted EBITDA margin rate increased by 250 bps year-over-year to 10.1% in F2Q23 [37] - Adjusted net income grew by 80% year-over-year [39] - The company generated over $30 million in free cash flow (FCF) in the last twelve months [34] - Net leverage decreased from 3.1x to 1.3x [74] Segment Performance - Lighting segment sales increased by 17% year-over-year [18] - Indoor lighting sales increased by 32% year-over-year, and outdoor lighting sales increased by 20% year-over-year [18] - Display Solutions segment sales increased by 15% year-over-year [34][49] - Display Solutions segment secured an additional $12 million order from a large grocery chain in F2Q23 [23] - Lighting segment adjusted EBITDA margin increased by 160 bps year-over-year to 12.4% [18] - Display Solutions segment adjusted EBITDA margin increased by 510 bps year-over-year to 14.4% [23] Working Capital and Debt Management - Total working capital was reduced by 6% sequentially [28] - Total inventory decreased by 9% sequentially [72] - Net debt outstanding was reduced by $25 million in the last twelve months [34][74]