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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "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 compare property counts across segments (P&S vs ADI) over four years, with callouts explaining the discrepancies.",
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      "kind": "callout",
      "text": "After claiming there were 56 properties owned or leased jointly by both segments in 2023, REZI appears to now allocate them as \"Other\". The allocation method is not explained but more were put in P&S than ADI.",
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      "kind": "callout",
      "text": "Spruce Point observes unusual and unexplained changes to REZI's property disclosures between 2023 and 2024. Our suspicion is that REZI used its discretion to allocate greater overhead costs to the P&S segment to flatter ADI segment margins.",
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      "kind": "callout",
      "text": "REZI may have reclassified certain Snap One locations. For example, distribution centers increased from 5 to 24 (+19) despite Snap One only reporting 6 centers. Also branches rose +29 despite Snap One contributing 45 from the acquisition.",
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      "text": "Source: REZI and SNPO SEC Filings.",
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      "kind": "table",
      "text": "REZI's Item 2. Properties Disclosure In The 10-K Annual Report",
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      "kind": "title",
      "text": "Property Reallocation May Flatter Segment Margins",
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