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  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
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  "notes": "The slide highlights a potential accounting red flag regarding rebate reserves and revenue quality.",
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      "text": "We view this program as a negative development with ADI having to be more promotional to stimulate revenue. As a result, we would expect this to weigh on future margins.",
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      "text": "Accrued Customer Rebate Reserve",
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      "kind": "paragraph",
      "text": "We observe that the accrued customer rebate reserve account, which sits within current liabilities, has sharply risen in the past two quarters. While there is no specific explanation of what is driving its growth, we see that in Q1'24 ADI launched “ADI Rewards Program”. We view this program as a negative development with ADI having to be more promotional to stimulate revenue. As a result, we would expect this to weigh on future margins.",
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      "text": "Source: REZI SEC filings, ADI Rewards Program Introduction (Wayback Machine), Spruce Point analysis.",
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      "kind": "title",
      "text": "Fast Growing Rebates And Disconnect Between Revenue And Accounts Receivable Growth",
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