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  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
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  "pageNumber": 34,
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  "notes": "The slide highlights a discrepancy between management's narrative (temporary issues starting Q3'25) and the data (rising stress since Q2'24).",
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      "text": "We find significant stress in REZI's inventory accounts from the Snap deal. Finished goods now make up almost 87% of inventory and the ratio of inventory to projected revenue is at a multi-period high.",
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      "text": "Finished Goods %: 86.5%",
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      "text": "We find significant stress in REZI's inventory accounts from the Snap deal. Finished goods now make up almost 87% of inventory and the ratio of inventory to projected revenue is at a multi-period high. We believe this indicates future margin pressure. REZI claims inventory issues started near the end of Q3'25 and are temporary due to HVAC equipment regulatory changes for new refrigerants. However, our analysis suggests inventory stress has been rising for over a year since the Snap deal closed.",
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      "text": "Source: REZI SEC filings and Q3'25 conference call. Spruce Point analysis.",
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      "text": "REZI Inventory Analysis table showing LTM Revenue, Projected Revenue, Inventory breakdown, Inventory/Sales Ratios, and Growth Rates across 2023-Q3'25.",
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      "kind": "title",
      "text": "Increasing Stress Within Inventory Accounts",
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