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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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  "presentationDate": "2026-01-27 00:00:00",
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  "notes": "The slide uses a table to compare cash taxes vs. provision for income taxes to highlight a discrepancy.",
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      "text": "Cumulatively, the amount of taxes under-reported on the income statement relative to cash taxes paid is ~$142m. Therefore, we argue that Net Income has also been cumulatively overstated by the corresponding amount.",
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      "text": "Net Income Overstatement: $142m",
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      "text": "Tax reporting is an area of accounting that requires significant judgement. Companies often report cash taxes paid at the bottom of the cash flow statement. There can be year-to-year differences between reported and cash amounts due to timing of audits, investigations and refunds. We evaluate REZI's income tax expense vs. cash taxes paid, net over the long run and should expect them to be roughly equal. However, since 2021 REZI has been reporting less GAAP income taxes than cash taxes paid. Cumulatively, the amount of taxes under-reported on the income statement relative to cash taxes paid is ~$142m. Therefore, we argue that Net Income has also been cumulatively overstated by the corresponding amount.",
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      "text": "Source: REZI SEC filings, Spruce Point analysis.",
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      "text": "Uncertain tax positions table showing changes to gross unrecognized tax benefit for 2020-2022.",
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      "text": "We Estimate That Net Income Has Been Cumulatively Overstated By $142m By Income Tax Reporting",
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