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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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  "notes": "The slide uses color coding (yellow/red) to emphasize the recent decline in growth rates.",
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      "text": "Sharp deceleration",
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      "text": "Overall, it appears that REZI's growth vectors are starting to meaningfully decelerate.",
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      "text": "Organic revenue growth: 3%",
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      "text": "Despite claiming it can get ADI revenue to be 60-65% touchless, REZI stopped disclosing the percentage at the end of FY23. Moreover, reported organic ecommerce revenue appears to have received a big uplift during the first year of the Snap One transaction. However, in Q3'25 the growth rate declined dramatically back to just 3%. ADI (ex-Snap) exclusive brands organic revenue growth collapsed from 32% to 3% from Q2-Q3'25. If we include Snap exclusive products, organic revenue growth declined from 5% to 3% from Q2-Q3'25. Overall, it appears that REZI's growth vectors are starting to meaningfully decelerate.",
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      "text": "Source: REZI SEC financials, Spruce Point analysis. 1) Touchless includes ecommerce, EDI and email-automation. 2) Not referenced as organic.",
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