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  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
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  "pageNumber": 65,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a combination of a data table and a website screenshot to prove inventory bloat.",
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      "kind": "callout",
      "text": "Growth areas also have elevated level of clearance products",
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      "kind": "image",
      "text": "Screenshot of ADI Global website clearance categories",
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      "kind": "metric",
      "text": "Number of Clearance Items: 699",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "Rising inventory levels can also be seen directly on ADI's website. Notably, the Company has a “Clearance Zone” under its deal tab. By using the Wayback Machine, we see that the total number of clearance items has been steadily rising. Furthermore, by clicking on product categories, we see that most of the products are in Data Comm & Networking and Pro AV, which are two of the adjacent growth categories that management has been touting.",
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      "kind": "source-note",
      "text": "Source: ADI Global website and Wayback Machine",
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      "kind": "table",
      "text": "Clearance Zone Items at ADI Global: Dec 2021 (412), Nov 2022 (211), Oct 2023 (338), Aug 2024 (607), July 2025 (728), Jan 2026 (699)",
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      "kind": "title",
      "text": "Evidence of ADI And Adjacent Category Inventory Bloat",
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