Spruce Point Capital Management · activist-deck
Resideo Technologies, Inc. (REZI)
93 pages · 3 arc beats · 4 loops
Resideo Technologies, Inc. (REZI)
Spruce Point Capital Management · 2026-01 arc beats above · slides in the middle · loops below · scroll → 4 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 82 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 1 slides 100% 1/1 slides 100% 1/1 slides · 4 hits — 0/1 slides
— 0/1 slides
100% 1/1 slides 100% 1/1 slides — 0/1 slides
Agitate 72 slides 100% 72/72 slides 100% 72/72 slides · 464 hits — 0/72 slides
1.4% 1/72 slides 81.9% 59/72 slides · 60 hits 100% 72/72 slides 4.2% 3/72 slides Solution 9 slides 100% 9/9 slides 100% 9/9 slides · 56 hits — 0/9 slides
11.1% 1/9 slides 66.7% 6/9 slides 100% 9/9 slides 11.1% 1/9 slides Slide inventory
93 every slide · same image gating as the playbook
01
The slide uses a visual metaphor of a smart thermostat displaying a 'Smart Alert' and 'Shares Over Heated' alongside cockroaches to imply infestation or decay.front_matter
04
The slide uses a 'precedent_table' to establish credibility by showing past successful short-selling/activist campaigns.cite_precedent
05
The slide uses a precedent table to establish credibility by showing past successful short/bearish calls.cite_precedent
07
This is a classic activist short thesis slide, combining forensic accounting allegations with operational critique.summarize
08
The slide uses a narrative-heavy approach to build a case against the company's management and operational health.diagnose_problem
Open slide detailBeat · Problem
09
The slide uses a 'villain' narrative by linking the current acquisition to historical accounting fraud (Sunbeam/Al Dunlap).name_villain
Open slide detailBeat · Agitate
10
The slide uses a '3' icon, suggesting it is part of a series of 'troubled acquisitions' slides.expose_contradiction
Open slide detailBeat · Agitate
11
The slide uses a red flag icon (labeled '4') to denote a specific point of contention in a larger activist report.name_villain
Open slide detailBeat · Agitate
12
The slide uses a '5' icon, likely indicating this is point #5 in a larger activist presentation.expose_contradiction
13
The slide uses a 'red flag' icon to denote the primary thesis point.summarize
Open slide detailBeat · Agitate
14
The slide uses a timeline-annotated stock chart to highlight key corporate events and failures.frame_problem
Open slide detailBeat · Agitate
15
Uses a three-column timeline structure to frame the company's history as a recurring failure.expose_contradiction
Open slide detailBeat · Agitate
16
The slide uses a spruce tree icon, which is the branding mark of Spruce Point Capital Management.transition
Open slide detailBeat · Agitate
17
The slide uses a red callout box to highlight the contradiction of splitting up interdependent businesses.expose_contradiction
Open slide detailBeat · Agitate
18
The table lists 16 transactions between 2018 and 2025, showing a mix of PE and corporate buyers.cite_precedent
Open slide detailBeat · Agitate
19
Uses Wayback Machine data to compare 2023 vs 2026 metrics.diagnose_problem
Open slide detailBeat · Agitate
20
Uses a table format to contrast historical management quotes against current lack of disclosure.expose_contradiction
Open slide detailBeat · Agitate
21
The slide highlights specific concerns about channel dependency and market consolidation via private equity.expose_contradiction
Open slide detailBeat · Agitate
23
Uses highlighted quotes to contrast management's stated goals with the reality of lingering ERP issues.expose_contradiction
Open slide detailBeat · Agitate
24
The slide uses red highlighting to emphasize key criticisms regarding the company's structural integration and operational challenges.expose_contradiction
Open slide detailBeat · Agitate
25
The slide uses red highlighting to emphasize key negative points about business complexity and competitive threats.expose_contradiction
Open slide detailBeat · Agitate
26
The slide uses red highlighting to emphasize negative operational findings (rat nest, internal rivals, bodies in the closet).expose_contradiction
Open slide detailBeat · Agitate
27
The table attempts to isolate incremental technology spending by adjusting for acquisitions.diagnose_problem
Open slide detailBeat · Agitate
28
The slide uses a yellow highlight row to emphasize the 'miss' metrics, framing the company's forecasting as unreliable.expose_contradiction
Open slide detailBeat · Agitate
29
The slide contrasts 2018 spin-off marketing materials with current, stagnant customer growth data.expose_contradiction
Open slide detailBeat · Agitate
30
Uses red lines to visually connect the 2018 metrics to the lower 2024 metrics in the text block.expose_contradiction
Open slide detailBeat · Agitate
31
Uses red arrows to highlight negative trends in the table.expose_contradiction
Open slide detailBeat · Agitate
32
The slide uses red highlights to draw attention to specific R&D expense drivers and financial figures in the tables.expose_contradiction
Open slide detailBeat · Agitate
33
The slide highlights a potential accounting red flag regarding rebate reserves and revenue quality.expose_contradiction
Open slide detailBeat · Agitate
34
The slide highlights a discrepancy between management's narrative (temporary issues starting Q3'25) and the data (rising stress since Q2'24).expose_contradiction
Open slide detailBeat · Agitate
35
The table uses color-coding (red background) to highlight 'No' entries, emphasizing the reduction in transparency.expose_contradiction
Open slide detailBeat · Agitate
36
The slide uses a red box to highlight the gap between the 'Products & Solutions' segment targets and the actual organic performance calculated in the table.expose_contradiction
37
The slide uses a 'Spruce Point Adjusted' methodology to reconcile reported OCF to a lower adjusted figure.analyze_data
Open slide detailBeat · Agitate
38
The slide uses color-coded text (green) to highlight specific financial line items within the disclosure column.expose_contradiction
Open slide detailBeat · Agitate
39
The slide highlights a discrepancy between rising obligations and lack of clear management explanation, linking it to a previous slide's mention of early paymenexpose_contradiction
Open slide detailBeat · Agitate
40
The slide uses a table to contrast historical incentive metrics with the current 2024 structure, highlighting the removal of Operating Cash Flow as a key concerexpose_contradiction
Open slide detailBeat · Agitate
41
The slide uses a comparison frame to contrast detailed 2021 methodology with vague 2024 disclosures.expose_contradiction
Open slide detailBeat · Agitate
42
Uses a comparison of Q1'25 vs Q3'25 SEC filings to show the evolution of risk disclosure.expose_contradiction
43
This is a section divider slide from an activist investor deck (Spruce Point Capital Management).transition
Open slide detailBeat · Agitate
44
The slide uses a table to show M&A activity and a 2x2-style layout to show the original capital allocation priorities.expose_contradiction
Open slide detailBeat · Agitate
45
Uses a side-by-side comparison to highlight the similarity between past fraud and current corporate actions.expose_contradiction
Open slide detailBeat · Agitate
46
Uses screenshots of official SEC documents to substantiate claims of corporate malfeasance.expose_contradiction
Open slide detailBeat · Agitate
47
The slide uses red highlighting to emphasize negative sentiment in the interview quotes.expose_contradiction
Open slide detailBeat · Agitate
48
Uses visual evidence (screenshots) to highlight a discrepancy between corporate claims and current product availability.expose_contradiction
Open slide detailBeat · Agitate
49
Uses a timeline-style table to highlight the shift from specific growth metrics to vague qualitative statements.expose_contradiction
Open slide detailBeat · Agitate
50
Uses screenshots of e-commerce search results to demonstrate competitive disadvantage (Kidde promotion).expose_contradiction
Open slide detailBeat · Agitate
51
Uses a contrast-pairs framework to highlight the gap between corporate narrative and expert reality.expose_contradiction
Open slide detailBeat · Agitate
52
The slide uses a table to demonstrate a mathematical gap in reported acquisition revenue, suggesting potential accounting irregularities.expose_contradiction
Open slide detailBeat · Agitate
53
The slide uses a 'before-after' or 'claim-vs-reality' structure common in activist decks to set up a critique.expose_contradiction
Open slide detailBeat · Agitate
54
The slide uses red highlighting to emphasize critical negative sentiment and key points within the interview quotes.summarize
Open slide detailBeat · Agitate
55
The slide uses a 'quote-vs-reality' structure to highlight competitive risk.expose_contradiction
Open slide detailBeat · Agitate
56
The slide uses red highlighting to emphasize critical negative feedback regarding DIY competition, product roadmap, dealer relations, and commercial market expaexpose_contradiction
Open slide detailBeat · Agitate
57
The slide uses a table to demonstrate lack of growth in key metrics like 'Homes' and 'Distributor/Dealer Integrators' over several years.diagnose_problem
Open slide detailBeat · Agitate
58
Uses a red star annotation to mark the 'REZI Closes Snap Deal' event on both charts.expose_contradiction
Open slide detailBeat · Agitate
59
The slide uses a red star to mark the deal closing date and a red arrow to highlight the downward trend.expose_contradiction
Open slide detailBeat · Agitate
60
Uses a visual comparison of three e-commerce screenshots to expose price discrepancies.name_villain
Open slide detailBeat · Agitate
61
Uses a side-by-side screenshot comparison to highlight the disadvantage of buying through ADI versus direct from the manufacturer.expose_contradiction
Open slide detailBeat · Agitate
62
The table highlights two specific examples of consolidation: Bravas LLC (2019) and Daisy (2024-2025).cite_precedent
Open slide detailBeat · Agitate
64
Uses a split-screen layout: left side defines the categories and their 2022 sales/TAC; right side provides a timeline of management quotes highlighting the contexpose_contradiction
Open slide detailBeat · Agitate
65
Uses a combination of a data table and a website screenshot to prove inventory bloat.expose_contradiction
Open slide detailBeat · Agitate
66
The slide uses a table format to present chronological quotes from management to set up a future critique.expose_contradiction
Open slide detailBeat · Agitate
67
The slide uses color coding (yellow/red) to emphasize the recent decline in growth rates.expose_contradiction
Open slide detailBeat · Agitate
68
Uses a 'nothing' callout to highlight the absence of data as a negative signal.expose_contradiction
Open slide detailBeat · Agitate
69
Uses a quote-vs-data structure to highlight management failure.expose_contradiction
Open slide detailBeat · Agitate
70
The slide features the Spruce Point Capital Management logo (the pine tree).transition
Open slide detailBeat · Agitate
71
The slide uses a table to highlight frequent executive turnover as a red flag for financial reporting inconsistencies.expose_contradiction
Open slide detailBeat · Agitate
72
The slide uses a red box to highlight the specific line item 'Restructuring, impairment and extinguishment costs, net' in the table.expose_contradiction
Open slide detailBeat · Agitate
73
The slide uses a table to compare cash taxes vs. provision for income taxes to highlight a discrepancy.expose_contradiction
Open slide detailBeat · Agitate
74
The slide uses evidence from auditor reports to suggest potential governance or financial reporting risks.expose_contradiction
Open slide detailBeat · Agitate
75
The slide uses a table to contrast pre-acquisition financials with post-acquisition reporting, specifically highlighting inventory changes and the extension of expose_contradiction
Open slide detailBeat · Agitate
76
Uses a testimonial from a VP at a large public security company to validate the 7-8 year industry standard.expose_contradiction
Open slide detailBeat · Agitate
77
The slide uses a 'Spruce Pt. Adj. Pre-Tax Earnings' row to highlight the discrepancy between reported and adjusted figures.expose_contradiction
Open slide detailBeat · Agitate
78
The slide uses a 'before-after' style logic to show that the company's provided explanations for revenue and EBIT declines do not sum up to the reported totals.expose_contradiction
Open slide detailBeat · Agitate
79
The slide uses a 'before-after' style comparison across three distinct reporting periods to demonstrate obfuscation.expose_contradiction
Open slide detailBeat · Agitate
80
The slide uses a table to compare property counts across segments (P&S vs ADI) over four years, with callouts explaining the discrepancies.expose_contradiction
Open slide detailBeat · Agitate
81
The slide uses direct quotes from SEC filings to demonstrate the shifting accounting treatment.expose_contradiction
82
Uses red arrows and question marks to visually demonstrate the missing data point.expose_contradiction
83
The slide uses a red box to highlight the 'No Longer Disclosed' section of the table.expose_contradiction
84
The slide uses a table-like structure to highlight discrepancies between Q1, Q2, and Q3 2023 reporting.expose_contradiction
85
This is a transition or thesis slide featuring the Spruce Point Capital Management logo.summarize
86
The slide uses red arrows and callouts to highlight the decline in ownership percentage and the introduction of deferred share units as negative indicators.expose_contradiction
Open slide detailBeat · Solution
87
Uses SEC Form 4 data to contrast the sale date with the company's official announcement date and the trading plan's disclosed window.expose_contradiction
Open slide detailBeat · Solution
88
The slide uses a yellow callout box to frame the narrative of the data table below it.expose_contradiction
Open slide detailBeat · Solution
89
The chart uses a dashed blue line to indicate the historical median multiple of 0.658x.show_valuation_bridge
Open slide detailBeat · Solution
90
The table demonstrates a bridge from Street valuation to Spruce Point's adjusted valuation by reclassifying convertible preferred stock and adding specific liabshow_valuation_bridge
Open slide detailBeat · Solution
91
The slide uses a comparison table to highlight that REZI's valuation multiples are high relative to its operational performance metrics compared to peers.compare_peers
Open slide detailBeat · Solution
92
The slide uses a split-table format to compare two different business segments of Resideo against their respective peer groups.compare_peers
Open slide detailBeat · Solution
93
The slide uses a sum-of-the-parts (SOTP) valuation approach to justify a bearish thesis.show_valuation_bridge
Open slide detailBeat · Solution