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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 18, 2023
BRADY CORPORATION
(Exact name of registrant as specified in its charter)
Commission File Number 1-14959
Wisconsin 39-0178960
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
6555 West Good Hope Road
Milwaukee, Wisconsin 53223
(Address of principal executive offices and Zip Code)
(414) 358-6600
(Registrant’s Telephone Number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Nonvoting Common Stock, par value $0.01 per shareBRCNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 or the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 18, 2023, Brady Corporation (the “Company”) issued a press release announcing its fiscal 2023 third quarter financial results. A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99.1 attached hereto and is incorporated herein by reference.

Item 7.01REGULATION FD DISCLOSURE

On May 18, 2023, the Company hosted a conference call related to its fiscal 2023 third quarter financial results. A copy of the slides referenced in the conference call, which is also posted on the Company’s website, is being furnished to the Securities and Exchange Commission as Exhibit 99.2 attached hereto and is incorporated herein by reference.

Item 9.01FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits
EXHIBIT NUMBERDESCRIPTION
99.1
99.2
104Cover Page Interactive Data File (embedded within Inline XBRL document).

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  BRADY CORPORATION
Date: May 18, 2023 
 /s/ ANN E. THORNTON
 Ann E. Thornton
 Chief Financial Officer, Chief Accounting Officer and Treasurer


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EXHIBIT 99.1


For More Information:
Investor contact: Ann Thornton 414-438-6887
Media contact: Kate Venne 414-358-5176


Brady Corporation Reports Record EPS in its Fiscal 2023 Third Quarter and Raises the Low End of its Fiscal 2023 EPS Guidance

•Sales for the quarter decreased 0.4 percent compared to the same quarter of the prior year. Organic sales increased 1.9 percent, foreign currency reduced sales by 2.1 percent and the divestiture of the PremiSys business reduced sales by 0.2 percent in the quarter.
•Diluted EPS increased 23.1 percent to a record high of $0.96 in the third quarter of fiscal 2023 compared to $0.78 in the same quarter of the prior year. Diluted EPS Excluding Certain Items* increased 10.5 percent to a record high of $0.95 in the third quarter of fiscal 2023 compared to $0.86 in the same quarter of the prior year.
•Net cash provided by operating activities increased 77.2 percent to $72.5 million in the third quarter of fiscal 2023 compared to $40.9 million in the third quarter of last year.
•Earnings per diluted Class A Common Share guidance was adjusted for the full year ending July 31, 2023 from the previous range of $3.23 to $3.43 to the new range of $3.32 to $3.47 on a GAAP basis, and the low end was raised from the previous range of $3.40 to $3.60 to the new range of $3.45 to $3.60, on a non-GAAP basis.
•Effective February 1, 2023, the Company is organized and managed on a geographic basis with two reportable segments: Americas & Asia and Europe & Australia. All segment-related data has been recast to reflect the new reportable segments.

MILWAUKEE (May 18, 2023) -- Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world leader in identification solutions, today reported its financial results for its fiscal 2023 third quarter ended April 30, 2023.

Quarter Ended April 30, 2023 Financial Results:
Sales for the quarter ended April 30, 2023 decreased 0.4 percent, which consisted of an organic sales increase of 1.9 percent, a decrease of 2.1 percent from foreign currency translation and a decrease of 0.2 percent from the divestiture of the PremiSys business. Sales for the quarter ended April 30, 2023 were $337.1 million compared to $338.6 million in the same quarter last year. By region, sales increased 0.1 percent in the Americas & Asia and decreased 1.4 percent in Europe & Australia, which consisted of an organic sales increase of 1.2 percent in the Americas & Asia and an organic sales increase of 3.4 percent in Europe & Australia.
Income before income taxes increased 23.0 percent to $63.0 million for the quarter ended April 30, 2023, compared to $51.3 million in the same quarter last year. Income Before Income Taxes Excluding Certain Items* for the quarter ended April 30, 2023, which was adjusted for amortization expense of $2.5 million and removes the $3.8 million pre-tax gain on the sale of the PremiSys business, was $61.7 million, an increase of 8.6 percent compared to the third quarter of last year.


Net income for the quarter ended April 30, 2023 was $48.1 million compared to $40.1 million in the same quarter last year. Earnings per diluted Class A Nonvoting Common Share were $0.96 in the third quarter of fiscal 2023, compared to $0.78 in the same quarter last year. Net Income Excluding Certain Items* for the quarter ended April 30, 2023 was $47.6 million and Diluted EPS Excluding Certain Items* for the quarter ended April 30, 2023 was $0.95. Net Income Excluding Certain Items* for the quarter ended April 30, 2022 was $44.2 million, and Diluted EPS Excluding Certain Items* for the quarter ended April 30, 2022 was $0.86.

Nine-Month Period Ended April 30, 2023 Financial Results:
Sales for the nine-month period ended April 30, 2023 increased 0.8 percent, which consisted of an organic sales increase of 5.0 percent, a decrease of 4.1 percent from foreign currency translation and a decrease of 0.1 percent from the divestiture of the PremiSys business. Sales for the nine months ended April 30, 2023 were $985.9 million compared to $978.1 million in the same period last year. By region, sales increased 2.8 percent in the Americas & Asia and decreased 3.1 percent in Europe & Australia, which consisted of an organic sales increase of 4.0 percent in the Americas & Asia and an organic sales increase of 7.0 percent in Europe & Australia.
Income before income taxes increased 17.3 percent to $161.9 million for the nine-month period ended April 30, 2023, compared to $138.0 million in the same period last year. Income Before Income Taxes Excluding Certain Items* for the nine months ended April 30, 2023, which was adjusted for amortization expense of $9.4 million and removes the $3.8 million gain on the sale of our PremiSys business, was $167.5 million, an increase of 10.8 percent compared to the same period of the prior year.
Net income for the nine-month period ended April 30, 2023 was $125.5 million compared to $108.9 million in the same period last year. Earnings per diluted Class A Nonvoting Common Share were $2.51 for the nine months ended April 30, 2023, compared to $2.09 in the same period last year. Net Income Excluding Certain Items* for the nine months ended April 30, 2023 was $130.3 million and Diluted EPS Excluding Certain Items* for the nine months ended April 30, 2023 was $2.60. Net Income Excluding Certain Items* for the nine months ended April 30, 2022 was $118.9 million, and Diluted EPS Excluding Certain Items* for the nine months ended April 30, 2022 was $2.28.

Commentary:
“Our most recent financial results once again demonstrate how our investment in research and development is paying off and adding tremendous value to our customers. This quarter, we launched several new industrial printers that continue to separate us from our competition. Our ability to innovate has never been stronger and is setting the stage for continued future growth,” said Brady’s President and Chief Executive Officer, Russell R. Shaller. “This quarter, we completed the reorganization of Brady around two new operating segments: Americas & Asia and Europe & Australia. This reorganization is allowing us to better integrate our businesses while supporting continued organic growth by combining our best go-to-market strategies in each geography, facilitating an increased pace of new product development, and further simplifying our global businesses. While we recognize that the macro-economy is uncertain, we will continue to invest in our critical organic and inorganic growth initiatives throughout the economic cycle, which we believe positions us for future success.”
“Brady had a strong quarter. We posted record high quarterly diluted EPS of $0.96 and our operating cash flow was $72.5M, which equates to 151 percent of GAAP net income and is up 77 percent from the same quarter last year,” said Brady’s Chief Financial Officer, Ann Thornton. “We also returned $11.4 million to our


shareholders in the form of dividends this quarter and we repurchased $29.8 million in shares during the first nine months of this fiscal year. We have minimal debt and we are in a net cash position of $84.2 million at April 30, 2023. As for capital allocation, we expect to continue to fully fund our organic investments, return cash to our shareholders in the form of dividends, be opportunistic with share buybacks and execute strategic acquisitions that increase our growth trajectory.”

Fiscal 2023 Guidance:
The Company adjusted its GAAP earnings per diluted Class A Nonvoting Common Share guidance for the year ending July 31, 2023 from the previous guidance range of $3.23 to $3.43 per share to the new full year guidance range of $3.32 to $3.47 per share. The Company raised the low end of its Diluted EPS Excluding Certain Items* guidance for the year ending July 31, 2023 from the previous range of $3.40 to $3.60 per share to the new full year guidance range of $3.45 to $3.60 per share.
The assumptions included in our fiscal 2023 guidance include a full-year income tax rate of approximately 21 percent, depreciation and amortization expense ranging from $32 million to $34 million, and capital expenditures of approximately $20 million. Our fiscal 2023 guidance is based on foreign currency exchange rates as of April 30, 2023 and assumes continued economic growth.

A webcast regarding Brady’s fiscal 2023 third quarter financial results will be available at www.bradycorp.com/investors beginning at 9:30 a.m. central time today.

Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect people, products and places. Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software. Founded in 1914, the Company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, medical, aerospace and a variety of other industries. Brady is headquartered in Milwaukee, Wisconsin and as of July 31, 2022, employed approximately 5,700 people in its worldwide businesses. Brady’s fiscal 2022 sales were approximately $1.30 billion. Brady stock trades on the New York Stock Exchange under the symbol BRC. More information is available on the Internet at www.bradyid.com.


* Income Before Income Taxes Excluding Certain Items, Net Income Excluding Certain Items, and Diluted EPS Excluding Certain Items are non-GAAP measures. See appendix for more information on these measures, including reconciliations to the most directly comparable GAAP measures.

###

In this news release, statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, income, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations.



The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: increased cost of raw materials, labor and freight as well as material shortages and supply chain disruptions; decreased demand for our products; our ability to compete effectively or to successfully execute our strategy; our ability to develop technologically advanced products that meet customer demands; Brady’s ability to identify, integrate, and grow acquired companies, and to manage contingent liabilities from divested businesses; adverse impacts of the novel coronavirus (“COVID-19”) pandemic or other pandemics; difficulties in protecting our websites, networks, and systems against security breaches; risks associated with the loss of key employees; extensive regulations by U.S. and non-U.S. governmental and self-regulatory entities; litigation, including product liability claims; foreign currency fluctuations; potential write-offs of goodwill and other intangible assets; changes in tax legislation and tax rates; differing interests of voting and non-voting shareholders; numerous other matters of national, regional and global scale, including major public health crises and government responses thereto and those of a political, economic, business, competitive, and regulatory nature contained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K for the year ended July 31, 2022.

These uncertainties may cause Brady's actual future results to be materially different than those expressed in its forward-looking statements. Brady does not undertake to update its forward-looking statements except as required by law.


BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; Dollars in thousands, except per share data)

Three months ended April 30,Nine months ended April 30,
 2023202220232022
Net sales$337,116 $338,551 $985,934 $978,081 
Cost of goods sold167,425 174,525 504,539 509,705 
Gross margin169,691 164,026 481,395 468,376 
Operating expenses:
Research and development15,715 14,923 45,025 42,795 
Selling, general and administrative90,975 96,214 273,202 285,485 
Total operating expenses106,690 111,137 318,227 328,280 
Operating income63,001 52,889 163,168 140,096 
Other income (expense):
Investment and other income (expense)785 (1,308)1,596 (1,343)
Interest expense(753)(329)(2,886)(763)
Income before income taxes63,033 51,252 161,878 137,990 
Income tax expense14,981 11,198 36,399 29,075 
Net income$48,052 $40,054 $125,479 $108,915 
Net income per Class A Nonvoting Common Share:
Basic$0.97 $0.78 $2.52 $2.11 
Diluted$0.96 $0.78 $2.51 $2.09 
Net income per Class B Voting Common Share:
Basic$0.97 $0.78 $2.51 $2.09 
Diluted$0.96 $0.78 $2.49 $2.08 
Weighted average common shares outstanding:
Basic49,653 51,326 49,755 51,700 
Diluted50,001 51,568 50,033 52,055 



BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

 April 30, 2023July 31, 2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$135,047 $114,069 
Accounts receivable, net of allowance for credit losses of $8,417 and $7,355, respectively184,907 183,233 
Inventories182,809 190,023 
Prepaid expenses and other current assets14,020 10,743 
Total current assets516,783 498,068 
Property, plant and equipment—net139,747 139,511 
Goodwill590,684 586,832 
Other intangible assets65,210 74,028 
Deferred income taxes15,124 15,881 
Operating lease assets27,378 31,293 
Other assets21,840 21,719 
Total$1,376,766 $1,367,332 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$74,745 $81,116 
Accrued compensation and benefits65,789 76,764 
Taxes, other than income taxes13,246 12,539 
Accrued income taxes5,103 8,294 
Current operating lease liabilities14,196 15,003 
Other current liabilities63,357 61,458 
Total current liabilities236,436 255,174 
Long-term debt50,849 95,000 
Long-term operating lease liabilities14,573 19,143 
Other liabilities79,812 86,717 
Total liabilities381,670 456,034 
Stockholders’ equity:
Common stock:
Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 45,935,672 and 46,370,708 shares, respectively513 513 
Class B voting common stock—Issued and outstanding, 3,538,628 shares35 35 
Additional paid-in capital350,758 345,266 
Retained earnings983,694 892,417 
Treasury stock—5,325,815 and 4,890,779 shares, respectively of Class A nonvoting common stock, at cost(244,503)(217,856)
Accumulated other comprehensive loss(95,401)(109,077)
Total stockholders’ equity995,096 911,298 
Total$1,376,766 $1,367,332 



BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in thousands)

Nine months ended April 30,
20232022
Operating activities:
Net income$125,479 $108,915 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization24,522 25,448 
Stock-based compensation expense6,427 9,153 
Gain on sale of business(3,770)— 
Deferred income taxes(5,947)2,858 
Other(1,336)(1,080)
Changes in operating assets and liabilities:
Accounts receivable1,744 (26,438)
Inventories9,279 (47,784)
Prepaid expenses and other assets(3,429)(932)
Accounts payable and accrued liabilities(19,704)(5,584)
Income taxes(3,404)680 
Net cash provided by operating activities129,861 65,236 
Investing activities:
Purchases of property, plant and equipment(12,912)(22,130)
Sale of business8,000 — 
Other11 59 
Net cash used in investing activities(4,901)(22,071)
Financing activities:
Payment of dividends(34,202)(34,701)
Proceeds from exercise of stock options4,091 663 
Payments for employee taxes withheld from stock-based awards(1,965)(5,070)
Purchase of treasury stock(29,774)(84,930)
Proceeds from borrowing on credit agreement102,916 155,216 
Repayment of borrowing on credit agreement(147,067)(116,216)
Other66 3,276 
Net cash used in financing activities(105,935)(81,762)
Effect of exchange rate changes on cash1,953 (5,670)
Net increase (decrease) in cash and cash equivalents20,978 (44,267)
Cash and cash equivalents, beginning of period114,069 147,335 
Cash and cash equivalents, end of period$135,047 $103,068 



BRADY CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited; Dollars in thousands)

Three months ended April 30,Nine months ended April 30,
2023202220232022
NET SALES
Americas & Asia$222,813 $222,579 $661,375 $643,292 
Europe & Australia114,303 115,972 324,559 334,789 
Total$337,116 $338,551 $985,934 $978,081 
SALES INFORMATION
Americas & Asia
Organic1.2 %9.2 %4.0 %10.7 %
Currency(0.8)%(0.1)%(1.1)%0.3 %
Divestiture(0.3)%— %(0.1)%— %
Acquisition— %8.6 %— %8.3 %
Total0.1 %17.7 %2.8 %19.3 %
Europe & Australia
Organic3.4 %8.4 %7.0 %7.6 %
Currency(4.8)%(8.1)%(10.1)%(4.6)%
Acquisition— %8.7 %— %8.8 %
Total(1.4)%9.0 %(3.1)%11.8 %
Total Company
Organic1.9 %9.0 %5.0 %9.6 %
Currency(2.1)%(3.0)%(4.1)%(1.5)%
Divestiture(0.2)%— %(0.1)%— %
Acquisition— %8.6 %— %8.5 %
Total(0.4)%14.6 %0.8 %16.6 %
SEGMENT PROFIT
Americas & Asia$49,192 $45,021 $130,511 $114,659 
Europe & Australia17,099 16,050 47,316 46,165 
Total$66,291 $61,071 $177,827 $160,824 
SEGMENT PROFIT AS A PERCENT OF NET SALES
Americas & Asia22.1 %20.2 %19.7 %17.8 %
Europe & Australia15.0 %13.8 %14.6 %13.8 %
Total19.7 %18.0 %18.0 %16.4 %
Three months ended April 30,Nine months ended April 30,
2023202220232022
Total segment profit$66,291 $61,071 $177,827 $160,824 
Unallocated amounts:
Administrative costs(7,060)(8,182)(18,429)(20,728)
Gain on sale of business3,770 — 3,770 — 
Investment and other income (expense)785 (1,308)1,596 (1,343)
Interest expense(753)(329)(2,886)(763)
Income before income taxes$63,033 $51,252 $161,878 $137,990 



GAAP to NON-GAAP MEASURES
(Unaudited; Dollars in Thousands, Except Per Share Amounts)
In accordance with the U.S. Securities and Exchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure.
Income Before Income Taxes Excluding Certain Items:
Brady is presenting the non-GAAP measure, "Income Before Income Taxes Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this profit measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income before income taxes to the non-GAAP measure of Income Before Income Taxes Excluding Certain Items:
Three months ended April 30,Nine months ended April 30,
2023202220232022
Income before income taxes (GAAP measure)$63,033 $51,252 $161,878 $137,990 
Amortization expense2,461 3,735 9,350 11,291 
Gain on sale of business(3,770)— (3,770)— 
Other non-routine charges— 1,841 — 1,841 
Income Before Income Taxes Excluding Certain Items (non-GAAP measure)$61,724 $56,828 $167,458 $151,122 


Income Tax Expense Excluding Certain Items:
Brady is presenting the non-GAAP measure, "Income Tax Expense Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income tax expense to the non-GAAP measure of Income Tax Expense Excluding Certain Items:
Three months ended April 30,Nine months ended April 30,
2023202220232022
Income tax expense (GAAP measure)$14,981 $11,198 $36,399 $29,075 
Amortization expense569 885 2,203 2,672 
Gain on sale of business(1,431)— (1,431)— 
Other non-routine charges— 496 — 496 
Income Tax Expense Excluding Certain Items (non-GAAP measure)$14,119 $12,579 $37,171 $32,243 




Net Income Excluding Certain Items:
Brady is presenting the non-GAAP measure, "Net Income Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income to the non-GAAP measure of Net Income Excluding Certain Items:
Three months ended April 30,Nine months ended April 30,
2023202220232022
Net income (GAAP measure)$48,052 $40,054 $125,479 $108,915 
Amortization expense1,892 2,850 7,147 8,619 
Gain on sale of business(2,339)— (2,339)— 
Other non-routine charges— 1,345 — 1,345 
Net Income Excluding Certain Items (non-GAAP measure)$47,605 $44,249 $130,287 $118,879 


Diluted EPS Excluding Certain Items:
Brady is presenting the non-GAAP measure, "Diluted EPS Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income per Class A Nonvoting Common Share to the non-GAAP measure of Diluted EPS Excluding Certain Items:
Three months ended April 30,Nine months ended April 30,
2023202220232022
Net income per Class A Nonvoting Common Share (GAAP measure)$0.96 $0.78 $2.51 $2.09 
Amortization expense0.04 0.06 0.14 0.17 
Gain on sale of business(0.05)— (0.05)— 
Other non-routine charges— 0.03 — 0.03 
Diluted EPS Excluding Certain Items (non-GAAP measure)$0.95 $0.86 $2.60 $2.28 


Diluted EPS Excluding Certain Items Guidance:
Fiscal 2023 Expectations
LowHigh
Earnings per Class A Nonvoting Common Share (GAAP measure)$3.32 $3.47 
Amortization expense0.18 0.18 
Gain on sale of business(0.05)(0.05)
Diluted EPS Excluding Certain Items (non-GAAP measure)$3.45 $3.60 

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Forward-Looking Statements In this news release, statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, income, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations. The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: increased cost of raw materials, labor and freight as well as raw material shortages and supply chain disruptions; decreased demand for our products; our ability to compete effectively or to successfully execute our strategy; our ability to develop technologically advanced products that meet customer demands; Brady’s ability to identify, integrate, and grow acquired companies, and to manage contingent liabilities from divested businesses; adverse impacts of the novel coronavirus (“COVID-19”) pandemic or other pandemics; difficulties in protecting our websites, networks, and systems against security breaches; risks associated with the loss of key employees; extensive regulations by U.S. and non-U.S. governmental and self-regulatory entities; litigation, including product liability claims; foreign currency fluctuations; potential write-offs of goodwill and other intangible assets; changes in tax legislation and tax rates; differing interests of voting and non-voting shareholders; numerous other matters of national, regional and global scale, including major public health crises and government responses thereto and those of a political, economic, business, competitive, and regulatory nature contained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K for the year ended July 31, 2022. These uncertainties may cause Brady's actual future results to be materially different than those expressed in its forward- looking statements. Brady does not undertake to update its forward-looking statements except as required by law. 2
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3 * Diluted EPS Excluding Certain Items is a non-GAAP measure. See appendix. Organic sales grew 1.9%, with organic growth in both regions. Foreign currency headwinds abating. Continuing Organic Sales Growth GPM of 50.3% compared to 48.4% in Q3 of F’22. Healthy gross profit margins indicative of Brady’s high value add. Healthy Gross Profit Margins GAAP EPS of $0.96 was up 23.1% over Q3 of last year. Diluted EPS Excluding Certain Items* increased 10.5% to $0.95 in Q3 of F’23 compared to $0.86 in Q3 of F’22. Expanding Earnings per Share Americas & Asia segment profit was up 9.3% over Q3 of F’22. Europe & Australia segment profit was up 6.5% over Q3 of F’22. Strong Regional Results Repurchased 229,320 shares for $11.9M in Q3 of F’23. Returned $11.4M to our shareholders in the form of dividends. Net cash position of $84.2M at April 30, 2023. Returning Capital to our Shareholders Q3 F’23 Highlights SG&A expense of 27.0% of sales in Q3 of F’23 compared to 28.4% in the prior year. SG&A includes gain on sale of PremiSys business of $3.8M in Q3 of F’23. Focused on SG&A Expense
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Sales Overview 4 Q3 F’23 SALES: Total sales decreased 0.4%. Organic sales increased 1.9%. • Americas & Asia – Organic sales increased 1.2%. • Europe & Australia – Organic sales increased 3.4%. Foreign currency translation decreased sales 2.1%. Divestiture decreased sales 0.2%. $287 $277 $266 $252 $277 $266 $296 $306 $321 $318 $339 $324 $323 $326 $337 $225 $250 $275 $300 $325 $350 Q1 F'20 (0.4%) Q2 F'20 (1.2%) Q3 F'20 (6.0%) Q4 F'20 (13.7%) Q1 F'21 (4.9%) Q2 F'21 (6.3%) Q3 F'21 6.5% Q4 F'21 12.6% Q1 F'22 7.0% Q2 F'22 13.1% Q3 F'22 9.0% Q4 F'22 9.0% Q1 F'23 6.9% Q2 F'23 6.3% Q3 F'23 1.9% Organic Growth (Decline) SALES (millions of USD) Q3 F’23 SALES COMMENTARY: Organic sales were up 1.4% in the Americas with growth in safety and facility ID and healthcare ID. Organic sales declined 0.3% in Asia due to weakness in S.E. Asia. Europe continued to grow organically despite a challenging economy with 2.1% organic growth. Australia organic sales increased 13.4%.
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Gross Profit Margin 5 $141 $139 $130 $119 $135 $130 $149 $148 $155 $149 $164 $163 $155 $156 $170 49.3% 50.3% 48.7% 47.1% 48.9% 48.7% 50.4% 48.2% 48.2% 47.0% 48.4% 50.4% 48.1% 48.0% 50.3% 38% 40% 42% 44% 46% 48% 50% $100 $125 $150 $175 Q1 F'20 Q2 F'20 Q3 F'20 Q4 F'20 Q1 F'21 Q2 F'21 Q3 F'21 Q4 F'21 Q1 F'22 Q2 F'22 Q3 F'22 Q4 F'22 Q1 F'23 Q2 F'23 Q3 F'23 GROSS PROFIT & GPM% (millions of USD) Q3 F’23 – GROSS PROFIT MARGIN: Gross profit margin of 50.3% compared to 48.4% in Q3 of F’22. Returned to a gross profit margin in excess of 50% due to efficiency gains, reduced freight, and pricing actions. Inflation continues, but we are experiencing a reduced rate of inflation in certain geographies.
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SG&A Expense 6 Q3 F’23 – SG&A EXPENSE: SG&A expense was 27.0% of sales compared to 28.4% of sales in the same quarter last year. Excluding non-GAAP* items from both periods, SG&A expense was 27.4% of sales compared to 26.8% of sales in the same quarter last year. We continue to focus on driving sustainable efficiency gains while making the investments necessary to increase sales into the future. $90 $87 $83 $76 $83 $82 $91 $94 $97 $93 $96 $95 $90 $92 $91 31.2% 31.6% 31.3% 30.2% 30.0% 30.9% 30.7% 30.6% 30.1% 29.1% 28.4% 29.2% 27.9% 28.3% 27.0% 10% 15% 20% 25% 30% 35% $60 $70 $80 $90 $100 $110 $120 Q1 F'20 Q2 F'20 Q3 F'20 Q4 F'20 Q1 F'21 Q2 F'21 Q3 F'21 Q4 F'21 Q1 F'22 Q2 F'22 Q3 F'22 Q4 F'22 Q1 F'23 Q2 F'23 Q3 F'23 SG&A EXPENSE AND SG&A EXPENSE AS A % OF SALES (millions of USD) * See appendix for non-GAAP measures.
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R&D Expense 7 Q3 F’23 – R&D EXPENSE: We have a solid new product pipeline of high-quality materials and products to help make our customers more efficient. We are focused on ensuring that our R&D spend is both efficient and effective and we remain committed to investing in new product development. $11.0 $10.5 $9.8 $9.4 $10.2 $9.9 $11.3 $13.2 $13.9 $14.0 $14.9 $15.8 $13.9 $15.4 $15.7 3.8% 3.8% 3.7% 3.7% 3.7% 3.7% 3.8% 4.3% 4.3% 4.4% 4.4% 4.9% 4.3% 4.7% 4.7% 1.5% 2.5% 3.5% 4.5% $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 Q1 F'20 Q2 F'20 Q3 F'20 Q4 F'20 Q1 F'21 Q2 F'21 Q3 F'21 Q4 F'21 Q1 F'22 Q2 F'22 Q3 F'22 Q4 F'22 Q1 F'23 Q2 F'23 Q3 F'23 R&D EXPENSE AND R&D EXPENSE AS A % OF SALES (millions of USD)
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Income Before Income Taxes 8 Q3 F’23 – INCOME BEFORE INCOME TAXES: GAAP Income before income taxes was up 23.0% to $63.0M in Q3 of F’23 compared to $51.3M in Q3 of F’22. Q3 of F’22 income before income taxes was negatively impacted by amortization expense as well as non-routine charges in the WPS business. Q3 F’23 income before income taxes was negatively impacted by amortization expense and positively impacted by the $3.8M pre-tax gain on the sale of PremiSys business. These items were excluded to arrive at non-GAAP pre- tax income. Income Before Income Taxes Excluding Certain Items*, increased 8.6% to $61.7M in Q3 of F’23 compared to $56.8M in Q3 of F’22. INCOME BEFORE INCOME TAXES (GAAP) (millions of USD) $41.6 $42.4 $22.2 $34.9 $42.2 $39.4 $47.8 $41.6 $44.7 $42.0 $51.3 $54.0 $50.3 $48.5 $63.0 $10 $20 $30 $40 $50 $60 $70 Q1 F'20 4.2% Q2 F'20 15.4% Q3 F'20 (45.9%) Q4 F'20 (26.0%) Q1 F'21 1.6% Q2 F'21 (7.0%) Q3 F'21 115.7% Q4 F'21 19.4% Q1 F'22 5.8% Q2 F'22 6.7% Q3 F'22 7.3% Q4 F'22 29.7% Q1 F'23 12.6% Q2 F'23 15.4% Q3 F'23 23.0% Year-on-Year Growth (Decline) * Income Before Income Taxes Excluding Certain Items is a non-GAAP measure. See appendix.
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Net Income & Diluted EPS 9 Q3 F’23 – NET INCOME & DILUTED EPS: GAAP Net Income was $48.1M in Q3 of F’23 compared to $40.1M in Q3 of F’22 (an increase of 20.0%). • Net Income Excluding Certain Items* was $47.6M in Q3 of F’23 compared to $44.2M in Q3 of F’22 (an increase of 7.6%). GAAP Diluted EPS was $0.96 in Q3 of F’23 compared to $0.78 in Q3 of F’22 (an increase of 23.1%). • Diluted EPS Excluding Certain Items* was $0.95 in Q3 of F’23 compared to $0.86 in Q3 of F’22 (an increase of 10.5%). * Net Income Excluding Certain Items and Diluted EPS Excluding Certain Items are non-GAAP measures. See appendix. $33.5 $30.9 $37.3 $28.0 $35.0 $33.8 $40.1 $41.1 $39.4 $38.0 $48.1 $20 $30 $40 $50 Q1 F'21 Q2 F'21 Q3 F'21 Q4 F'21 Q1 F'22 Q2 F'22 Q3 F'22 Q4 F'22 Q1 F'23 Q2 F'23 Q3 F'23 NET INCOME (GAAP) (millions of USD) $0.64 $0.59 $0.71 $0.53 $0.67 $0.65 $0.78 $0.81 $0.79 $0.76 $0.96 $0.20 $0.40 $0.60 $0.80 $1.00 Q1 F'21 Q2 F'21 Q3 F'21 Q4 F'21 Q1 F'22 Q2 F'22 Q3 F'22 Q4 F'22 Q1 F'23 Q2 F'23 Q3 F'23 DILUTED EPS (GAAP)
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Cash Generation 10 CASH FLOW FROM OPERATING ACTIVITIES (millions of USD) $38.8 $14.3 $42.8 $45.1 $62.8 $36.1 $56.0 $50.8 $27.5 ($3.2) $40.9 $53.2 $28.0 $29.4 $72.5 -$5 $15 $35 $55 $75 Q1 F'20 104% Q2 F'20 43% Q3 F'20 313% Q4 F'20 163% Q1 F'21 188% Q2 F'21 117% Q3 F'21 150% Q4 F'21 181% Q1 F'22 78% Q2 F'22 (9%) Q3 F'22 102% Q4 F'22 130% Q1 F'23 71% Q2 F'23 77% Q3 F'23 151%% of Net Income CASH FLOWS IN Q3 OF F’23: Overview: Cash flow from operating activities was up 77.2% in Q3 of F’23; increasing from $40.9M in Q3 of last year to $72.5M in the current quarter. Free cash flow* was $67.7M in Q3 of F’23 compared to $35.2M in Q3 of F’22. Cash generation was well in excess of net income due to improved working capital management and a constant focus on cash generation. Returning Funds to our Shareholders: Thus far in F’23, we returned a total of $64.0M to our shareholders in the form of dividends and buybacks. Dividends – Increased our annual dividends for the 37th consecutive year. Buybacks – Repurchased 632,254 shares in the first 3 quarters of F’23 for $29.8M (average price of $47.09/share). * Free cash flow is calculated as Net Cash Provided by Operating Activities less Capital Expenditures. (millions of USD) 3 Mos. Ended Apr. 30, 2023 3 Mos. Ended Apr. 30, 2022 9 Mos. Ended Apr. 30, 2023 9 Mos. Ended Apr. 30, 2022 Cash Balance - Beginning of Period 108.2$ 147.4$ 114.1$ 147.3$ Cash Flow from Operating Activities 72.5 40.9 129.9 65.2 Capital Expenditures (4.7) (5.7) (12.9) (22.1) Dividends (11.4) (11.5) (34.2) (34.7) Share Repurchases (11.9) (63.2) (29.8) (84.9) Proceeds from Sale of Business 8.0 - 8.0 - Debt (Repayments) Borrowings (26.4) (6.0) (44.2) 39.0 Effect of Exchange Rates on Cash - (2.3) 2.0 (5.7) Other 0.7 3.5 2.1 (1.0) Cash Balance - End of Period 135.0$ 103.1$ 135.0$ 103.1$
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Net Cash 11 STRONG BALANCE SHEET: April 30, 2023 cash = $135.0M. April 30, 2023 debt = $50.8M. Balance sheet provides flexibility for future organic and inorganic investments. $245 $240 $190 $218 $256 $278 $322 $109 $91 $64 $26 $19 $15 $31 $84 $0 $50 $100 $150 $200 $250 $300 Q1 F'20 Q2 F'20 Q3 F'20 Q4 F'20 Q1 F'21 Q2 F'21 Q3 F'21 Q4 F'21 Q1 F'22 Q2 F'22 Q3 F'22 Q4 F'22 Q1 F'23 Q2 F'23 Q3 F'23 NET CASH (millions of USD)
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F’23 Diluted EPS Guidance Diluted EPS Excluding Certain Items* $3.45 to $3.60 (+9.5% to +14.3% vs. F’22) GAAP Diluted EPS $3.32 to $3.47 (+14.5% to +19.7% vs. F’22) Guidance Assumptions: Organic sales growth in the mid-single digit percentages. Negative foreign currency impact of approximately 4% on net sales. Full-year income tax rate of approximately 21%. Depreciation and amortization expense of $32M to $34M. Capital expenditures of approximately $20M. Foreign currency exchange rates as of April 30, 2023. 12 * Diluted EPS Excluding Certain Items is a non-GAAP measure. See appendix.
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Americas & Asia 13 • Revenues increased 0.1% in Q3 of F’23: • Organic growth = + 1.2%. • Fx reduction = (0.8%). • Divestiture = (0.3%). • Organic sales grew in the low-single digits in the Americas, driven by low-single digit growth in Identification Solutions partially offset by a mid-single digit decline in organic sales in Workplace Safety. • Organic sales declined 0.3% in Asia due to a decline in Southeast Asia. Q3 F’23 SUMMARY:Q3 F’23 vs. Q3 F’22 (millions of USD) $180 $170 $189 $196 $213 $208 $223 $218 $218 $220 $223 20% 18% 20% 17% 18% 16% 20% 20% 19% 18% 22% 0% 5% 10% 15% 20% 25% $100 $150 $200 $250 $300 Q1 F'21 (7.9%) (0.4%) - Q2 F'21 (7.3%) 0.1% - Q3 F'21 7.8% 1.1% - Q4 F'21 18.0% 1.9% 3.7% Q1 F'22 9.3% 0.9% 8.3% Q2 F'22 13.9% 0% 8.1% Q3 F'22 9.2% (0.1%) 8.6% Q4 F'22 9.1% (1.0%) 2.8% Q1 F'23 4.0% (1.4%) - Q2 F'23 6.9% (1.0%) - Q3 F'23 1.2% (0.8%) (0.3%) SALES & SEGMENT PROFIT % (millions of USD) Q3 F’23 Q3 F’22 Change Sales $ 222.8 $ 222.6 + 0.1% Segment Profit 49.2 45.0 + 9.3% Segment Profit % 22.1% 20.2% + 190 bps Organic For. Curr. Acq. & Div. • Organic sales growth in the mid single-digit percentages in F’23. • Continued growth in segment profit. OUTLOOK:
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Europe & Australia 14 • Revenues declined 1.4% in Q3 of F’23: • Organic growth = + 3.4%. • Fx reduction = (4.8%). • Organic sales grew in the low-single digits in Europe, driven by low-single digit growth in Identification Solutions and mid-single digit growth in Workplace Safety. • Organic sales grew in the low-teens in Australia which was driven by a combination of increased volume and pricing. • Segment profit increased due to increased pricing and operational efficiencies. Q3 F’23 SUMMARY:Q3 F’23 vs. Q3 F’22 (millions of USD) $98 $95 $106 $110 $109 $110 $116 $106 $104 $106 $114 13% 12% 15% 14% 13% 15% 14% 16% 16% 13% 15% 0% 5% 10% 15% $50 $100 $150 Q1 F'21 1.5% 5.6% - Q2 F'21 (4.4%) 7.0% - Q3 F'21 4.2% 11.0% - Q4 F'21 3.2% 8.6% 6.3% Q1 F'22 2.6% 0.6% 8.2% Q2 F'22 11.7% (5.8%) 9.6% Q3 F'22 8.5% (8.2%) 8.7% Q4 F'22 8.8% (13.9%) 1.8% Q1 F'23 12.8% (17.0%) - Q2 F'23 5.2% (8.9%) - Q3 F'23 3.4% (4.8%) - SALES & SEGMENT PROFIT % (millions of USD) Q3 F’23 Q3 F’22 Change Sales $ 114.3 $ 116.0 (1.4%) Segment Profit 17.1 16.1 + 6.5% Segment Profit % 15.0% 13.8% + 120 bps Organic For. Curr. Acquisitions • Organic sales growth in the mid single-digit percentages in F’23. • Continued growth in segment profit. OUTLOOK:
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Investor Relations Brady Contact: Ann Thornton Investor Relations 414-438-6887 Ann_Thornton@bradycorp.com See our website at www.bradycorp.com/investors 15
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Appendix GAAP to Non-GAAP Reconciliations
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Non-GAAP Reconciliations 17 2023 2022 2023 2022 63,033$ 51,252$ 161,878$ 137,990$ Amortization expense 2,461 3,735 9,350 11,291 Gain on sale of business (3,770) - (3,770) - Other non-routine charges - 1,841 - 1,841 61,724$ 56,828$ 167,458$ 151,122$ 2023 2022 2023 2022 14,981$ 11,198$ 36,399$ 29,075$ Amortization expense 569 885 2,203 2,672 Gain on sale of business (1,431) - (1,431) - Other non-routine charges - 496 - 496 14,119$ 12,579$ 37,171$ 32,243$ Income before income taxes Income Before Income Taxes Excluding Certain Items (non-GAAP measure) Income Tax Expense Excluding Certain Items: Brady is presenting the non-GAAP measure, "Income Tax Expense Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income tax expense to the non-GAAP measure of Income Tax Expense Excluding Certain Items: Nine months ended April 30, Income tax expense (GAAP measure) Nine months ended April 30, GAAP to NON-GAAP MEASURES (Unaudited; Dollars in Thousands, Except Per Share Amounts) In accordance with the U.S. Securities and Exchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure. Income Before Income Taxes Excluding Certain Items: Brady is presenting the non-GAAP measure, "Income Before Income Taxes Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this profit measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income before income taxes to the non-GAAP measure of Income Before Income Taxes Excluding Certain Items: Three months ended April 30, Three months ended April 30, Income Tax Expense Excluding Certain Items (non-GAAP measure)
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Non-GAAP Reconciliations 18 2023 2022 2023 2022 48,052$ 40,054$ 125,479$ 108,915$ Amortization expense 1,892 2,850 7,147 8,619 Gain on sale of business (2,339) - (2,339) - Other non-routine charges - 1,345 - 1,345 47,605$ 44,249$ 130,287$ 118,879$ 2023 2022 2023 2022 $ 0.96 $ 0.78 $ 2.51 $ 2.09 Amortization expense 0.04 0.06 0.14 0.17 Gain on sale of business (0.05) - (0.05) - Other non-routine charges - 0.03 - 0.03 0.95$ 0.86$ 2.60$ 2.28$ Diluted EPS Excluding Certain Items Guidance: Low High Earnings per diluted Class A Common Share (GAAP measure) $ 3.32 $ 3.47 Amortization expense 0.18 0.18 Gain on sale of business (0.05) (0.05) Diluted EPS Excluding Certain Items (non-GAAP measure) 3.45$ 3.60$ Three months ended April 30, Diluted EPS Excluding Certain Items: Brady is presenting the non-GAAP measure, "Diluted EPS Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income per Class A Nonvoting Common Share to the non-GAAP measure of Diluted EPS Excluding Certain Items: Nine months ended April 30, Net income per Class A Nonvoting Common Share (GAAP measure) Net Income Excluding Certain Items (non-GAAP measure) Fiscal 2023 Expectations GAAP to NON-GAAP MEASURES (Unaudited; Dollars in Thousands, Except Per Share Amounts) In accordance with the U.S. Securities and Exchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure. Diluted EPS Excluding Certain Items (non-GAAP measure) Three months ended April 30, Net Income Excluding Certain Items: Brady is presenting the non-GAAP measure, "Net Income Excluding Certain Items." This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income to the non-GAAP measure of Net Income Excluding Certain Items: Nine months ended April 30, Net income (GAAP measure)
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