{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-c8318190e1be", "slug": "c1709c763a52", "title": "Resideo Technologies, Inc. (REZI)", "subtitle": "Spruce Point Capital Management · 2026-01", "author": "Spruce Point Capital Management", "date": "2026-01-27 00:00:00", "pageCount": 93, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Resideo Technologies, Inc.", "targetTicker": "REZI", "document": { "id": "019dd923-622c-750b-8b99-c8318190e1be", "slug": "c1709c763a52", "title": "Resideo Technologies, Inc. (REZI)", "rawTitle": "697d04193ae8ba71358781d7 rezi research thesis 1 27 2026", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "authorDisplay": "Spruce Point Capital Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2026-01-697d04193ae8ba71358781d7_rezi_research_thesis_1-27-2026.pdf", "sourceUrl": null, "sourceDate": null, "presentationDate": "2026-01-27 00:00:00", "ingestedAt": "2026-04-22 22:08:54+00", "status": "ready", "pageCount": 93, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Resideo Technologies, Inc.", "targetTicker": "REZI", "metadata": { "local_root": "/tmp/legacy-images/c1709c763a52", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 103.88029193878174 } }, "coverage": { "pageCount": 93, "pagesIndexed": 93, "pagesWithImages": 93, "pagesWithMetadata": 93, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 575, "chartCount": 10, "metricSlides": 0, "toolMatches": 9, "documentToolMatches": 6, "frameworkMatches": 77, "arcMatches": 1, "beatMatches": 3, "loopMatches": 4, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "evidence": "The deck follows a problem-agitate-solution structure, emphasizing REZI's problems and complications, while implying that a short sale is the solution.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:06.763912+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 8, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 8, "name": "Problem", "beatId": "4dbafc90-e2fd-4799-b4c8-f44be7ff1799", "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document identifies REZI's troubled history and organizational complexity as key problems.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 80, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 9, "name": "Agitate", "beatId": "7202e722-c846-45f1-ac2f-eccd25950f31", "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problems, highlighting various contradictions, concerns, and red flags.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 93, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 85, "name": "Solution", "beatId": "5a322485-869d-4a72-805d-55b84e62fdce", "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The document implies that a short sale is the solution, providing a sum-of-the-parts analysis and valuation multiples to support the bearish outlook.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 12, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "418beb77-1a11-4501-8daf-6d78a4558865", "evidence": "The document reveals discrepancies in REZI's non-GAAP results and cash flow.", "position": 0, "objective": "What are REZI's true financial results?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:06.933511+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 36, "from": 36, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "8a7151ef-cc48-44b8-a184-afa00af5f630", "evidence": "The deck highlights the risks of not addressing REZI's financial problems.", "position": 1, "objective": "What are the consequences of not acting on REZI's financial issues?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:06.976308+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 42, "from": 42, "loop": { "name": "41_so_what_cascade", "slug": "41-so-what-cascade", "status": "active", "bestFor": "Data presentations, executive summaries, driving to recommendations", "canonId": "019dd956-769f-7208-afbc-f28985c6f4fb", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)", "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "77902162-ec27-44ec-b4c7-468bd9586d90", "evidence": "The document questions the effectiveness of REZI's acquisition strategy.", "position": 2, "objective": "What are the implications of REZI's acquisition strategy?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:07.018522+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 85, "from": 85, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "1fbcd0fc-d42c-49da-9e5e-13cb0eea734f", "evidence": "The deck presents a sum-of-the-parts analysis and valuation multiples to support the bearish outlook.", "position": 3, "objective": "What is the potential upside/downside of a short sale?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:07.061366+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "6802d1d2-137a-4ac9-b7d0-33635eaaa983", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "ce37f676-0b92-4eed-b3d2-2697f8f9db8b", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5a5f2c8b-d9fa-475a-bc54-748f020bff1f", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5b00af33-0488-4466-9bb1-ae1977af130e", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2f26e9e5-2bc4-4392-862f-2c670c1a10d0", "evidence": "Resideo management (incl. ADI President Robert Aarnes, who sold 47,000 shares on the day of the separation announcement)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5354b666-9aca-4ed0-846f-cde6a5aa7176", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "081ebc1c-ded3-4aee-b8b4-41e0a677f84b", "evidence": "This slide is a cover slide with a title, logo, and callout.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:07:35.138723+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0f3a549f-908f-4ac1-bf2a-66336fed6073", "evidence": "The slide includes a table/data titled 'Spruce Point Adjusted Operating Cash Flow table' and a callout mentioning a 37% collapse in cash flow, indicating a waterfall chart is likely used to show the decline in cash flow.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:07:36.688174+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ee72c534-d8e4-49cb-918d-7ae4d0832de3", "evidence": "Sum-of-The Parts Analysis Suggests 25% - 50% Downside Risk Potential To REZI's Share Price", "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:07:40.783667+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 85, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "38a0abb6-8349-4059-9a28-85a54d186691", "evidence": "Uses a thermostat and cockroach imagery to 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"valuation-bridge" }, { "matchId": "9c1effe0-e491-4d00-98df-064f6b36a275", "evidence": "The slide explicitly compares REZI against a peer group to argue for an irrational valuation premium.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:32.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 91, "frameworkName": "comparison-frame" }, { "matchId": "8b41ddf3-1ff6-4c2a-a17f-827ce8578d39", "evidence": "The slide explicitly compares REZI's financial metrics against a peer group to justify a valuation discount.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:33.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 92, "frameworkName": "comparison_frame" }, { "matchId": "5aefc9df-82af-480e-a393-210994be2b5a", "evidence": "Valuing business segments separately to derive total enterprise value.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:24:33.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 93, "frameworkName": "sum-of-the-parts-valuation" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Cover slide uses a memorable 'Smart Alert / 120° / Shares Over Heated, Sell' thermostat-with-cockroaches visual metaphor — unusually creative for an institutional short report. Pages 4-5 establish credibility with a track record table of prior Spruce Point shorts (Generac, Limbach, FND, NCR, iRobot) including drawdowns and outcomes. Deck follows a clean 6-section structure (Exec Summary, Legacy Issues, M&A, Growth, Accounting, SOTP). Tagline 'Red Alert, Where There's Smoke, There's Fire'. No named individual author — institutional Spruce Point byline only. Stake not disclosed (per standard SP practice) but disclaimer confirms short position.", "kpisCited": [ { "detail": "-37% since 2018", "metric": "Operating cash flow change since spin-off" }, { "detail": "5.5x today vs 3.3x at 2018 spin-off", "metric": "Adjusted leverage (Debt/EBITDA)" }, { "detail": "$220m since 2018 (every year except 2021)", "metric": "Cumulative restructuring add-backs to Non-GAAP" }, { "detail": "$142m of cash taxes under-reported since 2021", "metric": "Cash taxes vs reported tax expense gap" }, { "detail": "$2bn+ across 13 deals and 3 divestitures since spin-off", "metric": "Acquisition spend" }, { "detail": "Plummeted from ~16% annual to ~1.6% in 2025", "metric": "Connected customer growth" }, { "detail": "0.8% actual vs 4-6% targeted in 2021 plan", "metric": "P&S organic revenue growth" }, { "detail": "41% actual vs 46-48% targeted", "metric": "P&S gross margin" }, { "detail": "~2.9% actual vs target, 310bps below", "metric": "Total organic growth vs 2024 plan" }, { "detail": "1.3x current vs 0.66x long-term median", "metric": "EV/NTM revenue multiple" }, { "detail": "$100-250m additional spend", "metric": "ERP remediation cost estimate" }, { "detail": "122% miss; never exceeded 2% of revenue vs 2-3% guided", "metric": "Capex forecast miss at spin-off" }, { "detail": "Down -10% over past three years", "metric": "R&D expense per engineer" }, { "detail": "Declined from 2.3% (2023) to 1.5% (2025)", "metric": "Insider ownership" }, { "detail": "Raised 10 → 12 years; inflates pre-tax income 8-12% in YTD 2025", "metric": "Snap customer life assumption" } ], "closingAsk": "Sell or short Resideo as the sum-of-parts implies 25-50% downside and the split-up offers no credible catalyst.", "extraction": { "at": "2026-04-22 22:08:54+00", "model": "unknown-legacy", "runId": null, "seconds": 103.880295, "promptVersion": null }, "scqaReward": "Spruce Point's sum-of-parts values REZI at $17.05-$26.72 per share against the $35.27 close, implying 25-50% downside as the 1.3x EV/revenue multiple compresses toward the 0.66x long-term median.", "thesisTypes": [ "fraud_exposure", "operational_turnaround", "management_change" ], "top3Reasons": [ "Operating cash flow has collapsed -37% since the 2018 spin-off despite $2bn+ of M&A", "$220m of recurring restructuring 'add-backs' and $142m of tax under-reporting inflate Non-GAAP EPS", "1.3x EV/revenue is double the 0.66x long-term median for a low-growth hardware distributor" ], "scqaSituation": "Resideo Technologies is a 2018 Honeywell spin-off operating two segments — ADI distribution and Products & Solutions (smart-home and security) — recently bulked up via $2bn of acquisitions and now proposing to split into two public companies in 2026.", "thesisSummary": "Spruce Point is short Resideo Technologies (NYSE: REZI), a 2018 Honeywell spin-off that has cycled through four CFOs and four CAOs, missed every 2024 target set at its 2021 Investor Day, and grown adjusted debt from $2.0bn to $4.3bn (5.5x leverage). A forensic review finds operating cash flow down -37% since spin-off, $220m of restructuring charges treated as recurring Non-GAAP add-backs, and $142m of cumulative under-reported cash taxes inflating GAAP earnings. Two landmark acquisitions, First Alert ($593m) and Snap One ($1.4bn), look value-destructive and accounting-strained; Snap's customer-life assumption was raised from 10 to 12 years to flatter income. With ERP remediation potentially costing another $100-250m and the proposed split-up offering no real catalyst, the sum-of-parts implies $17-27 per share, or 25-50% downside from $35.27.", "primaryDemands": [ "Independent investigation into REZI's financial reporting and accounting accuracy", "Reject the proposed split-up as a value-creation lever for an underperforming, over-levered story", "Reassess management credibility given four CFOs and four CAOs in seven years and missed 2024 targets" ], "scqaResolution": "Investors should demand an independent investigation into REZI's accounting and reject the split-up narrative as a 'trust me' distraction; sell or short ahead of multiple compression as the sum-of-parts re-rates toward peer-discount levels.", "thesisOneLiner": "Resideo is an over-levered, serially-disappointing Honeywell spin whose split-up is a 'trust me' distraction from $2bn of troubled M&A and -37% cash-flow decline; 25-50% downside.", "precedentsCited": [ "Sunbeam / Al 'Chainsaw' Dunlap First Alert accounting fraud (1998)", "Jarden/Newell SEC settlement on First Alert organic growth ($12.5m, 2023)", "Generac (GNRC) — prior Spruce Point short, -60% drawdown", "Limbach (LMB) — prior Spruce Point short, -48% drawdown", "Floor & Decor (FND) — prior Spruce Point short, -44% drawdown", "NCR — failed strategic alternatives process", "iRobot (IRBT) — Chapter 11 bankruptcy after Spruce Point short" ], "scqaComplication": "The company has missed every 2021 Investor Day target, cycled through four CFOs and four CAOs, lets $220m of 'one-time' restructuring inflate Non-GAAP EPS, and underreports cash taxes by $142m while operating cash flow has collapsed -37% since spin-off.", "narrativeInterest": 4, "notableSlidePages": [ 1, 7, 14, 15, 87, 93 ], "peerCompaniesCited": [ "Wesco International (WCC)", "Rexel (RXP FP)", "Arrow Electronics (ARW)", "ScanSource (SCSC)", "Allegion (ALLE)", "ADT Inc. 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Notably, in 2022 it acquired First Alert (smoke detectors) from Newell Brands (Nasdaq: NWL) for $593m. Ironically, First Alert was once used as an acquisition pawn to cover-up a massive accounting fraud in 1998 by Sunbeam Corp. (NYSE: SOC) run by the notorious Al \"Chainsaw\" Dunlap. Later, the business would pass to Newell (through Jarden Corp.) where both it and the CEO settled with the SEC in 2023 for $12.5m related to accounting violations and misrepresenting core \"organic\" growth. We provide evidence of challenges that lie ahead with the business, which one former employee who went through the acquisition described as \"a disaster\". Notably, we find revenue reporting issues around the time of acquisition and uncharacteristic strength followed by restructuring programs and sporadic synergy updates. The early revenue in 2022 went ahead of plan, and in early 2025, First Alert again had uncharacteristically strong performance against what it previously said were seasonally weak Q1 trends. The business is heavily retail distribution focused (66% Home Depot, Lowes, Costco, etc.) and 34% professional. An uplift in 2025 from a new Google connected device is likely to create difficult comps and carry lower margins. REZI is touting strengthening partnerships with home builders, but we believe price wars and volume discounts result in lower margins through this channel. Overall, a former executive intimately familiar with the First Alert business expressed the view that REZI overpaid for the business. 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Furthermore, gross margins were projected to be 30-32% but came in at 28.1%. 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Our analysis of Control4, ~30% of Snap's revenue, indicates stagnant home installs and dealer network expansion.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fea492d-ce7f-42eb-a122-f838a03a8cd1", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.92, "x": 0.05, "y": 0.42 }, "kind": "paragraph", "text": "Following the preliminary deal valuation, we find that REZI made two revisions to lower Snap's inventory value... We believe that REZI's pre-tax income in the YTD 2025 period is inflated by 8-12% as a result of overly aggressive assumptions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84b845e8-1c34-4ddc-b5a7-1cab01849efe", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "We also find stress in REZI's inventory accounts following the Snap deal. Finished goods now make up ~87% of inventory and the ratio of inventory to projected sales is at a multi-period high.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5ec791b-d967-4180-aba7-00b450022203", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.05, "y": 0.78 }, "kind": "paragraph", "text": "Lastly, accrued customer rebate reserves have accelerated in growth since Q1'25 to double digits while the spread between revenue growth, accounts receivable, and accrued rebate reserve have also hit multi-period highs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e60fc758-f66c-4c01-b746-bb5ced7084d9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Troubled Acquisitions Continued: A Look At Snap One Holdings", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2235520a-5906-4ac7-9170-66658b80ed72", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "70e8023e-5991-4cc4-91c2-1c87382d5cab", "evidence": "The slide systematically identifies accounting irregularities and aggressive assumptions to argue for inflated earnings.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:20.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 80, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Agitate", "beatId": "7202e722-c846-45f1-ac2f-eccd25950f31", "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problems, highlighting various contradictions, concerns, and red flags.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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Combined, REZI claimed sales were over $500 million in 2022, up 20% year-over-year. Ever since, REZI has not updated its product segment or combined revenue figures for these growth categories. However, based on recent commentary, it appears that growth has significantly flattened, with Datacom and Pro AV growing at low double digits, while Residential AV seeing flat growth. The Residential AV category performance is even more troubling given that REZI bolstered its capabilities with the Snap acquisition.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:26.323+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16b560af-3f05-4ad8-8e74-01095ede3e33", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.05, "y": 0.66 }, "kind": "paragraph", "text": "There is another strong clue that ADI's revenue momentum will slow in the coming quarters. From Q3'24 through Q2'25, ADI President Aarnes referenced the number of new product and SKUs launched. However, in the last quarter of Q3'25 he conspicuously stopped referencing new product launches. This factor, along with REZI now signaling that third party services are being used to develop products, suggests to us that any revenue uplift from new product introductions is likely to slow.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:26.323+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23a0eb15-eac4-46d5-b691-2131b9e20d75", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Exclusive Brands and Ecommerce: In the ADI segment, REZI points investors to opportunities with its ecommerce sales and exclusive brands which it says are faster growing with higher margins. The problem appears self-evident in that we find cases of brands on ADI's website that can be purchased directly from the manufacturer and available elsewhere with easy price comparison. REZI also recently claims its goals are to have touchless revenue at 60-65% of revenue and that exclusive brands can be a $1bn business. To have faith in these goals, REZI should provide reliable and consistent metrics for investors to track its progress. REZI stopped disclosing touchless revenue at the end of FY23.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:26.323+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "445d750e-9565-407a-bcd8-6c482b868f25", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.05, "y": 0.41 }, "kind": "paragraph", "text": "Moreover, reported organic ecommerce revenue appears to have received a big uplift during the first year of the Snap One transaction. However, in Q3'25 the growth rate declined dramatically back to just 3%. ADI (ex-Snap) exclusive brands organic revenue growth collapsed from 32% to 3% from Q2-Q3'25. If we include Snap exclusive products, organic revenue growth declined from 5% to 3% from Q2-Q3'25. Overall, it appears that these growth vectors are starting to meaningfully decelerate. This analysis is corroborated by Similarweb analytics which show a -27% decline in web traffic to SnapAV's homepage and generally flat traffic to its order status page since REZI closed its acquisition. Control4 and OVRC, its professional remote management platform for Control4 dealers, are critical exclusive brands acquired through the Snap transaction. Similarweb analytics also show weak trends to each website.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:26.323+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ee0c1d5-94de-41ad-904e-64db8e70d1b2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "REZI's Promoted Growth Opportunities Appear To Be Fizzling Out Fast", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:26.323+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "105baa06-a7f7-47b1-8031-355006f3c082", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 80, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Agitate", "beatId": "7202e722-c846-45f1-ac2f-eccd25950f31", "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problems, highlighting various contradictions, concerns, and red flags.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "tension", "title": "The slide uses a '5' icon, likely indicating this is point #5 in a larger activist presentation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 780, "nDataPoints": 8, "notes": "The slide uses a '5' icon, likely indicating this is point #5 in a larger activist presentation.", "elementsJson": [ "headline_text", "paragraph", "numbered_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:20.901+00", "seconds": 3.013, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c8318190e1be/12", "deck": "/decks/019dd923-622c-750b-8b99-c8318190e1be", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Ignore REZI's Non-GAAP results; cash flow never lies and we believe it is the ultimate arbiter of REZI's failures.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b673-44e51463d062", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "list", "text": "1) Since 2018, REZI has reported $220m of cumulative restructuring and impairment charges as recurring add-backs. 2) Tax reporting issues: ~$142m of taxes under-reported on income statement relative to cash taxes paid.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a1d7a01-5748-47ba-a354-8c35c4495386", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating cash flow: -37%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b673-495a2908c711", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "At the 2021 Investor Day, REZI outlined its 2024 operating cash flow (\"OCF\") goal to be >$600m. However, by our estimate OCF was $425m... In the LTM period we estimate cash flow has collapsed by -37% since the 2018 spin-off.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a80b512-7b1c-4a16-b8e0-678991667c20", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "Ignore REZI's Non-GAAP results; cash flow never lies and we believe it is the ultimate arbiter of REZI's failures:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e87eca57-3dc2-4868-81e7-a519229204fd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "We Believe REZI's Non-GAAP Results Are Dubious; Cash Flow Is King And It Is Cratering", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:20.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f58aba69-31e1-4acb-b94a-d6ad12be92c0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "75298d71-6b19-4048-ae8f-41147bd56078", "evidence": "The slide explicitly attempts to expose accounting manipulation and misleading financial reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:20.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 80, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Agitate", "beatId": "7202e722-c846-45f1-ac2f-eccd25950f31", "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problems, highlighting various contradictions, concerns, and red flags.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 12, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null }, "matchId": "418beb77-1a11-4501-8daf-6d78a4558865", "evidence": "The document reveals discrepancies in REZI's non-GAAP results and cash flow.", "position": 0, "objective": "What are REZI's true financial results?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:06.933511+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "setup", "title": "The slide uses a 'red flag' icon to denote the primary thesis point.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 9, "textChars": 2977, "nDataPoints": 12, "notes": "The slide uses a 'red flag' icon to denote the primary thesis point.", "elementsJson": [ "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:22.414+00", "seconds": 4.292, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c8318190e1be/13", "deck": "/decks/019dd923-622c-750b-8b99-c8318190e1be", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.9, "x": 0.07, "y": 0.77 }, "kind": "callout", "text": "Always follow the money: We observe that total insider ownership peaked in 2023 and has been declining. If management is to sell investors on its vision that splitting up the Company has value, then we would prefer to see their ownership increase with more stock compensation or open market purchases. We are troubled to see that ADI President Aarnes sold a large block of stock under a 10b5-1 program on the exact day that REZI’s separation announcement was made on July 30, 2025. Moreover, we are concerned by the recent practice of issuing deferred share units to Board members. In our view, this could signal director dissent, retention, or cash flow issues.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:22.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac2741d6-64c7-45de-8663-87a9e3302234", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Always follow the money: We observe that total insider ownership peaked in 2023 and has been declining.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b672-be8c747177b5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 25% - 50%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b672-c0640b2ab233", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.07, "y": 0.65 }, "kind": "paragraph", "text": "LTM leverage has also risen dangerously from 5.5x (up from 3.3x in 2018) with significant financial uncertainties ahead. We see few catalysts left to propel its share price higher after the split-up and Honeywell settlement announcements. Based on our sum-of-the-parts analysis, we believe the share price to be materially overvalued and see 25% – 50% downside risk. We expect shares to underperform the market and its related industries.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:22.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3993b38d-4333-41ae-845a-ff335317aeb4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.07, "y": 0.37 }, "kind": "paragraph", "text": "Based on our sum-of-the-parts analysis which compares the profile of the ADI business and P&S segments vs. comparable companies, we believe it has both lower projected revenue growth and gross margins. For these reasons, along with our belief that REZI remains an operationally complex company with a track record of disappointment by current management, we value it at a discount to peer multiples. We also factor in $75 – $100m of separation costs. Of note, at least $80m of costs were incurred upon the initial spin-off of REZI from Honeywell in 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:22.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "502ad404-7e76-4889-adba-763be5db5712", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.07, "y": 0.23 }, "kind": "paragraph", "text": "REZI is an underfollowed “special situation” now being promoted by only two analysts who estimate its average price target to be $45 (25% upside). We deconstruct the promotional case and believe it is easy to refute given the obvious failures by management and the significant financial uncertainties that remain including: 1) Changing end market dynamics and weakening growth opportunities 2) Transparency in ongoing ERP costs, and 3) The structure of the new entity and costs to execute.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:22.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d28ac7f5-3532-446c-ab3a-8609076a2d85", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.07, "y": 0.51 }, "kind": "paragraph", "text": "REZI currently trades at 1.3x 2026E revenue (double the median long-term multiple of 0.6x) based on our adjustments which considers: 1) The $500m convertible preferred stock as in-the-money equity, and 2) Incorporates environmental, pension and other tax liabilities of $215m. 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"line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:22.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c029b8d7-3d19-433b-95eb-48207341d291", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:28+00", "model": 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Since its spin-off from Honeywell in 2018, our analysis suggests that it has failed to execute on its growth strategy and has further complicated its business with two large and troubled acquisitions of First Alert and Snap One. It has recorded $220m in cumulative restructuring costs since 2018 which have yielded little tangible improvements. Our analysis indicates that Adj. Operating Cash Flow is down -37% between its spin-off and the last 12 months. Complicating matters, REZI’s adjusted debt has more than doubled from $2.0 to $4.3bn since 2018. In 2025, REZI announced a split into two public companies and settled its remaining obligations to Honeywell. 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The latest evolution as a split-up story to unlock value becomes an even greater “trust me” story with the current management team that previously failed to hit targets.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:25.812+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b3d497a-bfac-482e-b715-58a0e90220d8", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.32, "x": 0.67, "y": 0.31 }, "kind": "list", "text": "2026 - forward: Pitch: Value to be unlocked by separating. Spruce Point Reality: A bet on the same management team; No ERP roadmap; Uncertain standalone cost structure; Uncertain growth and margin outlook; Expectations too high.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:25.812+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05b3571b-8c9d-4f8a-a69a-765cfb784054", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.32, "x": 0.34, "y": 0.31 }, "kind": "list", "text": "REZI: 2018-2026: Pitch: We’re executing, Non-GAAP earnings growth. 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Spruce Point believes there is some overlap with the Fire & Life Safety industry given many of those companies offer security solutions alongside fire safety. 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And this year, there's going to be another chunk because we're building out the new ERP system that I think is going to drive sort of the next wave of initiatives and enablement around the business.\" — Anthony Trunzo, Fmr CFO, Feb 2023. \"In August, we implemented a modern ERP platform in our U.S. business, replacing an over 40-year-old system.\" — Rob Aarnes, ADI President, Nov 2025. \"And then the third big piece of not doing it is the amount of dollars that you have to spend... you're either upgrading your ERP system or you're spending an exorbitant amount of money on middleware, right, trying to get old systems to connect with new systems, which, by the way, is oftentimes not possible, not even possible.\" — Rob Aarnes, ADI President, Nov 2025. \"And so we had all of these kind of platforms, right, whether they were digital tools, whether they were going to drive further enhancements online, design capabilities, AI applications that we just had to keep on the sideline. 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In the case of REZI, we see that it frequently misses its capex projections by double digit percentages. Also at its March 2021 Investor Day, REZI said capex would be 2-3% of annual revenue through 2024; it never happened.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:27.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "943a1003-0fcf-433f-9df8-708308cc21b4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.96, "x": 0.02, "y": 0.87 }, "kind": "source-note", "text": "Source: REZI SEC filings and 2021 Investor Day presentation. 1) Based on beginning of year projections. 2) Based on 2-5% revenue growth estimate from 2018, and 1% of revenue spending on capex guidance. 3) Cash capex is reporting in the cash flow statement for investing. 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As Sunbeam entered 1998, channel stuffing though price discounting...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:25.947+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbab7a19-718e-4eda-83d9-c112e736650e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.44, "x": 0.53, "y": 0.45 }, "kind": "quote", "text": "In the fourth quarter of 2022, we executed multiple restructuring programs to lower costs, increase margins and position us for growth resulting in restructuring and impairment expenses of $35 million.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:25.947+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d157df5f-af18-4d76-850b-70b9785d1cc8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"In the fourth quarter of 2022, we executed multiple restructuring programs to lower costs, increase margins and position us for growth resulting in restructuring and impairment expenses of $35 million. We expect to fully execute our restructuring initiatives and programs over the next 12-24 months.\" — Resideo 2022 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b675-49844469e8ca", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.02, "y": 0.93 }, "kind": "source-note", "text": "Source: SEC Litigation release, REZI 2022 10-K, “Ex-Sunbeam Executives to Pay $15M to Settle Lawsuit”, NyTimes.com 1) Q2’22 outlook includes $325m of First Alert revenue. 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So this is the pro going into a Home Depot or Lowe's to pick up our products as well as First Alert. 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As the following slides will show, former Snap executives tell a different story about Snap's innovation culture.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b676-0fb630fc787d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.96, "x": 0.02, "y": 0.475 }, "kind": "image", "text": "Snap One Promotion Slides", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:27.676+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02b063af-9cdb-4dd6-8294-4c2f64abdc30", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.165 }, "kind": "paragraph", "text": "In early 2024, REZI announced its largest acquisition which was Snap One Holdings (Nasdaq: SNPO) for $1.4bn. The Company itself was an amalgamation of acquisitions, notably Control4 (Nasdaq: CTRL) in 2019. The CEO touted each company's “strong culture of innovation” and the attractive profile of the transaction. As the following slides will show, former Snap executives tell a different story about Snap’s innovation culture. Furthermore, our analysis will question the attractive characteristics of the deal.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:27.676+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "924e695d-84af-492b-8b35-f1288722bbc3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.315 }, "kind": "quote", "text": "Both Resideo and Snap One share a strong culture of innovation and employee bases dedicated to supporting their integrators and driving value in the markets where they operate. We see significant benefits for integrators in the combined businesses with a wider selection of third-party and proprietary products, access and enhancements to support services and rapid product fulfillment through a comprehensive branch footprint and strong digital capabilities. All of this creates an attractive financial profile that we expect to be accretive to revenue growth, margins and non-GAAP EPS for Resideo.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:27.676+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd1755af-0e5f-43c1-891d-1bf9d63ae9ce", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Both Resideo and Snap One share a strong culture of innovation and employee bases dedicated to supporting their integrators and driving value in the markets where they operate. We see significant benefits for integrators in the combined businesses with a wider selection of third-party and proprietary products, access and enhancements to support services and rapid product fulfillment through a comprehensive branch footprint and strong digital capabilities. 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IKEA, the largest global home furnishing company, recently launched 21 new smart home products for lighting, sensors, and control which we do not believe are Resideo products. The broad adoption of Matter eliminates the need for brand-specific hardware and makes smart home devices simpler and cheaper for mass adoption.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:32.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "973be290-3aaf-47e3-8303-756c48d59dd2", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.96, "x": 0.02, "y": 0.365 }, "kind": "quote", "text": "To be completely frank and honest with you, the products in general are very, very behind when it comes to innovation. DIY hasn't taken off yet. Again, this is where maybe I'm jaded. I don't feel like I am. I feel like I'm reading this from a rational perspective. I think that Snap is so far behind that they're never going to be able to truly catch up, especially once Matter takes off.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:32.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "549d15b8-b64e-4c0f-85e3-66a9aac5cf92", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "To be completely frank and honest with you, the products in general are very, very behind when it comes to innovation. 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Notably, the Company has a “Clearance Zone” under its deal tab. By using the Wayback Machine, we see that the total number of clearance items has been steadily rising. Furthermore, by clicking on product categories, we see that most of the products are in Data Comm & Networking and Pro AV, which are two of the adjacent growth categories that management has been touting.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "706e5998-9a03-4541-89f4-7ae48005ac9e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: ADI Global website and Wayback Machine", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Management also recently claimed that its goals are to have touchless revenue at 60-65% of revenue and that exclusive brands can be a $1bn business. However, to have faith in these goals, REZI should provide reliable and consistent metrics for investors to track its progress. On the next slide, we detail our concerns with these growth opportunities.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:29.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "359e179e-f68a-4f76-860a-0a5d283ad5bc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "However, to have faith in these goals, REZI should provide reliable and consistent metrics for investors to track its progress.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b677-0184985a8310", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "And we see that probably as maybe better than some of the other news in the distribution space largely because of the levers that we can pull still around price optimization and as importantly, around our exclusive brands. Those products have dramatically higher margins than our average and they continue to grow at a much, much faster rate than the overall business. — CFO Trunzo, Q4'23, Feb 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b677-077cee8d3084", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: REZI conference calls", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Moreover, reported organic ecommerce revenue appears to have received a big uplift during the first year of the Snap One transaction. However, in Q3'25 the growth rate declined dramatically back to just 3%. ADI (ex-Snap) exclusive brands organic revenue growth collapsed from 32% to 3% from Q2-Q3'25. If we include Snap exclusive products, organic revenue growth declined from 5% to 3% from Q2-Q3'25. 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From Q3'24 through Q2'25, ADI President Aarnes referenced the number of new product and SKUs launched. 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EPS and Adj. EBITDA presentation. We do not believe these are simply one-off items to be excluded from financial results. Rather, we see these as on-going and recurring costs which are necessary to fix REZI's complex and ailing operations. Since its spin-off, REZI has reported a total of $220m of charges. The restructuring add-backs are material to its Non-GAAP financial results at ~10% in the past two years. 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Source: REZI SEC filings and Spruce Point analysis.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Therefore, we argue that Net Income has also been cumulatively overstated by the corresponding amount.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b677-97719cf9ef2c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net Income Overstatement: $142m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b677-9bf53055c445", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Tax reporting is an area of accounting that requires significant judgement. Companies often report cash taxes paid at the bottom of the cash flow statement. There can be year-to-year differences between reported and cash amounts due to timing of audits, investigations and refunds. We evaluate REZI's income tax expense vs. cash taxes paid, net over the long run and should expect them to be roughly equal. However, since 2021 REZI has been reporting less GAAP income taxes than cash taxes paid. Cumulatively, the amount of taxes under-reported on the income statement relative to cash taxes paid is ~$142m. 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These three entities generated combined losses of £84m in 2024 and involved large restructuring and reversal impairment charges.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:30.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d55669ac-bcbc-4905-aebb-03b1911d7c85", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We also have concerns around recent multiple auditor changes at three Ademco U.K. entities from Deloitte to Grant Thornton.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b677-b57c0198f123", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.48, "x": 0.01, "y": 0.55 }, "kind": "image", "text": "Screenshots of auditor reports for Ademco entities", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:30.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd0a562b-c147-4617-ad02-4d24a2c5f26d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "audit fees: £84m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b677-b8189a81d34b", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.98, "x": 0.01, "y": 0.165 }, "kind": "paragraph", "text": "While we understand the need for cost rationalization at REZI, we don't believe it should come at the expense of the audit fees given multiple reporting anomalies identified. Despite acquiring over $1.5bn in revenue, the audit fee has barely increased.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:30.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ff20521-90da-413d-841b-52855c6be8f1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Companies House U.K. FTC.org.uk, REZI and SNPO proxy statements.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 75, "type": "tension", "title": "The slide uses a table to contrast pre-acquisition financials with post-acquisition reporting, specifically highlighting inventory changes and the extension of ", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 6, "textChars": 1046, "nDataPoints": 48, "notes": "The slide uses a table to contrast pre-acquisition financials with post-acquisition reporting, specifically highlighting inventory changes and the extension of amortization periods for customer relationships.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:30.257+00", "seconds": 3.041, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c8318190e1be/75", "deck": "/decks/019dd923-622c-750b-8b99-c8318190e1be", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-75", "deckJson": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This suggests that Snap's earnings may have been inflated by under-reserving for obsolete inventory.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b678-1411f9b10e62", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "inventory reserve: $23 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b678-1896c64da8c0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Snap's inventory was marked down twice by a total of $23 million. This is more than the reserve that was carried on Snap One's balance sheet which was historically ~$15 million. This suggests that Snap's earnings may have been inflated by under-reserving for obsolete inventory. Also, we observe that REZI has given sporadic disclosure about the assumption of its intangible asset amortization assumptions. Notably, it increased the most value to customer relationships and increased the amortization period from 10 to 12 years. On the next slides, we'll illustrate why we believe this is an aggressive assumption that inflates reported results.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:30.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aae16e26-77da-4482-ba26-e353c7e7efbc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Preliminary 8-K, Note 4, Snap One Q1'24 10-Q, and REZI SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We decided to move away from both Alarm.com and Resideo, not primarily for price reasons... but because we wanted control of what our product offering was.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:30.828+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5bcbef0-84ba-473f-83f6-69d5620fb101", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "You churn through every seven or eight years is how long customer lasts on average. We decided to move away from both Alarm.com and Resideo, not primarily for price reasons, although the equipment and the software is cheaper than those, but because we wanted control of what our product offering was so we could differentiate ourselves. — VP, Large Public Security Company", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b677-f8426216c144", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: AlphaSense expert interview, November 17, 2025. 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The Company divested Genesis Cable on October 16, 2023 which was included in the Products and Solutions segment. When discussing the factors driving the segment's decline in revenue and EBIT, the Company failed to account at all for the divestiture. Based on 2024 disclosures, we estimate that Genesis had ~$126m of revenue or ~$22m of impact to the 2023 revenue decline. Complicating matters, REZI reported that segment EBIT declined by -$32m, but gave explanatory figures that indicated the total decline was -$114m.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.377+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29f5eb8c-3837-428b-be4e-0d564f74893b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Products and Solutions revenue decreased $111 million, or 4%, mainly due to lower sales volume of $307 million and unfavorable foreign exchange fluctuations of $5 million, partially offset by price increases of $102 million and $99 million of revenue from First Alert, Inc.” — Resideo SEC filings", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b678-9ca0584845ee", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.93 }, "kind": "source-note", "text": "Source: REZI SEC filings, “Resideo Completes Sale of Genesis Cable Business,” Oct 16, 2023, press release. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 79, "type": "tension", "title": "The slide uses a 'before-after' style comparison across three distinct reporting periods to demonstrate obfuscation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 8, "textChars": 1031, "nDataPoints": 36, "notes": "The slide uses a 'before-after' style comparison across three distinct reporting periods to demonstrate obfuscation.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:31.61+00", "seconds": 3.233, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c8318190e1be/79", "deck": "/decks/019dd923-622c-750b-8b99-c8318190e1be", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-79", "deckJson": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Recall, previously we pointed out REZI's frequent capex misforcasting. We see a major red flag that REZI has made four separate revisions to its capex nomenclature on the Consolidated Statement of Cash Flow. The revisions make it appear as if REZI is trying to obscure its technology spending which we view as enormously important given its recent disclosure of ERP challenges and the importance of technology in its product and service offerings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c4c8664-5f1c-4b4f-8250-9b54c2b828ae", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We see a major red flag that REZI has made four separate revisions to its capex nomenclature on the Consolidated Statement of Cash Flow. The revisions make it appear as if REZI is trying to obscure its technology spending which we view as enormously important given its recent disclosure of ERP challenges and the importance of technology in its product and service offerings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b678-86cb6aaa8eb6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: REZI SEC filings and Spruce Point analysis.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.48, "x": 0.02, "y": 0.3 }, "kind": "table", "text": "Clear And Separate Disclosure table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b27e3f9-7566-4b9b-8b61-c5c061130271", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.48, "x": 0.51, "y": 0.43 }, "kind": "table", "text": "Capital Expenditures table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7622501-56b9-4c7b-b74d-a608091dfa9d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Why Does REZI Keep Shifting How It Describes Its Capex?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." 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The allocation method is not explained but more were put in P&S than ADI.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "164ef4b3-b2fd-4d66-94f5-c9ef513ec048", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Spruce Point observes unusual and unexplained changes to REZI's property disclosures between 2023 and 2024. Our suspicion is that REZI used its discretion to allocate greater overhead costs to the P&S segment to flatter ADI segment margins.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac7a22fe-dcf2-40d3-8d35-7b8c95a271ff", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.24, "x": 0.75, "y": 0.51 }, "kind": "callout", "text": "REZI may have reclassified certain Snap One locations. For example, distribution centers increased from 5 to 24 (+19) despite Snap One only reporting 6 centers. Also branches rose +29 despite Snap One contributing 45 from the acquisition.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d211fd61-d9eb-4570-8777-806893deb812", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: REZI and SNPO SEC Filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Properties Disclosure In The 10-K Annual Report", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b23fa6a-8ce6-4b1a-87e3-ef878aac663a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Property Reallocation May Flatter Segment Margins", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:31.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70891b5f-2618-480c-a8ae-616a1eb816fe", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3198cec8-a858-4414-84c0-f7452516bc5d", "evidence": "The slide explicitly identifies 'unexplained changes' and 'suspicion' of margin manipulation via accounting discretion.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:24:31.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 80, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Agitate", "beatId": "7202e722-c846-45f1-ac2f-eccd25950f31", "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problems, highlighting various contradictions, concerns, and red flags.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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So, it's a significant, but it's not huge.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:36.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f8e0779-ce05-41b4-8362-ea05226faf0a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It's single digits, the amount of volume that goes back and forth on each side, the amount of revenue for ADI and P&S that is intercompany is in a single digit. 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"textChars": 999, "nDataPoints": 30, "notes": "The slide uses red arrows and callouts to highlight the decline in ownership percentage and the introduction of deferred share units as negative indicators.", "elementsJson": [ "headline_text", "paragraph", "data_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:32.47+00", "seconds": 3.268, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c8318190e1be/86", "deck": "/decks/019dd923-622c-750b-8b99-c8318190e1be", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-86", "deckJson": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.1, "x": 0.64, "y": 0.83 }, "kind": "callout", "text": "Ownership in decline", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": 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"description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b679-79e29c406c73", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.95 }, "kind": "disclaimer", "text": "1) Seven months after a director's termination of service on the Board, the non-employee director will be paid the balance in his or her deferred stock account through the issuance of common shares.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:32.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac0cefa1-b0a6-4937-ae8b-ea36623ae512", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "All Insiders ownership percentage: 1.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": 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If management is to sell investors on its vision that splitting up the Company has value, then we would prefer to see their ownership increase with more stock compensation or open market purchases. We are also concerned by the recent practice of issuing deferred share units to Board members. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 87, "type": "tension", "title": "Uses SEC Form 4 data to contrast the sale date with the company's official announcement date and the trading plan's disclosed window.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 1093, "nDataPoints": 3, "notes": "Uses SEC Form 4 data to contrast the sale date with the company's official announcement date and the trading plan's disclosed window.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:24:32.613+00", "seconds": 3.278, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-c8318190e1be/87", "deck": "/decks/019dd923-622c-750b-8b99-c8318190e1be", "deckAnchor": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-87", "deckJson": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.16 }, "kind": "callout", "text": "We are troubled to see that ADI President Aarnes sold a large block of stock under a 10b5-1 program on the exact day that REZI’s separation announcement was made on July 30, 2025.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:32.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "607d583c-f6f4-4a97-977d-97685ddba998", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.49, "x": 0.015, "y": 0.33 }, "kind": "image", "text": "Form 4 snippet showing 47,000 shares sold on 07/30/2025", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:32.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "190fa60b-6ada-45e4-9790-e7981f8a4768", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.51, "y": 0.4 }, "kind": "paragraph", "text": "Shares Sold On The Day of Separation Announcement. Resideo Announces Intention To Separate ADI Business... July 30, 2025", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:32.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33171d08-1ca1-4da1-90c6-7ce4bbc77383", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.51, "y": 0.74 }, "kind": "paragraph", "text": "All 47,000 Shares Were Sold Under The Program. On December 3, 2024, Robert Aarnes... adopted a Rule 10b5-1 trading agreement... The duration of the trading agreement is from March 4, 2025 to December 31, 2025.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:32.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e54e9adf-a3e6-4ece-a1f3-598d9b504aba", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "On December 3, 2024, Robert Aarnes, our President, ADI, adopted a Rule 10b5-1 trading agreement, pursuant to which he may sell up to 47,000 shares of the Company’s common stock. The trading agreements is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The duration of the trading agreement is from March 4, 2025 to December 31, 2025. — Resideo Technologies, Inc. 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We believe margin and revenue growth are two important factors for its multiple. Based on our analysis and estimates, while its ADI margins are above average, everything else is below industry average. 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We believe that the businesses should trade at a discount to peers given lingering legacy operational and financial reporting issues, along with growing complexity from recent M&A. We see 25% - 50% downside risk and expect REZI to underperform the technology and home services sectors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:33.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "685a4160-3caf-4156-a86b-95f5848cf2b4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.93 }, "kind": "disclaimer", "text": "Note: Diluted share count includes 18.6m shares from convertible preferred stock. 1) We assume $75-$100m of transaction costs with the spin-off. 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50% Downside Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:24:33.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7ae1575-88bf-4788-8c35-8f423afe13b3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5aefc9df-82af-480e-a393-210994be2b5a", "evidence": "Valuing business segments separately to derive total enterprise value.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:24:33.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 93, "frameworkName": "sum-of-the-parts-valuation" } ], "arcBeats": [ { "to": 93, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 85, "name": "Solution", "beatId": "5a322485-869d-4a72-805d-55b84e62fdce", "matchId": "14c2c3dc-5ec5-4358-9579-bc1d4103c8a0", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The document implies that a short sale is the solution, providing a sum-of-the-parts analysis and valuation multiples to support the bearish outlook.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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