Form 8-K - Current report

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 22, 2024

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 class	Trading Symbol	Name of each exchange on which registered
Class A Nonvoting Common Stock, par value $0.01 per share	BRC	New 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 of 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 2.02			RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 22, 2024, Brady Corporation (the “Company”) issued a press release announcing its fiscal 2024 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 7.01			REGULATION FD DISCLOSURE

On May 22, 2024, the Company hosted a conference call related to its fiscal 2024 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 9.01			FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits


EXHIBIT NUMBER			DESCRIPTION
99.1			Press Release of Brady Corporation, dated May 22, 2024, relating to fiscal 2024 third quarter financial results.
99.2			Informational slides provided by Brady Corporation, dated May 22, 2024, relating to fiscal 2024 third quarter financial results.

104			Cover 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 22, 2024

						/s/ ANN E. THORNTON
						Ann E. Thornton
						Chief Financial Officer, Chief Accounting Officer and Treasurer

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 2024 Third Quarter and Raises its Fiscal 2024 EPS Guidance

•Sales for the quarter increased 1.9 percent compared to the same quarter of the prior year. Organic sales increased 4.5 percent, foreign currency decreased sales by 0.3 percent and divestitures decreased sales by 2.3 percent.

•Diluted EPS increased 9.4 percent to a record high of $1.05 in the third quarter of fiscal 2024 compared to $0.96 in the same quarter of the prior year. Diluted EPS Excluding Certain Items* increased 14.7 percent to a record high of $1.09 in the third quarter of fiscal 2024 compared to $0.95 in the same quarter of the prior year.

•Net cash provided by operating activities was $171.1 million in the nine months ended April 30, 2024 compared to $129.9 million in the nine months ended April 30, 2023.

•Earnings per diluted Class A Common Share guidance was raised for the full year ending July 31, 2024 from the previous range of $3.80 to $3.95 to the new range of $3.93 to $4.00 on a GAAP basis, and was raised from the previous range of $3.95 to $4.10 to the new range of $4.08 to $4.15 on a non-GAAP basis.

MILWAUKEE (May 22, 2024) -- Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world leader in identification solutions, today reported its financial results for its fiscal 2024 third quarter ended April 30, 2024.

Quarter Ended April 30, 2024 Financial Results:

Sales for the quarter ended April 30, 2024 increased 1.9 percent, which consisted of organic sales growth of 4.5 percent, a decrease of 0.3 percent from foreign currency translation and a decrease of 2.3 percent from divestitures. Sales for the quarter ended April 30, 2024 were $343.4 million compared to $337.1 million in the same quarter last year. By region, sales increased 0.9 percent in the Americas & Asia and increased 3.8 percent in Europe & Australia, which consisted of organic sales growth of 4.5 percent in the Americas & Asia and organic sales growth of 4.4 percent in Europe & Australia.

Income before income taxes increased 2.2 percent to $64.4 million for the quarter ended April 30, 2024, compared to $63.0 million in the same quarter last year. Income Before Income Taxes Excluding Certain Items* for the quarter ended April 30, 2024, which was adjusted for amortization expense in both periods, and removes the $3.8 million pre-tax gain on a divestiture from the same quarter last year, was $66.8 million, an increase of 8.2 percent.

Net income for the quarter ended April 30, 2024 was $50.9 million compared to $48.1 million in the same quarter last year. Earnings per diluted Class A Nonvoting Common Share were $1.05 in the third quarter of fiscal 2024, compared to $0.96 in the same quarter last year. Net Income Excluding Certain Items* for the quarter ended April 30, 2024 was $52.7 million and Diluted EPS Excluding Certain Items* for the quarter ended April 30, 2024 was $1.09. 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.

Nine-Month Period Ended April 30, 2024 Financial Results:

Sales for the nine-month period ended April 30, 2024 increased 1.2 percent, which consisted of organic sales growth of 3.0 percent, an increase of 0.6 percent from foreign currency translation and a decrease of 2.4 percent from divestitures. Sales for the nine months ended April 30, 2024 were $998.0 million compared to $985.9 million in the same period last year. By region, sales decreased 0.5 percent in the Americas & Asia and increased 4.7 percent in Europe & Australia, which consisted of organic sales growth of 3.0 percent in the Americas & Asia and organic sales growth of 2.8 percent in Europe & Australia.

Income before income taxes increased 11.0 percent to $179.6 million for the nine-month period ended April 30, 2024, compared to $161.9 million in the same period last year. Income Before Income Taxes Excluding Certain Items* for the nine months ended April 30, 2024, which was adjusted for amortization expense in both periods and removes the $3.8 million pre-tax gain on a divestiture from the same period last year, was $186.7 million, an increase of 11.5 percent compared to the same period of the prior year.

Net income for the nine-month period ended April 30, 2024 was $141.8 million compared to $125.5 million in the same period last year. Earnings per diluted Class A Nonvoting Common Share were $2.91 for the nine months ended April 30, 2024, compared to $2.51 in the same period last year. Net Income Excluding Certain Items* for the nine months ended April 30, 2024 was $147.2 million and Diluted EPS Excluding Certain Items* for the nine months ended April 30, 2024 was $3.03. 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.

Commentary:

“This quarter we reported all-time record high EPS and strong organic sales growth. Our ongoing investment in research and development continues to add value for our customers and increase organic sales. This quarter we launched several exciting new products that separate us from our competition and complement our current product offering. We remain focused on innovation and on our consistent priorities, which we believe will continue to drive future growth,” said Brady’s President and Chief Executive Officer, Russell R. Shaller. “Both regions performed extremely well this quarter and we are facilitating an increased pace of innovative new product development, which we believe positions us for future success.”

“In addition to our organic revenue growth of 4.5 percent and record EPS this quarter, we also used our strong balance sheet and cash generation to return funds to our shareholders in the form of share buybacks and dividends. This quarter, we repurchased a total of 863,365 shares for $50.4 million and we returned another $11.2 million to our shareholders in the form of dividends,” said Brady’s Chief Financial Officer, Ann Thornton. “Our balance sheet provides significant opportunities to invest in both organic opportunities and strategic acquisitions in order to drive long-term shareholder value.”

Fiscal 2024 Guidance:

The Company raised its GAAP earnings per diluted Class A Nonvoting Common Share guidance for the year ending July 31, 2024 from the previous guidance range of $3.80 to $3.95 per share to the new full year guidance range of $3.93 to $4.00 per share. The Company raised its Diluted EPS Excluding Certain Items* guidance for the year ending July 31, 2024 from the previous range of $3.95 to $4.10 per share to the new full year guidance range of $4.08 to $4.15 per share.

The assumptions included in fiscal 2024 guidance include a full-year income tax rate of approximately 21 percent and depreciation and amortization expense ranging from $30 million to $32 million. Capital expenditures are expected to approximate $75 million, which is inclusive of facility purchase and construction costs of approximately $55 million. Fiscal 2024 guidance is based on foreign currency exchange rates as of April 30, 2024 and assumes continued economic growth. Fiscal 2024 guidance does not include the Company’s pending acquisition of Gravotech Holding, which is expected to close by the end of its fiscal year ending July 31, 2024. Excluding acquisition-related costs, Brady expects the acquisition of Gravotech Holding to be immaterial to earnings per share in fiscal 2024.

A webcast regarding Brady’s fiscal 2024 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, 2023, employed approximately 5,600 people in its worldwide businesses. Brady’s fiscal 2023 sales were approximately $1.33 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, earnings, 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: the occurrence of any event, change or other circumstances that could give rise to the termination of the offer to acquire Gravotech; the expected timing and likelihood of completion of the proposed transaction with Gravotech, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the offer that could reduce anticipated benefits or cause the parties to abandon the transaction; the risk that the proposed offer and its announcement could have an adverse effect on the ability of Brady and Gravotech to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; increased cost of raw materials and labor 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; difficulties in protecting our websites, networks, and systems against security breaches; Brady’s ability to identify, integrate, and grow acquired companies, and to manage contingent liabilities from divested businesses; 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; adverse impacts of

regional epidemics or global pandemics; 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 and changes in the regulatory and business environment around dual-class voting structures; 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, 2023.

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,
	2024		2023		2024		2023
Net sales	$	343,384	$	337,116	$	997,991	$	985,934
Cost of goods sold	166,357		167,425		487,162		504,539
Gross margin	177,027		169,691		510,829		481,395
Operating expenses:
Research and development	17,681		15,715		50,215		45,025
Selling, general and administrative	95,803		90,975		283,415		273,202
Total operating expenses	113,484		106,690		333,630		318,227

Operating income	63,543		63,001		177,199		163,168

Other income (expense):
Investment and other income	1,596		785		4,718		1,596
Interest expense	(728)		(753)		(2,284)		(2,886)

Income before income taxes	64,411		63,033		179,633		161,878

Income tax expense	13,521		14,981		37,874		36,399

Net income	$	50,890	$	48,052	$	141,759	$	125,479

Net income per Class A Nonvoting Common Share:
Basic	$	1.06	$	0.97	$	2.94	$	2.52
Diluted	$	1.05	$	0.96	$	2.91	$	2.51

Net income per Class B Voting Common Share:
Basic	$	1.06	$	0.97	$	2.92	$	2.51
Diluted	$	1.05	$	0.96	$	2.90	$	2.49

Weighted average common shares outstanding:
Basic	48,004		49,653		48,294		49,755
Diluted	48,386		50,001		48,640		50,033

BRADY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)


	April 30, 2024		July 31, 2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	160,458	$	151,532
Accounts receivable, net of allowance for credit losses of $6,690 and $8,467, respectively	195,099		184,420
Inventories	153,272		177,078
Prepaid expenses and other current assets	12,443		11,790
Total current assets	521,272		524,820
Property, plant and equipment—net	194,732		142,149
Goodwill	588,095		592,646
Other intangible assets	53,893		62,096
Deferred income taxes	14,881		15,716
Operating lease assets	27,438		29,688
Other assets	23,785		22,142
Total	$	1,424,096	$	1,389,257
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	79,965	$	79,855
Accrued compensation and benefits	73,697		71,470
Taxes, other than income taxes	14,462		13,575
Accrued income taxes	7,945		12,582
Current operating lease liabilities	12,230		14,726
Other current liabilities	64,850		65,828
Total current liabilities	253,149		258,036
Long-term debt	63,774		49,716
Long-term operating lease liabilities	15,552		16,217
Other liabilities	69,519		74,369
Total liabilities	401,994		398,338
Stockholders’ equity:
Common stock:
Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 43,941,713 and 45,008,724 shares, respectively	513		513
Class B voting common stock—Issued and outstanding, 3,538,628 shares	35		35
Additional paid-in capital	354,432		351,771
Retained earnings	1,129,739		1,021,870
Treasury stock—7,319,774 and 6,252,763 shares, respectively of Class A nonvoting common stock, at cost	(356,210)		(290,209)
Accumulated other comprehensive loss	(106,407)		(93,061)
Total stockholders’ equity	1,022,102		990,919
Total	$	1,424,096	$	1,389,257

BRADY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; Dollars in thousands)


	Nine months ended April 30,
	2024		2023
Operating activities:
Net income	$	141,759	$	125,479
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,406		24,522
Stock-based compensation expense	6,422		6,427
Gain on sale of business	—		(3,770)
Deferred income taxes	(6,902)		(5,947)
Other	1,358		(1,336)
Changes in operating assets and liabilities:
Accounts receivable	(15,915)		1,744
Inventories	20,861		9,279
Prepaid expenses and other assets	(1,849)		(3,429)
Accounts payable and accrued liabilities	7,347		(19,704)
Income taxes	(4,393)		(3,404)
Net cash provided by operating activities	171,094		129,861

Investing activities:
Purchases of property, plant and equipment	(69,157)		(12,912)
Sale of business	—		8,000
Other	(1,174)		11
Net cash used in investing activities	(70,331)		(4,901)

Financing activities:
Payment of dividends	(33,890)		(34,202)
Proceeds from exercise of stock options	5,583		4,091
Payments for employee taxes withheld from stock-based awards	(2,664)		(1,965)
Purchase of treasury stock	(72,225)		(29,774)
Proceeds from borrowing on credit agreement	111,790		102,916
Repayment of borrowing on credit agreement	(97,732)		(147,067)
Other	149		66
Net cash used in financing activities	(88,989)		(105,935)

Effect of exchange rate changes on cash and cash equivalents	(2,848)		1,953

Net increase in cash and cash equivalents	8,926		20,978
Cash and cash equivalents, beginning of period	151,532		114,069

Cash and cash equivalents, end of period	$	160,458	$	135,047

BRADY CORPORATION AND SUBSIDIARIES

SEGMENT INFORMATION

(Unaudited; Dollars in thousands)


	Three months ended April 30,						Nine months ended April 30,
	2024			2023			2024			2023
NET SALES
Americas & Asia	$	224,766		$	222,813		$	658,035		$	661,375
Europe & Australia	118,618			114,303			339,956			324,559
Total	$	343,384		$	337,116		$	997,991		$	985,934

SALES INFORMATION
Americas & Asia
Organic	4.5		%	1.2		%	3.0		%	4.0		%
Currency	(0.1)		%	(0.8)		%	—		%	(1.1)		%
Divestiture	(3.5)		%	(0.3)		%	(3.5)		%	(0.1)		%
Total	0.9		%	0.1		%	(0.5)		%	2.8		%
Europe & Australia
Organic	4.4		%	3.4		%	2.8		%	7.0		%
Currency	(0.6)		%	(4.8)		%	1.9		%	(10.1)		%
Total	3.8		%	(1.4)		%	4.7		%	(3.1)		%
Total Company
Organic	4.5		%	1.9		%	3.0		%	5.0		%
Currency	(0.3)		%	(2.1)		%	0.6		%	(4.1)		%
Divestiture	(2.3)		%	(0.2)		%	(2.4)		%	(0.1)		%
Total	1.9		%	(0.4)		%	1.2		%	0.8		%

SEGMENT PROFIT
Americas & Asia	$	49,697		$	49,192		$	143,489		$	130,511
Europe & Australia	19,537			17,099			51,335			47,316
Total segment profit	$	69,234		$	66,291		$	194,824		$	177,827
SEGMENT PROFIT AS A PERCENT OF NET SALES
Americas & Asia	22.1		%	22.1		%	21.8		%	19.7		%
Europe & Australia	16.5		%	15.0		%	15.1		%	14.6		%
Total	20.2		%	19.7		%	19.5		%	18.0		%


	Three months ended April 30,						Nine months ended April 30,
	2024			2023			2024			2023
Total segment profit	$	69,234		$	66,291		$	194,824		$	177,827
Unallocated amounts:
Administrative costs	(5,691)			(7,060)			(17,625)			(18,429)
Gain on sale of business	—			3,770			—			3,770
Investment and other income	1,596			785			4,718			1,596
Interest expense	(728)			(753)			(2,284)			(2,886)
Income before income taxes	$	64,411		$	63,033		$	179,633		$	161,878

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,
	2024		2023		2024		2023
Income before income taxes (GAAP measure)	$	64,411	$	63,033	$	179,633	$	161,878
Amortization expense	2,365		2,461		7,084		9,350
Gain on sale of business	—		(3,770)		—		(3,770)
Income Before Income Taxes Excluding Certain Items (non-GAAP measure)	$	66,776	$	61,724	$	186,717	$	167,458

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,
	2024		2023		2024		2023
Income tax expense (GAAP measure)	$	13,521	$	14,981	$	37,874	$	36,399
Amortization expense	548		569		1,642		2,203
Gain on sale of business	—		(1,431)		—		(1,431)
Income Tax Expense Excluding Certain Items (non-GAAP measure)	$	14,069	$	14,119	$	39,516	$	37,171

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,
	2024		2023		2024		2023
Net income (GAAP measure)	$	50,890	$	48,052	$	141,759	$	125,479
Amortization expense	1,817		1,892		5,442		7,147
Gain on sale of business	—		(2,339)		—		(2,339)
Net Income Excluding Certain Items (non-GAAP measure)	$	52,707	$	47,605	$	147,201	$	130,287

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 (Note that certain amounts will not foot due to rounding):


	Three months ended April 30,				Nine months ended April 30,
	2024		2023		2024		2023
Net income per Class A Nonvoting Common Share (GAAP measure)	$	1.05	$	0.96	$	2.91	$	2.51
Amortization expense	0.04		0.04		0.11		0.14
Gain on sale of business	—		(0.05)		—		(0.05)
Diluted EPS Excluding Certain Items (non-GAAP measure)	$	1.09	$	0.95	$	3.03	$	2.60

Diluted EPS Excluding Certain Items Guidance:


	Fiscal 2024 Expectations
	Low		High
Earnings per Class A Nonvoting Common Share (GAAP measure)	$	3.93	$	4.00
Amortization expense	0.15		0.15
Diluted EPS Excluding Certain Items (non-GAAP measure)	$	4.08	$	4.15

F’24 Q3 Financial Results Brady Corporation May 22, 2024

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 and labor 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; difficulties in protecting our websites, networks and systems against security breaches; Brady’s ability to identify, integrate, and grow acquired companies, and to manage contingent liabilities from divested businesses; 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; adverse impacts of regional epidemics or global pandemics; 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 and changes in the regulatory and business environment around dual-class voting structures; 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, 2023. 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

Q3 F’24 Highlights 3 * Diluted EPS Excluding Certain Items is a non-GAAP measure. See appendix. Organic sales grew 4.5%, with organic growth in both regions.Organic Sales Growth GPM of 51.6% compared to 50.3% in Q3 of F’23. Continued improvement in gross profit margin in F’24.Improved GPM GAAP EPS of $1.05 was up 9.4% over Q3 of last year. Diluted EPS Excluding Certain Items* increased 14.7% to $1.09 in Q3 of F’24 compared to $0.95 in Q3 of F’23. Expanding Earnings per Share Americas & Asia organic sales growth of 4.5%; segment profit increased 1.0%. Europe & Australia organic sales growth of 4.4%; segment profit increased 14.3%. Regional Results Purchased 863k shares for $50.4M. Paid dividends of $11.2M. In a net cash position of $96.7M at April 30, 2024. Returning Capital to our Shareholders

Sales Overview 4 Q3 F’24 SALES: Total sales increased 1.9%. Organic sales increased 4.5%. • Americas & Asia – Organic sales increased 4.5%. • Europe & Australia – Organic sales increased 4.4%. Foreign currency translation decreased sales 0.3%. Divestitures decreased sales 2.3%. $277 $266 $296 $306 $321 $318 $339 $324 $323 $326 $337 $346 $332 $323 $343 $225 $250 $275 $300 $325 $350 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% Q4 F'23 6.9% Q1 F'24 2.7% Q2 F'24 1.6% Q3 F'24 4.5% Organic Growth (Decline) SALES (millions of USD) Q3 F’24 SALES COMMENTARY: Organic sales were up 4.9% in the Americas with growth in all major product lines. Asia organic sales were up 1.9% with growth in all countries offsetting a decline in organic sales in China. Organic sales were up 4.7% in Europe with growth in all major product lines. Australia organic sales were up 2.6%.

Gross Profit Margin 5 $135 $130 $149 $148 $155 $149 $164 $163 $155 $156 $170 $176 $172 $162 $17748.9% 48.7% 50.4% 48.2% 48.2% 47.0% 48.4% 50.4% 48.1% 48.0% 50.3% 50.8% 51.7% 50.2% 51.6% 38% 40% 42% 44% 46% 48% 50% 52% $100 $125 $150 $175 $200 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 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 GROSS PROFIT & GPM% (millions of USD) Q3 F’24 – GROSS PROFIT MARGIN: Gross profit margin of 51.6% compared to 50.3% in Q3 of F’23. Organic sales growth from higher gross profit margin products and reduced input costs resulted in increased gross profit margin in Q3 of F’24. Inflation continues, but we are experiencing a reduced rate of inflation in certain geographies.

SG&A Expense 6 Q3 F’24 – SG&A EXPENSE: SG&A expense was 27.9% of sales compared to 27.0% of sales in the same quarter last year. Excluding non-GAAP* items from both periods, SG&A expense was 27.2% of sales compared to 27.4% of sales in the same quarter last year. Inflation continues in certain geographies. We continue to focus on executing sustainable efficiency gains in order to offset cost increases, while making the necessary investments to drive future sales growth. $83 $82 $91 $94 $97 $93 $96 $95 $90 $92 $91 $97 $96 $91 $96 30.0% 30.9% 30.7% 30.6% 30.1% 29.1% 28.4% 29.2% 27.9% 28.3% 27.0% 28.2% 29.0% 28.3% 27.9% 10% 15% 20% 25% 30% 35% $60 $70 $80 $90 $100 $110 $120 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 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 SG&A EXPENSE AND SG&A EXPENSE AS A % OF SALES (millions of USD) * See appendix for non-GAAP measures.

R&D Expense 7 Q3 F’24 – R&D EXPENSE: Several new product launches this quarter, we remain committed to our investments in R&D in order to drive long-term sales growth. We are focused on ensuring that our R&D spend is both efficient and effective. $10.2 $9.9 $11.3 $13.2 $13.9 $14.0 $14.9 $15.8 $13.9 $15.4 $15.7 $16.3 $15.7 $16.8 $17.7 3.7% 3.7% 3.8% 4.3% 4.3% 4.4% 4.4% 4.9% 4.3% 4.7% 4.7% 4.7% 4.7% 5.2% 5.1% 1.5% 2.5% 3.5% 4.5% 5.5% $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 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 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 R&D EXPENSE AND R&D EXPENSE AS A % OF SALES (millions of USD)

Income Before Income Taxes 8 $42.2 $39.4 $47.8 $41.6 $44.7 $42.0 $51.3 $54.0 $50.3 $48.5 $63.0 $63.8 $59.4 $55.8 $64.4 $10 $20 $30 $40 $50 $60 $70 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% Q4 F'23 18.2% Q1 F'24 18.0% Q2 F'24 15.1% Q3 F'24 2.2% * Income Before Income Taxes Excluding Certain Items is a non-GAAP measure. See appendix. (millions of USD)INCOME BEFORE INCOME TAXES (GAAP) Q3 F’24 – INCOME BEFORE INCOME TAXES: GAAP Income before income taxes was up 2.2% to $64.4M in Q3 of F’24 compared to $63.0M in Q3 of F’23. Excluding non-GAAP* items from both periods, income before income taxes was up 8.2% to $66.8M in Q3 of F’24 compared to $61.7M in Q3 of F’23. Year-on-Year Growth (Decline)

Net Income & Diluted EPS 9 Q3 F’24 – NET INCOME & DILUTED EPS: GAAP Net Income was $50.9M in Q3 of F’24 compared to $48.1M in Q3 of F’23 (an increase of 5.9%). • Net Income Excluding Certain Items* was $52.7M in Q3 of F’24 compared to $47.6M in Q3 of F’23 (an increase of 10.7%). GAAP Diluted EPS was $1.05 in Q3 of F’24 compared to $0.96 in Q3 of F’23 (an increase of 9.4%). • Diluted EPS Excluding Certain Items* was $1.09 in Q3 of F’24 compared to $0.95 in Q3 of F’23 (an increase of 14.7%). * 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 $49.4 $47.2 $43.6 $50.9 $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 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 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 $1.00 $0.97 $0.90 $1.05 $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 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 DILUTED EPS (GAAP)

Cash Generation 10 CASH FLOW FROM OPERATING ACTIVITIES $62.8 $36.1 $56.0 $50.8 $27.5 ($3.2) $40.9 $53.2 $28.0 $29.4 $72.5 $79.3 $62.3 $36.1 $72.7 -$5 $20 $45 $70 $95 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% Q4 F'23 161% Q1 F'24 132% Q2 F'24 83% Q3 F'24 143%% of Net Income CASH FLOWS IN Q3 OF F’24: Overview: Cash flow from operating activities was $72.7M in Q3 of F’24 vs. $72.5M in Q3 of F’23. Year-to-date cash flow from operating activities was up 31.8% from $129.9M to $171.1M. Free cash flow* was $64.4M in Q3 of F’24 compared to $67.7M in Q3 of F’23. Free cash flow decreased primarily due to the construction of a new facility in F’24. Returning Funds to our Shareholders: In Q3 of F’24, we returned a total of $61.6M to our shareholders in the form of dividends and share buybacks. Dividends – Increased our annual dividend for the 38th consecutive year. Share Buybacks – Repurchased 863,365 shares in Q3 of F’24 for $50.4M (average price of $58.41/share). * Free cash flow is calculated as Net Cash Provided by Operating Activities less Capital Expenditures. (millions of USD) (millions of USD) 3 Mos. Ended Apr. 30, 2024 3 Mos. Ended Apr. 30, 2023 9 Mos. Ended Apr. 30, 2024 9 Mos. Ended Apr. 30, 2023 Cash Balance - Beginning of Period 143.9$ 108.2$ 151.5$ 114.1$ Cash Flow from Operating Activities 72.7 72.5 171.1 129.9 Capital Expenditures (8.3) (4.7) (69.2) (12.9) Dividends (11.2) (11.4) (33.9) (34.2) Share Repurchases (50.4) (11.9) (72.2) (29.8) Proceeds from Sale of Business - 8.0 - 8.0 Debt Borrowings / (Repayments) 15.7 (26.4) 14.1 (44.2) Effect of Exchange Rates on Cash (0.6) - (2.8) 2.0 Other (1.3) 0.7 1.9 2.1 Cash Balance - End of Period 160.5$ 135.0$ 160.5$ 135.0$

Net Cash 11 STRONG BALANCE SHEET: April 30, 2024 cash = $160.5M. April 30, 2024 debt = $63.8M. Balance sheet provides flexibility for future organic and inorganic investments. $256 $278 $322 $109 $91 $64 $26 $19 $15 $31 $84 $102 $123 $96 $97 $0 $50 $100 $150 $200 $250 $300 $350 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 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 NET CASH (millions of USD)

F’24 Diluted EPS Guidance GAAP Diluted EPS $3.93 to $4.00 (+12.0% to +14.0% vs. F’23) F’24 Diluted EPS, Excluding Certain Items* $4.08 to $4.15 (+12.1% to +14.0% vs. F’23) Guidance Assumptions: F’24 organic sales growth in the low-single digit percentages. The only difference between GAAP Diluted EPS and Diluted EPS, Excluding Certain Items* F’24 guidance is the impact of amortization expense of $0.15 per share. Full-year income tax rate of approximately 21%. Foreign currency exchange rates as of April 30, 2024. Depreciation and amortization expense of $30M to $32M. Capital expenditures of approximately $75M (inclusive of $55M related to the conversion of previously leased critical manufacturing facilities). 12 * Diluted EPS Excluding Certain Items is a non-GAAP measure. See appendix.

Americas & Asia 13 • Revenues increased 0.9% in Q3 of F’24: • Organic growth = + 4.5%. • Fx decrease = (0.1%). • Divestiture = (3.5%). • Organic sales grew 4.9% in the Americas. Growth in all major product lines and geographies. • Organic sales grew 1.9% in Asia; growth throughout the region more than offset an organic sales decline in China. • Slight increase in segment profit due to organic sales growth in higher gross margin product lines, which was partially offset by additional investment in sales and research & development resources. Q3 F’24 SUMMARY:Q3 F’24 vs. Q3 F’23 (millions of USD) $213 $208 $223 $218 $218 $220 $223 $227 $222 $212 $225 18% 16% 20% 20% 19% 18% 22% 22% 23% 21% 22% 0% 5% 10% 15% 20% 25% $100 $150 $200 $250 $300 Q1 F'22 9.3% 0.9% 8.3% Q2 F'22 13.9% - 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%) Q4 F'23 5.6% (0.2%) (1.0%) Q1 F'24 3.3% - (1.9%) Q2 F'24 1.2% 0.1% (5.1%) Q3 F'24 4.5% (0.1%) (3.5%) SALES & SEGMENT PROFIT % (millions of USD) Q3 F’24 Q3 F’23 Change Sales $ 224.8 $ 222.8 0.9% Segment Profit 49.7 49.2 + 1.0% Segment Profit % 22.1% 22.1% + 0 bps • Organic sales growth in the low-single digit percentages in F’24. • Continued growth in segment profit. OUTLOOK: Organic For. Curr. Acq. & Div.

Europe & Australia 14 • Revenues increased 3.8% in Q3 of F’24: • Organic growth = + 4.4%. • Fx decrease = (0.6%). • Organic sales grew 4.7% in Europe driven by growth in most major product lines and geographies. • Organic sales grew 2.6% in Australia primarily due to increased sales in the wire identification and product identification product lines. • Segment profit increased primarily due to organic sales growth and improved gross profit margins resulting from product mix and reductions in freight expenses. Q3 F’24 SUMMARY:Q3 F’24 vs. Q3 F’23 (millions of USD) $109 $110 $116 $106 $104 $106 $114 $118 $110 $111 $119 13% 15% 14% 16% 16% 13% 15% 16% 15% 14% 16% 0% 5% 10% 15% $50 $75 $100 $125 $150 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%) - Q4 F'23 9.5% 2.0% - Q1 F'24 1.4% 4.6% - Q2 F'24 2.5% 2.0% - Q3 F'24 4.4% (0.6%) - SALES & SEGMENT PROFIT % Q3 F’24 Q3 F’23 Change Sales $ 118.6 $ 114.3 + 3.8% Segment Profit 19.5 17.1 + 14.3% Segment Profit % 16.5% 15.0% + 150 bps Organic For. Curr. Acquisitions • Organic sales growth in the low-single digit percentages in F’24. • Growth in segment profit. OUTLOOK: (millions of USD)

Investor Relations Brady Contact: Ann Thornton Investor Relations 414-438-6887 Ann_Thornton@bradycorp.com See our website at www.bradycorp.com/investors 15

Appendix GAAP to Non-GAAP Reconciliations

Non-GAAP Reconciliations 17 2024 2023 2024 2023 64,411$ 63,033$ 179,633$ 161,878$ Amortization expense 2,365 2,461 7,084 9,350 Gain on sale of business - (3,770) - (3,770) 66,776$ 61,724$ 186,717$ 167,458$ 2024 2023 2024 2023 13,521$ 14,981$ 37,874$ 36,399$ Amortization expense 548 569 1,642 2,203 Gain on sale of business - (1,431) - (1,431) 14,069$ 14,119$ 39,516$ 37,171$ 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)

Non-GAAP Reconciliations 18 2024 2023 2024 2023 50,890$ 48,052$ 141,759$ 125,479$ Amortization expense 1,817 1,892 5,442 7,147 Gain on sale of business - (2,339) - (2,339) 52,707$ 47,605$ 147,201$ 130,287$ 2024 2023 2024 2023 $ 1.05 $ 0.96 $ 2.91 $ 2.51 Amortization expense 0.04 0.04 0.11 0.14 Gain on sale of business - (0.05) - (0.05) 1.09$ 0.95$ 3.03$ 2.60$ Diluted EPS Excluding Certain Items Guidance: Low High Earnings per diluted Class A Common Share (GAAP measure) $ 3.93 $ 4.00 Amortization expense 0.15 0.15 Diluted EPS Excluding Certain Items (non-GAAP measure) 4.08$ 4.15$ 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 (Note that certain amounts will not foot due to rounding): Nine months ended April 30, Net income per Class A Nonvoting Common Share (GAAP measure) Net Income Excluding Certain Items (non-GAAP measure) Fiscal 2024 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)

Document and Entity Information Document	May 22, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Entity Registrant Name	BRADY CORP
Amendment Flag	false
Document Period End Date	May 22, 2024
Entity Central Index Key	0000746598
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity File Number	1-14959
Entity Tax Identification Number	39-0178960
Entity Incorporation, State or Country Code	WI
Entity Address, Address Line One	6555 West Good Hope Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53223
City Area Code	414
Local Phone Number	358-6600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Nonvoting Common Stock, par value $0.01 per share
Trading Symbol	BRC
Security Exchange Name	NYSE