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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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  "notes": "The slide uses a table to demonstrate a mathematical gap in reported acquisition revenue, suggesting potential accounting irregularities.",
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      "text": "We cannot reconcile REZI's acquired revenue from 2022 during the critical acquisition of First Alert. REZI also closed three other small acquisitions during this period and generally reported the revenue contribution from acquisitions to total and segment revenue. REZI implemented multiple restructuring programs in Q4'22 despite First Alert performing ahead of plan.",
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      "text": "Acquired Revenue: $427",
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      "text": "We cannot reconcile REZI's acquired revenue from 2022 during the critical acquisition of First Alert. REZI also closed three other small acquisitions during this period and generally reported the revenue contribution from acquisitions to total and segment revenue. REZI implemented multiple restructuring programs in Q4'22 despite First Alert performing ahead of plan.",
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      "kind": "source-note",
      "text": "Source: REZI SEC filings, 10-Q and 10-K's. 1) Q2'22 outlook includes $325m of First Alert revenues. REZI reported $341m of revenue from First Alert in 2022. 2) Implied from the difference between total acquired revenue and First Alert reported revenue. 3) Inconsequential acquisition of $5m estimated from cash paid for acquisitions in Q4'22. 4) Reported in segment discussion. Q3'22 is implied by the 9m – 6m reported revenues of $64m - $15m =$49m.",
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      "kind": "table",
      "text": "Revenue From Acquisitions Analysis In 2022 table",
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      "kind": "title",
      "text": "Revenue Reporting Issues During The Critical First Alert Deal",
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