REZI - Earnings call transcript Q2 2021 | Resideo Technologies, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, at this time I'd like to welcome everyone to the Resideo Second Quarter 2021 Earnings. Today's call is being recorded. All participants will be in a listen-only mode, until the formal question-and-answer portion of the call. It is now my pleasure to introduce, Mr. Jason Willey, Vice President of Investor Relations. Mr. begin. now may you Willey,

Jason Willey

Tony Good presentation statements. afternoon, historical available Resideo's the call joining for earnings Investor Officer; you be this A Financial at copy of made and like quarter would We you XXXX call on thank our and forward-looking Executive second Relations Chief today's and that Geldmacher, for website, our may than future earnings Chief are statements not Jay to Officer. presentation afternoon's Statements related us during this release Resideo's everyone, Trunzo, forward-looking materials and call. will contains investors.resido.com. facts guarantees page of other remind constitute our no risks On materially a of including may Securities and uncertainties. performance Commission. Resideo's obligation Report results, on of a such time-to-time uncertainties or Actual in SEC performance from to statements, turn Annual with our company as in the filings of differ principal will forward-looking in I that XX-K, the result affect call forward-looking of described The and and that, the from identify factors, number the and to Jay. filings. involve Form other those risks assumes now number Exchange We our statements. those results and a any With over update are

Jay Geldmacher

everyone. Thank you, afternoon and Jason, good

with focus execution seeing organization. positive continue residential the healthier the Products position ADI trends, our strong solid ADI Solutions both reflects and we've year-over-year, a meaningfully successfully Profitability and from operating trends, cost to performance market with QX also execution difficult positive commercial grew across management, and deliver revenue and as has spending Our Significant customers chain benefit We XX% built dynamic in in leveraged and Both the improvement to backdrop. manage segments expanded QX. and continued margin revenue and logistics higher in allowed gross us margin. on supply operational to environment. year-over-year improvements

and value products with progress solutions. make to cost our and within engineering continue We programs

are in within sales improve ADI products our tools and customer benefits showing technology digital and Additionally, both support, solutions. investments to force effectiveness and

manage chain dynamics We through headwinds are to continue logistics and and to challenges, financial creating these significant results. some supply

team, with believe we the our and delivering focus our along of excellent at are quarter that this elevated and environment, for engage grew continuing in than are customers do share components. to backlog job fair with team an our While second supply on entire more to levels. leadership continues including senior to the able critical actively myself, we procure in remains chain ensure our suppliers The

of well end ahead more Our ocean the freight necessitating freight conditions situation are costs We freight. through at are expediting currently expect challenging unpredictable chain air tight the component also as and supply running in freight least dynamics of levels, and XXXX supply XXXX.

and strategic quarter, the work we During our efforts. business transformation continued

As stand what articulate purpose desire This our what of we is, work Resideo's we we and Resideo is a what out employees. part this, to in clearly lay for, unveiled overarching to toward. vision aspire and grounded and

This can future, people begins our In life. Resideo. our a This have world, buildings that To so we purpose and and most. of matters where to and with is world, technology on are create across the to world, where peace for homes connected inform secure. simplify and good our help focus simplify people we happy this represent purpose. vision and vision, Our every healthy, the what work day mind everyday planet, strategies works will imagine are

and pursuit help the as of will and vision objectives. Resideo beliefs common culture new our force, Our us purpose short-term long galvanizing a and serve aspirations around in align and

our collaboration we shortly this From standpoint, a and continue to values on down core breaking within residual the to follow-on As a business and we tightening rolling silos new organizational be will solutions. team. work, to products out focus

improving During the across connected very initiatives and Partner of better Solutions and development to This collaboration more Home with the Integrated the groups, expect and product quarter, solutions, and across resources, allocate internal positions position common developing categories. and mapping change Building opportunity. two us customers, we and software better management new OEM structure needs the By on Solutions. Solutions our thinking home, the for Home holistically particularly integrated Building in and we road us product aligned long-term to focus to home

footage Austin finalized us and During are square our resizing our million. our Arizona. Austin, to the generate approximately with in our headquarters expected allow The Texas better footprint real suppliers. to decision ongoing move consolidate annual savings to also corporate engagement Scottsdale, positions for to headquarters us relocate quarter, This customers move and $X we estate from will key of and

of & Solutions XXXX, Security and and a During is for as many Home of This and saw in QX, individuals. strong Products Solutions middle continuation the across investments remain markets, since positive demand channels. geographies OEM trends we seen, trade priorities have the

Our introduction This of the execution and in version release our cameras door North brings improvements, communication release Products including Solutions range, within support for video on from product latest to includes series momentum. panel Pro gain new the of and bells. America. enhanced This increased and platform wireless continues security

availability they and good acquisitions. and product the and with the is in sales, the support compared strong where new making integration customers. Pro product This enabled offering, their ADI strong QX Norfolk in additional well, rates to products when is series and consistently the major leadership At and further our both ADI further having focusing evident deliver and grab and to the all customers We security demand focus has our residential growth our performance to to overall rollout categories, competitors on the ADI's business progress ADI meeting ADI, year-over-year enhancements existing when that to is growth serving of delivered, our demonstrates by has need industry. EMEA need, performing the commercial Shoreview across them. customers. committed are customers. of market. We customer including of recent saw on

are We acquired organizations collaboration opportunity and between seeing and already great the ADI.

year expect turn second and in both outlook Tony, XXXX performance With We completed I detail. of the quarter and our be end. to that, by call to discuss to more over integration will the Norfolk Shoreview

Tony Trunzo

investments despite operating from XX.X% of gross from Thank was commissions delivered in channels. $XXX margin and which XX% margin also product billion, quarter, with million year, freight Operating outstanding COVID-XX. in was of with $XX million $XX commercial of a XXXX. the million revenue related with not in and second points in announced million gross operating and The income in million gross benefited impact to $XX year-over-year. equivalents with or $XX of by emergence of focused higher Cash positive and XXX% up of strong million a categories. $XX mix, inflation second increase expense our digital of profit fixed as profit pending expenses impacted or primarily P&S X.X% from profit reduction quarter our the ADI each to and related XX% we XXXX. or XX% activity compared from million, ADI year-over-year, shareholder Products compared year $XX were resulting X.X% revenue reduction e-commerce material margin $XX reduced in by revenue result productivity price by sales a basis of rebates, margin QX line quarter geographies million million were cost and $X increased acquisitions around expense of and of affected litigation was continue revenue. offset effectiveness compared spend were operations settlement the from last the sales inventory and a XX% the force $XXX was or total XX% to profit compared QX initiatives. sharply diluted was strong of higher growth sales profit. working was $XXX we sales, QX XXX revenue, negatively per last in from as product Operating residential performance of million gross $XXX of by an XX% favorable Solutions' in million, with in including QX as were $XX from higher was was billion. XXXX. negative total costs or with net year, $X.X afternoon was reflects second the $XX QX this selling results, margin on and markets, with year to ADI's due Tuesday. conservation This up from was XX% $XXX pricing second prior due second expense was of quarter The everyone. for well to year-over-year, recent QX million and second cash of XXXX. the higher million, improved incremental investment last XX.X%, approximately including XX.X%, Resideo. you, ADI's Products the tools in million sales, due last partially up incentive a higher ADI QX $XXX categories, million over higher Jay, for an demand $X.X of well or leverage flow In quarter and sales. supplier The operating growth QX share better profit million, capital litigation sales total increased operating $X as acquisitions of second cash Gross sales quarter of revenue costs up sales, ADI ADI's operating reserve. show pending X.X% Corporate year. ended product X.X% settlement major in X% across Consolidated a recent The the costs & settlement due compensation, Consolidated of for expenses & materials $X was profitability $X XX.X% approximately up again profit $XXX period. QX more year-over-year. digital of in XX.X% initiatives. sales million, in to cash related brand private income NBC XX% as X% initiative, was QX, net approximately the as quarter improvements, from year. COVID up the quarter million strong up improved in $XX operations six to million volumes. benefited $X.XX. year. profit tools of last reversal Demand We of million $XX of QX and operating of debt from just recent sales across up and for by margin the year. or year. transformation proportion loss by XX.X% $XX XX%, of largely Solutions' was ADI quarter, higher compared to across and good Consolidated continued cash of Operating revenue of to well million, and was a of largest two million compared over investment e-commerce XX% accounting million and last earnings revenue last efforts. contributed sales, items, unusual the cash of

Our of at quarter second billion compared $XXX $X.X the the net to million debt at XXXX. stood end of

As expect the of to growth billion, in strong a XX% of be to to $XXX be and billion XXXX implying full range operating expected we the to is and million the XX%, expected into range in environment, XX% Consolidated to now performance and $X.XX the to of our near-term current is outlook our of gross range revising be of in year-over-year in GAAP to $XXX $X.XX the XX%. profit for are continued million. view the demand revenue range result year, margin

XX.X% and of third be million of gross XXXX, expected $X.XX billion range quarter the GAAP profit in $XXX of of $XXX million. consolidated the margin we in is XX.X%, revenue range in expected is operating the For billion, to to $X.X be QX expect range in to the to to

continuing second in Our certain revised due XXXX shortages to components. revenue the outlook Solutions backlog & in half, anticipates of Products an increase

our the expected $XX a to million are typical in Corporate as $XXX incremental in for forecasting litigation onetime to also in as goods expected office. to these $XX of compared freight headquarters above settlement in XXXX, the costs higher cost million included well second-half are cost $XX Offsetting volume our are includes up in approximately components certain cost Also leasehold estimated QX. approximately million $XXX subleasing We benefits approximately This of of the Austin in year year-over-year be $XX the second-half. cost million an baseline with to the million former million expenses impairment result outlook, XXXX. related growth, $XX of as is in additional inflation of of pricing our million. higher of

to the million third this approximately quarter. fall cost $X expect of We in

slides. Additional outlook be Page of found on XX details our earnings can

in few concluding take a will questions. compared will XXXX. ADI fewer quarter have now five to back As I call QX, for to a the the turn reminder, remarks, selling days before we Jay, fourth

Jay Geldmacher

Thanks, Tony.

We to positive in continue of and the to advantage the performance business. momentum business take investment our increase market

We support understand customers. these and profitability and to are for tools, better believe expansion. growth focused on building better systems future us We investments out and will position our

now create and Resideo. questions. While our logistics that turn macro these for Operator, This concludes focused short-term and we to we supply challenges, are our customers, to on long-term expect prepared our we challenges teams are for opportunity ensuring remarks. for ready headwinds continue deliver into

Operator

[Operator Instructions].

of Oppenheimer. the with Ian first Zaffino comes Your line from question

Your line is open.

Ian Zaffino

talk guys about. an to margin do about inflationary about and Can to how just you maybe dollar little margin distribution market that it positioning ADI? other recouping you it now, Great. you percentage during your environment, of benefit is It's similar about, you pricing think peers? think think maybe bit the some a then margins, do you And from expect in

a discussion will that Thanks. on maybe be helpful? Just

Tony Trunzo

afternoon Tony. Good Sure. Ian, it's

pass cost. terms in margin mean of something that able ideally Yeah, are operations So, inflation along thematically be on how to work. distribution incremental you the plus cost your I should

through benefit, of do margin that's the the To isn't your of think strategy. that in and reflective at and take we're we're some able from of part of of passing that. bit not of because on we'll that extent approach part that, a mean, that in execution really business. to little I that, the the out it's Our percentage, but about focused laying we're price that's capabilities leverage outlook really because that see certainly standpoint of execution We business here, margin out ADI on focused we business. kind always the not

in and I kinds those some to initiatives and reasonable at script of that they time, selling, we talked example, e-commerce, of should amount also our For MVP things market margin pricing Day growth. over the back and to undertaken all about impacting digital we've it what it against about to about fact go expansion, back seeing should has that talked above there. on revenue would, the about that support it Investor where in in But support putting about that's March, we ADI those And, and clearly business have team, margins. knew the we was talked we're think been this ways investment terrific. the investments, the We this the we're thanks year, guidance returns tracks that

going do So it. we're continue to to

Ian Zaffino

out can words, up leading a question, then I I maybe technology, And product and your you - line know what's way, M&A in that find talk or were do that lot about resources just perfect. comments, you with another introduced Okay, you about, mean will need your maybe either can or you you where will be mentioned that and that prepared what the as, you you not. far with as But Thanks. us does like areas, just can technology, there, understand you the the currently more not that, think have? help maybe looks might it

Tony Trunzo

when we'll talk market, But markets. have want hitting becomes down really on something about talking out NPI, focused of coming don't that been clear, in skis it talking when that about for pretty to going they're I'll the that our So and may products, driving our And some over are Jay to too. We're terms real. they're that offer the we've execution things and to we downtime. ready and here and start, really the on, period new get when about be

drive For sure, because margin, you to innovation. how is you drive going that's focused, more product our differentiated technology need NPI and and that's how

introductions and trends. to or So the technology, for more those a nature, see or new whether AI embedded logical sure, and bias you're of that's product sensors I our think R&D of are terms of anything going that or in more sort software innovation, to

have for yes, make where ourselves. to of us structure as trying contribute that acquisitions technology that's In we option there fixed an cap to be opposed M&A, portfolio, build our to may to That's us. terms and situations, the we appropriate available why to it it's

Jay Geldmacher

this efficient. that our Day. about do Home alignment with the product Building integrated that Solutions because during groups about opening OEMs I to in to terms there Solutions, we ecosystem Investor bring two And is which in also in - as Global on at who done name we up talked over another there, is Frank, that a changes, the believe innovation the I the up market. what step across to of things our different Management. I been Ian, table, individual Jay, brought area, as of to from only who some Product also add that, an he a more lot we to comments our I'd And heads more value all our know you big NPI area during and a into ideation well products bit talked process, and entire more in discussions - as heads total a customers, streamline holistically, brought more last of individual has Jeff And about year, of the an really has the Partner the in, with look and covers of from the it taking the have, NPI to bring in the of part outside, opportunities make the quite but our P&S not process, organizational all we're products and as Engineering, brought has going by management

space the grows. basket as to us complete look evolves particular - this this of and a goods, entire customers So, for

Ian Zaffino

color, for all Thanks the Perfect. guys.

Operator

with Amit from Daryanani comes question next Evercore. Your

Your is open. line

Michael Fisher

Hi for areas on wanted portfolio response the the cost Fisher and value this guys, maybe where your I into being to this inflation some to is purely taking more really a as this compensated done a provided? dig some Or, at Michael you're price Amit. look identifying in a on for Is is seeing? comments increases. you little guys not properly you're

Tony Trunzo

chunks yes, move business at in both. and difficult places value, to contracts I'd where we is of because terms terms critical a of in price, limiting. that But areas, are look combination of price are of would terms you marketplace. price take bringing toward that we mean what have in where I say right, market we're to it's those in there a focus of opportunity environment it's seeing This can where inflation. the an driving oriented through is increases, our more generally because

So, the some strategic not that of it the feel in maybe we're we were we is compensated that, value fully like bringing. for sense getting

it are implications our us, terms in do costs has of people that some are up with the and they going substantially going supporting need up, of of business. And our partners for to that, that fact and our understand and customers the

Jay Geldmacher

add and supply the started really on that And of mentioned going beginning forward the the I toward comments, last it there, which challenges of end chain, probably the of are into will my has continue as of all course through year. very out in in also, I'd XXXX. that global this year and

I how Tony perfect. think phrased, So, is

Michael Fisher

And revenue right. All just Thanks. guidance. then on

around I'm little given just year-over-year. December pretty XQ - maybe there or more quarter tough Obviously, revenues, implies cautious, comps are that 'XX, something tough you there? think, be is kind you're curious, if specific but is seeing into of may some a flat December the looking I the comparison plug guidance bit being just against I your

Tony Trunzo

than revenue. with nothing to is supply dynamic, to dynamics, other respect constrained revenue, respect There a rather demand we've got with plan a for to specific fact than that, the constrained

the outlook for a made We that reference have continue think our are steps of drive about customers XX-months the to increase, very making need minute happening seen supply preventing our I with backlog ago is, of in everything in one satisfy of doing have engaged marketplace, I aware where we're to can, our we've to our with backlog our to we possibly our last them about customers more the us, grow. and all we ability calls that's meaningful that a made constraints partnering what's revenue. their

Jay Geldmacher

customer, add to mean that, being I like super the the to mean I I'd I organization it's to of and that's close - commend always really really important.

organization, to doing and talking Ziffra, of was our together myself to Theodore suppliers, with can But relationship just Your these it your and even as the the organization to best is that's to that working or about. work how important to time, make are we through in Engineering and more is you Inclusive the it's the but of with and mentioned, that so personally help the relationships areas them, job there. it doing depth you many depth Scott dealing grow And of together. also Head suppliers supply to of sure this, the And be others make that. I are during customers supplying of involved, isn't standpoint help Phil Tony happen. the chain can from the you that

Tony Trunzo

I'd One not from days standpoint ADI and of revenue other mention, thing five fewer dollars, trivial QX. has in the selling it's

Michael Fisher

taking my questions. for Thanks Great.

Operator

with Your next Erik comes question from Stanley. Morgan Woodring

open. line is Your

Sabrina Hao

Thanks on taking the question. Eric this Hao for Hi, is Woodring. for Sabrina

demand follow-up. of a June to then talk product? I would thermal? in quarter at comfort just First, you, you have security versus versus can high residential a out the stuck that helpful? level noticeably the by So some And about Anything trends you saw be

Tony Trunzo

there got Sabrina, that's as the board. anything, answer, is much strength short The isn't we a pretty the We really call everywhere, out from really portfolio differentiated whole. across

we've taken less the make lines, business. about silos I'll down RTS as been really and Security Jay we've business we is, are comment collaboration the getting since breaking Comfort other focused spending time business talking and on and mentioned, the The across

the we're have, be Homes going Integrated to and around OEM to is Moving Building the Solutions solutions. partner forward, and going the conversation

paradigm. So, it will different be a of a bit little

Sabrina Hao

can Are if you are that help helpful. there That's they just what into us And up? and second-half, looking confidence hold evaluate giving seeing you that kind any and of so you're it. you will what's there? what demand understand, the KPIs Got

Tony Trunzo

something year. but by are all backlog. And going short-term. in satisfy are to really that kind you see. really mean this some quarter-by-quarter five Jay and we think, able I a are and I be turns four - or them. business with continues Phil closer consistent from Rob, backlog that the every in we the But day. be meaningfully not we'd And business look for a indication track, mostly Yeah, affected the we of strength the an Ideally, And look in than customers, of sales to outlook the it's bookings and grow them see kinds dialog that's - that indicators, have and quarters and are an we three, indicator not demand mean, turns of level, same be things our at we right. end at the be a backlog. where our mentioned we see those I in of And to day. to going every you Scott We we everything of is headed we demand at housing are were things, ago, and those like new going not we see like us strong. of I to to the that market all fact is on basis, of starts calls between the this, now myself as and to

Sabrina Hao

much Great. the for so Thanks answers.

Operator

from with Your Instructions] Ruttenbur next Imperial. comes [Operator Brian question

Your open. is line

Brian Ruttenbur

much. very you thank Yes,

side, Anyway, in is want is not? and the of monitoring, commercial but them a gains, on new side schools not of what's ride in and get for your the seeing? your of probably and have going lot the share question been business, commercial obviously Just ADT they reported on you're office. what's a office, to What to everything and this slowdown take I of side competitors, have seeing from seeing to obviously you the your new Alarm, week, hot, on market churches dramatic are a what both big the alarms. commercial ride, everything are seeing Some business. you're on ADT But

Tony Trunzo

just significant that's mean that's things I backed it, than more a referenced commercial really wide new, margin, sure. retail, described, of you are is got Schools, by government And kinds helping are commercial to that and what are most retrofit, Brian, ADI, most a seeing. residential, affecting, the them pretty we're and for it's is are right, those exactly yeah, just So are projects. you component business what you of commercial them it also of

Jay Geldmacher

And that, Brian. think of people but when of just hold pretty during I'll were Yeah, obvious, those access facilities. to I get it's to of couldn't projects types add types those COVID, lot on a

And so one installations, of by is, ADI the Tony benefited so definitely retail drivers for sure, and just government, what said, that. schools has

Tony Trunzo

Yeah.

commercial commercial of business. height of really definitely they of significant to kind plus during some a them. things the wilderness, of And constraints not of out was face remarkable for that not a the lot ton. the There's ADI of strong the the One pandemic, about the come on that P&L side. commercial same kind There's seeing posted now, really revenue pretty in is growth of

Brian Ruttenbur

the side with commercial some it kind give a you schools upgrade system? that Is on that, charge the of in retail? ex me are looking specific any for leading data products Is old of that versus government a follow-up versus And Can an it Right. are on ADI. total there, solution? Is just there point?

Tony Trunzo

product upgrades. all It's quarter. lines, six this largest But more grew past clearly XX% than our

them showing strong all much board; video, pretty intrusion, growth. of fire, across it's the So are

Brian Ruttenbur

much. very Thank you Perfect. Okay.

Operator

Blair. from with Your next William Dircks Paul question comes

Your line is open.

Paul Dircks

good for Hi, questions. and taking thanks afternoon, my

Jay Geldmacher

Paul. Sure. Hey,

Paul Dircks

So, a couple from me.

is for price subject First contracts, increases one, that a you've how dates to lag business on instituted? the price of much of increases, your the implementation can us you different And the the of be long-term remind also, may here? on

Tony Trunzo

the two those has percentage prices it, but majority June. term business, negotiated has don't I our There you contract. the of of of meaningful some for a been in increase pending OEM contemplate a big the in the moves. amount May, have price of So, the price is have now, effectively that offer been more increases to-date don't kind to But

really don't I have chunk. meaningful but offer a to So, it's you, percentage a

Paul Dircks

specifically the Got that just different And note share and drilling several way on benefit gains of the would it. associates. then sales be here quantify a up the That's achieving the last following that there on that for helpful. fact is there in to free on the up discussion, any some you're to up strongly And the being so the ADI here? quarters, e-commerce fact

way share to to quantify the healthier a you verticals, across speak gains, interested perhaps is there I'd the a be mean, I With know. it just backdrop could to commercial quantitatively, way, there's if but

Tony Trunzo

There source looking public is source at sort open a not really an of or share. is

views our where have is pretty the as the We market like market market for continuing probably think pandemic, down, based to growing. on a I I we don't. feels pretty through amount, I think We but grew business do healthy the was certainly and we are mean what you, flat meaningfully. that see. outgrowing wish had measure by that we the a really we It we're to quantitative that, to we

Paul Dircks

lot of it worse labor, conversations and getting labor? in enough. Fair to about shortage channel, a maybe ever. places, lastly, seems with Pro the across the All significant touch your relates maybe comments to be you some And could right. it then upon We've industries specifically than heard as of

the strategy the XX-XX-days there pros, help last I about you your here and resources what keep or implement are So but observed vibrant? to empower you're channel, to over that any tools the channel could talk and enable maybe know with to new looking then you part of also, here, the that's help

Tony Trunzo

some want. that a And Foundation our on source right, lot volume is with the involvement of helping over of I And contractors. our So, you're them depleted struggled kind partnerships them pipeline of technicians, also you're that some they and there Talent keep have Building has people that, that right of with customers, the are labor rebuild they and been some with talent, years. to think of other the constraints the major with number focused of helping really

think factor frankly bigger the constraint. though, is supply I a

been... might I regular see I product - a you flow sort crew were I that and is, I on And do at are pro-rate, mean, goods, and as past trades, the their career, can there. growth Then is to new and if of you think so, that support technicians for young early a to don't life. have if in the being our But gee, of next have getting you we year I in the again look focused think the get that's that's the customers a of that's or had something driver technicians think constraint view satisfy we but of we But of demand. able that. job. into really all don't don't the if think it them we go supporter be I we

Jay Geldmacher

of Solutions, of is organization, just his the States, a training. type has of of sure make with global Yeah. people not lot of our we here. big are Phil been are also in one Products Theodore, to heads And organization, then his and gentleman driver about that big that's we a and who involved talking service who training but President that, focuses. up United done And deeply the

future is for relationship a with Pro help installed fuel training pipeline going us that then the So deepen to and and base. installers, the our deal, further helps is even big

it also doing seen there's thing, of on places, I lot grinding and P&S, So in deal. I the to overcome are seeing we are back are of labor a one information also. news facets a installed different the And those shortages, mentioned even I that that to were in mean through you industries different a as But able distribution we're help this impacted that's base we comment some you what that the of being be issues, labor in before, big of but we've the like Tony that. some ways all going more good training just and that piece many have But, had that. said, prices our said. with about many been is sharing

impactful we're I what think there. it's fairly of meaningful doing and

Paul Dircks

Very helpful. guys. you, Thank

Operator

further at time. I to now questions no for closing are this will Thank Jay back call turn you. There the remarks.

Jay Geldmacher

close during their all very as world. the the global really great and off thank really passionate execution our wanted very hard as commitment employees serve things throughout of operator. well first-half of QX, customers the XXXX, for work I really you and Thank much, to to Resideo today and their

want very, remarks. part I them much my very closing So, to of thank and that's

Jason Willey

today. the Thank good forward rest And we you, a your look with your to speaking Have day. over participation coming for everyone, you months. of

Operator

the concludes conference call. This

now disconnect. may You

Resideo (REZI) 8 Aug 212021 Q2 Earnings call transcript