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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-01-27 00:00:00",
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      "text": "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 about the average customer life from the Snap transaction.",
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      "text": "Following the First Alert deal, REZI acquired Snap One Holdings... Our analysis of Control4, ~30% of Snap's revenue, indicates stagnant home installs and dealer network expansion.",
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      "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.",
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      "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.",
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      "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.",
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      "kind": "title",
      "text": "Troubled Acquisitions Continued: A Look At Snap One Holdings",
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