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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 'before-after' style comparison across three distinct reporting periods to demonstrate obfuscation.",
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      "text": "Recall, previously we pointed out REZI's frequent capex misforcasting. We see a major red flag that REZI has made four separate revisions to its capex nomenclature on the Consolidated Statement of Cash Flow. The revisions make it appear as if REZI is trying to obscure its technology spending which we view as enormously important given its recent disclosure of ERP challenges and the importance of technology in its product and service offerings.",
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      "text": "We see a major red flag that REZI has made four separate revisions to its capex nomenclature on the Consolidated Statement of Cash Flow. The revisions make it appear as if REZI is trying to obscure its technology spending which we view as enormously important given its recent disclosure of ERP challenges and the importance of technology in its product and service offerings.",
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      "text": "Source: REZI SEC filings and Spruce Point analysis.",
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      "text": "Why Does REZI Keep Shifting How It Describes Its Capex?",
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