{
  "docId": "019dd923-622c-750b-8b99-c8318190e1be",
  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 36,
  "pageCount": 93,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "The slide uses a red box to highlight the gap between the 'Products & Solutions' segment targets and the actual organic performance calculated in the table.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-c8318190e1be/36",
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  "components": [
    {
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      "kind": "callout",
      "text": "Spruce Point believes that REZI has woefully disappointed in its 2024 targets that were communicated to investors in early 2021.",
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      "kind": "metric",
      "text": "organic revenue growth: 2.9%",
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      "kind": "paragraph",
      "text": "Spruce Point believes that REZI has woefully disappointed in its 2024 targets that were communicated to investors in early 2021. Our analysis, which adjusts for recent acquisitions, FX, and divestitures estimates that total organic growth was 2.9% or 310bps below the target.",
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      "kind": "source-note",
      "text": "Source: Investor Day Presentation (March 2021), REZI SEC filings and Spruce Point analysis.",
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      "kind": "table",
      "text": "Estimated Organic Revenue table showing 2020-2024 figures for Total Reported Sales, P&S Reported Sales, ADI Reported Sales, and Gross Margin percentages.",
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      "kind": "table",
      "text": "Long-Term Financial Framework - 2024 Targets table showing Revenue, Gross Margin, Operating Margin, Corporate Cost, and Operating Cash Flow for Resideo, ADI, and Products & Solutions.",
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      "kind": "title",
      "text": "Our Analysis Indicates That REZI Has Fallen Meaningfully Short of Long-Term Revenue And Gross Margin Targets",
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      "evidence": "The slide explicitly contrasts company-stated targets with actual performance to allege disappointment and potential market share loss.",
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      "evidence": "The deck agitates the problems, highlighting various contradictions, concerns, and red flags.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck highlights the risks of not addressing REZI's financial problems.",
      "position": 1,
      "objective": "What are the consequences of not acting on REZI's financial issues?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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