{
  "docId": "019dd923-622c-750b-8b99-c8318190e1be",
  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 23,
  "pageCount": 93,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses highlighted quotes to contrast management's stated goals with the reality of lingering ERP issues.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-c8318190e1be/23",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-23",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes that much of REZI's dysfunction in financial and operations results from its lingering issues with implementing an Enterprise Resource Planning system.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b673-bd01c7264396",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Spruce Point believes that much of REZI's dysfunction in financial and operations results from its lingering issues with implementing an Enterprise Resource Planning system.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2dff1913-d5c3-4d86-8072-8feb33bcb92d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"We expect to have only 2 ERPs by the end of 2022, down from 8 ERPs in 2018 around the time of our spin.\" — Rob Aarnes, ADI President, March 2021. \"And we are in the position that we're in today because we made those investments. And this year, there's going to be another chunk because we're building out the new ERP system that I think is going to drive sort of the next wave of initiatives and enablement around the business.\" — Anthony Trunzo, Fmr CFO, Feb 2023. \"In August, we implemented a modern ERP platform in our U.S. business, replacing an over 40-year-old system.\" — Rob Aarnes, ADI President, Nov 2025. \"And then the third big piece of not doing it is the amount of dollars that you have to spend... you're either upgrading your ERP system or you're spending an exorbitant amount of money on middleware, right, trying to get old systems to connect with new systems, which, by the way, is oftentimes not possible, not even possible.\" — Rob Aarnes, ADI President, Nov 2025. \"And so we had all of these kind of platforms, right, whether they were digital tools, whether they were going to drive further enhancements online, design capabilities, AI applications that we just had to keep on the sideline. Unable to actually deploy and use.\" — Rob Aarnes, ADI President, Nov 2025.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b673-c094c6785592",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: REZI statements. 1) Baird conference, Nov 12, 2025",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4d98ed2-9c10-4613-8e54-21bdca1fac6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.94,
        "x": 0.03,
        "y": 0.3
      },
      "kind": "table",
      "text": "Management's Quotes on ERP",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1eec69e8-8219-4985-a02e-3692cec584ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "REZI Has Lingering ERP Challenges And Organizational Complexity",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9537d606-810c-4151-8251-b3012db9c81a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "b2f2c757-c373-4455-9866-9b9bc5654e09",
      "evidence": "Uses historical management quotes to highlight failure to meet stated ERP consolidation goals.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 9,
      "beatId": "7202e722-c846-45f1-ac2f-eccd25950f31",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck agitates the problems, highlighting various contradictions, concerns, and red flags.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}