Resideo Technologies, Inc. (NYSE:REZI) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET

Company Participants

Jason Willey – Vice President-Investor Relations

Jay Geldmacher – Chief Executive Officer

Tony Trunzo – Chief Financial Officer

Conference Call Participants

Erik Woodring – Morgan Stanley

Ryan Merkel – William Blair

Michael Fisher – Evercore ISI

Isaac Sellhausen – Oppenheimer

Operator

Hello, ladies and gentlemen. My apologies for the technical delay. At this time, I'd like to welcome everyone to the Resideo Technologies Third Quarter 2023 Earnings Conference Call. 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. [Operator Instructions]

Jason Willey

Good afternoon, everyone, and thank you for joining us for Resideo's third quarter 2023 earnings call. On today's call will be Jay Geldmacher, Resideo's Chief Executive Officer; and Tony Trunzo, our Chief Financial Officer. A copy of our earnings release and related presentation materials are available on the Investor Relations page of our website at investors.resideo.com.

We would like to remind you that this afternoon's presentation contains forward-looking statements. Statements other than historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Resideo's filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements. We identify principal risks and uncertainties that affect our performance in our annual report on Form 10-K and other SEC filings.

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

Jay Geldmacher

Thank you, Jason, and thanks, everyone, for joining us today. During the third quarter, we continue to take actions to improve the business, both structurally and through cost actions, while delivering adjusted results above the midpoint of our guidance range, improving operating cash flow and repurchasing 1.8 million shares.

I'm excited by the significant progress over the past several months on key strategic operational and cost initiatives highlighted by new product and partnership momentum within Products & Solutions and digital experience improvements at ADI, which I will discuss further during the business reviews.

As part of our portfolio optimization work, we completed the sale of our nonstrategic Genesis Cable business for $87.5 million. We also acquired Sfty, a small Norwegian provider of life safety monitoring technology for the multifamily market. Sfty will bolster our European life safety services offering with attractive reoccurring revenue capabilities. These transactions demonstrate our commitment to execute value creation opportunities across the organization.