REZI - Earnings call transcript Q2 2024 | Resideo Technologies, Inc.

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Operator

Ladies and gentlemen, at this time, I would like to welcome everyone to the Resideo Technologies Second Quarter 2024 Earnings Call. Today's call is being recorded. [Operator Instructions]

It is now my pleasure to turn the call over to Mr. Jason Willey, Vice President of Investor Relations. Mr. ahead. go please Willey,

Jason Willey

our and Surran, XXXX for Chief call Earnings Resideo's Solutions Global Mike Tony Jay everyone, President and Rob Resideo's Resideo's business; of of will us Officer. our Second Financial Geldmacher, ADI Trunzo, Officer; Executive Quarter Call. Business; Chief incoming Financial thank afternoon, Officer; joining Aarnes, Tom you Distribution for be Chief President Good [indiscernible], On and today's Products

or are a earnings involve We risks other and including A presentation of of the not and Securities in a are may materially and performance remind release available of copy this guarantees materials our investors.resideo.com. on Exchange uncertainties. statements. Commission. than those Relations presentation at and from you our Resideo's during forward-looking and made to would call of page from Statements future result number of the facts contains of the a forward-looking differ time afternoon's Investor constitute with those related results in may statements Actual time to filings factors historical that described as number statements results website this like forward-looking

statements. The in that to any company SEC We on other and filings. annual update assumes Form risks identify report affect such no principal our forward-looking the performance obligation uncertainties our XX-K and

call the Jay. will to I over that, turn With

Jay Geldmacher

last in gross very margin operating end XXX Products XX% well and we as range. Jason, second million, XX.X% of adjusted well performed you, thanks with than Thank points the Solutions continue better EBITDA outlook We exceeded adjusted joining to & our for high manage QX costs. basis of was today. year quarter everyone the as margin above to $XXX of EBITDA us

the flow, Our million was XX $XX the translated $XXX another cash free which into quarter for operating period million last strong and months. for of improvements

but home and increasing where our interest important these results remains constrained higher many by of existing that accomplished soft stability We in market sales, rates most we in a markets. see

acquisition the and Snap network our living in breadth During product and audiovisual markets. attractive of to adding One, smart the completed quarter, distribution we the

We X on One to together. hit team the the running bringing the have to excited ground organizations are ADI welcome Snap and

these a top priority XXXX. of businesses second in X half integration the The us is for of

to continue synergies achieve run We to which XXXX, $XX expect in $XX million million XXXX. year in target of rate annual we exiting of

One We value are and increasing for exciting truly entering a products acquisition. and Snap ahead with period of creation strong important execution new Resideo opportunities the operational with pipeline

Products businesses Rob they provide Surran, asked into the ADI, & our and insight their of call of Solutions and Aarnes, today's I've business; Tom see. opportunities to President President join respective to greater and

may of growth. phase has focused Before a Trunzo Chief last working as tremendous to leader announce a you leader, on reshaping with the forward down organization. XXXX been was CFO, past Officer look tomorrow. to staying more in I a a help the new is with profitable as over the the in Mike strategically pleased One Tony business ensure the He but next seen years effective decade Tony hand financially Resideo's as instrumental have him March X and for transition. be I'm Resideo was drive and Mike to to successful and will our partner into stepping Officer me until the of stable, call talented to growth business. Chief release, the I in Financial and press our Snap over, Financial of

during partnership period. continued With his the turn will that, appreciate Tom. the transition I call to I over

Thomas Surran

Thanks, Jay.

have expansion. since our of Many consecutive quarter. channel Gross America our gross channels Solutions quarter year-over-year & inventory range. fifth within stabilized be normal margin reached substantial quarter continue highest a level make to key and in appears in We and progress first margin second XX%, Product XXXX of within to North our the

to fourth of we're product year. and is of have a growing, starting number in the quarter Our significant pipeline target this product introduction new excited for releases introduction on

of home stabilized in core low despite many North trends higher Demand markets levels rates. and of sales our America have in interest existing

We have distribution demand the of seen strength continued improvement channel HVAC with Alert safety in our First pockets and products.

by trends government in as security sales. in continued HVAC slower slower well Offsetting activity positive European these been programs changes as has the incentive markets market driven

First Alert We deliver results strong continue to safety our in portfolio.

quarter, third quarter up were approximately these growth. representing year-over-year, of sales straight XX% For second our the double-digit

the continue Our position with in our share remains to BRK strong with gains retail brand. partners, we channel drive and homebuilder our key

Product of to QX goal compared XXX delivered Gross XXXX. & up points expansion. margin reached our again Solutions structural basis strong margin progress XX.X%, against

the initiatives We strategic were manufacturing in reduction supply significant and organization, the production flat past which overall benefited are our and our in years. we several highlights volume delivering in relatively and These results cost achieved undertaken utilization chain from better quarter North the factory structural environment, improvements facilities. also over a in American

up of The on EBITDA margin points focus ongoing gross margin adjusted strong basis year-over-year. control XX.X%, XXX into translated and OpEx

I of product residential of As year, critical impactful the with Since the areas that by joined the late organization offerings product in end key introduction been R&D progress on have particularly we updated forward the This the and look management in portfolio. new refresh address forward portfolio has with made we our I the our SMB products opportunities. security to on organizations projects new last thermostat front. of our of high-return large product am and and solutions, the the excited and portfolio includes goal pulling a refocused

to accelerated that, look to these I this later providing to more efforts development responded forward focused I'll Our year. team details and and call the With map, on over the road has turn enthusiastically Rob.

Robert Aarnes

and this solid we're saw video most the key team areas, audio building across in focused averages category visual. choppy was ADI each and headwinds what year-over-year The and strength in in fire, quarter a momentum by environment. in -- remains in product Resideo accounts. our half And surveillance residential residential large daily of quarter, trends in visual second datacom Tom. professional From including Thanks, audio increased saw on sorry, markets. the Offsetting month intrusion, of a market growth the I'm delivered improved We results commercial sales perspective, of highlighted audio 'XX. we the

Exclusive we year-over-year our products brand sales, expand revenue out a not including new as from to the impact reached One, new record roll reach. and and category grew Snap XX% quarterly continue

its and addition exclusive of expand expertise, One expect development area periods. brand the to this With Snap we coming and portfolio the over meaningfully large

the well power the days into within launched successful North solution One's ADI North as branches e-commerce site X ADI close. America In Snap on box, all in of just management America What several One as third additional into launch and exclusive ADI into fourth well branches as hundreds will One's Snap Snap and quarters, products channels. brands as ADI products e-commerce we of proprietary

from grew QX not by to X% Snap year-over-year including including impact One, compared ADI, the e-commerce growth XX% XXXX, June. in sales For

Our estimated and the integration search continue investments half delivery e-commerce and AI improvements several and for dates These second of to of discovery expect enhancements drive technology aid and include launch adoption customer in we a to and accurate 'XX. stock significant to projects. the performance, more product flow orders leading to online speed increased site

and initiatives over mid-June. excited strong practices, past One around acquisition cost X shared reductions enablement. come the the to of sales best the have weeks the cross-selling, out have And in closed We're Snap customer with to We our The for services Snap product and together in to working expands mix base. of products attractive addition our One proprietary teams value ADI's broadens and categories drive combined higher-margin the breadth adds growth customers. gate of

locations physical same the The customer team value day-to-day businesses. across ADI channels, combined increasingly time, from execution, at digital the team focused remains our our while and with Snap on One experience customers through working drive enhanced and serving to the

I Tony to and to our turn outlook. the now will financial call discuss results over

Anthony Trunzo

Rob, Thank you, afternoon, good everyone. and

excluding stable flow Second Resideo's by strong, core quarter environment many of XXXX, was to impact and gross results. quarter to were range EBITDA $XXX $XXX Solutions outlook business. of of $XXX spending the Products our the million good at X% of million QX more year control million. outperformance Snap revenue days & $X.XX of compared than divestiture to million, and in and last Genesis our $XXX One compared excluding was down $XXX across of Snap XX QX markets, X%, profitability second Adjusted margin and billion and in demand million the driven lower cash and One a impact

at earnings $XX Solutions adjusting share lower year. million. diluted $XXX Fully $X.XX strong of only & compared an flow respectively, million $X.XX, down but adjusted basis per were X% on and Products $X.XX revenue with Genesis. for QX again was sale was in XXXX, X% Operating of the quarter second cash and last $X.XX

product major both challenging combustion heat reduction channels levels uncertainty incentives have inventory remain Within and order North stabilized EMEA America, lower normalized government gas Conditions we trends with products. and have in for key pump volumes across causing more in a in political and believe areas.

Safety quarter, Alert another products. Products our First BRK delivered branded by driven strong

growth We our new which residential remains in American the major construction activity area channel and improved also exceeds The continue now order at homebuilders. at delivered we XX top our increase $XXX Products customers. home Air revenue North to as distribution better with an content performance of per

was Products supply up of & year last management second down on Solutions & QX $XXX adjusted chain favorable drive XX.X%. adjusted to XX% Products expanding was expansion. Gross gross quarter year-over-year expense EBITDA controls over points the The year-over-year. quarter points factory Solutions Products ongoing cost years past XXX XXX fifth $XX margin was basis & EBITDA from XX.X%, continue and utilization. with consecutive X margin benefited margin and cost ongoing in focus to to costs and lower. compared savings, operating labor margin undertaken expense actions by million basis the to Solutions million year-over-year reduction up

Turning $XXX million. to was ADI. revenue QX

$XX versus the the progressed, year. last as however, was improved the Excluding revenue X of One particularly weeks quarter down of million Snap Sales X% contribution, the in quarter. revenue trends and the prior

compared the relatively with expenses ADI impact Lower year-over-year. $XX preacquisition ADI down of remaining QX was X% EBITDA contribution. gross negatively last in business One margin from Snap year $X continues flat adjusted benefited with of and million million profitability operating to

operations but were QX with transaction Snap with in $XXX and essentially cash million compared expenses flat million items in from XXXX for costs after periods. $XX $XX was year. other both One QX Corporate last million QX adjusting unusual

cash operating the the results, prior stub flow the transaction year and was Snap impacts of period period. to Excluding similar essentially costs One

cash the free was For operating months, $XXX was $XXX generation trailing cash million. and million flow XX flow

These rates. notes remainder remain CD&R. unsecured on preferred Subsequent used anticipate $X.X the flow a stock notes the Term sold trends strong Snap from our quarter an we the announced incremental to capital outstanding closed One convertible to offering B with the X.X% loan cash positive, continued to new million we a repay $XXX investment were Working we senior X-year $XXX of for completed previously of secured of end, debt provide XXXX. by Loan acquisition, Concurrent and X-year perpetual and of billion million of XXXX at flexibility interest unsecured. portion term million and attractive translating $XXX closing

stood Following leverage Snap XX our related financing the of at these One adjusted net approximately transactions, EBITDA. X.Xx acquisition our and months last

we're our XXXX. the leverage previously reduce of As Xx targeting net below by middle communicated, to to

adjusted and We in and remain strong to ratings. growth credit to investment-grade through credit this assets. expect committed We nonstrategic divestiture accomplish profile an potential cash of operations, ongoing from EBITDA BB

our Turning to outlook.

of we $X.XX range of EPS range adjusted $XXX to quarter, in $XXX be million of to in the the and $X.XX. $X.XX expect EBITDA $X.XX million third the revenue adjusted For billion, to to billion

includes be we XXXX, billion in EBITDA. EBITDA revenue range expected of the Snap expected range million. Adjusted year of adjusted the million $XXX revenue to to This One to of $XX $XXX full contribution $XXX in of the to outlook be $X.XX range For billion of to adjusted is $X.XX in and and of EPS to $X.XX million from million expect the approximately $X.XX. be

guidance now to the operating at million cash generate least flow $XXX $XXX compared full to of expect our year XXXX of for We prior million.

valuable an the how to across observed ahead. Mike next I've business Before working prove in team outstanding transaction ] Mike. will [ One we I shape the leader that the is the am strategic to CFO. I peers the as few growth will in continue capitalize to back hand serve that the skills Carlett call industry our for the Jay, on our say and pleased Congratulations, and table I opportunities as Snap for as wanted past the and Mike years

to over back few I'll now a the remarks. turn concluding call Jay for

Jay Geldmacher

Thank you, Tony.

new Solutions, During continued product innovation of efforts. work we while momentum profitability our includes and the higher our and accelerating demonstrated the Products gross second & structurally Resideo. to quarter, within foundation margin This and driving improve

across We showing adding we businesses. offerings of profitability with that M&A despite expand driving key grow to smart volumes. living also Many value took a opportunity stabilization, major capabilities step of One, in through our signs and our acquisition ADI's in expansion end are strategic deliver Snap of the continue markets constrained and both

As forward, to within releases our planned I Resideo pipeline in have extremely product security near-term since new Solutions. potential the be product look joined our early the thermostat we The I'm excited Products about categories impactful XXXX. and in most and both

is the exciting for in Snap as One the Just we together with creating bringing opportunity organization see value Resideo.

the the have Resideo thank excited across move on rest than entire employee enabling of months opportunities progress. It's together the is as teams. to XXXX. the for and continued Resideo cross-selling, best already I'm period continue reduction X efforts. a base less to want positioned and build progress we made validating While to XXXX momentum significant the we to practices through into combination, busy their deliver I at been sharing cost

Operator, for we are now questions. ready

Operator

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

Erik Woodring

quarter it's to been for with rest the guys. of miss the again. we'll pleasure. And to next good the with but we're guess on into work and a stuck you. early Mike, Tony year, you you I year obviously, -- excited Congrats

you, that then of Maybe my you're look I improve maybe trends? the is back that in that know a But moving improve Jay, XQ. a dig a that guys Is the a the XQ, us declines bit Can little remarks? maybe a of guess the just reflection are for about have way and it's PMS your you perspective. Genesis half help top first PMS or think for follow-up. maybe bit believe, market prepared I look guiding in think as we deeper business understand. pieces I the I I of the about year Genesis, business, a into line it little understand second of And at from and I question, just lasted talking in both. imply you help maybe divestiture does does reflection the you the us the Is as half products just in

Jay Geldmacher

question. the for Thanks Yes.

repair know possibly with we a have major turnover interest not It's But we -- housing we and here remodel. coming at with Tony indicated time, challenging, well mean, myself recent and in be think discretionary residential and little careful repair they As to are are, the and read as same I months. changing think from still remarks, where in our Tom happen we we I rates most as interest both and market what going the to of The we all is return press terms rates, is a affordability, in with change that. housing constraining -- trends. -- -- the the the Fed really

as we've last market. XX operational change we've this to business the job standpoint cost as position So think gone done over the I in through an months indicated a I good really we've, think, from the

And that that's think pretty do these when feel so areas, the going beneficial to strongly be strength I I very markets the comes the back company. change, to we think in

that, in NPI and won't heard his that, talk I any really into comments what's my a on exciting strong let see Tom. as NPI step-up me too. Tom this I'll we And of in in brings further getting calendar a of but big I going side year very in and future positive on well really, velocity, You XXXX. is Solutions from it about think give terms think and And as Products think I excitement terms

of is headwinds still half we there's current year you the do -- additional some there. our the the kind of 'XX. know out just 'XX excited about So have into up comments? I'm finish out But any future we for Tom, back as

Anthony Trunzo

Yes.

I NPI of to think just you're will at end that the start referring the QX.

market we we're XXXX. continue see making construction That progress per market, and very the -- to new more that's something So content you'll in residential expand in to said, with home. the that expect see as we pleased improvement in our continue really we we're

So those X watch. things are to

Erik Woodring

businesses? XX-year Tony, talk fingers the and work technology this And you the a One, actions? Is it's key it Snap integration? think priority? or we for of to customer Is rates private lows, helpful. of the it your of you start me. guys towards account product question, priority kind you Maybe about at emphasis for integrate first go-to-market and do Jay, Where -- put very label as That's maybe as X a the here. is you integration ADI? Is and into lot Mike, And cross you integration can really mortgage you it you us start told second integrating a that's it

Robert Aarnes

Erik, that is asking for Yes. Thanks Rob. question. this

all of be restructuring I've team in X my added announcement a leadership is next to team, I we're representative just this businesses. I We've soft of into forward. couldn't about here thing, is things putting sounds a X little leadership statement drive team. tell tell now both good more a priority, you So to X, down, we've movements the made it pieces group around the that would weeks mean, through you would just the and and members And the cultures that and leadership you the squishy place Snap layers of today. leadership to be which general integration the with these gotten heard first Mike's bit a in great able integration, impressed I the X team I of and while X

of all after So just the priority things that was positions to integration I get subsequent us us, you some activities that now think the for mentioned. X

hot hundreds the got has In of my ADI launching in our channels this one. The in cross-selling. the fill our into We locations we team here Snap North What the proprietary some closed. Box America we'll of -- around brands business e-commerce launching that One, into days really have to we gotten remarks gate and products locations couple and our Americas exclusive I into then ADI on have Snap at X the after months, mentioned out few of a next gaps.

number priority that's say I'd So two.

drive us And as piece well the aggressive as goals bringing sales together, performance but terms objectives half. of aspects integration in the go-to-market the goals, to of into three, cadence help our enablement then all financial wrapped X these business only and getting to really teams our number reach back not operating for

branches I'd branches thing out out add after terms existing investors And of a getting that that's were we over lockbox It few into couple. within XXX to put information, gate. were ADI But kind just shortly just a mentioned of there our that one of a over close. able was the for they how branches. wasn't understand everyone's help they XXX X Rob said the just in. number out of that to things impactful and it that's Rob in weeks

very and have on ground the really been teams running. fast So the they focused hit moving

Thanks, Jay.

Jason Willey

even right? right? all you every say into the challenging got building product, We site, a that e-commerce, there. was That's the the more easy, Watbox building did then but that relationship of I with which it lot was viable making relationship recommended sure e-commerce up is went think on

a well. driver So that's as -- and big been

Operator

line from Evercore. Amit Daryanani comes the from Your question next of

Michael Fisher

Fisher for Michael on is This Amit.

impressive on some with, despite end margin side, suppose. start has performance challenged the P&S markets, to so Just I been the gross

leverage as home think how long-term should this lot gross we markets of recover? we business and margins So growth else kind think a I everything existing mean, on should sales in recovers? about about future in of the end

Jay Geldmacher

you that? Tom, why don't take

Thomas Surran

for way focused major this we'll and focusing to things X platforms product Michael, development One be Yes. that our The Tom. about margin there's on on. we're the think is the P&S, is development.

scale our and And leveraging taking will we're with that that, margins. that. So improve

our of quarter. operations. Second saw some in past efficiency this is of the that you And

make our our sure utilizations spending that will are high, So and we levels improve margins. to and want that

margins value creating development, product with for us differentiation we our create we're market reward Third, in and better the differentiated with offerings our as gross create to we customers. and expect products, our

lastly, know and the to invest our you we these have And best in expect, focus as returns. would that then products are products, we going will those investments I on

you'll So to shift the see mix natural higher-margin products. the a in

a the over gives you So trend our margins those, line aggregate long positive that for haul.

Jay Geldmacher

of to I was -- Tom's our the -- chain The to reduce trend been base, for organization chain now the go be pick add supply how helpful. supply tough there to years which should kudos and the to additional during want we in cost supply has out out And that because one all it able a like able thing couple I'd that to there. is up, know continue. team has constraints been And there to crazy give out

Michael Fisher

be X HVAC but that's on levels, a I here, for is there? quarters to questions see existing few products where back been business, need And Or aware X of to now. X levels? on to normal a there inventory else are of home Kind think just security that then those anything we sales drag recover? Is

Jay Geldmacher

I'll then channels levels gotten, inventory we're pretty compared they the say have comment I in let Tom where shape good were. our to would in and

So Tom that do to think comment that's NPI what lot at about in area the in of those areas. stabilizing NPI. ties security, why the a made I In I

that Tom? the is NPI come back, help, will market housing in the With really too. particular, But important.

Thomas Surran

Yes.

on to levels. want the inventory I So would just clarify

expect You're speaking level correct much of wouldn't inventories and to we expect the see until And that occurring we levels, market. we the because additional have we inventory improvement that distribution too to where American healthy mid-XXXX. basically a seen EMEA, North there, concerning to don't what's drop

in right for the our high, that in create to believe, quite in is to continue we've to product and have new And got going market, as win that products, that. an in we develop to position of because we're first year our pipeline focusing our the introductions, to we'll question, value terms our and and offering later we in customers. this clearly invest Now something of in terms second area what security it's like we're on

Operator

Oppenheimer. [Operator The with from of comes Zaffino question the Ian next line Instructions]

Isaac Sellhausen

is on This Ian. Sellhausen Isaac for

on commentary on on softness maybe could updated I you for provide Just provided and just One's updates some the you for growth the some Snap But residential. guidance, on know year? ADI this your in expectations color

Anthony Trunzo

gave Snap. outlook the mean for million of I revenue the $XX million year Yes. for we and adjusted of EBITDA included $XXX

exclusive sales the there terribly that talking So through we get enablement, levers. through organization of short on, into areas the focused execution was on value inconsistent It's go those, sort but about, soft, pre It's the the as trends the Rob little and ADI creation saw markets we that see little real are the brings the really to with highlight, those that to the not as that a going here take the the start system expect real term acquisition. And -- year. to business is ADI. value the Snap while but Isaac, cross-selling, the a and intermediate I'd we bit driving stabilize of we where are to Rob those mentioned, that around execution we're the operating those are brands and in

Isaac Sellhausen

so follow-up ADI exclusive there far? guess, overlap product or portfolio. with has products products overall Okay. brands. rationalization been proprietary as And mix is One then far a Snap Understood. quick now of, just third-party I in And What as the versus any the then on

Anthony Trunzo

Yes, great that's question, a Isaac.

X/X we if of stand-alone, products look our you overnight, that Snap products, is the billion, now deal, right? think we about roughly call was did about day at XX% of $X.X their Snap's our about about after -- organization, you what brands. business So of and X% exclusive proprietary right, business proprietary was the billion $X.X

door kind knocking the XX%. So again, of sticking on combined, now we're about

then organization step a are further, of positioned. right, us where advantage pretty that. right, take And So those all in think it the you X Snap now a AV. The is products an residential you about, for area, much significant and as have if majority products

start muscle we software to, to and categories in great the to how their from but that's beyond. move for understanding like the plays hardware forward, offerings utilize better that then sales those hardware a have robust between into building sell expand actually really capabilities position we with we'll of ecosystems Now of that development now an products, majority opportunity and to team just the And building not expertise as start ADI end and us spend time where year, products ControlX. and to 'XX the overseas our and other

got second get your question. sure sure not I'm to I make to want back I that. I And

Isaac Sellhausen

just rationalization as as Yes. you've if so there's areas It far product was on far? the addressed any lap, that that

Anthony Trunzo

Yes.

about opportunities as we're to at do those to heard some But make sure and near to want launch third-party are going look at which Snap me we'll as So simultaneously, One Isaac, there that. launching are you hard make products and current ADI, us. those. few more the be dear sure that margin-accretive line. into product they we that Many rationalization projects brands. -- we have be underway, will of to talk proprietary of support very We room to Snap earlier, make we a will hundred we for also to continue looking

Operator

Feifer comes the the And Danny JPMorgan. line next from of question with

Unknown Analyst

guys out large called in believe delays you quarter, and January February. I first, the last project For

tripled driving and Just maybe second, you the parse those any -- can macro trends the wondering what's in weaker backdrop? of in for kind out kind then despite strong of the of growth

Anthony Trunzo

Yes.

last into So them We came getting but get in pushed we in months. pretty -- the X saw X Early just to weren't the canceled. ADI, the delays some as abated I'd or out. were over some year, going we let large saw we that year projects sure Danny, Rob our of comment, I'll it's at Tony. saw that's Yes, we say

there. haven't abated things We robust a seen recovery have but

Erik Woodring

Yes.

actually of month comments as May Tony's add large A And our mentioned we growth months those X accounts. was what average with at I QX. there, it being So and that June, saw but to daily right, acceleration by all right our this look we to my best of our remarks, briefly in on in He's just saw Danny. we exactly and April, driven sales June. lot of

that our us look back trend continue about momentum I projects didn't were a I'm shifted perform optimistic sales of happen to for mentioned, intake, continuing and was as to half. pipeline, that that our of in continue some QX. into back at QX Tony the little upward also When cautiously the -- to the order But verticals bit that like look And that there's in half.

don't see hockey the I it do a stopping this half. see don't to seeing continue trend. see back I but I sticks, into any

Unknown Analyst

despite the of of what's could And you Great. second, driving then if weaker parse maybe kind out that macro backdrop? at kind the growth first on strong

Anthony Trunzo

Alert, Yes. strength of the residential really the in in That's construction driver Alert. First channel. First We been outperformance at particularly through that did see new BRK

Jay Geldmacher

remember, think, or BRK indicated, terms mentioned been the over do momentum his to quarter up able of pick a you has good Tom, you with share have in last Tony the of terms in we've customers. we've R&C of to Dan, If the comments, been of driver that. I some anything in that add? X but

Anthony Trunzo

Exactly right.

can very them product suite and bring it's other So to having the as understanding we've those relationships exposed opportunity line products of the offerings them to the we into and complete developing the, houses. successful. being creating That's to been the bring sold BRK their product and

Jay Geldmacher

of home. if also have known been the R&C help little XXX we about in years, able Tom couple the as in that guys new for And these customers XXX hundreds. that at points Yes. And product. a I said large there we've think low BRK out the back have over to penetrate couple with ago, it the for it's go last years indicated of with terms today, was of a a first you I content over the you we've a mean overall new various that

Operator

There you back questions turn this are remarks. to over no Mr. time. I for the further Willey, at closing call

Jason Willey

today participation out And months. their reach for Have weeks everyone over interest. you always, to feel questions, we rest coming look Thank day. please of forward a good speaking and further Thank able continued your with the and any you as and to have if you.

Operator

call. conclude today's Thank you. does That conference

disconnect. You may now

Resideo (REZI) 8 Aug 242024 Q2 Earnings call transcript