While lighting makes up 95% of Acuity Brands Inc revenue (they are now the largest lighting manufacturer in North America) it is their Intelligent Spaces Group (ISG) business segment that focuses on smart buildings technology. In this research note, we examine their recently published 2021 Annual Report. Acuity’s ISG business segment offers building management systems and location-aware applications, and sells predominantly to system integrators. Their building management system includes products for controlling HVAC, lighting, shades, and access control to deliver end-to-end optimization of building systems. ISG products and solutions are marketed under numerous brand names, including Distech Controls, Atrius, and Rockpile Ventures. Acuity’s overall net sales for the 2021 fiscal year 2021 were $3.5 billion, an increase of $134.7 million or 4.0%, as compared to fiscal 2020. Gross profit of $1.5 billion increased $72.6 million, or 5.2%, in fiscal 2021, as compared to fiscal 2020. Net income of $306.3 million increased $58.0 million in fiscal […]