REZI - Earnings call transcript Q3 2021 | Resideo Technologies, Inc.

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Operator

Ladies and gentlemen, at this time, I'd like to welcome everyone to the Resideo Technologies Third Quarter 2021 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce Mr. Jason Willey, Senior Director of Investor Relations. Mr. Willey, you may now begin.

Jason Willey

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

Jay Geldmacher

good Jason, and Thank afternoon, you, everyone.

demonstrates performance was global revenue backlog, is in above QX expansion our performance progress and This quarter. XX% market Our but transformation. & Products remains end in historical backdrop by which operational business growth well We This grew strong healthy the chain challenges. demand, the on against tempered year-over-year execution Solutions of levels. supply continued

certain categories also experienced supply ADI. chain constraints We at within

to progress Against financial Our to continued on deliver spend We our with us macro key engagement for significant leadership believe direct benefiting supply supply customers dynamic work. is performance. this continue team better our executive significant backdrop, chain enabled make has partners. and and to time engaging this proactive transformation we and

delivering plan. Products initiatives. engineering pricing benefit tools We cost investments digital to from are value Solutions, margin in are driving efforts & Within at ADI and

relationship digital and are basis gross basis operating Miller and a drive and seeing Within pricing XXX in visibility from XXX key our targeted point consolidating are improvement. The visible operations operating Each initiatives our point initiatives customers. into enhance have Heiman and margin. work sales ADI, expansion organization in investments helped build-out. we of benefits investments the these of this results Additionally, with in year-over-year income training helped and sales within systems, margin

digital environment. As free categories. sales value-added the X% year-over-year. has executes as The an source average This are growth up for of positions ADI channels, better recent an from these to flow excellent on more business same to associates transactions the individuals high-value strategy. leverage for integration for ADI Early allows and managing supply results with increasing This Shoreview its time, Norfolk sales ADI remained through and ADI up the product schedule. selling. job At strong execution its day-to-day across done long-term progressing daily more through at go-to acquisitions remain tight execution customers according is encouraging, can

expand datacom opportunities healthy channels. across ADI's further to actively AV Solutions, Within We & Products inorganic and key particularly at the in are markets. looking offerings, demand remained

engaging with the As largest excellent and evolved, has components and global remain these we are aggressive that the ensure doing key job supply some easy, to team suppliers were navigating challenges. Semiconductor in possible in challenges customers. chain cases, done to The quarter it logistics clear deliver worsened. bottleneck. an not We remain for became everything partners and

on While challenges, driving supply we remain chain we navigate through focused innovation these our engine.

example with our on of focus we to bring is the strengths an partner, DIY of the strategic can exciting our partnering to with in enhanced leaders market, market. specifically collaboration This our connected players a an to those create During other leverage entry-level differentiated opportunities value. quarter, announced the Amazon, where thermostat

process and and products begin and to we and a be us they future. they transitioning launching as This Lotte, more to blends of partner to XXX% portfolio positions to opportunities. address components of Today, An facility particularly as and this well strong their is to investment traditional as our This we revenue toward perspective hydrogen to making up boilers support in offering includes also market. areas are OEMs is the sustainable this growth example presence support investments subsystem hydrogen. in in hydrogen that hydrogen. move XX% a from We work long-term we year, completed efforts. support qualifying boiler exciting true the Earlier have supporting a a hydrogen. partners Germany a This technology

manufacturers be hydrogen in projects their to serve leading excited with We Europe. to opportunity the are on long-term working several

with While it and in is opportunity, technology key stages early of development engaged this we internally actively partners. are market

we As has future on Resideo's Murphy turn joined pleased discuss for stakeholders to end communications of team detail. alignment She'll can our working and With I'll customers, reporting. Resideo ESG across means key on XXXX be in ESG and for This milestones business the sustainable outlook to to all organization to over journey. are we quarter doing our that our performance call Megan the are ensuring responsible focus we lead drive more closely and and activities. a on strategy, Tony that, along of Resideo's ESG the third execution we

Tony Trunzo

QX improved increases. recent basis income of million impact Solutions was revenue relative healthy margin basis by everyone. and for XX.X%, points XX Operating increased another XX% & quarter up year, XX% to XX% operating for margin operating basis but last strong the quarter Products from afternoon, points Jay, up up X% increased billion, sales, QX Consolidated and demonstrating Resideo to due expenses continued last compared of continued $X.X XXXX. $XXX compared price QX third was year. XX quarter the Thanks, with to declined by good revenue of Gross was leverage. and XXX to points demand operating

access was Supply $XX credit beyond. components. gross challenges which of beyond previously points to a & semiconductor XX% million ADI pricing we in margin and up margin in ADI approximately control the expected in in percentage of of second growth the categories for well as to time. the well channels by results of XXX profit XX.X%, having combination achieving due for pricing expansion. points and also on be an in from targets materials higher initiatives March. digital a from pricing approximately year. and channels. impacted vendor Margins million gross margin also activity is in product ADI and These round as in both fire, We expanding two We total was by were for partially on rebate approximately line complement QX offset QX the $XX at with instituted United gross commercial ADI benefited and better in a was by increased Products gross largest intend up were million improved and revenue expect freight ADI intrusion strength sales revenue rebate quarter costs drove Products of million reserve Operating customer results, and with down year-over-year, ADI and last This ADI to XX.X% higher XX.X% limited make from while as gross e-commerce of in ADI key third reduction are as year-over-year. investment to them the materials from improvements a XXXX over reflecting its quarter private its saw flat product margin the accounting strong solid primarily was for the the last in The which also decline availability. constrained revenue margin profit quarter XX.X% but sales rollout expense AV impacted again to & result realization its credit. from shortages inflation in year. third-party quarter and negatively XX% and States $X benefited industry margin. increases positively price impact was of $XXX deploy was million, of continues last the cost of margin and year. QX and costs sales wire margin optimization Day categories, margin real growth contribution. in brand quarter from Third make Revenue outlined impact and that to P&S additional security $XXX increase million private in quarter. compared impacts a in from pricing year-over-year, gross progress as Investor price data-driven and reflecting operating September, million pricing sales or product seeing Solutions extensive increased XXXX. in X% margin these offerings dynamics. profit and many offerings. QX had benefit in price Solutions freight our benefits XX.X% of and in margin of segment tools tools are were enable $XX or QX the XX.X% line in operating our costs. driver with positive of more teams increased decisions ADI of brands management restructuring revenue mentioned basis trade to $XXX volume

area Included further this investment-grade senior sheet. as X% Austin. expect the of package. strengthening balance coupon direct do with track from is $XX in We channel as improvements the We continue $XXX to refinanced XXXX QX on integrated Austin offering space. not unsecured with carry contributed were XXXX. notes, on million a both to million profit. well office in impairment new notes tools, million of an charges no sales compared and costs In the mature related bonds, August, sales first Proceeds to in credit $XX used we toward year in to million $XX approximately X/X% operating X% senior this X% our to million The will approximately of our further quarter quarter result together with as recent ADI's the impact reflected ADI, plan expenses. $X our of sales as covenant reduction any QX of is digital especially savings. fully operating million six related the of XXXX. of interest by revenue in be to in to year-end. expense year that our in which new the related to costs The and annualized and investment our notes $XX refinancing expense spin reflects due higher refinancing well quarter, was other two costs Integration million progressing This acquisitions in this in $X restructuring-related a were transaction. debt Corporate third for redeem or were in $XX secured million facilities with or costs of acquisitions of

structure. Over debt XXXX. and the in significant stood we've We $XXX of at improvements outstanding $XXX QX million past $X.X capital with cash $X.X debt total and of the made QX Net billion. million billion to ended at months, equivalents compared of our XX end cash

$XXX exceeded $XXX we of flow generated nine months cash million. the operations. first from quarter, the operating the year, for During million And of cash

revenue profit of In quarter of be and $X.XX in range to $X.XX of of expected is billion be the our to $XXX range million $XXX billion. terms is the XX%, outlook, GAAP margin fourth operating range expected is XX% in in to to be the million. gross to expected to Consolidated

range $XXX to to to million. be of in XX%. the the million revenue expect year the billion XXXX, profit year-over-year be XX% is and in be to implying of now Consolidated in gross $X.XX the GAAP full margin range $XXX expected operating growth For XX.X% to billion, XX%, to we the of $X.XX expected range to in range of is

approximately XXXX. benefits further costs & $XX year million impairment of the to $XX $XXX pricing are with $XX $XX shortages additional the includes freight backlog approximately approximately component million. year-over-year QX million This to settlement approximately a higher costs. these expected in $XXX compared Corporate anticipates expected are quarter. for the outlook above certain million of in components, Austin additional revised be typical Offsetting baseline quarter in the our due of million and costs in $X and million Products this million of fourth inflation litigation solutions Our increase expenses

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

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

Jay Geldmacher

Resideo Thanks, significant Resideo. organization the the to over demonstrates execution the chain the team past The proactive of response across challenges and XX The ongoing Tony. the being the developed results supply culture QX made progress in delivered months. reflects at also

time, us While our we position a we to agility profitability customers. At chain ability relationships the same customer our are expansion goals. for strong impacting demand, suppliers meet go-to supply our fully to with execute remain source demonstrated believe our to to dynamics have the

same the we the to are customers. ensuring and that right abate supply team the expected in deliver to While questions. we I'd concludes team now for At focused on quarter we position term, entire Operator, is headwinds their logistic to the not make their prepared Resideo time, on to focus our for ready our investments during continuing near the Resideo the like are and thank year This closing efforts growth. remarks. strong. the long-term for for are

Operator

Instructions] the [Operator Erik Woodring line comes of Your with first Stanley. from question Morgan

Your line open. is

Unidentified Analyst

Sabrina is on Erik Hao This Hi, Woodring. for

you look costs love your supply know what remain you chain? will supply believe do for forward, elevated? to outlook How As you long is we'd -- open And of components can the up? how the think when

Jay Geldmacher

and comment words, few a Tony then I'll may have too.

that we into we So my is see the it supply remarks today, XXXX. extend as indicated situation, going chain in to

supply look think And that's know all we're exact a all that. crystal on -- the at through answer But and when there different into the out I you that think additional XXXX. a fairly of industry, one, semiconductor online market, would the I terms involved chain ball, planning the -- In companies world. semiconductor we hard there capacity out the in with wish consistent the the I -- that that's comes before are

Tony Trunzo

to and too, supply is, Sabrina, to comment ability at think this point, constraints are it the revenue, quarter, I'd I product door. And we as the chain only said affecting guess get last I additional out make our recognize

meaningfully revenue backlog And not relative we these in business. it been have Our typical the what constraints. is QX continue were would higher to in have to elevated for

predicting But to when, to there's team the terms in figuring of lot ball. done, long in world were how that. the that and we think able of but both frankly, time the job all to we has chain crystal for have "normal" don't I exactly back in position to happen supply of freight that tell things in an a lead wish to you world has unbelievable out stuff be that and go a is, to I when navigate

Jay Geldmacher

think And just continues things I And the Sabrina, be critical. to entire me myself, along you is partners. major emphasize think Yes. one big heard I, with of supply really our that I leadership, want all is that's And also I I organization, chain senior real know, spending say supply that to our really And partners that, with a lot the to little And help hopefully, we of we and we to will time there chain clearer. -- with I XXXX Tony freight. our and as things endeavor. in -- also need a supply think get I do out that's year, that continue through mentioned to will. become about into progress involved

in supply If what's everyone one man's of to what major becomes going like beginning terms I things there subside probably become me, of you knowing clearer out a will some exactly picture the some globally to freight of begin semiconductors. the asked in clearer for think constraints, chain in opinion constraints of on these before

Unidentified Analyst

months strong. would And to demand And three that ago? Got you it. commercial being that relative demand just call environment Can there about any residential versus has differences you you're That's demand about between helpful. super talked you talk out? seeing how the follow-up, changed a are

Tony Trunzo

that would data a or is ago. we demand three saw underlying of And that question? deceleration had acceleration or second the sorry, say points an I months -- to don't what with I arrow in really see demand. any I'm what part you consistent

Unidentified Analyst

Yes.

point demand any there's commercial if residential trends you and would that out? Just between

Tony Trunzo

is bellwether P&S past actually mean business in our but strong what entirely exactly is not close. -- same. the the pretty I -- pretty And much pretty seeing business ADI Yes. commercial Oh, is for pretty residential commercially. sorry. I a markets. XXX%, quarter good mean, And the we're not this

think too, there, stable. I been pretty things have So

Operator

of line ahead. with next question comes go Daryanani Amit Please ISI. Evercore the Your from

Unidentified Analyst

Fisher This Amit. on for is Michael

into kind that the are X% probably kind growth factor, So with, But there just year-over-year as go the that supply to of of we a look comps I a toward moving rate lot little to start model if working bit about think and the we with some tough year. we but of XXXX, know XXXX? start should -- through limiting pieces

Tony Trunzo

it's question. the Tony. Michael, Thanks for

for don't still to We're have our we see. We I focused of with that this to midst anything process the offer really at respect in delivering outlook budgeting 'XX. point are on the We'll remainder we of terms in February. our But obviously report year. in have XXXX fulsome clear point, this the conversation when of for a not the we're yet. about own expectations at just

Unidentified Analyst

sense, one. Makes had give try. just to it I then And a other one

on thermostat Maybe other products provide can came and So see any that relationship. if about over color expanding how curious term? we smart Amazon you whether that's about you -- the maybe into long the something I'm could if

Jay Geldmacher

program. is it exciting mentioned, an I new as Well,

leveraging Investor we leverage theirs. that could partner in played to strengths with the their that market think we that's out our history the indicated even on. with that out key have is technology, and how -- March channel I Amazon exactly would been something made our players our to along in with that here back and that going with the focused along And back Day we industry not our capabilities DIY in

you on through their can channels pro. channel we And Amazon, the where As has course, focused we're a capability. that of model the very and leverage -- pro know, the different

I we're really said, the globally, a at And it's market we're in with out So excited it's and there it. what about looking consistent partnership. nice as

Tony Trunzo

market the in through nobody it's complex, delivering through team ago. showed value whether can we're Michael, Yes, and it's on What value. addition, new I'd it's that for a up when we've operate parties. been big with an and we huge is it's people where everything But we can OEM, where is the executing we echo it can answer focused do where mean we for combine, value partnering this is we've real the And on we solution. this years talked has the X.X channels, whole since I best in generate incremental Jay said. it's about whether professional both leadership direct, -- our Whether really focused bring fragmented.

I time. on And they I these period mean up Amazon a So quarter. that's think way, there -- of in engineering the by with what project. just the pop don't not going announcement this take exactly saw short this It's time. things do years was we back

doing. working to And a always of example partners. of we'd with this potential we're great is that be OEM I the kind So deals think like

Jay Geldmacher

mean said, not us. think I I was traditional as channel that channels. add DIY -- of a market market we also. I'd And to different lot touch we a for

And so this of of Investment pro, course, a We new that as the well in are as that the channels our in new very lot about. areas OEMs helps a lot as we've it But globally The with. work Day. regard. that back and in talked us, ones talked important to do we like about energy as OEMs well traditional the utilities

a very, now to those in the So very all future. new and of large well as set adjacencies are that key participate as we for markets ones

Unidentified Analyst

That's thanks thanks, question. Matt. for great, appreciate taking I my

Operator

line Capital. question comes Ruttenbur the Brian of Imperial from next Your with

open. Your line is

Brian Ruttenbur

Yes, this far so raise year. that, May. through Can how believe a raised price you question in go you thank prices? have had you. a I I you've much

plans remainder total? You the are much price raise? had And of have you the may And another your raised prices how have in year? kind of what

Tony Trunzo

Tony. Brian, So it's

I we channel. a product. specific Your prices about don't it of geography. varies have how where -- to by and heard from outside. commentary varies do question have part your I of the kind raised give by percentage we here. It is first because go by you It What varies much was your cut

know, we guys very a broad suite. have product As you

offer pretty you a the as in fairly a a that rectified that price the see hold dynamic pretty long supply So increases. and to summer another That and right? were price this and I there much been in the that had seen we cost chain just of September, some response had it percentage of year saw indicated you'll you. isn't in then one that marketplace, pass realization increases We've haven't with We we at really like to more terms XXXX. I wasn't we increase we've and said, -- slow time. believe. meaningfully have mean increases in -- that in beginning year's This in QX. meaningful September out We inflation on. increases of in commodity I But price we freight don't to in gates QX we've this expect have of to

value. true incremental Moving this I value, of on generates we're too, margin really strategic getting that forward, before, opportunity products And for -- a scalpel we sort earn the price to therefore, think our and a having price about on approach talked where we're what And how in for we've real price our pay us. margin is a of the willing call days paid that in pricing, are customers value-added where it's for very and it. more we're higher of higher perspective early taking to deserve we're to I'll -- bringing execution

that I at the this pretty in that But we're point. will journey next phase. think early be

Brian Ruttenbur

Okay.

on So I summarize, to better get so coming reception, I'm -- leg, trying just staying I'm to in apologize. hopefully, one

had price that three you've of Is a So year. correct? this increases total

Tony Trunzo

mean, prices. more Generally. like specific there we But waves it were three three the say days where three I'd changed I increases. generally, than all wasn't

Brian Ruttenbur

know do do in being anticipate just summer, 'XX you you on as price 'XX terms price guide, something yet, anticipate earlier of kind the Or fall? you're I increases? increases the in Okay. a maybe guiding And typically not then spring, of seasonality of

Tony Trunzo

moving how expect at the specific different say there's channels this would And I spot. products is... and the I of not we when forward the and we there's No. that no this mean something different adjust all price. different as cadence you I the it no year did necessarily is all. geographies, to seasonal with should cadence mean said, of I And of all all

Jay Geldmacher

chain year pretty very the this say a supply challenging, market was unique of and market. to unpredictable well freight as timing least, to The Yes. as

and was for that was long a one ones time that little us around of electronics industry lot say been I two, this unpredictable. of one; for extended, think will a who've bit a the this

Tony. And so with agree I

Brian Ruttenbur

very you thank Great, much.

Jay Geldmacher

Brian. you, Thank

Operator

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

is open. Your line

Ian Zaffino

get a of we different a Hi. walk lines? product This little at volumes through differently look the maybe actually any components? might question. on saw there of saw areas you Were super you negative bit the you And you But us last strength any can the be where positive to saw there on that follow-up were because volumes and able maybe amount weren't on this side? of really to that

Tony Trunzo

you mean, for I the It's question. Tony. Ian, thanks can Again, --

You we meaningful up board had in more expansion businesses, of are the at pretty and unit that granular are some can you deliver sort pretty to volume look play pretty been would I'd get the green from more in for, was QX. see saw much But able clearly overall, keep portfolio back another markets you'll we sort both all on in particularly we any QX. been of in, volume for up you down. big different and arrow. that. aren't big. out have start Pretty looking of It categories at and variance the the to And in them that that things step the small volume, general, our and across looks in that of degree, -- that backlog quarter-to-quarter, there buckets we, some if But call

Ian Zaffino

disaster Where we sort how that footprint? are as cost And chain the know of total I Okay. in some I sort footprint productivity and of rationalization. your there maybe that's was, going guess, think saves Perfect. talk does supply plans, their you about as And of on change globally process? about far

Jay Geldmacher

some I within I'll that the because things. also, put make surfing that in of of that's many after shots, of looking would you be a decide the where there. go they couple But to comments, not Ian, to out you in of optimization to through brought transformation one things what out. supply at limitation the is know your the place what We've you Tony pick chain the to, also been because of a and couple alluded say would team what just on after anxious thing, as you a and of do that, go world created has as everyone organization

being with the the on and XXXX to that So people having But that get large more about we with have facilities during were and area. globe, hopefully, the continued opportunities We're where a a chain company with the better were understanding definitely, little because said, and COVID little so able don't we the things progress more around -- is out looking, anything multinational opportunities that some year, there. with how a and supply some to were of let's into that dynamics of more looking other there. there probably safe at be else want risk out there's and we we going in

Tony Trunzo

to try delay layer some could mean, just make there because are doesn't to pretty I levers to Yes. meaningful that I'd sense Ian, strategic say chosen that be pulled we it specifically have on that top it. seeing supply chain. the terms world to that's of keep transition hate in and reality saying in of what the a words, those of freight but of we're kind I

we is we -- have not we for as that moved on that were maybe quickly going that I still it's -- So certainly It's one us. thought opportunity to. as available originally think is

about I mention important understand, supply all we of resulting in part it's certainly really of it this, it's it of traction affects really in lot but affects Everybody an to other and bit The and to unasked thing operations a our manufacturing the want I little chain question the a adjusting from is of getting all the of organization. want way that prevents financials. areas. a us But our affects and adapting think every

the progress we're mean, NPI the -- is we're Amazon example announcement, areas. cadence, engineering. for making I it's we've diverted order doing, isn't of got And certainly available different in hydrogen it to one Another the another number it. our to a had and product, give requalifying because substantial we've component components qualify resources in and But I'll you us in to devote is, to engineering really put work good

sort terrific think performance, of terms just I which of tone the I was this in our So set quarter.

job. challenge seeing unbelievable marketplace. an our some in organization the the There's impacted the or an team not think isn't way, form that by out shape did we're in area of I

Jay Geldmacher

I and And team is job our quickly have as pivot incredible of agree. frequently keys to be this we over being one fast, I And show the I dynamics, various done mean the the which that. year. quite has results in saw teams think changed those able an to there to able react areas, able the -- and been

Ian Zaffino

thank All much very color. the you for right,

Operator

with William question Thank next comes you. Blair. And your [Operator from Paul Please Dircks ahead. Instructions] go

Paul Dircks

everyone. Hi, good afternoon,

for So me. just couple a

and I chain, on realize the prepared of to of some items, but I coming third your put which more one the you into were specific of supply guys lot a In on finger you've Or of stab chain semiconductor comment presumably it. still the fourth remarks, were Was could you covered the that there chips? on one X, worsening here First ground, all, here? other where the conditions out the that quarter. want quarter supply worsened take mentioned at or that just a challenges

Jay Geldmacher

area. surprises the remember might the many old Whac-A-Mole. semiconductor, things few a game that variety of fall that Yes. as additional I of an chain, us primary. there QX And in but were during that there's is And a called supply underneath There's mentioned, just

up you're more. comes few So can and then a at one clear look up, we a taking couple a there's

adapt keep So you application together things that that able through very that. the that. like to about of supply the to and speed to maneuver be engineering to with our of and nimbleness comes comment, top seriously, back the to working can be able group And to on then so chain agility my

time going thought we -- But the the certain and it all So to we guys we frame, into of you that there types summer. continue that of went dynamics by constraints a every I say, people do remember, if were hear back say this -- just we that day will just 'XX. better May why most the be of few much end in these to see about back was newspaper to comes

Paul Dircks

a end market is of demand the With supply are tempering demand you bit an the about of helpful. the contractors being market a being unchanged? availability because other affected this In that's to any trends in ADI commentary this? these from challenges, are of simply by Or No, product Understood. underlying mentioned underlying Is stock-outs? pro and the we starting see issue. words, at some some there deferral just chain

Jay Geldmacher

there -- want who is and any they servicing. product demand just demand because out The they're there have No. they if

disappointing So that's now, all it's -- -- fill that out still we can't right is we're what the good. demand. seeing pretty demand But that it's

Tony Trunzo

grew was it being the our by challenges affected nature. And quarter of -- growth here. end I nicely. that think I and any noticeably think growth mean didn't look at think the is ask you probably ADI, constrained question, the business revenue really that Rob demand specific is that still at that evidence there's I this stock-outs don't but first I revenue I

clearly just a think projects. backlog I there's of

Paul Dircks

Amazon this challenges with? work for could either announcement also Resideo one Understood. perhaps or tribute on seems to as me. Obviously, Or as improve due exert a there could in its other any opportunities Last That's to probably the perhaps the and that the its efforts efforts on that the term. exciting. you there area here It to, is chain much where could and isn't perhaps question Resideo that over near me control that taking new initiatives good. the regarding more to work supply specifically, an is key of marketplace? well. branding of doing very quite impact point its branding other is question of own you either you're partners -- conceptually Last for Are some some e-commerce

bit here? you about doing little So the maybe company is talk what could a

Jay Geldmacher

about know say that's part of you also, about more we're move as have that's a the today forward before, overall different we forward, I in be area will for an able ecosystem new part move like an at to variety partnering strategy. lot I that companies or with in ones Amazon but software partner our Tony said something our in hardware, we're this looking different that or important And a months it example And Investor of to our some of of we as Well, ahead. talked say offering forward OEM years with Amazon, Day, business that and the I back areas OEM we of definitely we're share development. to as an as being beginning we a other to partner share with discussions I can't look with, more but to channels wants going and that. is an --

Tony Trunzo

minutes Yes. something just a the said of a comments, There of to month I I make is or in few ago. year. development of happen back Paul, additional the these a are These journeys things echo comment even refer only addition types would quarter the I'd partnerships. a like over Jay's don't long to -- I'll I'd or only kinds

a You're in at other the route in can when marketplace do the to right market, is opportunity product we the with play top our technology bring that the same brands way the compelling expertise particularly end to it's we time. to underlying core participate

you opportunities we're always that to try working on market for internally that we're should that to drive the and mining always -- said, of Jay As have these forward. assume something kinds always we we're

As is from it we've team, think, we to tell management we'll this come about have you to announce. publicly consistent with, I realize when something

Paul Dircks

I you. appreciate Thank the color. Understood.

Operator

closing at Willey further call the for remarks. no are There questions to Jason turn back I'll time. any this

Jason Willey

say I'd Take like feel coming months. you free everyone care. out. your the and any today. weeks talking for we reach if over have to to please you with to And participation to forward you And questions, look thank

Operator

concludes This call. you for Thank today’s joining. conference

You disconnect. may now

Resideo (REZI) 8 Nov 212021 Q3 Earnings call transcript