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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-01-27 00:00:00",
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      "text": "REZI has pointed investors to opportunities with its ecommerce sales and exclusive brands which it has said are faster growing and have higher margins. Management also recently claimed that its goals are to have touchless revenue at 60-65% of revenue and that exclusive brands can be a $1bn business. However, to have faith in these goals, REZI should provide reliable and consistent metrics for investors to track its progress. On the next slide, we detail our concerns with these growth opportunities.",
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      "text": "However, to have faith in these goals, REZI should provide reliable and consistent metrics for investors to track its progress.",
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      "text": "And we see that probably as maybe better than some of the other news in the distribution space largely because of the levers that we can pull still around price optimization and as importantly, around our exclusive brands. Those products have dramatically higher margins than our average and they continue to grow at a much, much faster rate than the overall business. — CFO Trunzo, Q4'23, Feb 2023",
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      "text": "Source: REZI conference calls",
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      "text": "CFO Trunzo Q4'23 Feb 2023: \"And we see that probably as maybe better than some of the other news in the distribution space... Those products have dramatically higher margins...\" Aarnes Nov 18, 2024: \"...I want to have total touchless revenue somewhere north of 60%, 65%. All right?\" Aarnes Q1'25 May 2025: \"E-commerce continues to be structurally accretive...\" CEO July 30, 2025: \"...ADI will also focus on growing its portfolio of exclusive brands with the goal of building this to be a $1 billion business within ADI.\"",
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      "text": "Ecommerce And Exclusive Brands Are Heavily Touted Growth Areas By Management",
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