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  "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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  "pageCount": 93,
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  "notes": "Uses a three-column timeline structure to frame the company's history as a recurring failure.",
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      "text": "We believe the promotion behind Resideo Technologies is a series of disappointments. 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.",
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      "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.",
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      "text": "REZI: 2018-2026: Pitch: We’re executing, Non-GAAP earnings growth. Spruce Point Reality: Four CFOs and CAOs; $220m of restructuring charges; $142m of tax maneuvers; $2bn+ of challenged M&A; Failed 2024 objectives; Connected customer growth <2%; Adj. FCF -37%.",
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      "text": "2018 Spinoff From Honeywell: The Pitch: Value to be unlocked through spin-off. Spruce Point Reality: Offload motley group of complex and poorly organized businesses; Onerous obligations due to Honeywell; Expectations too high.",
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      "text": "Resideo Technologies Is A Serial Disappointment",
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      "text": "Seven Year Spin Cycle of Resideo Technologies",
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