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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-01-27 00:00:00",
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  "notes": "The slide uses a yellow highlight row to emphasize the 'miss' metrics, framing the company's forecasting as unreliable.",
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      "kind": "callout",
      "text": "Spruce Point frequently finds that companies with poor ability to meet capex targets suffer from larger challenges including unstable or worsening end markets or simply poor financial planning by management.",
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      "text": "Capex miss: +122%",
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      "text": "Spruce Point frequently finds that companies with poor ability to meet capex targets suffer from larger challenges including unstable or worsening end markets or simply poor financial planning by management. In the case of REZI, we see that it frequently misses its capex projections by double digit percentages. Also at its March 2021 Investor Day, REZI said capex would be 2-3% of annual revenue through 2024; it never happened.",
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      "text": "Source: REZI SEC filings and 2021 Investor Day presentation. 1) Based on beginning of year projections. 2) Based on 2-5% revenue growth estimate from 2018, and 1% of revenue spending on capex guidance. 3) Cash capex is reporting in the cash flow statement for investing. Capex in accounts payable is reported under Supplemental Cash Flow Information at the bottom of the cash flows statement. 4) 2025 YTD miss based on 75% of annual capex requirement of $107m.",
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      "text": "Analysis of Resideo's Capex Forecasting",
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      "kind": "title",
      "text": "We Believe REZI's Poor Capex Planning Signals Challenges",
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