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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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  "notes": "The slide uses a red box to highlight the specific line item 'Restructuring, impairment and extinguishment costs, net' in the table.",
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      "text": "We do not believe these are simply one-off items to be excluded from financial results. Rather, we see these as on-going and recurring costs which are necessary to fix REZI's complex and ailing operations.",
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      "text": "Restructuring Costs Since 2018 Spin-off",
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      "text": "Restructuring charges as % of Non-GAAP EPS: 11.5%",
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      "text": "We question the legitimacy of REZI's Adj. EPS and Adj. EBITDA presentation. We do not believe these are simply one-off items to be excluded from financial results. Rather, we see these as on-going and recurring costs which are necessary to fix REZI's complex and ailing operations. Since its spin-off, REZI has reported a total of $220m of charges. The restructuring add-backs are material to its Non-GAAP financial results at ~10% in the past two years. According to a former executive we spoke with, these were legacy issues which were not likely to have been completely unknown by the management team from the 2018 spin-off.",
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      "text": "According to a former executive we spoke with, these were legacy issues which were not likely to have been completely unknown by the management team from the 2018 spin-off.",
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      "text": "1) Charges are taxed at 25% per REZI's disclosure. Source: REZI SEC filings and Spruce Point analysis.",
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      "text": "Restructuring Add-Backs To Recent Results Eight Line-Time Adjustments",
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      "text": "We Believe REZI's Non-GAAP Financials Are Inflated By Necessary And Recurring Costs",
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