On this page of StockholderLetter.com we present the 4/23/2024 shareholder letter from RESIDEO TECHNOLOGIES, INC. — ticker symbol REZI. Reading current and past REZI letters to shareholders can bring important insights into the investment thesis.

 •  4/23/2024 Letter Continued (Full PDF)
 •  4/25/2023 REZI Stockholder Letter
 •  4/23/2025 REZI Stockholder Letter
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 •  REZI Benford's Law Stock Score = 92

REZI 4/23/2024 Shareholder/Stockholder Letter Transcript:

202  ANNUAL REPORT
AND NOTICE OF
202  ANNUAL MEETING
OF SHAREHOLDERS AND
PROXY STATEMENT


UNITED STAT
T ES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
    ANNUAL REPORT
R PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
or
    TRANS
R
ITION REPORT
R PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____
_ __ to ___
Commission File Number 001-38635
Resideo Tech
T nologies, Inc.
(Exact name of registrant as specifie
f d in its charter)
Delaware
82-5318796
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
16100 N. 71st Street, Suite 550, Scottsdale, Arizona
85254
(Address of principal executive offic
f es)
(Zip Code)
Registrant   s telephone number,
r including area code: (480) 573-5340
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading Symbol:
Name of each exchange on which registered:
Common Stock, par value $0.001 per share
REZI
New Yor
Y rk Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark
r if the registrant
a is a well-known
w seasoned issuer, as defined in Rul
R e 405 of the Securities Act. Y
Yes     No    
Indicate by check mark
r if the registrant
a is not requi
q red to fil
f e reports
r pursuant to Section 13 or Section 15(d) of the Act. Yes
Y     No    
Indicate by check mark
r whether the registrant (1) has fil
f ed all reports
r required to be filed by Section 13 or 15(d) of the Securities Exchang
a e Act of 1934
during the preceding 12 months (or for
f such shorte
r r period tha
t t tthe registrant was requi
q red to fil
f e such reports
r ), and (2) has been subje
b ct to such filing
requirements for tthe past 90 days. Yes
Y     No    
Indicate by check mark
r whether the registrant has submitted electronically every Interactive Data File requi
q red to be submitted pursuant to Rule 405 of
Regulation S-T (  232.405 of this chapter) during the preceding 12 months (or ffor such shorte
r r period tthat tthe registrant
a was requi
q red to submit such fil
f es).
Yes     No    
Indicate by check mark
r whether the registrant is a large accelerated filer, an accelerated ffiler,
r a non-accelerated fil
f er,
r a smaller reporti
r ng company, or an
emerging
r
growth company. See tthe definitions of    large accelerated filer,       accelerated ffiler,   
r    smaller reporti
r ng company,    aand    emerging growth
company    in Rule 12b-2 of tthe Exchange Act.
Large accelerated filer

Accelerated ffiler

Non-accelerated ffiler

Smaller reporti
r ng company


Emerging growth company
If an emergi
r ng growth
w company, indicate by check mark if the registrant has elected not to use tthe extended transition period for complying with any new
or revised ffinancial accounting stand
a ards provided pursuant
a to Section 13(a) of the Exchang
a e Act.    
Indicate by check mark whethe
t r the registrant
a has fil
f ed a report
r on aand attestation to its management's assessment of the effec
f tiveness of its internal
control over fin
f ancial reporting under section 404(b) of the Sarba
r anes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting ffirrm that
a it report    
prepared or issued its aud
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whethe
t r the
t financial statements of the registrant included in the
filing reflect tthe correction of an erro
r r to previously issued ffinancial statements.    
Indicate by check mark
r whether any of those erro
r r corre
r ctions are restatements tha
t t required a recovery analysis of incentive-based compe
m nsation received
by any of tthe registrant
a    s executive offic
f ers dur
d ing the
t relevant recovery period pursuant
a to   240.10D-1(b).    
Indicate by check mark
r whether the registrant is a shell company (as defin
f ed in Rule 12b-2 of tthe Act). Y
Yes     No    
The aggregate market value of tthe voting aand non-voting common equity held by non-affilia
f tes of the Registrant
a , based on the closing price of the shares
of common stock on the New Yor
Y rk Stock Exchange as of June 30, 2023, was $2.6 billion.
The nnumber of shares outstanding of the registrant   s common stock, par value $0.001 per share as of February
r 2, 2024 was 145,318,782 shares.
DOCUMENTS INCORPORATE
A D BY REF
R EREN
R CE
Portions of the registrant   s proxy statement to be ffiled with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the
registrant
a    s 2024 Annual Meeting of Shareholders, which will be filed subsequent to the date hereof,
f are incorporated by reference into Part
r III of this
Form 10-K. Such proxy statement will be filed with
t the Securities and Exchange Commission not later tthaan 120 days following the end of the registrant   s
fiscal year ended Decembe
m r 31, 2023.

TABLE OF CONTENTS
Part I.
Item 1.
Item 1A.
Item 1B.
Item 1C.
Item 2.
Item 3.
Item 4.
Part II.
Item 5.
Business
Risk Factors
Unresolved Staff
f Comments
Cybersecurity
y
y
Properties
p
Legal
g Proceedings
g
Mine Safety
y Disclosures
Market for Registrant   s
g
Common Equity,
q y, Related Stockholder Matters and Issuer Purchases of
Equity
q y Securities
Item 6.
Item 7.
Reserved
Management   s
g
Discussion and Analysis
y of Financial Condition and Results of Operations
p
Item 7A.
Item 8.
Item 9.
Q
Quantitative
and Q
Qualitative Disclosures About Market Risk
Financial Statements and Supplementary
pp
y Data
Changes
g in and Disagreements
g
With
W Accountants on Accounting
g and Financial Disclosure
Item 9A.
Item 9B.
Item 9C.
Part III.
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
Part IV.
Item 15.
Item 16.
Controls and Procedures
Other Infor
f mation
Disclosure Regarding
g
g Foreign
g Jurisdictions that Prevent Inspections
p
Directors,, Executive Offic
f ers and Corporate
p
Governa
r nce
Executive Compensation
p
Security
y Ownership
p of Certain Beneficia
f l Owners and Management
g
and Related Stockholder
Matters
3
7
20
20
21
22
22
23
24
25
36
36
80
80
80
80
81
81
Certain Relationships
p and Related Transactions,, and Director Independence
p
Principal
p Accountant Fees and Services
81
81
81
Exhibits and Financial Statement Schedules
Form 10-K Summary
y
82
87
Signatur
g t es
88
2

Resideo Tec
T hnologies, Inc.
PART I.
Item 1. Business
General
As used herein, unless the context otherwise dictates, the term    Resideo   , the    Company   ,    we   ,    us    or    our    means
Resideo Tec
T hnologies, Inc. and its consolidated subsidiaries.
We separated ffrom Honeywell International Inc. (   Honeywell   ), becoming an independent publicly traded company as a
result of a pro rata distribution of our common stock to stockholders of Honeywell (   the Spin-Off   )
f . Our common stock
began trading    regular way   
a under the ticker symbol    REZI    on the NYSE on October 29, 2018.
Description of Business
Resideo is a leading global manufac
f turer and developer of technology-driven produc
d ts and solutions that provide critical
comfor
f t, energy management, water management, and safety and security solutions to over 150 million homes globally. We
are also a leading wholesale distributor of low-voltage security and life
f safety products for
f commercial and residential
markets and serve a variety of adjacent product categories including audio visual, networking, wire aand cabl
a e, and smart
home solutions. W
We deliver value to our customers via two business segments, Products and Solutions and ADI Global
Distribution, which respectively contributed 42.8% and 57.2% of our net revenue for tthe year ended December 31, 2023.
Our primary focus is on the profes
f sional channel where we are a trusted partner to aapproximately 100 thousand
profes
f sionals. Our global scale, breadth of produc
d t offer
f ings, innovation heritage, and differen
f
tiated service and support has
enabled our trus
r ted relationship with profes
f sional installers and has been a key driver of our success.
We operate in large markets that sit at the intersection of multiple secular growth trends. W
We believe the increased desire for
critical comfor
f t, energy
r management, and actionable safety and security solutions in the home, combined with the longterm impacts of energy transitions, are ddriving investment in the types of products and solutions we provide.
Produc
r
ts and Solutions: Our products and solutions for comfort, energy management, safety and security benefit ffrom the
trus
r ted, well-established key branded offer
f ings such as Honeywell Home, First Alert, Resideo, Braukmann, BRK, and
others. Our offe
f rings include temperatur
t e and humidity control, thermal and combustion solutions, water and indoor air
quality solutions, smoke and carbo
r n monoxide detection home safety products and fire suppression products, security
panels, sensors, peripherals, communications devices, video cameras, other home-related lifes
f tyle convenience solutions,
cloud infra
f structur
t e, installation and maintenance tools, and related softw
f are. Through our whole home presence on the
wall and behind the wall, we are an enabler of home connectivity with approximately 11.6 million connected customers.
Our connected solutions harn
a ess data to provide control, visibility,
t insights, and alerts to the end user. Our comprehensive
product suite has also allowed us to develop and sustain long-standing partnerships with profes
f sionals who have relied on
our selection and availabi
a lity
t of products and config
f ured solutions to help them succeed.
Connectivity has created a large
r and fas
f t-growing connected home mark
a et. W
We believe a significant opportunity exists to
provide products, solutions and services to profes
f sionals and consumers that integrate the disparate sensors, systems and
controls inside the home, and enable diffe
f rentiated insight. Our significant presence in the
t home, both on the wall and
behind the wall, positions us well for the value and convenience consumers expect out of the connected home.
ADI
D Global Dist
i ribution: Our ADI Global Distribution segment is a leading wholesale distributor of low-voltage security
products including security, fire, access control and video products, and participates significantly in the broader related
markets of smart home, access control, power, audio, ProAV,
V networking, communications, wire and cable, enterprise
connectivity,
y and structur
t ed wiring products. Through nearly 200 stocking locations in 13 countries, ADI Global
Distribution distributes more than 450 thousand products fro
f m over one thousand manufactur
t ers to a customer base of
approximately 100 thousand profes
f sionals and is recognized for superior customer service. We believe this global footpr
t int
gives us distinct scale and network advantages in our core products over our competitors. Further, we believe our
customers derive great value ffrom the advice and recommendations of our knowledgeable design specialists, allowing our
customers to better meet the technical and systems integration expertise requirements to install and service profes
f sional
security systems. We continue to provide value-added services including presales system design, 24/7 order pick-up, and
the selective introduction of new product categories.
3



 4/23/2024 Letter Continued (Full PDF)