Second quarter net income of $30 million; Adjusted EBITDA of $175 million, above the high end of outlook range

Products and Solutions second quarter gross margin of 41.3%, fifth consecutive quarter of year-over-year improvement

Continued progress on business transformation with forthcoming new product introductions and completed acquisition of Snap One

Appoints new Chief Financial Officer, Mike Carlet, former Snap One CFO

SCOTTSDALE, Ariz., Aug. 8, 2024 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer and distributor of technology-driven products and solutions that provide home comfort and smart living, security, life safety and energy efficiency to consumers and businesses, today announced financial results for the second quarter ended June 29, 2024, which include 15 days of Snap One financial results following the close of the transaction on June 15, 2024.

(PRNewsfoto/Resideo Technologies, Inc.)

Second Quarter 2024 Financial Highlights

  • Net revenue of $1.59 billion, down 1% compared to $1.60 billion in the second quarter 2023
  • Net income of $30 million compared to $50 million in the second quarter 2023
  • Adjusted EBITDA(1) of $175 million compared to $155 million in the second quarter 2023
  • Fully diluted EPS of $0.19 and $0.34 and Adjusted EPS(1) of $0.62 and $0.48 for the second quarter 2024 and second quarter 2023, respectively.

Management Remarks

"Our second quarter results demonstrated the substantial progress we have made in transforming the structural profitability profile of the business and in executing on value creating strategic transactions," commented Jay Geldmacher, Resideo's President and CEO. "Products and Solutions delivered gross margin and Adjusted EBITDA margin at the highest levels since first quarter 2022. The business accomplished these results in a market environment constrained by higher interest rates and low housing turnover. ADI continued to make progress in driving key strategic initiatives around e-commerce and exclusive brands sales and saw improved customer activity as the quarter progressed."

"I want to welcome former Snap One CFO, Mike Carlet, as CFO of Resideo effective tomorrow. Mike brings extensive finance and industry experience and will be a real asset across the organization. I also want to thank Tony Trunzo, who will stay on until March of 2025 to ensure a successful transition. Tony has been a tremendous partner to me and instrumental in Resideo's transformation through his leadership in rebuilding our balance sheet, rationalizing our cost structure, and helping shape the strategic direction of the business."








(1) This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934. Resideo management believes the use of such non-GAAP financial measure, specifically Adjusted EBITDA and Adjusted EPS, assists investors in understanding the ongoing operating performance of Resideo by presenting the financial results between periods on a more comparable basis.  See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.

Products and Solutions Second Quarter 2024 Highlights

  • Net revenue of $630 million, decreased 7% compared to the second quarter 2023
  • Gross margin of 41.3%, up 300 basis points compared to the second quarter 2023
  • Income from operations of $130 million compared to $115 million in the second quarter 2023
  • Adjusted EBITDA of $156 million, 24.8% of revenue, compared to $137 million, 20.2% of revenue, in the second quarter 2023

Products and Solutions delivered net revenue of $630 million in the second quarter 2024, down 7% compared to second quarter 2023 and down 2% excluding the impact of the Genesis divestiture. First Alert safety products again delivered strong year-over-year sales growth, driven by continued expansion in the residential new construction channel. Air product revenue stabilized and orders improved compared to second quarter 2023, reflecting normalized channel inventories with key distributor customers and strength in new construction. Offsetting this growth was slower activity in the EMEA region, particularly in Energy products.

Gross margin for the quarter was 41.3%, compared to 38.3% in the second quarter 2023, reflecting improving material costs, lower direct labor spending and more favorable factory utilization. Selling, general and administrative expenses were down $8 million and research and development expenses remained down compared to 2023. Expense management was again strong in the quarter and helped drive operating profit for the quarter of $130 million or 20.6% of revenue, up from $115 million or 17% of revenue in second quarter 2023. Adjusted EBITDA grew 14% year-over-year in the second quarter 2024 to $156 million, with Adjusted EBITDA margin up 460 basis points to 24.8%.

ADI Global Distribution Second Quarter 2024 Highlights

  • Net revenue of $959 million, increased 4% compared to the second quarter 2023
  • Gross margin of 19.4%, up 20 basis points compared to the second quarter 2023
  • Income from operations of $62 million compared to $71 million in the second quarter 2023
  • Adjusted EBITDA of $77 million, 8.1% of revenue, compared to $79 million, 8.6% of revenue, in the second quarter 2023
  • Exclusive brand sales up 18% compared to prior year second quarter, not including Snap One

ADI second quarter 2024 net revenue of $959 million increased $34 million compared to second quarter 2023, driven by the inclusion of $45 million of Snap One revenue following the transaction close on June 15, 2024. ADI had growth in several categories including Fire, Intrusion, Datacom and Professional Audio Visual. This was offset by year-over-year declines in Video Surveillance and Residential Audio Visual. For ADI, not including Snap One, the e-commerce channel grew 6% in second quarter 2024 compared to the prior year period. Exclusive brand sales, not including Snap One, grew by 18% compared to the second quarter 2023, with record sales levels achieved for the quarter.

Gross margin for the quarter was 19.4%, up 20 basis points compared to second quarter of 2023. The increase was driven by the inclusion of higher margin Snap One sales, largely offset by reduced inflationary pricing benefits and lower product line margin. ADI has experienced a reduction of average cost inventory benefits year-over-year, as supplier price increases have reduced in pace and scale in 2024. Selling, general and administrative expenses were $118 million in 2024, up $16 million compared to prior period including $12 million of Snap One expenses. Operating profit of $62 million for second quarter 2024 decreased 13% from $71 million in second quarter 2023. Adjusted EBITDA declined to $77 million in second quarter 2024 from $79 million in second quarter 2023.

Cash Flow and Liquidity

Net cash provided by operating activities was $92 million in second quarter 2024 compared to $121 million in the second quarter 2023. The decrease was primarily driven by Snap One transaction costs. At June 29, 2024, Resideo had cash and cash equivalents of $413 million and total outstanding debt of $1.99 billion.

Outlook

The following table summarizes the Company's current third quarter 2024 and full year 2024 outlook.

($ in millions, except per share data)

Q3 2024

2024

Net revenue

$1,790 - $1,830

$6,680 - $6,760

Non-GAAP Adjusted EBITDA

$170 - $180

$655 - $695

Non-GAAP Adjusted Earnings per share

$0.49 - $0.59

$2.15 - $2.35

Full Year Cash Provided by Operating Activities


 At least $375

Conference Call and Webcast Details

Resideo will hold a conference call with investors on August 8, 2024, at 5:00 p.m. ET. An audio webcast of the call will be accessible at https://investor.resideo.com, where related materials will be posted before the call. A replay of the webcast will be available following the presentation. To join the conference call, please dial 888-660-6357 (U.S. toll-free) or 1-929-201-6127 (international), with the conference title "Resideo Second Quarter 2024 Earnings" or the conference ID: 7301399.

About Resideo 

Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through our ADI Global Distribution business, we are also a leading wholesale distributor of professionally installed electronic security and life safety products for commercial and residential markets and serve a variety of adjacent product categories including audio visual, data communications, and smart home solutions. For more information about Resideo, please visit www.resideo.com. 

Contacts:






Investors:


Media:

Jason Willey


Garrett Terry

Vice President, Investor Relations


Corporate Communications Manager

investorrelations@resideo.com 


garrett.terry@resideo.com 

Forward-Looking Statements

This release contains "forward-looking statements." All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the third quarter 2024 and full year 2024, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint (3),  the amount of our obligations and nature of our contractual restrictions pursuant to, and disputes that have or may hereafter arise under the agreements we entered into with Honeywell in connection with our spin-off,  (4) risks related to our recently completed acquisitions including our ability to achieve the targeted amount of annual cost synergies and successfully integrate the acquired operations (including successfully driving category growth in connected offerings), (5) the ability of Snap One and/or Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (6) the ability of Snap One and/or Resideo to achieve the targeted amount of synergies and the related valuation implications described in this press release, (7) the accretive nature of the transaction to Resideo's non-GAAP EPS in the first full year of ownership and the growth and margin profile of the combined businesses, (8) the ability to accelerate brand strategy as a result of the transaction, (9) the ability to integrate the Snap One business into Resideo and realize the anticipated strategic benefits of the transaction, including the anticipated operational and strategic benefits of the transaction, and (10) the other risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other periodic filings we make from time to time with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward looking statements.

Use of Non-GAAP Measures

This press release 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 results determined in accordance with U.S. GAAP.

We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP at the end of this release. A reconciliation of the forecasted range for Adjusted EBITDA and Adjusted Net Income per diluted common share for the third quarter of 2024 and for the fiscal period ending December 31, 2024 are not included in this release due to the number of variables in the projected range and because we are currently unable to quantify accurately certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. In addition, we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors.

Table 1: SUMMARY OF FINANCIAL RESULTS (UNAUDITED)


Q2 2024 (1)


YTD 2024 (1)

(in millions)

Products
and
Solutions


ADI Global
Distribution


Corporate


Total
Company


Products
and
Solutions


ADI Global
Distribution


Corporate


Total
Company

Net revenue

$      630


$       959


$        —


$   1,589


$   1,250


$    1,825


$       —


$   3,075

Cost of goods sold

370


773


(1)


1,142


745


1,483


—


2,228

Gross profit

260


186


1


447


505


342


—


847

Research and development expenses

21


—


—


21


46


—


—


46

Selling, general and administrative
     expenses

103


118


59


280


200


220


91


511

Intangible asset amortization

6


6


1


13


12


9


1


22

Restructuring, impairment and
     extinguishment costs, net

—


—


11


11


5


2


11


18

Income (loss) from operations

$      130


$         62


$      (70)


$      122


$      242


$        111


$   (103)


$      250

 


Q2 2023 (1)


YTD 2023 (1)

(in millions)

Products
and
Solutions


ADI Global
Distribution


Corporate


Total 
Company


Products
and
Solutions


ADI Global
Distribution


Corporate


Total
Company

Net revenue

$      677


$       925


$        —


$   1,602


$   1,335


$    1,816


$        —


$   3,151

Cost of goods sold

418


747


1


1,166


826


1,467


2


2,295

Gross profit (loss)

259


178


(1)


436


509


349


(2)


856

Research and development expenses

28


—


1


29


55


—


1


56

Selling, general and administrative
     expenses

111


102


30


242


221


207


58


486

Intangible asset amortization

5


3


1


10


11


6


2


19

Restructuring and impairment
expenses

—


2


—


2


2


2


—


4

Income (loss) from operations

$      115


$         71


$      (33)


$      153


$      220


$       135


$      (64)


$      291

 


Q2 2024 % change compared with
prior period


YTD 2024 % change compared with
prior period


Products
and
Solutions


ADI Global
Distribution


Corporate


Total
Company


Products
and
Solutions


ADI Global
Distribution


Corporate


Total
Company

Net revenue

(7) %


4 %


N/A


(1) %


(6) %


— %


N/A


(2) %

Cost of goods sold

(11) %


3 %


N/A


(2) %


(10) %


1 %


N/A


(3) %

Gross profit

— %


4 %


N/A


3 %


(1) %


(2) %


N/A


(1) %

Research and development expenses

(25) %


N/A


N/A


(28) %


(16) %


N/A


N/A


(18) %

Selling, general and administrative
     expenses

(7) %


16 %


97 %


16 %


(10) %


6 %


57 %


5 %

Intangible asset amortization

20 %


100 %


— %


30 %


9 %


50 %


(50) %


16 %

Restructuring, impairment and
     extinguishment costs, net

N/A


N/A


N/A


450 %


150 %


— %


N/A


350 %

Income (loss) from operations

13 %


(13) %


112 %


(20) %


10 %


(18) %


61 %


(14) %

(1)

On January 1, 2024, certain corporate functions were decentralized into the operating segments aligning with the business strategy. Functional expenses related to information technology, finance, tax, business development, and research and development are now recorded within the Products and Solutions and ADI Global Distribution segments. For the three and six months ended July 1, 2023, $13 million and $25 million of corporate expenses have been reclassified into the Products and Solutions while $8 million and $16 million of corporate expenses have been reclassified into the ADI Global Distribution segments, respectively, decreasing reported Income from Operations to conform to the current year presentation.

Table 2: CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


Three Months Ended


Six Months Ended

(in millions, except per share data)

June 29, 2024


July 1, 2023


June 29, 2024


July 1, 2023

Net revenue

$             1,589


$             1,602


$             3,075


$             3,151

Cost of goods sold

1,142


1,166


2,228


2,295

Gross profit

447


436


847


856

Operating expenses:








Research and development expenses

21


29


46


56

Selling, general and administrative expenses

280


242


511


486

Intangible asset amortization

13


10


22


19

Restructuring, impairment and extinguishment costs, net

11


2


18


4

  Total operating expenses

325


283


597


565

  Income from operations

122


153


250


291

Reimbursement Agreement expense (1)

47


44


90


85

Other expense (income), net

1


(2)


—


(3)

Interest expense, net

15


17


28


34

  Income before taxes

59


94


132


175

Provision for income taxes

29


44


59


68

  Net income

$                   30


$                   50


$                   73


$                107









Earnings per common share:








Basic

$               0.19


$               0.34


$               0.49


$               0.73

Diluted

$               0.19


$               0.34


$               0.48


$               0.72









Weighted average common shares outstanding:








Basic

146


147


146


147

Diluted

149


149


148


149



(1)

Represents the expense incurred pursuant to the Reimbursement Agreement, which has an annual cash payment cap of $140 million. The following table summarizes information concerning the Reimbursement Agreement:




Three Months Ended


Six Months Ended

(in millions)

June 29, 2024


July 1, 2023


June 29, 2024


July 1, 2023

Accrual for Reimbursement Agreement liabilities deemed
probable and reasonably estimable

$                   47


$                   44


$                   90


$                   85

Cash payments made to Honeywell

(35)


(35)


(70)


(70)

Accrual increase, non-cash component in period

$                   12


$                     9


$                   20


$                   15

Table 3: CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions, except par value)

June 29, 2024


December 31, 2023

ASSETS




Current assets:




Cash and cash equivalents

$                  413


$                          636

Accounts receivable, net

1,071


973

Inventories, net

1,188


941

Other current assets

212


193

Total current assets

2,884


2,743





Property, plant and equipment, net

424


390

Goodwill

3,079


2,705

Intangible assets, net

1,218


461

Other assets

379


346

Total assets

$              7,984


$                       6,645





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$                  980


$                          905

Current portion of long-term debt

12


12

Accrued liabilities

602


608

Total current liabilities

1,594


1,525





Long-term debt

1,979


1,396

Obligations payable under Indemnification Agreements

625


609

Other liabilities

492


366

Total liabilities

4,690


3,896





Stockholders' equity




Preferred stock, $0.001 par value: 100 shares authorized, 0.5 shares issued and
outstanding at June 29, 2024 and no shares issued and outstanding at
December 31, 2023, respectively

482


—

Common stock, $0.001 par value: 700 shares authorized, 152 and 146 shares
issued and outstanding at June 29, 2024, respectively, and 151 and 145 shares
issued and outstanding at December 31, 2023, respectively

—


—

    Additional paid-in capital

2,276


2,226

    Retained earnings

881


810

    Accumulated other comprehensive loss, net

(242)


(194)

Treasury stock at cost

(103)


(93)

Total stockholders' equity

3,294


2,749

Total liabilities and stockholders' equity

$              7,984


$                       6,645

Table 4: CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


Three Months Ended


Six Months Ended

(in millions)

June 29, 2024


July 1, 2023


June 29, 2024


July 1, 2023

Cash Flows From Operating Activities:








Net income

$                   30


$                   50


$                   73


$                107

Adjustments to reconcile net income to net cash in
operating activities:








Depreciation and amortization

28


25


52


49

Stock-based compensation expense

15


13


29


25

Other, net

7


4


17


6

Changes in assets and liabilities, net of acquired
companies:








Accounts receivable, net

(91)


(58)


(57)


(35)

Inventories, net

(11)


12


(4)


(15)

Other current assets

6


11


9


3

Accounts payable

75


56


31


44

Accrued liabilities

11


(8)


(78)


(94)

Other liabilities

22


16


22


27

Net cash provided by operating activities

92


121


94


117

Cash Flows From Investing Activities:








Acquisitions, net of cash acquired

(1,334)


—


(1,334)


(6)

Capital expenditures

(15)


(29)


(36)


(49)

Other investing activities, net

7


—


6


—

Net cash used in investing activities

(1,342)


(29)


(1,364)


(55)

Cash Flows From Financing Activities:








Proceeds from issuance of incremental term loans
under the A&R Term B Facility, net

582


—


582


—

Proceeds from issuance of preferred stock, net of
issuance costs

482


—


482


—

Repayments of long-term debt

(3)


(3)


(6)


(6)

Other financing activities, net

(1)


(6)


(6)


(12)

Net cash provided by (used in) financing activities

1,060


(9)


1,052


(18)

Effect of foreign exchange rate changes on cash, cash
equivalents and restricted cash

—


4


(5)


10

Net (decrease) increase in cash, cash equivalents and
restricted cash

(190)


87


(223)


54

Cash, cash equivalents and restricted cash at beginning
of period

604


296


637


329

Cash, cash equivalents and restricted cash at end of
period

$                414


$                383


$                414


$                383

 

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

ADJUSTED NET INCOME PER DILUTED COMMON SHARE AND

NET INCOME COMPARISON

(Unaudited)
 

RESIDEO TECHNOLOGIES, INC.



Three Months Ended


Six Months Ended

(in millions, except per share data)

June 29, 2024


July 1, 2023


June 29, 2024


July 1, 2023

GAAP Net income

$                   30


$                   50


$                   73


$                107

Less: preferred stock dividends

2


—


2


—

GAAP Net income available to common stockholders

28


50


71


107

Acquisition and integration costs

34


—


34


—

Stock-based compensation expense

15


13


29


25

Intangible asset amortization

13


10


22


19

Reimbursement Agreement accrual increase, non-cash
component (1)

12


9


20


15

Other (2)

12


(3)


17


(5)

Tax effect of applicable non-GAAP adjustments (3)

(22)


(7)


(31)


(14)

Non-GAAP Adjusted net income available to common
stockholders

$                   92


$                   72


$                162


$                147










Three Months Ended


Six Months Ended


June 29, 2024


July 1, 2023


June 29, 2024


July 1, 2023

GAAP Net income per diluted common share

$               0.19


$               0.34


$               0.48


$               0.72

Acquisition and integration costs

0.23


—


0.23


—

Stock-based compensation expense

0.10


0.09


0.20


0.17

Intangible asset amortization

0.09


0.06


0.15


0.13

Reimbursement Agreement accrual increase, non-cash
component (1)

0.08


0.06


0.14


0.10

Other (2)

0.08


(0.02)


0.11


(0.03)

Tax effect of applicable non-GAAP adjustments (3)

(0.15)


(0.05)


(0.22)


(0.10)

Non-GAAP Adjusted net income per diluted common
share

$               0.62


$               0.48


$               1.09


$               0.99









(1)

Refer to the Unaudited Consolidated Statements of Operations herein.

(2)

Other includes restructuring expenses, impairment charges, extinguishment costs, loss on sale of assets, Tax Matters Agreement gain, foreign exchange transaction loss (income), and litigation settlements.

(3)

We calculated the tax effect of non-GAAP adjustments by applying a flat statutory tax rate of 25% for the three months ended June 29, 2024 and July 1, 2023.

 

 NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(Unaudited)
 

RESIDEO TECHNOLOGIES, INC.



Three Months Ended


Six Months Ended

(in millions)

June 29, 2024


July 1, 2023


June 29, 2024


July 1, 2023

Net revenue

$         1,589


$         1,602


$         3,075


$         3,151









GAAP Net income

$               30


$               50


$               73


$             107

GAAP Net income as a % of net revenue

1.9 %


3.1 %


2.4 %


3.4 %

Provision for income taxes

29


44


59


68

GAAP Income before taxes

59


94


132


175

Acquisition and integration costs

34


—


34


—

Depreciation and amortization

28


25


52


49

Stock-based compensation expense

15


13


29


25

Interest expense, net

15


17


28


34

Reimbursement Agreement accrual increase, non-cash
component (1)

12


9


20


15

Other (2)

12


(3)


17


(5)

Non-GAAP Adjusted EBITDA

$             175


$             155


$             312


$             293

Non-GAAP Adjusted EBITDA as a % of net revenue

11.0 %


9.7 %


10.1 %


9.3 %

(1) 

Refer to the Unaudited Consolidated Statements of Operations herein.

(2) 

Other includes restructuring expenses, impairment charges, extinguishment costs, loss on sale of assets, Tax Matters Agreement gain, foreign exchange transaction loss (income), and litigation settlements.

 

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(Unaudited)
 

PRODUCTS AND SOLUTIONS SEGMENT



Three Months Ended


Six Months Ended

(in millions)

June 29, 2024


July 1, 2023


June 29, 2024


July 1, 2023

Net revenue

$             630


$             677


$         1,250


$         1,335









GAAP Income from operations

$             130


$             115


$             242


$             220

GAAP Income from operations as a % of net revenue

20.6 %


17.0 %


19.4 %


16.5 %

Stock-based compensation expense

4


5


10


9

Other (1)

4


—


9


2

Non-GAAP Adjusted Income from Operations

$             138


$             120


$             261


$             231









Depreciation and amortization

18


17


35


34

Non-GAAP Adjusted EBITDA

$             156


$             137


$             296


$             265

Non-GAAP Adjusted EBITDA as a % of net revenue

24.8 %


20.2 %


23.7 %


19.9 %

(1)  Other includes restructuring expenses and litigation settlements.

 

ADI GLOBAL DISTRIBUTION SEGMENT



Three Months Ended


Six Months Ended

(in millions)

June 29, 2024


July 1, 2023


June 29, 2024


July 1, 2023

Net revenue

$             959


$             925


$         1,825


$         1,816









GAAP Income from operations

$               62


$               71


$             111


$             135

GAAP Income from operations as a % of net revenue

6.5 %


7.7 %


6.1 %


7.4 %

Stock-based compensation expense

3


1


5


3

Acquisition and integration costs

4


—


4


—

Other (1)

—


2


2


2

Non-GAAP Adjusted Income from Operations

$               69


$               74


$             122


$             140









Depreciation and amortization

8


5


13


9

Non-GAAP Adjusted EBITDA

$               77


$               79


$             135


$             149

Non-GAAP Adjusted EBITDA as a % of net revenue

8.0 %


8.5 %


7.4 %


8.2 %

(1)  Other includes restructuring expenses.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/resideo-announces-second-quarter-2024-financial-results-302218342.html

SOURCE Resideo Technologies, Inc.

Copyright 2024 PR Newswire

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