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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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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
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  "pageNumber": 20,
  "pageCount": 93,
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  "notes": "Uses a table format to contrast historical management quotes against current lack of disclosure.",
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      "kind": "callout",
      "text": "REZI is now offering no details on its latest multiyear commercial agreement.",
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      "kind": "paragraph",
      "text": "REZI's security business has historically been a ~$600m+ business and core competency (~10% of revenues). The business has been anchored by ADT Inc. (NYSE: ADT) which management said was “a critically important relationship”. Unfortunately, in 2021 Google invested $450m and partnered with ADT and REZI's business has been under severe pressure. REZI is now offering no details on its latest multiyear commercial agreement.",
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      "kind": "quote",
      "text": "\"With respect to ADT, that's a critically important relationship to us. They've said the same about the relationship from their side.\" — CFO, Investor Day March 2021; \"Security was clearly the strongest. ADT is a terrific and significant customer of that business.\" — CFO, May 6, 2021; \"Additionally, we have reached an agreement in principle at ADT to amend our current agreement to provide ADT with products through 2023\" — CEO, Aug 4, 2022; \"Based on this agreement, we expect our 2024 security hardware sales to ADT to decline by approximately $100 million compared with 2023 levels with a similar additional reduction in 2025.\" — CFO, Feb 13, 2024; \"We saw better results than expected from ADT in 2024, and we also expect a better than previously communicated impact in 2025.\" — CFO, Feb 20, 2025; \"This includes ADT with whom we recently signed a new multiyear commercial agreement.\" — President P&S, Nov 5, 2025",
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      "text": "Source: REZI Conference Calls",
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      "kind": "table",
      "text": "REZI's ADT Commentary table showing quotes from 2021 to 2025",
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      "kind": "title",
      "text": "The Core Security Business Is Challenged",
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