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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": 19,
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  "nDataPoints": 10,
  "notes": "Uses Wayback Machine data to compare 2023 vs 2026 metrics.",
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      "kind": "callout",
      "text": "ADI Global Distribution is arguably REZI's best core business, but there are many signs it is under pressure. REZI has left clues about the decline of its ADI performance on its website. Using the Wayback Machine, we see that it updated its team member, net sales, and square feet of distribution space. Based on our analysis, net sales per team member declined by -18%. Distribution space has increased 4x with net sales +24%, products available +14%, and team members +52%. It appears that ADI has too much overhead and excess capacity at the current time. More indicators of the segment's stress through the Snap One acquisition are detailed later in the report.",
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      "kind": "callout",
      "text": "It appears that ADI has too much overhead and excess capacity at the current time.",
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      "text": "4x increase in distribution space",
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      "text": "Net Sales / Team Member: -18%",
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      "kind": "title",
      "text": "ADI's Business Is Under Pressure",
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