{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 51,
  "pageCount": 93,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a contrast-pairs framework to highlight the gap between corporate narrative and expert reality.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-c8318190e1be/51",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-51",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "REZI has been talking up its growing relationship with home builders for the First Alert smoke detector business. However, based on our research interview of a former executive familiar with the business, it is a narrower product opportunity which depends on larger volumes and carries less margin than the retail channel.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b675-c00aa5f501fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.96,
        "x": 0.02,
        "y": 0.29
      },
      "kind": "framework",
      "text": "CEO vs. Former Executive interview",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3b4bbe6-938b-452d-997e-05cb7b553715",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"I think on the kind of the commercial, when I say commercial, I mean the builder side, it's always price skinny, a lot of price competition there.\" — Former Executive Familiar With Resideo’s Security Business And First Alert Acquisition. \"Yeah, they're getting volume discounts. It's a volume business. The product itself is pretty inexpensive and pretty basic and they just buy a crap ton of them.\" — Former Executive Familiar With Resideo’s Security Business And First Alert Acquisition. \"Yeah, and also the product mix on the builder side is very limited.\" — Former Executive Familiar With Resideo’s Security Business And First Alert Acquisition. \"I think they overpaid for First Alert.\" — Former Executive Familiar With Resideo’s Security Business And First Alert Acquisition.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b675-c5fd6851c013",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: REZI Conference Call and Spruce Point research interview.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6eebc827-0982-497a-9721-74f1e416591a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "subtitle",
      "text": "REZI has been talking up its growing relationship with home builders for the First Alert smoke detector business. However, based on our research interview of a former executive familiar with the business, it is a narrower product opportunity which depends on larger volumes and carries less margin than the retail channel.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c944f3f1-cacf-48f1-bc95-61e2f9fcc131",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.96,
        "x": 0.02,
        "y": 0.29
      },
      "kind": "table",
      "text": "Comparison of CEO statement vs. Spruce Point interview",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4597cd3-c126-4d59-9dc2-c93c551a5321",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "First Alert's Home Builder Channel Is Less Financially Attractive",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0275940e-224d-4c47-b7d7-c8ada50414d1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "contrast-pairs",
      "slug": null,
      "matchId": "d8680c12-33a8-439c-a8cd-da21c03f31ec",
      "evidence": "Side-by-side presentation of conflicting viewpoints to expose a contradiction.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 9,
      "beatId": "7202e722-c846-45f1-ac2f-eccd25950f31",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck agitates the problems, highlighting various contradictions, concerns, and red flags.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}