LSI says positioned for success, strengthened share position in verticals

“Furthermore, the business is positioned for success moving forward as we strengthened our share position in key vertical markets, launched numerous new products and solutions, utilized service and product availability as a differentiator, and advanced relationships with partners and customers. Our employees executed exceptionally well in a dynamic operating environment, and I am proud of the LSI team for achieving this high level of performance. “Our supply chain began to normalize early in fiscal 2023 and improved as the year progressed,” continued Clark. “As supply conditions stabilized, we prudently reduced inventories, while continuing to maintain product availability at levels that support our commitment to an exceptional level of service. Improved working capital efficiency resulted in increased free cash flow conversion, and a corresponding reduction in our outstanding debt. We exited the year with a net leverage ratio of 0.7x, representing our lowest leverage profile since before we acquired JSI store fixtures in 2021. We enter fiscal 2024 with increased balance sheet strength to support our capital allocation priorities, which include both organic and inorganic growth opportunitiesless than” added company management.