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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 a table to contrast pre-acquisition financials with post-acquisition reporting, specifically highlighting inventory changes and the extension of amortization periods for customer relationships.",
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      "text": "This suggests that Snap's earnings may have been inflated by under-reserving for obsolete inventory.",
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      "text": "inventory reserve: $23 million",
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      "text": "Snap's inventory was marked down twice by a total of $23 million. This is more than the reserve that was carried on Snap One's balance sheet which was historically ~$15 million. This suggests that Snap's earnings may have been inflated by under-reserving for obsolete inventory. Also, we observe that REZI has given sporadic disclosure about the assumption of its intangible asset amortization assumptions. Notably, it increased the most value to customer relationships and increased the amortization period from 10 to 12 years. On the next slides, we'll illustrate why we believe this is an aggressive assumption that inflates reported results.",
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      "text": "Source: Preliminary 8-K, Note 4, Snap One Q1'24 10-Q, and REZI SEC filings",
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      "text": "Financial table comparing Snap One Standalone Q1 2024 to Resideo Financial Reporting from Closing through Q2 2025.",
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      "text": "Multiple Changes To Snap's Inventory & Customer Relationship Valuation Post Closing",
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