{
  "docId": "019dd923-622c-750b-8b99-c8318190e1be",
  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 89,
  "pageCount": 93,
  "prevPage": 88,
  "nextPage": 90,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The chart uses a dashed blue line to indicate the historical median multiple of 0.658x.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-c8318190e1be/89",
  "deckHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-89",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.97,
        "x": 0.015,
        "y": 0.165
      },
      "kind": "callout",
      "text": "Given all the evidence we've presented of REZI's struggles, we argue that its multiple expansion is unwarranted. We believe management should not be given the benefit of the doubt that it can engineer a remarkable improvement by splitting up a complex entity that it previously failed to rationalize.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "412f5aac-d816-48ef-88bd-bbfb5ea17a3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.9,
        "x": 0.06,
        "y": 0.275
      },
      "kind": "chart",
      "text": "REZI's EV / NTM Revenue Multiple",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37065771-08ed-4387-9c7c-a2bafcb30e0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / NTM Revenue Multiple: 1.22",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b679-47e7a091dbb3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.015,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1cdd9ac6-1a8a-4232-b82f-9109ec1b1901",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.31,
        "y": 0.025
      },
      "kind": "title",
      "text": "We See No Justification For REZI's Multiple Expansion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d7f7ef0-3b31-4e34-8018-78fbadb6350b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 93,
      "from": 85,
      "beatId": "5a322485-869d-4a72-805d-55b84e62fdce",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document implies that a short sale is the solution, providing a sum-of-the-parts analysis and valuation multiples to support the bearish outlook.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}