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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 uses a 'Spruce Point Adjusted' methodology to reconcile reported OCF to a lower adjusted figure.",
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      "text": "In fact, we estimate that cash flow has collapsed by -37% since the 2018 spin-off.",
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      "text": "Operating Cash Flow: -37%",
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      "text": "In 2021, REZI outlined its 2024 operating cash flow (OCF) goal to be >$600m. However, by our estimate OCF was $425m when adjusted for the fixed costs obligations to service its preferred stock dividends. In the last 12 months, OCF has markedly deteriorated.",
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      "text": "Source: REZI SEC filings and Spruce Point analysis.",
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