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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 table demonstrates a bridge from Street valuation to Spruce Point's adjusted valuation by reclassifying convertible preferred stock and adding specific liabilities.",
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      "text": "We believe the market's current evaluation of REZI's capital structure is incorrect as it fails to treat the convertible preferred as in-the-money equity.",
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      "kind": "disclaimer",
      "text": "1) Note: 2024 10-K Note 7, Pension Plans discloses $102m of liabilities, 2025 10-Q Note 16 discloses $22m of environmental liabilities and $91m Tax Matters Agreement obligations. 2) Current portion of long-term debt reclassified to short-term debt of $20m.",
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      "text": "Adjusted Enterprise Value: $9,569",
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      "text": "Source: Company filings and Spruce Point analysis.",
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      "text": "REZI's Current Capital Structure And Enterprise Value",
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      "text": "Pro Forma Adjusted Capital Structure",
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