AYI

MKT CAP $9.5BP/E 21.0DIV YIELD 0.23%FCF YIELD 6.74%REV TTM $4.6B +10.5%NET INCOME $472.3M +17.6%NET DEBT $82.4M52W 257.79 – 376.69SEC XBRL · TTM TO Invalid Date

How AYI rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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New in FY2025

As of August 31, 2025, our long-term debt consisted of fixed-rate senior unsecured notes and variable-rate borrowings on the term loan facility.
However, a 10% increase in market interest rates at August 31, 2025 would have decreased the estimated fair value of our senior unsecured notes by approximately $9.6 million.
As of August 31, 2025, we had $400.0 million borrowings outstanding on our credit facility.
A hypothetical increase in interest rates of 10% would increase the annual interest expense on this outstanding debt by approximately $2.2 million.
Based on fiscal 2025 performance, a hypothetical depreciation of 10% in the value of the Canadian dollar in relation to the U.S. dollar would negatively impact operating profit by approximately $3.0 million, while a hypothetical 10% appreciation in the value of the Canadian dollar in relation to the U.S. dollar would favorably impact operating profit by approximately $3.7 million.
A hypothetical 10% decrease in the value of the Mexican peso in relation to the U.S. dollar would favorably impact operating profit by approximately $23.0 million, while a hypothetical 10% increase in the value of the Mexican peso in relation to the U.S. dollar would negatively impact operating profit by approximately $28.1 million.
Index to Consolidated Financial Statements Page Management’s Report on Internal Control over Financial Reporting Report s of Independent Registered Public Accounting Firm Consolidated Balance Sheets as of August 31, 2025 and 2024 Consolidated Statements of Comprehensive Income for the years ended August 31, 2025, 2024, and 20 23 Consolidated Statements of Cash Flows for the years ended August 31, 20 2 5 , 202 4 , a nd 20 23 Consolidated Statements of Stockholders’ Equity for the years ended August 31, 202 5 , 202 4 , and 20 23 Notes to Consolidated Financial Statements Note 1 — Description of Business and Basis of Presentation Note 2 — Significant Accounting Policies Note 3 — New Accounting Pronouncements Note 4 — Acquisitions and Divestitures Note 5 — Fair Value Measurements Note 6 — Leases Note 7 — Debt and Lines of Credit Note 8 — Commitments and Contingencies Note 9 — Segment Information Note 10 — Revenue Recognition Note 11 — Share-based Payments Note 12 — Pension and Defined Contribution Plans Note 13 — Special Charges Note 14 — Common Stock and Related Matters Note 15 — Income Taxes Note 16 — Supplemental Disaggregated Information Note 17 — Subsequent Event MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING ACUITY INC.
The management of Acuity Inc. is responsible for establishing and maintaining adequate internal control over financial reporting.
The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of August 31, 2025.
Based on this assessment, management believes that, as of August 31, 2025, the Company’s internal control over financial reporting is effective.
Management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of the acquired business of QSC, LLC (“QSC”), which is included in the Company’s consolidated financial statements as of August 31, 2025 and for the period from the acquisition date of January 1, 2025 through August 31, 2025.
As of August 31, 2025, QSC assets and net assets after excluding acquired goodwill and intangible assets constituted 7% of both the Company’s consolidated total assets and net assets.
For the year ended August 31, 2025, QSC net sales and pre-tax income constituted 10% of the Company's net sales and 4% of the Company's pre-tax income, respectively.
This report dated October 27, 2025 is included within this Form 10-K. /s/ NEIL M.
Holcom Senior Vice President and Chief Financial Officer Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Acuity Inc.
Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Acuity Inc.
(the Company) as of August 31, 2025 and 2024, the related consolidated statements of comprehensive income, cash flows and stockholders' equity for each of the three years in the period ended August 31, 2025, and the related notes (collectively referred to as the consolidated financial statements).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at August 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended August 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of August 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated October 27, 2025 expressed an unqualified opinion thereon.
The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Acquisition of QSC, LLC – Valuation of Developed Technology Description of the Matter As discussed in Note 4 to the consolidated financial statements, the Company acquired QSC, LLC (QSC) on January 1, 2025, for cash consideration of approximately $1.2 billion.
The Company accounted for the acquisition of QSC as a business combination.
The acquisition date fair value of the acquired developed technology intangible assets was $434.0 million, substantially all of which was Q-SYS, an audio, video, and control platform.
Auditing the Company’s accounting for the Q-SYS developed technology intangible asset was complex due to estimation uncertainty and subjectivity involved in the Company’s determination of fair value.
The Company determined the fair value of the Q-SYS developed technology intangible asset based on a multi-period excess earnings method income approach.
The estimation uncertainty was primarily due to the sensitivity of the Q-SYS developed technology intangible asset fair value to underlying assumptions about the future performance of QSC.
The significant assumptions used to estimate the fair value of the Q-SYS developed technology intangible asset were projected revenues and the discount rate.
These significant assumptions include forward-looking considerations and were based on expectations of future economic and market conditions.
How We Addressed the Matter in Our Audit We evaluated the design and tested the operating effectiveness of internal controls over the Company’s estimation process supporting the fair value of Q-SYS developed technology intangible asset.
For example, we tested management’s review controls over the significant assumptions described above along with the completeness and accuracy of the data utilized in the fair value estimates.
Our audit procedures related to the estimated fair value of the Q-SYS developed technology intangible asset included, among others, evaluating the Company's selection of the valuation methodology, evaluating the significant assumptions described above and testing the completeness and accuracy of the underlying data supporting the significant assumptions.
We involved our valuation specialists to assist with evaluating the methodology and significant assumptions used by management to determine the fair value estimates.
We compared the significant assumptions to historical and current industry, market and economic trends, as well as historical results of QSC and guideline companies within the same industry. /s/ Ernst & Young LLP We have served as the Company’s auditor since 2002.
Atlanta, Georgia October 27, 2025 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Acuity Inc.
Opinion on Internal Control Over Financial Reporting We have audited Acuity Inc.’s internal control over financial reporting as of August 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).
(the Company) maintained, in all material respects, effective internal control over financial reporting as of August 31, 2025, based on the COSO criteria.
As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of QSC, LLC (QSC), which is included in the 2025 consolidated financial statements of the Company and constituted 7% of total assets and net assets, excluding the acquired value of goodwill and other intangible assets, as of August 31, 2025 and 10% and 4% of net sales and pre-tax income, respectively, for the year then ended.
Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of QSC.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of August 31, 2025 and 2024, the related consolidated statements of comprehensive income, cash flows and stockholders’ equity for each of the three years in the period ended August 31, 2025, and the related notes and our report dated October 27, 2025 expressed an unqualified opinion thereon.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP Atlanta, Georgia October 27, 2025 ACUITY INC.

and 444 more.

Gone since FY2024

As of August 31, 2024, our long-term debt consisted primarily of fixed-rate senior unsecured notes.
However, a 10% increase in market interest rates at August 31, 2024 would have decreased the estimated fair value of our senior unsecured notes by approximately $11.7 million.
As of August 31, 2024, we had no borrowings outstanding on our credit facility.
Interest incurred on these borrowings is not significant to our overall results of operations or cash flows.
Based on fiscal 2024 performance, a hypothetical depreciation of 10% in the value of the Canadian dollar in relation to the U.S. dollar would negatively impact operating profit by approximately $8.6 million, while a hypothetical 10% appreciation in the value of the Canadian dollar in relation to the U.S. dollar would favorably impact operating profit by approximately $10.5 million.
A hypothetical 10% decrease in the value of the Mexican peso in relation to the U.S. dollar would favorably impact operating profit by approximately $22.0 million, while a hypothetical 10% increase in the value of the Mexican peso in relation to the U.S. dollar would negatively impact operating profit by approximately $26.9 million.
Index to Consolidated Financial Statements Page Management’s Report on Internal Control over Financial Reporting Reports of Independent Registered Public Accounting Firm Consolidated Balance Sheets as of August 31, 2024 and 2023 Consolidated Statements of Comprehensive Income for the years ended August 31, 2024, 2023, and 2022 Consolidated Statements of Cash Flows for the years ended August 31, 2024, 2023, and 2022 Consolidated Statements of Stockholders’ Equity for the years ended August 31, 2024, 2023, and 2022 Notes to Consolidated Financial Statements Note 1 — Description of Business and Basis of Presentation Note 2 — Significant Accounting Policies Note 3 — New Accounting Pronouncements Note 4 — Acquisitions and Divestitures Note 5 — Fair Value Measurements Note 6 — Leases Note 7 — Debt and Lines of Credit Note 8 — Commitments and Contingencies Note 9 — Segment Information Note 10 — Revenue Recognition Note 11 — Share-based Payments Note 12 — Pension and Defined Contribution Plans Note 13 — Special Charges Note 14 — Common Stock and Related Matters Note 15 — Income Taxes Note 16 — Supplemental Disaggregated Information Note 17 — Subsequent Event MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING ACUITY BRANDS, INC.
The management of Acuity Brands, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting.
The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of August 31, 2024.
Based on this assessment, management believes that, as of August 31, 2024, the Company’s internal control over financial reporting is effective.
This report dated October 28, 2024 is included within this Form 10-K. /s/ NEIL M.
Holcom Senior Vice President and Chief Financial Officer Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Acuity Brands, Inc.
Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Acuity Brands, Inc.
(the Company) as of August 31, 2024 and 2023, the related consolidated statements of comprehensive income, cash flows and stockholders’ equity for each of the three years in the period ended August 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at August 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended August 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of August 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated October 28, 2024 expressed an unqualified opinion thereon.
The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.
Product Warranty Costs Description of the Matter As discussed in Note 8 to the financial statements, the liabilities for product warranty costs amount to $37.5 million at August 31, 2024.
The Company accrues for the estimated amount of future warranty costs when the related revenue is recognized.
Estimated costs for product warranty costs are accrued when probable and estimable.
Auditing these liabilities is complex due to the uncertainty inherent in the estimates used by management to calculate the liability balances.
Management’s cost estimates consider historical experience, including the number and costs of identified warranty claims as well as the period of time between the shipment of products and the settlement of related claims.
In addition, the liabilities are sensitive to significant management assumptions, including the expectation that historical experience will continue to be the best indicator of future warranty costs.
How We Addressed the Matter in Our Audit We evaluated the design and tested the operating effectiveness of internal controls over the Company’s product warranty costs process.
We tested internal controls over management’s estimates for the product warranty costs.
Our audit also included the evaluation of controls that address the completeness and accuracy of the data utilized in calculating the estimates.
Our audit procedures related to product warranty costs also included, among others, evaluating the Company’s estimation methodology and the related significant assumptions, including testing the historical data used in the Company’s estimation methodology.
Furthermore, we performed sensitivity analyses on the cost estimates to evaluate the significant judgments made by management, and the impact on the liability from changes in assumptions. /s/ Ernst & Young LLP We have served as the Company’s auditor since 2002.
Atlanta, Georgia October 28, 2024 Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Acuity Brands, Inc.
Opinion on Internal Control Over Financial Reporting We have audited Acuity Brands, Inc.’s internal control over financial reporting as of August 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).
(the Company) maintained, in all material respects, effective internal control over financial reporting as of August 31, 2024, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of August 31, 2024 and 2023, the related consolidated statements of comprehensive income, cash flows and stockholders’ equity for each of the three years in the period ended August 31, 2024, and the related notes and our report dated October 28, 2024 expressed an unqualified opinion thereon.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP Atlanta, Georgia October 28, 2024 ACUITY BRANDS, INC.
CONSOLIDATED BALANCE SHEETS (In millions, except per-share data) August 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 845.8 $ 397.9 Accounts receivable, less reserve for doubtful accounts of $ 1.9 and $ 1.3 , respectively 563.0 555.3 Inventories 387.6 368.5 Prepayments and other current assets 75.1 73.5 Total current assets 1,871.5 1,395.2 Property, plant, and equipment, net 303.9 297.6 Operating lease right-of-use assets 65.6 84.1 Goodwill 1,098.7 1,097.9 Intangible assets, net 440.5 481.2 Deferred income taxes 2.3 3.0 Other long-term assets 32.1 49.5 Total assets $ 3,814.6 $ 3,408.5 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 352.3 $ 285.7 Current operating lease liabilities 19.2 19.7 Accrued compensation 110.1 103.3 Other current liabilities 206.3 186.7 Total current liabilities 687.9 595.4 Long-term debt 496.2 495.6 Long-term operating lease liabilities 58.1 75.5 Accrued pension liabilities 37.5 38.4 Deferred income taxes 26.0 59.0 Other long-term liabilities 130.1 129.2 Total liabilities 1,435.8 1,393.1 Commitments and contingencies (see Commitments and Contingencies footnote) Stockholders’ equity: Preferred stock, $ 0.01 par value per share; 50.0 shares authorized; none issued — — Common stock, $ 0.01 par value per share; 500.0 shares authorized; 54.6 and 54.4 issued, respectively 0.5 0.5 Paid-in capital 1,115.9 1,066.8 Retained earnings 3,909.8 3,505.4 Accumulated other comprehensive loss ( 114.9 ) ( 112.6 ) Treasury stock, at cost — 23.8 and 23.4 shares, respectively ( 2,532.5 ) ( 2,444.7 ) Total stockholders’ equity 2,378.8 2,015.4 Total liabilities and stockholders’ equity $ 3,814.6 $ 3,408.5 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions, except per-share data) Year Ended August 31, 2024 2023 2022 Net sales $ 3,841.0 $ 3,952.2 $ 4,006.1 Cost of products sold 2,059.3 2,239.0 2,333.4 Gross profit 1,781.7 1,713.2 1,672.7 Selling, distribution, and administrative expenses 1,228.4 1,212.9 1,163.0 Special charges — 26.9 — Operating profit 553.3 473.4 509.7 Other expense: Interest (income) expense, net ( 4.5 ) 18.9 24.9 Miscellaneous expense (income), net 9.2 7.8 ( 9.1 ) Total other expense 4.7 26.7 15.8 Income before income taxes 548.6 446.7 493.9 Income tax expense 126.0 100.7 109.9 Net income $ 422.6 $ 346.0 $ 384.0 Earnings per share (1) : Basic earnings per share $ 13.68 $ 10.88 $ 11.23 Basic weighted average number of shares outstanding 30.885 31.806 34.182 Diluted earnings per share $ 13.44 $ 10.76 $ 11.08 Diluted weighted average number of shares outstanding 31.445 32.164 34.645 Dividends declared per share $ 0.58 $ 0.52 $ 0.52 Comprehensive income: Net income $ 422.6 $ 346.0 $ 384.0 Other comprehensive (loss) income items, net of tax: Foreign currency translation adjustments ( 5.9 ) 8.5 ( 33.3 ) Defined benefit plans, net of tax 3.6 4.7 5.7 Other comprehensive (loss) income items, net of tax ( 2.3 ) 13.2 ( 27.6 ) Comprehensive income $ 420.3 $ 359.2 $ 356.4 ______________________________ (1) Earnings per share is calculated using unrounded numbers.
CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended August 31, 2024 2023 2022 Cash flows from operating activities: Net income $ 422.6 $ 346.0 $ 384.0 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 91.1 93.2 94.8 Share-based payment expense 46.6 42.0 37.4 Gain on the sale or disposal of property, plant, and equipment — — ( 2.3 ) Asset impairments 3.0 20.8 1.7 Loss on sale of a business — 11.2 — Deferred income taxes ( 33.6 ) ( 47.8 ) 0.6 Changes in operating assets and liabilities, net of acquisitions and divestitures: Accounts receivable ( 8.7 ) 114.6 ( 99.7 ) Inventories ( 16.3 ) 115.2 ( 83.3 ) Prepayments and other current assets ( 3.0 ) 21.4 ( 17.6 ) Accounts payable 66.2 ( 110.5 ) 2.6 Other operating activities 51.3 ( 28.0 ) ( 1.9 ) Net cash provided by operating activities 619.2 578.1 316.3 Cash flows from investing activities: Purchases of property, plant, and equipment ( 64.0 ) ( 66.7 ) ( 56.5 ) Proceeds from sale of property, plant, and equipment — — 8.9 Acquisitions of businesses, net of cash acquired — ( 35.5 ) ( 12.9 ) Other investing activities ( 1.1 ) 11.5 ( 1.7 ) Net cash used for investing activities ( 65.1 ) ( 90.7 ) ( 62.2 ) Cash flows from financing activities: Repayments on credit facility, net of borrowings — ( 18.0 ) 18.0 Repurchases of common stock ( 88.7 ) ( 266.6 ) ( 514.8 ) Proceeds from stock option exercises and other 13.5 2.7 12.5 Payments of taxes withheld on net settlement of equity awards ( 11.1 ) ( 14.2 ) ( 8.6 ) Dividends paid ( 18.2 ) ( 16.8 ) ( 18.1 ) Other financing activities — — ( 1.4 ) Net cash used for financing activities ( 104.5 ) ( 312.9 ) ( 512.4 ) Effect of exchange rate changes on cash and cash equivalents ( 1.7 ) 0.2 ( 9.8 ) Net change in cash and cash equivalents 447.9 174.7 ( 268.1 ) Cash and cash equivalents at beginning of year 397.9 223.2 491.3 Cash and cash equivalents at end of year $ 845.8 $ 397.9 $ 223.2 Supplemental cash flow information: Income taxes paid $ 155.7 $ 147.2 $ 109.4 Interest paid $ 24.4 $ 27.9 $ 26.1 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In millions) Common Stock Outstanding Shares (1) Amount Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Items Treasury Stock, at cost Total Balance, August 31, 2021 35.2 $ 0.5 $ 995.6 $ 2,810.3 $ ( 98.2 ) $ ( 1,663.7 ) $ 2,044.5 Net income — — — 384.0 — — 384.0 Other comprehensive loss, net of tax — — — — ( 27.6 ) — ( 27.6 ) Share-based payment amortization, issuances, and cancellations 0.1 — 28.2 — — — 28.2 Employee stock purchase plan issuances — — 1.8 — — — 1.8 Cash dividends of $ 0.52 per share paid on common stock — — — ( 18.1 ) — — ( 18.1 ) Stock options exercised 0.1 — 10.7 — — — 10.7 Repurchases of common stock ( 2.9 ) — — — — ( 511.7 ) ( 511.7 ) Balance, August 31, 2022 32.5 0.5 1,036.3 3,176.2 ( 125.8 ) ( 2,175.4 ) 1,911.8 Net income — — — 346.0 — — 346.0 Other comprehensive income, net of tax — — — — 13.2 — 13.2 Share-based payment amortization, issuances, and cancellations 0.2 — 27.8 — — — 27.8 Employee stock purchase plan issuances — — 1.5 — — — 1.5 Cash dividends of $ 0.52 per share paid on common stock — — — ( 16.8 ) — — ( 16.8 ) Stock options exercised — — 1.2 — — — 1.2 Repurchases of common stock ( 1.6 ) — — — — ( 269.3 ) ( 269.3 ) Balance, August 31, 2023 31.1 0.5 1,066.8 3,505.4 ( 112.6 ) ( 2,444.7 ) 2,015.4 Net income — — — 422.6 — — 422.6 Other comprehensive loss, net of tax — — — — ( 2.3 ) — ( 2.3 ) Share-based payment amortization, issuances, and cancellations 0.1 — 35.6 — — — 35.6 Employee stock purchase plan issuances — — 1.5 — — — 1.5 Cash dividends of $ 0.58 per share paid on common stock — — — ( 18.2 ) — — ( 18.2 ) Stock options exercised 0.1 — 12.0 — — — 12.0 Repurchases of common stock ( 0.5 ) — — — — ( 87.8 ) ( 87.8 ) Balance, August 31, 2024 30.8 $ 0.5 $ 1,115.9 $ 3,909.8 $ ( 114.9 ) $ ( 2,532.5 ) $ 2,378.8 ______________________________ (1) Share activity and balances above calculated using rounded numbers.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 — Description of Business and Basis of Presentation Acuity Brands, Inc.
We use technology to solve problems in spaces and light.
Through our two business segments, Acuity Brands Lighting and Lighting Controls (“ABL”) and the Intelligent Spaces Group (“ISG”), we design, manufacture, and bring to market products and services that make a valuable difference in people's lives.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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