Resideo Announces Record Second Quarter 2025 Financial Results; Raises 2025 Outlook; Initiates Third Quarter 2025 Outlook
Resideo Technologies (NYSE: REZI) reported exceptional Q2 2025 financial results, with record-high net revenue of $1.94 billion, up 22% year-over-year. The company's Products & Solutions segment achieved a 42.9% gross margin, while ADI Global Distribution saw significant growth with revenue up 33%. However, the company reported a net loss of $825 million due to a one-time $882 million expense related to terminating the Honeywell Indemnification Agreement.
Key highlights include Adjusted EBITDA of $210 million (up 20% YoY), organic revenue growth of 8%, and strong performance across both business segments. The company raised its full-year 2025 outlook and initiated Q3 2025 guidance, demonstrating confidence in future growth. Additionally, Resideo plans to make a one-time payment of $1.59 billion to Honeywell in Q3 2025.
Resideo Technologies (NYSE: REZI) ha riportato risultati finanziari eccezionali per il secondo trimestre 2025, con un fatturato netto record di 1,94 miliardi di dollari, in crescita del 22% rispetto all'anno precedente. Il segmento Prodotti & Soluzioni ha raggiunto un margine lordo del 42,9%, mentre ADI Global Distribution ha registrato una crescita significativa con un aumento del fatturato del 33%. Tuttavia, l'azienda ha riportato una perdita netta di 825 milioni di dollari a causa di una spesa una tantum di 882 milioni di dollari legata alla risoluzione dell'Accordo di Indennizzo con Honeywell.
Tra i principali risultati si segnalano un EBITDA rettificato di 210 milioni di dollari (in aumento del 20% su base annua), una crescita organica del fatturato dell'8% e una solida performance in entrambi i segmenti di business. L'azienda ha rivisto al rialzo le previsioni per l'intero anno 2025 e ha fornito le indicazioni per il terzo trimestre 2025, dimostrando fiducia nella crescita futura. Inoltre, Resideo prevede di effettuare un pagamento una tantum di 1,59 miliardi di dollari a Honeywell nel terzo trimestre 2025.
Resideo Technologies (NYSE: REZI) report贸 resultados financieros excepcionales para el segundo trimestre de 2025, con ingresos netos r茅cord de 1.94 mil millones de d贸lares, un aumento del 22% interanual. El segmento de Productos y Soluciones alcanz贸 un margen bruto del 42.9%, mientras que ADI Global Distribution experiment贸 un crecimiento significativo con ingresos que aumentaron un 33%. Sin embargo, la compa帽铆a report贸 una p茅rdida neta de 825 millones de d贸lares debido a un gasto 煤nico de 882 millones relacionado con la terminaci贸n del Acuerdo de Indemnizaci贸n con Honeywell.
Los aspectos m谩s destacados incluyen un EBITDA ajustado de 210 millones de d贸lares (un aumento del 20% interanual), un crecimiento org谩nico de ingresos del 8% y un s贸lido desempe帽o en ambos segmentos comerciales. La empresa elev贸 sus perspectivas para todo el a帽o 2025 e inici贸 la gu铆a para el tercer trimestre de 2025, demostrando confianza en el crecimiento futuro. Adem谩s, Resideo planea realizar un pago 煤nico de 1.59 mil millones de d贸lares a Honeywell en el tercer trimestre de 2025.
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Resideo Technologies (NYSE : REZI) a publi茅 des r茅sultats financiers exceptionnels pour le deuxi猫me trimestre 2025, avec un chiffre d'affaires net record de 1,94 milliard de dollars, en hausse de 22 % sur un an. Le segment Produits & Solutions a atteint une marge brute de 42,9 %, tandis qu'ADI Global Distribution a connu une croissance significative avec un chiffre d'affaires en hausse de 33 %. Cependant, l'entreprise a enregistr茅 une perte nette de 825 millions de dollars en raison d'une charge unique de 882 millions li茅e 脿 la r茅siliation de l'accord d'indemnisation avec Honeywell.
Parmi les points cl茅s figurent un EBITDA ajust茅 de 210 millions de dollars (en hausse de 20 % sur un an), une croissance organique du chiffre d'affaires de 8 % et une solide performance dans les deux segments d'activit茅. La soci茅t茅 a relev茅 ses perspectives pour l'ensemble de l'ann茅e 2025 et a lanc茅 ses pr茅visions pour le troisi猫me trimestre 2025, t茅moignant de sa confiance dans la croissance future. De plus, Resideo pr茅voit un paiement unique de 1,59 milliard de dollars 脿 Honeywell au troisi猫me trimestre 2025.
Resideo Technologies (NYSE: REZI) meldete herausragende Finanzergebnisse f眉r das zweite Quartal 2025 mit einem rekordhohen Nettoumsatz von 1,94 Milliarden US-Dollar, was einem Anstieg von 22 % im Jahresvergleich entspricht. Das Segment Produkte & L枚sungen erzielte eine Bruttomarge von 42,9 %, w盲hrend ADI Global Distribution ein erhebliches Wachstum mit einem Umsatzanstieg von 33 % verzeichnete. Das Unternehmen meldete jedoch einen Nettverlust von 825 Millionen US-Dollar aufgrund einer einmaligen Ausgabe von 882 Millionen US-Dollar im Zusammenhang mit der Beendigung der Honeywell Entsch盲digungsvereinbarung.
Zu den wichtigsten Highlights z盲hlen ein bereinigtes EBITDA von 210 Millionen US-Dollar (plus 20 % im Jahresvergleich), ein organisches Umsatzwachstum von 8 % und eine starke Leistung in beiden Gesch盲ftsbereichen. Das Unternehmen hat seine Prognose f眉r das Gesamtjahr 2025 angehoben und die Prognose f眉r das dritte Quartal 2025 ver枚ffentlicht, was das Vertrauen in zuk眉nftiges Wachstum unterstreicht. Zudem plant Resideo eine einmalige Zahlung von 1,59 Milliarden US-Dollar an Honeywell im dritten Quartal 2025.
- Record Q2 net revenue of $1.94 billion, up 22% year-over-year
- Adjusted EBITDA reached record $210 million, increasing 20% year-over-year
- Products & Solutions achieved ninth consecutive quarter of gross margin improvement at 42.9%
- ADI segment revenue grew 33%, with organic growth of 10%
- Company raised full-year 2025 guidance, showing confidence in future performance
- Net loss of $825 million due to one-time Honeywell agreement expense
- Upcoming $1.59 billion cash payment to Honeywell in Q3 2025
- Total outstanding gross debt of $2.01 billion
Insights
Resideo posted record Q2 revenue/EBITDA, raised guidance, but recorded net loss due to Honeywell agreement termination expense.
Resideo delivered exceptional Q2 2025 results with
The headline net loss of
Margin performance was particularly impressive, with total company gross margin expanding
Adjusted EBITDA hit a record
The company's raised full-year outlook signals management's confidence in continued momentum, with new revenue guidance of
- Record high second quarter net revenue of
$1.94 billion 22% year-over-year and above the high-end of outlook range; up8% on an organic basis with ADI up10% and P&S up5% on an organic basis(1) - Total company second quarter gross margin was
29.3% , up 120 basis points year-over-year; Products and Solutions second quarter gross margin was42.9% , ninth consecutive quarter of year-over-year improvement - Second quarter net loss of
$825 million $30 million - Record high second quarter Adjusted EBITDA(2) of
$210 million 20% year-over-year, and above the high-end of outlook range
Second Quarter 2025 Financial Highlights
- Record high net revenue of
$1,943 million 22% compared to$1,589 million - Net loss was
$825 million $30 million $882 million $35 million $1.59 billion - Record high Adjusted EBITDA of
$210 million 20% compared to$175 million - Fully diluted (loss) earnings per share was
$(5.59) $0.19 $0.66 $0.62 $0.66 - Cash provided by operating activities was
$200 million
Management Remarks
"Resideo had an exceptional second quarter, reporting record high results that were above the high-end of the range for all our key financial metrics. We are pleased to report that both the ADI and Products and Solutions segments generated organic net revenue growth, gross margin expansion, and robust Adjusted EBITDA growth," said Jay Geldmacher, Resideo's President and CEO.
"With consistent execution and our confidence that the Company will achieve the profitable growth opportunities ahead, we are raising our 2025 outlook. As we embark on the transformative action to spin off ADI, we believe the performance of both businesses is a strong proof point to the future success of each independent company."
(1) | Excludes the impact of the Snap One acquisition of |
(2) | 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 measures, specifically Adjusted EBITDA, Adjusted Net Income, 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 |
Products and Solutions Second Quarter 2025 Highlights
- Net revenue was
$666 million 6% compared to second quarter 2024 and up5% year-over-year, excluding the impact of foreign currency - Gross margin was
42.9% , up 160 basis points compared to second quarter 2024 - Income from operations was
$142 million $130 million - Adjusted EBITDA was
$167 million 25.1% of revenue, compared to$156 million 24.8% of revenue, in second quarter 2024
Products and Solutions delivered net revenue of
Second quarter 2025听gross margin was
ADI Global Distribution Second Quarter 2025 Highlights
- Net revenue was
$1,277 million 33% compared to second quarter 2024 and up10% excluding the impact of the acquisition of Snap One Holdings Corp. ("Snap One") and foreign currency - Gross margin was
22.2% , up 280 basis points compared to second quarter 2024 - Income from operations was
$71 million $62 million - Adjusted EBITDA was
$107 million 8.4% of revenue, compared to$77 million 8.0% of revenue in second quarter 2024
ADI delivered net revenue of
Gross margin was
Cash Flow and Liquidity
Net cash provided by operating activities was
Outlook
The following table summarizes Resideo's initiated third quarter 2025 and raised full year 2025 outlook:
($ in millions, except per share data) | Q3 2025 | 2025 |
Net revenue | ||
Non-GAAP Adjusted EBITDA | ||
Non-GAAP Adjusted Earnings Per Share | ||
Non-GAAP Cash Provided by Operations(3) |
(3) Excludes one-time payment to be made to Honeywell upon closing of the transactions contemplating the termination of the Indemnification Agreement. |
Conference Call and Webcast Details
Resideo will hold a conference call with investors on听August听5, 2025, at 5:00 p.m. ET. An audio webcast of the call will be accessible at , 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 (
About Resideo
Resideo is a leading manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others,听visit .
Contacts: | ||
Investors: | Media: | |
Christopher T. Lee | Garrett Terry | |
Global Head of Strategic Finance | Corporate Communications Manager | |
Forward-Looking Statements
This release and the related conference call contain "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 2025 and full year 2025, (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 Snap One, and 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 Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (6) risks and uncertainties relating to tariffs that have been or may be imposed by
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 thereunder. 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
We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with
Table 1: SUMMARY OF FINANCIAL RESULTS (UNAUDITED) | ||||||||||||||||
Q2 2025 | YTD 2025 | |||||||||||||||
(in millions) | Products | ADI Global | Corporate | Total | Products | ADI | Corporate | Total | ||||||||
Net revenue | $听听听听听听 666 | $听听 1,277 | $听听听听听听听听 鈥� | $听听 1,943 | $听听 1,315 | $听听 2,398 | $听听听听听听听听 鈥� | $听听 3,713 | ||||||||
Cost of goods sold | 380 | 994 | 鈥� | 1,374 | 760 | 1,873 | 鈥� | 2,633 | ||||||||
Gross profit | 286 | 283 | 鈥� | 569 | 555 | 525 | 鈥� | 1,080 | ||||||||
Research and development | 32 | 9 | 鈥� | 41 | 59 | 17 | 鈥� | 76 | ||||||||
Selling, general and | 104 | 179 | 36 | 319 | 205 | 352 | 68 | 625 | ||||||||
Intangible asset amortization | 6 | 23 | 1 | 30 | 12 | 46 | 2 | 60 | ||||||||
Restructuring, impairment and | 2 | 1 | (1) | 2 | 1 | 5 | 鈥� | 6 | ||||||||
Income (loss) from operations | $听听听听听听 142 | $听听听听听听听听 71 | $听听听听听听 (36) | $听听听听听听 177 | $听听听听听听 278 | $听听听听听听 105 | $听听听听听听 (70) | $听听听听听听 313 | ||||||||
Q2 2024 | YTD 2024 | |||||||||||||||
(in millions) | Products | ADI Global | Corporate | Total | Products | ADI Global | Corporate | Total | ||||||||
Net revenue | $听听听听听听 630 | $听听听听听听 959 | $听听听听听听听听 鈥� | $听听 1,589 | $听听 1,250 | $听听 1,825 | $听听听听听听听听 鈥� | $听听 3,075 | ||||||||
Cost of goods sold | 370 | 773 | (1) | 1,142 | 745 | 1,483 | 鈥� | 2,228 | ||||||||
Gross profit | 260 | 186 | 1 | 447 | 505 | 342 | 鈥� | 847 | ||||||||
Research and development | 21 | 鈥� | 鈥� | 21 | 46 | 鈥� | 鈥� | 46 | ||||||||
Selling, general and | 103 | 118 | 59 | 280 | 200 | 220 | 91 | 511 | ||||||||
Intangible asset amortization | 6 | 6 | 1 | 13 | 12 | 9 | 1 | 22 | ||||||||
Restructuring, impairment and | 鈥� | 鈥� | 11 | 11 | 5 | 2 | 11 | 18 | ||||||||
Income (loss) from operations | $听听听听听听 130 | $听听听听听听听听 62 | $听听听听听听 (70) | $听听听听听听 122 | $听听听听听听 242 | $听听听听听听 111 | $听听听听 (103) | $听听听听听听 250 | ||||||||
Q2 2025 % change compared with prior | YTD 2025 % change compared with | |||||||||||||||
Products | ADI Global | Corporate | Total | Products | ADI Global | Corporate | Total | |||||||||
Net revenue | 6听% | 33听% | N/A | 22听% | 5听% | 31听% | N/A | 21听% | ||||||||
Cost of goods sold | 3听% | 29听% | (100)听% | 20听% | 2听% | 26听% | N/A | 18听% | ||||||||
Gross profit | 10听% | 52听% | (100)听% | 27听% | 10听% | 54听% | N/A | 28听% | ||||||||
Research and development | 52听% | N/A | N/A | 95听% | 28听% | N/A | N/A | 65听% | ||||||||
Selling, general and | 1听% | 52听% | (39)听% | 14听% | 3听% | 60听% | (25)听% | 22听% | ||||||||
Intangible asset amortization | 鈥斕�% | 283听% | 鈥斕�% | 131听% | 鈥斕�% | 411听% | 100听% | 173听% | ||||||||
Restructuring, impairment and | N/A | N/A | (109)听% | (82)听% | (80)听% | 150听% | (100)听% | (67)听% | ||||||||
Income (loss) from operations | 9听% | 15听% | (49)听% | 45听% | 15听% | (5)听% | (32)听% | 25听% | ||||||||
听
Table 2: CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions, except per share data) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||
Net revenue | $听听听听听听听听听听听听听听听听听听 1,943 | $听听听听听听听听听听听听听听听听听听 1,589 | $听听听听听听听听听听听听听听听听听听 3,713 | $听听听听听听听听听听听听听听听听听听 3,075 | |||
Cost of goods sold | 1,374 | 1,142 | 2,633 | 2,228 | |||
Gross profit | 569 | 447 | 1,080 | 847 | |||
Operating expenses: | |||||||
Research and development expenses | 41 | 21 | 76 | 46 | |||
Selling, general and administrative | 319 | 280 | 625 | 511 | |||
Intangible asset amortization | 30 | 13 | 60 | 22 | |||
Restructuring, impairment and | 2 | 11 | 6 | 18 | |||
Total operating expenses | 392 | 325 | 767 | 597 | |||
Income from operations | 177 | 122 | 313 | 250 | |||
Indemnification Agreement expense (1) | 882 | 47 | 972 | 90 | |||
Other expenses, net | 9 | 1 | 15 | 鈥� | |||
Interest expense, net | 24 | 15 | 49 | 28 | |||
Net (loss) income before taxes | (738) | 59 | (723) | 132 | |||
Provision for income taxes | 87 | 29 | 96 | 59 | |||
Net (loss) income | (825) | 30 | (819) | 73 | |||
Less: preferred stock dividends | 8 | 2 | 17 | 2 | |||
Net (loss) income available to | $听听听听听听听听听听听听听听听听听听听听 (833) | $听听听听听听听听听听听听听听听听听听听听听听听听 28 | $听听听听听听听听听听听听听听听听听听听听 (836) | $听听听听听听听听听听听听听听听听听听听听听听听听 71 | |||
(Loss) earnings per common share: | |||||||
Basic | $听听听听听听听听听听听听听听听听听听听 (5.59) | $听听听听听听听听听听听听听听听听听听听听听 0.19 | $听听听听听听听听听听听听听听听听听听听 (5.65) | $听听听听听听听听听听听听听听听听听听听听听 0.49 | |||
Diluted | $听听听听听听听听听听听听听听听听听听听 (5.59) | $听听听听听听听听听听听听听听听听听听听听听 0.19 | $听听听听听听听听听听听听听听听听听听听 (5.65) | $听听听听听听听听听听听听听听听听听听听听听 0.48 | |||
Weighted average common shares | |||||||
Basic | 149 | 146 | 148 | 146 | |||
Diluted | 149 | 149 | 148 | 148 | |||
(1)听 | Represents the expense incurred pursuant to the Indemnification Agreement, which, prior to its termination, had an annual cash payment cap of |
Three Months Ended | Six Months Ended | ||||||
(in millions) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||
Accrual for Indemnification Agreement | $听听听听听听听听听听听听听听听听听听听听听听 882 | $听听听听听听听听听听听听听听听听听听听听听听听听 47 | $听听听听听听听听听听听听听听听听听听听听听听 972 | $听听听听听听听听听听听听听听听听听听听听听听听听 90 | |||
Cash payments made to Honeywell | (35) | (35) | (70) | (70) | |||
Accrual increase, non-cash component in | $听听听听听听听听听听听听听听听听听听听听听听 847 | $听听听听听听听听听听听听听听听听听听听听听听听听 12 | $听听听听听听听听听听听听听听听听听听听听听听 902 | $听听听听听听听听听听听听听听听听听听听听听听听听 20 | |||
听
Table 3: CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||
(in millions, except par value) | June 28, 2025 | December 31, 2024 | |
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 753 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 692 | |
Accounts receivable, net | 1,135 | 1,023 | |
Inventories, net | 1,259 | 1,237 | |
Other current assets | 245 | 220 | |
Total current assets | 3,392 | 3,172 | |
Property, plant and equipment, net | 426 | 410 | |
Goodwill | 3,126 | 3,072 | |
Intangible assets, net | 1,137 | 1,176 | |
Other assets | 434 | 369 | |
Total assets | $听听听听听听听听听听听听听听听听听听听听听听听听 8,515 | $听听听听听听听听听听听听听听听听听听听听听听听听 8,199 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $听听听听听听听听听听听听听听听听听听听听听听听听 1,102 | $听听听听听听听听听听听听听听听听听听听听听听听听 1,073 | |
Accrued liabilities | 655 | 577 | |
Current obligations payable under the Indemnification Agreement | 1,625 | 140 | |
Total current liabilities | 3,382 | 1,790 | |
Long-term debt | 1,983 | 1,983 | |
Non-current obligations payable under the Indemnification Agreement | 鈥� | 583 | |
Other liabilities | 536 | 534 | |
Total liabilities | 5,901 | 4,890 | |
COMMITMENTS AND CONTINGENCIES | |||
Stockholders' equity | |||
Preferred stock, | 482 | 482 | |
Common stock, | 鈥� | 鈥� | |
Additional paid-in capital | 2,349 | 2,315 | |
Retained earnings | 71 | 907 | |
Accumulated other comprehensive loss, net | (161) | (284) | |
Treasury stock at cost | (127) | (111) | |
Total stockholders' equity | 2,614 | 3,309 | |
Total liabilities and stockholders' equity | $听听听听听听听听听听听听听听听听听听听听听听听听 8,515 | $听听听听听听听听听听听听听听听听听听听听听听听听 8,199 | |
听
Table 4: CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||
Cash Flows From Operating Activities: | |||||||
Net (loss) income | $听听听听听听听听听听听听听听听听听听听听 (825) | $听听听听听听听听听听听听听听听听听听听听听听听听 30 | $听听听听听听听听听听听听听听听听听听听听 (819) | $听听听听听听听听听听听听听听听听听听听听听听听听 73 | |||
Adjustments to reconcile net (loss) | |||||||
Depreciation and amortization | 49 | 28 | 96 | 52 | |||
Restructuring, impairment and | 2 | 11 | 6 | 18 | |||
Stock-based compensation expense | 15 | 15 | 30 | 29 | |||
Other, net | 2 | (4) | 8 | (1) | |||
Changes in assets and liabilities, net of | |||||||
Accounts receivable, net | (72) | (91) | (85) | (57) | |||
Inventories, net | (13) | (11) | 4 | (4) | |||
Other current assets | (35) | 6 | (26) | 9 | |||
Accounts payable | 109 | 75 | 8 | 31 | |||
Accrued liabilities | 185 | 11 | 73 | (78) | |||
Obligations payable under the | 847 | 12 | 902 | 20 | |||
Other, net | (64) | 10 | (62) | 2 | |||
Net cash provided by operating | 200 | 92 | 135 | 94 | |||
Cash Flows From Investing Activities: | |||||||
Acquisitions, net of cash acquired | 鈥� | (1,334) | 鈥� | (1,334) | |||
Capital expenditures | (20) | (15) | (51) | (36) | |||
Other investing activities, net | 鈥� | 7 | 鈥� | 6 | |||
Net cash used in investing activities | (20) | (1,342) | (51) | (1,364) | |||
Cash Flows From Financing Activities: | |||||||
Proceeds from issuance of long-term | 鈥� | 582 | 鈥� | 582 | |||
Proceeds from issuance of preferred | 鈥� | 482 | 鈥� | 482 | |||
Repayments of long-term debt | (2) | (3) | (2) | (6) | |||
Acquisition of treasury shares to cover | (1) | (2) | (16) | (9) | |||
Preferred stock dividend payments | (8) | 鈥� | (17) | 鈥� | |||
Other financing activities, net | 鈥� | 1 | 2 | 3 | |||
Net cash (used in) provided by | (11) | 1,060 | (33) | 1,052 | |||
Effect of foreign exchange rate changes | 7 | 鈥� | 10 | (5) | |||
Net increase (decrease) in cash, cash | 176 | (190) | 61 | (223) | |||
Cash, cash equivalents and restricted cash | 578 | 604 | 693 | 637 | |||
Cash, cash equivalents and restricted cash | $听听听听听听听听听听听听听听听听听听听听听听 754 | $听听听听听听听听听听听听听听听听听听听听听听 414 | $听听听听听听听听听听听听听听听听听听听听听听 754 | $听听听听听听听听听听听听听听听听听听听听听听 414 | |||
听
NON-GAAP FINANCIAL MEASURES AND听RECONCILIATIONS | |||||||
ADJUSTED NET INCOME PER DILUTED COMMON SHARE AND | |||||||
NET INCOME COMPARISON | |||||||
(Unaudited) | |||||||
RESIDEO听TECHNOLOGIES, INC. | |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions, except per share data) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||
GAAP Net (loss) income | $听听听听听听听听听听听听听听听听听听听听 (825) | $听听听听听听听听听听听听听听听听听听听听听听听听 30 | $听听听听听听听听听听听听听听听听听听听听 (819) | $听听听听听听听听听听听听听听听听听听听听听听听听 73 | |||
Less: preferred stock dividends | 8 | 2 | 17 | 2 | |||
GAAP Net (loss) income available to | (833) | 28 | (836) | 71 | |||
Indemnification Agreement accrual | 847 | 12 | 902 | 20 | |||
One-time tax impact of | 42 | 鈥� | 42 | 鈥� | |||
Intangible asset amortization | 30 | 13 | 60 | 22 | |||
Stock-based compensation expense | 15 | 15 | 30 | 29 | |||
Acquisition and integration costs | 3 | 34 | 4 | 34 | |||
Restructuring, impairment and | 2 | 11 | 6 | 18 | |||
Other (2) | 8 | 1 | 14 | (1) | |||
Tax effect of applicable non-GAAP | (15) | (22) | (29) | (31) | |||
Non-GAAP Adjusted net income | $听听听听听听听听听听听听听听听听听听听听听听听听 99 | $听听听听听听听听听听听听听听听听听听听听听听听听 92 | $听听听听听听听听听听听听听听听听听听听听听听 193 | $听听听听听听听听听听听听听听听听听听听听听听 162 | |||
Three Months Ended | Six Months Ended | ||||||
June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | ||||
GAAP Net (loss) income per diluted | $听听听听听听听听听听听听听听听听听听听 (5.59) | $听听听听听听听听听听听听听听听听听听听听听 0.19 | $听听听听听听听听听听听听听听听听听听听 (5.65) | $听听听听听听听听听听听听听听听听听听听听听 0.48 | |||
Indemnification Agreement accrual | 5.61 | 0.08 | 5.97 | 0.14 | |||
One-time tax impact of | 0.28 | 鈥� | 0.28 | 鈥� | |||
Intangible asset amortization | 0.20 | 0.09 | 0.40 | 0.15 | |||
Stock-based compensation expense | 0.10 | 0.10 | 0.20 | 0.20 | |||
Impact of incremental dilutive shares | 0.07 | 鈥� | 0.11 | 鈥� | |||
Acquisition and integration costs | 0.02 | 0.23 | 0.03 | 0.23 | |||
Restructuring, impairment and | 0.01 | 0.07 | 0.04 | 0.12 | |||
Other (2) | 0.06 | 0.01 | 0.09 | (0.01) | |||
Tax effect of applicable non-GAAP | (0.10) | (0.15) | (0.19) | (0.22) | |||
Non-GAAP Adjusted net income per | $听听听听听听听听听听听听听听听听听听听听听 0.66 | $听听听听听听听听听听听听听听听听听听听听听 0.62 | $听听听听听听听听听听听听听听听听听听听听听 1.28 | $听听听听听听听听听听听听听听听听听听听听听 1.09 | |||
(1) | Refer to the Unaudited Consolidated Statements of Operations herein. |
(2)听 听 听 | For 2025 periods, other includes net periodic benefit costs, excluding service costs, foreign exchange transaction loss (income), and miscellaneous non-operating expenses. For 2024 periods, other includes loss on sale of assets, litigation settlement, gain on sale of investments, and foreign exchange transaction loss (income). |
(3)听 听 听 | In calculating the tax effect of relevant non-GAAP adjustments, we applied a flat statutory tax rate of |
听
听NON-GAAP FINANCIAL MEASURES AND听RECONCILIATIONS | |||||||
ADJUSTED EBITDA AND NET INCOME COMPARISON | |||||||
(Unaudited) | |||||||
RESIDEO听TECHNOLOGIES, INC. | |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||
Net revenue | $听听听听听听听听听听听听听听听 1,943 | $听听听听听听听听听听听听听听听 1,589 | $听听听听听听听听听听听听听听听 3,713 | $听听听听听听听听听听听听听听听 3,075 | |||
GAAP Net (loss) income | $听听听听听听听听听听听听听听听听 (825) | $听听听听听听听听听听听听听听听听听听听听 30 | $听听听听听听听听听听听听听听听听 (819) | $听听听听听听听听听听听听听听听听听听听听 73 | |||
GAAP Net (loss) income as a % of net | (42.5)听% | 1.9听% | (22.1)听% | 2.4听% | |||
Provision for income taxes | 87 | 29 | 96 | 59 | |||
GAAP (Loss) income before taxes | (738) | 59 | (723) | 132 | |||
Indemnification Agreement accrual | 847 | 12 | 902 | 20 | |||
Depreciation and amortization | 49 | 28 | 96 | 52 | |||
Interest expense, net | 24 | 15 | 49 | 28 | |||
Stock-based compensation expense | 15 | 15 | 30 | 29 | |||
Restructuring, impairment and | 2 | 11 | 6 | 18 | |||
Acquisition and integration costs | 3 | 34 | 4 | 34 | |||
Other (2) | 8 | 1 | 14 | (1) | |||
Non-GAAP Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听 210 | $听听听听听听听听听听听听听听听听听听 175 | $听听听听听听听听听听听听听听听听听听 378 | $听听听听听听听听听听听听听听听听听听 312 | |||
Non-GAAP Adjusted EBITDA as a % | 10.8听% | 11.0听% | 10.2听% | 10.1听% | |||
(1) | Refer to the Unaudited Consolidated Statements of Operations herein. |
(2)听 听 听 | For 2025 periods, other includes net periodic benefit costs, excluding service costs, foreign exchange transaction loss (income), and miscellaneous non-operating expenses. For 2024 periods, other includes loss on sale of assets, litigation settlement, gain on sale of investments, and foreign exchange transaction loss (income). |
听
NON-GAAP FINANCIAL MEASURES AND听RECONCILIATIONS | |||||||
(Unaudited) | |||||||
PRODUCTS AND SOLUTIONS SEGMENT | |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||
Net revenue | $听听听听听听听听听听听听听听听听听听 666 | $听听听听听听听听听听听听听听听听听听 630 | $听听听听听听听听听听听听听听听 1,315 | $听听听听听听听听听听听听听听听 1,250 | |||
GAAP Income from operations | $听听听听听听听听听听听听听听听听听听 142 | $听听听听听听听听听听听听听听听听听听 130 | $听听听听听听听听听听听听听听听听听听 278 | $听听听听听听听听听听听听听听听听听听 242 | |||
GAAP Income from operations as a % | 21.3听% | 20.6听% | 21.1听% | 19.4听% | |||
Stock-based compensation expense | 4 | 4 | 9 | 10 | |||
Restructuring expenses | 2 | 鈥� | 1 | 5 | |||
Other (1) | 鈥� | 4 | 鈥� | 4 | |||
Non-GAAP Adjusted Income from | $听听听听听听听听听听听听听听听听听听 148 | $听听听听听听听听听听听听听听听听听听 138 | $听听听听听听听听听听听听听听听听听听 288 | $听听听听听听听听听听听听听听听听听听 261 | |||
Depreciation and amortization | 19 | 18 | 37 | 35 | |||
Non-GAAP Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听 167 | $听听听听听听听听听听听听听听听听听听 156 | $听听听听听听听听听听听听听听听听听听 325 | $听听听听听听听听听听听听听听听听听听 296 | |||
Non-GAAP Adjusted EBITDA as a % | 25.1听% | 24.8听% | 24.7听% | 23.7听% | |||
(1)听听听听 For 2024 periods, other includes litigation settlements. |
听
ADI听GLOBAL DISTRIBUTION SEGMENT | |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||
Net revenue | $听听听听听听听听听听听听听听听 1,277 | $听听听听听听听听听听听听听听听听听听 959 | $听听听听听听听听听听听听听听听 2,398 | $听听听听听听听听听听听听听听听 1,825 | |||
GAAP Income from operations | $听听听听听听听听听听听听听听听听听听听听 71 | $听听听听听听听听听听听听听听听听听听听听 62 | $听听听听听听听听听听听听听听听听听听 105 | $听听听听听听听听听听听听听听听听听听 111 | |||
GAAP Income from operations as a % | 5.6听% | 6.5听% | 4.4听% | 6.1听% | |||
Stock-based compensation expense | 5 | 3 | 9 | 5 | |||
Restructuring expenses | 1 | 鈥� | 5 | 2 | |||
Acquisition and integration costs | 3 | 4 | 4 | 4 | |||
Other (1) | (1) | 鈥� | 鈥� | 鈥� | |||
Non-GAAP Adjusted Income from Operations | $听听听听听听听听听听听听听听听听听听听听 79 | $听听听听听听听听听听听听听听听听听听听听 69 | $听听听听听听听听听听听听听听听听听听 123 | $听听听听听听听听听听听听听听听听听听 122 | |||
Depreciation and amortization | 28 | 8 | 56 | 13 | |||
Non-GAAP Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听 107 | $听听听听听听听听听听听听听听听听听听听听 77 | $听听听听听听听听听听听听听听听听听听 179 | $听听听听听听听听听听听听听听听听听听 135 | |||
Non-GAAP Adjusted EBITDA as a % | 8.4听% | 8.0听% | 7.5听% | 7.4听% | |||
(1)听听听听 For 2025 periods, other includes miscellaneous non-operating expenses. |
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