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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": "Uses a comparison of Q1'25 vs Q3'25 SEC filings to show the evolution of risk disclosure.",
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      "text": "Must be material enough to disclose the new risk",
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      "text": "In limited situations, we may not be fully compensated for such changes in costs.",
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      "text": "Copper price chart",
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      "text": "Nickel price chart",
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      "kind": "paragraph",
      "text": "We believe that REZI has underappreciated commodity risks. In the last quarter, the Company expanded its risk disclosure to specify, that in certain situations, it is exposed to risk from rising commodity prices. Many commodity prices have risen sharply, notably copper and nickel. As a result, we believe this adds to the risk that REZI's margins fall below plan.",
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      "text": "We are exposed to price risk for commodities used in manufacturing including steel, aluminum, copper, nickel, and semiconductors. Current macroeconomic and geopolitical factors, including commodity-based tariffs and export restrictions on critical materials such as rare earth minerals, may increase the risk of price volatility. We attempt to pass through significant changes in component and raw material costs to our customers based on the contractual terms of our arrangements. In limited situations, we may not be fully compensated for such changes in costs. — Resideo Q3'25 SEC Filing",
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      "text": "REZI SEC filings and Bloomberg.",
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      "text": "REZI's Commodity Price Risk comparison between Q1'25 and Q3'25 filings.",
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      "kind": "title",
      "text": "Underappreciated Commodity Risk",
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