Technology
Resideo Announces Second Quarter 2024 Financial Results
Published
2 years agoon
By
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.
Second Quarter 2024 Financial Highlights
Net revenue of $1.59 billion, down 1% compared to $1.60 billion in the second quarter 2023Net income of $30 million compared to $50 million in the second quarter 2023Adjusted EBITDA(1) of $175 million compared to $155 million in the second quarter 2023Fully 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 2023Gross margin of 41.3%, up 300 basis points compared to the second quarter 2023Income from operations of $130 million compared to $115 million in the second quarter 2023Adjusted 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 2023Gross margin of 19.4%, up 20 basis points compared to the second quarter 2023Income from operations of $62 million compared to $71 million in the second quarter 2023Adjusted EBITDA of $77 million, 8.1% of revenue, compared to $79 million, 8.6% of revenue, in the second quarter 2023Exclusive 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
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.
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SOURCE Resideo Technologies, Inc.