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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-01-27 00:00:00",
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  "notes": "The table attempts to isolate incremental technology spending by adjusting for acquisitions.",
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      "text": "We are concerned because REZI has never quantified how much it has spent on its ERP or the capital required to complete the integrations.",
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      "text": "ERP implementation costs: $100M - $250M",
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      "text": "We are concerned because REZI has never quantified how much it has spent on its ERP or the capital required to complete the integrations. As we will illustrate, REZI also shrouds its capex spending on the cash flow statement with four different nomenclatures.",
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      "text": "Source: REZI SEC financials, Spruce Point analysis 1) Third Stage Consulting Study, 2020",
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      "text": "REZI's Estimated Technology Spending 2021 - YTD 2025",
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      "kind": "title",
      "text": "REZI Has Not Disclosed ERP Capital Costs But We Estimate It Could Be $100M - $250M",
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