Any views on new CEO, CFO and Transformation officer? Are these guys really looking to invest and turn this business around? Or are they there to cut costs to the bond, sell it for parts and figure out how to deal with the Honeywell liability?
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oh my goodness....what ever happened to the good old days (yes, we produced and sold great products!!!) when we came up with innovative products, when we were proud of our work...what is going on???????????NO NEW PRODUCTS FOR THE LAST 3 YEARS!!!!!!!!!!!!!!!!!!!
@fpub It may very well be accurate that the relationship with ADT is a good one and the business we do with them is not in immediate jeopardy. But anyone who thinks having Google/Nest entering the home security business is not a huge long term threat to Resideo is delusional.
Our new CEO needs to do a much better job talking to analysts. His answer to the question regarding ADT was terrible and anybody that understands the business knows that it is a big potential problem. I'm glad that he feels so good about our relationship with ADT being strong enough to get us through this. The 5% number he mentioned is accurate, but the ADT business is a large % of the P&S business.
Financial and Operational Review Update
During the second quarter, Resideo made additional progress on its previously announced Financial and Operational review ("F&O"). The Company expects to realize net benefits of approximately $30 million to $40 million in 2020, the majority of which will be realized in the second half of 2020.
Expect a lot more cuts.
Look at that, a new hire for transformation. With private equity background.
@etun It’s not. This can’t be good for Resideo.
Google investing $450mn in ADT to make home security products. . Not sure how this is bullish for REZI
Released a filing saying they need to delay their Honeywell quarterly payment again this quarter. Probably because things are going great!
I don't disagree with the 90% settle...that's usually what happens. What will have a big splashy impact is the huge financial impact to an already dying company hemorrhaging the cash it got from Honeywell. It will accelerate the demise.
Lawsuits go on for years. Over 90% settle, not going to have a big splashy trial.
When do the lawsuits start or go to trial?
more fake news.....lol Yea Rezi with its installer model is the opposite of super rich. Who had anyone coming into their house during a pandemic? Not to mention none of the products work, are innovative or actually stay up.
Cant wait to see how they spin the numbers this time. Even more anxious for all of those lawsuits to start.
I heard sales have increased by 50% for PnS in Q2. Pandemic has made Rezi super rich.
Yea, speaks volumes when someone at that level doesn't even put it on their Linkedin profile. Almost like they are embarrassed to work there....lol. Or worse, like moobs, goes to the effort of actually removing it from their linkedin profile.
As for employee stock...its pretty worthless even after a minor rebound. It will go through the floor when the stock fraud lawsuits commence shortly. I know we are trying to settle what we can out of court but the cost is HUGE and we are still at about 17 lawsuits....
https://finance.yahoo.com/news/shareholder-alert-robbins-reminds-investors-194200978.html
But what about the employee stock program
Check out the CTOs LinkedIn page. Resideo not listed. That answers the question.
From my dealings with them they are there to enrich themselves while they cut to the bone (whats left to cut that is) and look for buyers for some key parts that anyone would want. It looks like they pulled all of the Austin jobs and look for all other jobs to be pulled as well. Their first step is to get out of Austin and then continue the cutting and slashing while looking for buyers. Their directive is to NOT turn the company around as they say but to get the operations as cost effective as possible on paper so it looks good to potential buyers.