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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": 44,
  "pageCount": 93,
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  "notes": "The slide uses a table to show M&A activity and a 2x2-style layout to show the original capital allocation priorities.",
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      "kind": "callout",
      "text": "At the 2018 spin-off, REZI listed its capital priorities in the following order: A) organic growth, B) Deleveraging, C) Return of Capital and 4) Acquisitions. As it turns out, it appears the last priority of acquisitions became the top priority and REZI has levered up while failing to return capital. The Company has spent >$2.0bn on acquisitions and we believe its 4%+ organic growth objective was not achieved.",
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      "kind": "callout",
      "text": "As it turns out, it appears the last priority of acquisitions became the top priority and REZI has levered up while failing to return capital.",
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      "kind": "framework",
      "text": "2019: REZI's “Capital Allocation Priorities”",
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      "text": "Cash for acquisitions: $2.0bn",
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      "text": "Source: REZI SEC filings, including Oct 2018 Investor Presentation",
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      "text": "REZI's M&A Activity: Key Deals Snap One and First Alert",
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      "text": "Summary of REZI's Acquisitions And About Face In Capital Priorities....",
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