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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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      "text": "Spruce Point analysis indicates REZI failed miserably to achieve its 2024 goals",
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      "text": "We now see few, if any, catalysts left as REZI becomes a “trust me” story that it can unlock value as two separate companies after telling investors for seven years that it had the right strategy.",
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      "text": "Spruce Point believes that REZI’s share price reflects a fail-forward mentality. 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. We now see few, if any, catalysts left as REZI becomes a “trust me” story that it can unlock value as two separate companies after telling investors for seven years that it had the right strategy.",
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      "text": "Source: Bloomberg",
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