ADI Financial Problems And The Case For Breaking Up Resideo Analyzed

**** ****** **% ********** ****** **** ***** ***, ******* *** ******** ******* ***** problem, ****** ** *** ********* **** side, *** *** **** ******* ******** on *** *** ****.

**** ***** ** ****** **** ** show **** *** *********** ** ********* Homes *** *** ***** ******* ********* nor ********* ***** *** **** *** best ******** ** ** ***** **** up.

** **** ******** ****, ** *******:

• **** ******** ******** *** *****
• *** ****** ** ********* ** ***
• *** *** ** *** ******** ************* in *** **** **** ********* **** in ***
• *** ****** ** ***
• *** *** *** ******* **** *********
• *** ****** ** *******

Executive *******

***** *** *****-**** ***** ** ***** problems ** *********** ****** ********, *** long-term ******* ** **** ******* *** weak *********** *********** ******** ** ***** residential *** ********* *** **** *** and ******* ******** **** *****. ** would ** ** ** * ****** company ***** ****** *** ********'*. ***** both ********* **** **** ****, **** they ** **** **** *** *** they ** ** ****** *** ************* different.

*******, *** ** * ****** ****** in **** ** ****, **** *** only *********** ** ***** ***** *****. Moreover, *** ** ********** ****** **** security *******, ***** ***** ****** ********, events, ********, *-********, ***.

** ********, ********* ***** ** ************ a ******* ** *** ******, **** many ******** *** ********* ** ******* against. ** ******* **** *******'* ********** contention **** *** ******* ****** ** at ***** ** **** ********* **** and **** *** ****** ****** ** stronger *********** ** *** ***** ****. Arguably, **** ** *** *** ******* executive's *****, ** **** ********* ***** problems **** *********, ****** **** **** not ************* ******** *********** *****.

ADI ********* ********

***** ***'* ******* *** ********* ***** in *** * ** **% ***** since ******* **** ******, **** ****, the *********** ********** ** **** *** now ******** ***********:

** ******* *** $*** *******, **** 1% ** *** ***** **** ******. A *% ******* ** ***** ******* was ********* ****** ** *% ****** in ****

*****, *** ***** ****** **** * full ********** *****:

*** ***** ****** ** *** ***** quarter *** **.*% ******** **** **.*% in ** **** ****.

*** ****** ** ** * *** factors, ********* ***** ****** *** **** competition:

********** ************ ******* ******** *********** ** 2022,reduced ****** ****** activity due to lower volumes and more *********** ******* in certain categories [emphasis added]

********* ******* **** **** *************, ********* costs ** *** ********* *** *********:

*** ********* ****** ** $** ******* was **** **% ******** **** ** last **** *** ******** $** ******* of ************* *****. ****** *** ***** quarter *** *********** ************* **********, ********* headcount ********** *** ************* *** ******** and ********** *********.

Hikvision ****** ** ***

** * ****** ********* *****, *** was * *** *********** ** *********'* expansion **** **** ** ~****. *** was *** **** ********** ****** ** Hikvision, ********* *********** *** ***** ** Hikvison's ********** ******** *** ***** ***** and ********** **** ** **** ***'* video ************ ********.

***** ***'* ******** ** *** ******* than ***** ************, *********'* ****** *** a *** ****** ** ******** *** to ****** ****** **** *** ******* distribution ******.

**** *********'* ********** *** ** *** NDAA *** *** *** ****, ********* (as **** ** ***** *** ***** PRC-made ********) *** ******** *************. **** year's *** ********* ******* ********** ******* that ********.

** ******, ***** ******* ** *** reflect*** ****** ******** **** ** ***** *** **** **** ** ******* announced ***** **** ** ********* *******. At *** *******, ** ****** **** to **** * ******** ****** ** ADI's ********* ** ***** *** ********* as *** ***** ** ******** ***** risk.

ADI ******, ********* ***** ****

**** ******* ***** *** ********* *****, ADI ** ***** ****** ** *** security ************ ******. ********** (*******)*** ******** ** ******** ** ********** projects, ** ******** *********** *** *** physical ***** (*** "******** *********"), ******, inventory, *** ************* ******* ** ***.

*** ***** ************ **** ** *** 2010s *** ** **** *** *** and *** ************, *** ***'* *********** strengths ** ******** ************ ******. *** North ******** ******** ************, ** ** ADI, ***** (*******), *** **** ** one **** ** ******** ***** ** size.

** ********, *******'* ******* **** *** numerous ***********, ********* ***** ******** ******** on *********** ******** *** *** ****-**** companies **** *** ****** ***** *** ability ** ********** ********, ********** ** DIY, *** ***** ******* ******* **** of *** ******.

The ****** ** ***

***** *** ***** *** ** *** how ****** *** ******* ******** ****** is, *** **** *** **** ***** growth *************. ** *** ***** ****, ADI **** *** **** *** *********** threats. ***** ****** **** ********** ****, e.g., ****** ***** ******* ***, ** see ** ******** ** **** ********* and *** ********* **** **** ***** be ****, **** ** *****. *** value **** *** ******** ******* ***** sales, *******, *********, *** ****** *** security ******* ** *** ********* **** we ******* ****** ***** **** **** financially ********** ****** ******** ** ******** other *************.

*** *****, ******, ** ***** ********** to ******** ** ** ********** ************ that ****** ** *** * ****-*** top-selling ****** *******.

No *********

** ** *** *** *** *********** synergies ******* *** ******** **** ** Resideo *** ***. ***** **** ** Resideo's ******** *** **** ******* ***, those *** ***** * ******** ********. Moreover, *** ******** **** *** ******** side ***** (********** *********** ******** / safety ********) *** ************* ********* **** what *** ***** ** ******** (************ numerous *** ******* ******** ** ******* of ******* *******.

******, ******* *******'* *** ******** **** transcripts, **** ** *** **** ***** for **** *********. **** ***** ********** be ****** ** *********, *** ******** these *****-******* ******** **** **** ****** to ****** ********** ** ***** **********. Either ***, ** ** *** *** any ******** *** *** ***** *** businesses ** **** **** *****, *** they **** *** **** ***** ** show **, ** ** *****.

Future ** *******

***** ** ******* ******* ***** ** better ****** **, *** ********* *** challenging. *** ****** ******** ****** ** to **** *** ******** ******** ** ADI, *** *** ********* ****** ***** be ********** ***** *** ** ******** traded ******* ********* *** ******* **** of * ****** *****. *** ******** business ** ** ~$*.* ******* ****** revenue *** *********. *** ** ** ~$3.6 ******* *** ********** ****.

*******'* ****** ********* ** **** $*.* billion:

** *** ******* ********** ** ******** as ** *********** ******* *** *** two ***** ***** ****** ***, *********** and ************* ***** ***** *** ******** part ** ****** ********** **** ******* on ****'* ********** *****.