{
  "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": 57,
  "pageCount": 93,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a table to demonstrate lack of growth in key metrics like 'Homes' and 'Distributor/Dealer Integrators' over several years.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-c8318190e1be/57",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-57",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The number of homes with installed systems appears to have grown from 475k to 500k, or just 5% since 2021.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b676-5d35af035d6c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Homes: 500,000",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b676-633fdbdcaba3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.275,
        "w": 0.956,
        "x": 0.022,
        "y": 0.171
      },
      "kind": "paragraph",
      "text": "Control4 was a major part of Snap, accounting for ~30% of its revenue when it was merged in 2019. A review of Control4's website indicates that its growth has severely moderated. The number of homes with installed systems appears to have grown from 475k to 500k, or just 5% since 2021. Moreover the dealer and integrator partners has not grown at all since COVID-19 and comments from dealers about the integration increase the risk of churn. An industry blog details the controversy and angst among some of the dealers with the Snap/Control4 acquisition with a major concern being their relationship with the end client is being diminished and some vowing to shift away from Control4.(1)\n\nAlso, there's a growing trend towards rolling-up and consolidating smart home integrators which is backed with institutional capital. For example, Daisy, led by a former Goldman and McKinsey executive, raised $35m and has already expanded across the U.S. We view integrator consolidation as a negative as it could provide greater leverage against the Company.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f48cb0c-46d7-4100-9b75-210c4fd750b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.25,
        "x": 0.022,
        "y": 0.935
      },
      "kind": "source-note",
      "text": "1) Strate-gee.com blog\nSource: Control4 and Wayback analysis.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f73aa575-2193-4908-a5ae-0705be718127",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.455,
        "w": 0.944,
        "x": 0.028,
        "y": 0.468
      },
      "kind": "table",
      "text": "Control4 Key Metrics On Website table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef05bff6-d644-4611-9ee7-e032b7019153",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.384,
        "x": 0.308,
        "y": 0.045
      },
      "kind": "title",
      "text": "Control4 Growth Appears Stagnant",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75422582-0711-4a1d-b303-e8adec984f21",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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
}