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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 slide contrasts 2018 spin-off marketing materials with current, stagnant customer growth data.",
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      "text": "There is more evidence that REZI is losing the technology race where product software solutions are critical to customer wins and retention.",
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      "text": "Connected Customer growth: 1.6%",
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      "text": "There is more evidence that REZI is losing the technology race where product software solutions are critical to customer wins and retention. REZI no longer promotes connected customers in its investor presentations or claims that its software creates recurring revenue and long-term customers.",
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      "text": "1) Disclosed on Nov 14, 2025 Jefferies call. We assume zero growth through year end to project annual growth in customers. Source: Spin-off Presentation, Oct 2018, REZI SEC filings.",
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      "text": "Connected Customer Growth Has Recently Dramatically Slowed",
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