Acuity is an industrial technology company focused on lighting, building controls, and audio-visual systems for commercial and institutional spaces. The company operates through two segments. Acuity Brands Lighting (ABL), roughly 80% of revenue, designs and manufactures luminaires and electronics — drivers, sensors, controls, and software — for commercial, institutional, industrial, and infrastructure applications. ABL sells primarily through independent sales agents and electrical distributors, with manufacturing concentrated in Mexico. Revenue drivers are unit volume tied to construction activity, product mix, and pricing. Acuity Intelligent Spaces (AIS), roughly 20% of revenue, bundles three businesses: Distech Controls (building management systems for HVAC, lighting, and access), Atrius (a cloud data platform for building performance), and QSC (acquired in early FY25), a full-stack audio, video, and control platform serving meetings, live events, and hybrid work environments. AIS sells through systems integrators and generates revenue through hardware, software subscriptions, and professional services. Acuity's long-term thesis is that combining building operations data (Distech/Atrius) with in-space experience data (QSC) through its Atrius DataLab creates an integrated platform that no single competitor currently offers. ABL's growth strategy targets market share gains and new verticals like healthcare and sports lighting, while AIS prioritizes geographic expansion and platform depth. Acuity has been an active capital returner, buying back roughly 25% of its shares since FY21 funded entirely by organic cash flow.