The Company intends to file a Form 25 on or about June 14, 2024 with the Securities and Exchange Commission (the "SEC"), and the Company expects that trading in the Common Stock will be suspended after the close of market on June 14, 2024. The Company also intends to file a Form 15 with the SEC as soon as practicable following the effectiveness of the Form 25 to indefinitely suspend its reporting obligations under the Securities Exchange Act of 1934, as amended. As a leading distributor of smart-living tech ...

SAN FRANCISCO and BOSTON, May 14, 2024 (GLOBE NEWSWIRE) -- Voltus, Inc. ("Voltus"), a leading distributed energy resource (DER) technology platform and virtual power plant (VPP) operator, together with Resideo Technologies (NYSE:REZI), a leading global provider of home comfort, energy management, security and life safety solutions, today announced the expansion of their residential smart thermostat demand response program offering to approximately 10 million Commonwealth Edison (ComEd) customers across the ...

IÂ'll now turn the call back to Jay for a few concluding remarks before we take questions. Cory Carpenter Jay Geldmacher Hi. Thank you. I had one and then a follow-up. I was hoping you could start by expanding on order volume trends. It sounded like perhaps they took a step back this quarter after you talked about stability the last few quarters. But if you could just kind of flesh that out the trends that youÂ're seeing there in your expectations for the rest of the year? And I think we got ourselves, from ...

| --- | --- | --- | --- | |---------------------------------------------|------------------|------------------|------------------------------------------------------------------| | ($ in millions, except per share) | Q2 2024 | 2024 | Additional Items for 2024 | | | $1,510 to $1,560 | $6,080 to $6,280 | Corporate costs ~$130 | | Consolidated Revenue ADI Revenue Growth Y/Y | | 0% to 3% | Stock-based comp ~$60 | | P&S Revenue Growth Y/Y | | -6% to -2% | D&A ~$100 | | | | | Capital expenditures ~$105 | | Adjust ...

Resideo Announces First Quarter 2024 Financial Results Products and Solutions first quarter gross margin of 39.5%, fourth consecutive quarter of year-over-year improvement First quarter net income of $43 million; Adjusted EBITDA of $137 million at the higher end of outlook range Continued progress on business transformation with new product introductions and agreement to acquire Snap One, a leading provider of smart-living products and distribution SCOTTSDALE, Ariz., May 2, 2024 – Resideo Technologies, Inc. ...

Financial Performance - The company reported net revenue of $6,242 million for 2023, a decrease of 2% from $6,370 million in 2022 [226]. - Gross profit for 2023 was $1,696 million, down from $1,766 million in 2022, reflecting a gross margin of approximately 27.2% [226]. - Net income for 2023 was $210 million, a decline of 26% compared to $283 million in 2022, resulting in diluted earnings per share of $1.42 [226]. - Income from operations for 2023 was $547 million, down from $611 million in 2022, representing a decline of 10.5% [298]. - Products and Solutions segment revenue for 2023 was $2,672 million, down from $2,783 million in 2022, reflecting a decline of 4% [298]. - ADI Global Distribution segment revenue for 2023 was $3,570 million, a slight decrease from $3,587 million in 2022 [298]. - Net income for 2023 was $210 million, a decrease of 25.8% from $283 million in 2022 [230]. Cash Flow and Assets - Net cash provided by operating activities increased significantly to $440 million in 2023, compared to $152 million in 2022 [230]. - The company's total assets increased to $6,645 million in 2023 from $6,387 million in 2022, with cash and cash equivalents rising to $636 million [224]. - Cash, cash equivalents, and restricted cash at the end of 2023 totaled $637 million, up from $329 million at the end of 2022 [230]. - Total inventories decreased to $941 million in 2023 from $975 million in 2022, reflecting improved inventory management [247]. Expenses and Liabilities - Operating expenses totaled $1,149 million in 2023, slightly lower than $1,155 million in 2022, with research and development expenses at $109 million [226]. - Interest paid in 2023 was $80 million, an increase from $54 million in 2022, reflecting higher borrowing costs [230]. - The total accrued liabilities as of December 31, 2023, amounted to $608 million, a decrease from $640 million in 2022 [389]. - The company accrued warranty costs based on estimates of future obligations, adjusting provisions to reflect actual experience [257]. Debt and Interest Rates - Long-term debt stood at $1,396 million as of December 31, 2023, with $1,119 million of this debt carrying variable interest rates [215]. - The weighted average interest rate for the A&R Term B Facility increased from 6.78% in 2022 to 7.72% in 2023 [365]. - The aggregate required principal payments on long-term debt for 2024 to 2028 total $1,419 million, with a significant payment of $1,073 million due in 2028 [357]. - The company has exposure to interest rate movements and may enter into interest rate protection agreements to mitigate this risk [385]. Acquisitions and Investments - The company acquired 100% of Sfty AS, a developer of cloud-based services, enhancing its product offerings in smoke, carbon monoxide, and water leak detection [285]. - The company acquired 100% of BTX Technologies, Inc., a distributor of professional audio, video, and broadcast equipment, expanding its distribution capabilities [286]. - Capital expenditures rose to $105 million in 2023, up from $85 million in 2022, indicating increased investment in growth [230]. Pension and Compensation - The benefit obligation for U.S. pension plans decreased from $348 million in 2022 to $234 million in 2023, a reduction of approximately 32.8% [313]. - The actual return on U.S. plan assets for the year ended December 31, 2023, was $21 million, compared to a loss of $62 million in 2022 [314]. - Stock-based compensation expense for 2023 was $43 million, down from $48 million in 2022 [337]. - The number of Performance Stock Units (PSUs) non-vested as of December 31, 2023, was 1,593,866, with an average grant date fair value of $35.80 [342]. Environmental and Indemnification Liabilities - The company has ongoing liability for certain environmental claims, which are part of its ongoing business [406]. - The estimated liability for environmental-related liabilities recorded on the balance sheets is calculated as if the company were responsible for 100% of the environmental-liability payments associated with certain sites [395]. - As of December 31, 2023, total indemnification liabilities amounted to $749 million, an increase from $720 million in 2022 [404]. - The total indemnification liabilities reflect a consistent increase year-over-year, indicating a growing financial obligation [404].

Financial Data and Key Metrics Changes - Resideo reported Q4 2023 revenue of $1.54 billion, which is 1% lower than Q4 2022 but flat when excluding the Genesis wire business sale [17] - Operating income for Q4 was $147 million, a 50% increase compared to Q4 2022, and adjusted EBITDA was $136 million, up 11% year-over-year [34] - Cash flow from operations for Q4 was $263 million, an 89% increase compared to $139 million in Q4 last year, with full-year cash flow reaching a record $440 million [37][16] Business Line Data and Key Metrics Changes - Products and Solutions (P&S) revenue for Q4 was $683 million, down 1% year-over-year but up 2% when adjusting for the Genesis sale [34] - P&S gross margin in Q4 was 39.5%, up 110 basis points compared to last year, with sequential improvements throughout 2023 [35] - ADI revenue for Q4 was $854 million, down 1% from the prior year, with gross margin at 18%, down from 19.1% in Q4 2022 [36] Market Data and Key Metrics Changes - The U.S. experienced a nearly 20% reduction in existing home sales in 2023, leading to the weakest housing turnover year since 1995, negatively impacting the residential security business [23] - Despite market headwinds, consolidated sales fell only 2% in 2023 due to strong product offerings and customer relationships [23] Company Strategy and Development Direction - The company is focused on reshaping its portfolio and operations, including the divestiture of Genesis and outsourcing manufacturing to position for long-term growth [13] - Resideo aims to drive growth in the new construction market and improve product innovation, with new product introductions planned for 2024 [14] - The company is enhancing its digital capabilities and expanding into adjacent markets, particularly in audiovisual [32] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a more accommodating macro backdrop as 2024 progresses, despite current interest rate challenges and low housing turnover [55] - The initial 2024 outlook implies low single-digit sales growth at the midpoint, with expectations for higher adjusted EBITDA and non-GAAP EPS compared to 2023 [55] Other Important Information - The company repurchased 719,000 shares for $11 million in Q4, totaling 2.6 million shares for $41 million for the full year [20] - The new agreement with ADT is expected to reduce security hardware sales by approximately $100 million in 2024 compared to 2023 [39] Q&A Session Summary Question: Clarification on order activity and revenue guidance for Q1 - Management acknowledged seasonality and expected lower security sales due to the ADT agreement and Genesis impact, indicating a ramp-up in sales as 2024 progresses [57] Question: Update on the relationship with ADT post-2025 - Management confirmed the end of the North American hardware business with ADT after 2025 but emphasized a strong foundation for continued collaboration [46] Question: Further room for price increases and product innovation pace - Management indicated limited price increase assumptions for 2024 and highlighted a focus on accelerating new product introductions across segments [50][51] Question: Long-term trajectory for P&S gross margins - Management discussed the potential for significant margin expansion as volumes recover and highlighted ongoing cost actions and portfolio optimization efforts [73][62]

• OPEX down 10% y/y adjusting for restructuring, with cost savings initiatives more than offsetting inflation impacts F ADI Global Distribution Financial Trends $0 $15 $30 $45 $60 $75 $90 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 ADI Operating Profit -14% Y/Y $M | --- | --- | |-------|-----------------------------------------------------------------| | | | | | Q4 2023 HIGHLIGHTS | | | | | • | Revenue down 1% y/y driven by declines in residential security | | | category, offset by growth in | | | ...

This presentation and accompanying earnings material includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G. Management believes the use of such non- GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported result ...

Resideo Technologies, Inc. (NYSE:REZI) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Jason Willey – Vice President-Investor Relations Jay Geldmacher – Chief Executive Officer Tony Trunzo – Chief Financial Officer Conference Call Participants Erik Woodring – Morgan Stanley Ryan Merkel – William Blair Michael Fisher – Evercore ISI Isaac Sellhausen – Oppenheimer Operator Hello, ladies and gentlemen. My apologies for the technical delay. At this time, I'd like to welcome ever ...