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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 highlights a discrepancy between rising obligations and lack of clear management explanation, linking it to a previous slide's mention of early payments.",
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      "text": "This change in practice could be risky if sales fall below plan or the discount programs don't repeat as it could affect future margins.",
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      "text": "Total Purchase Obligations: $358",
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      "text": "REZI provides disclosure of commitments with suppliers and other obligations regarding purchase of goods and services. We observe a sharp rise in these obligations beginning in 2024 and escalating in 2025. There is no specific explanation for why these obligations increased. However, on the previous slide we pointed out that REZI mentioned “early payments to receive supplier discounts” in discussing movements in cash flow. This change in practice could be risky if sales fall below plan or the discount programs don’t repeat as it could affect future margins.",
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      "text": "Source: REZI SEC filings and Spruce Point analysis.",
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      "text": "Analysis of REZI’s Purchase Obligations At Year End",
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      "text": "Rising Purchase Obligations",
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