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  "documentTitle": "Resideo Technologies, Inc. (REZI)",
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      "text": "Spruce Point observes that REZI's leverage has materially increased while cash flow available for debt reduction has decreased. We believe the increased leverage comes at the wrong time as REZI now faces extreme operational challenges to separate the Company while dealing with headwinds across its businesses.",
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      "text": "1) Removes recurring restructuring costs and 2018 and 2025 separation costs. 2) See our analysis on the earlier slide. Source: REZI SEC filings and Spruce Point analysis",
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