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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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      "kind": "callout",
      "text": "We are troubled by the recent omission of intersegment revenue reporting without an explanation that we can identify and by the CFO's recent insistence it was \"single digits\".",
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      "text": "We are troubled by the recent omission of intersegment revenue reporting without an explanation that we can identify and by the CFO's recent insistence it was “single digits”. Intersegment revenue is important for accessing a company’s internal functioning and efficiency and how much segments rely on each other to allocate resources. Moreover, it creates the potential for manipulation of results or hiding underlying problems in one or both segments. While REZI may have a legitimate reason for this change, the lack of transparency and change without explanation, we believe to be a major red flag. We also believe intersegment revenue may have implications for the corporate split since the terms of the intersegment revenue have the potential to be at off-market terms and may carry artificially high margins for reporting purposes.",
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      "kind": "quote",
      "text": "“It's single digits, the amount of volume that goes back and forth on each side, the amount of revenue for ADI and P&S that is intercompany is in a single digit. So, it's a significant, but it's not huge.”",
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      "text": "\"It's single digits, the amount of volume that goes back and forth on each side, the amount of revenue for ADI and P&S that is intercompany is in a single digit. So, it's a significant, but it's not huge.\" — CFO",
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      "text": "Source: REZI SEC filings",
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      "text": "2022 Segment Results table showing missing intersegment revenue line",
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      "text": "2021 Segment Results table showing intersegment revenue of 373, 367, 312 for 2021, 2020, 2019",
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      "kind": "title",
      "text": "Intersegment Revenue Disappeared; CFO May Have Understated Its Significance",
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      "evidence": "Contrasts CFO quote with historical financial data to expose potential misrepresentation.",
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