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  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
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  "pageNumber": 12,
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    {
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      "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.",
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      "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.",
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      "text": "operating cash flow: -37%",
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      "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.",
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      "text": "Ignore REZI's Non-GAAP results; cash flow never lies and we believe it is the ultimate arbiter of REZI's failures:",
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      "kind": "title",
      "text": "We Believe REZI's Non-GAAP Results Are Dubious; Cash Flow Is King And It Is Cratering",
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