Resideo Technologies, Inc. (NYSE: REZI) and its distribution division ADI have both reported positive revenues for their Q4 2022 and full fiscal year 2022, despite suffering from supply chain woes. Citing economic uncertainty ahead, the company has announced it will make a 5% workforce reduction.

For the full year 2022 ended on December 31, 2022, Resideo had record net revenue of $6.37 billion, up 9% from $5.85 billion in 2021. Resideo’s products and solutions side of its business represented $2.78 billion of the total revenue (up 13%), while the global distribution side of its business (ADI) accounted for $3.59 billion (up 6%) of the full-year revenue. Narrowing it down to just Q4, the company had net revenue of $1.56 billion, up 7%. The company’s gross profit margin was 27.6%.

“Across the organization the team continued to deliver for customers in the face of the dynamic supply chain environment and challenging macro-economic backdrop,” commented Jay Geldmacher, Resideo’s President and CEO. “Feedback from customers and our data indicate our competitive positioning remains strong across the majority of our key markets. This is evident in the results both ADI and Products and Solutions delivered in 2022, with record revenue and expanding profitability even as residential market growth began to slow in the second half of the year. We remain focused on executing on the substantial long-term opportunity to improve margins and drive higher profitability through product innovation, cost optimization, and manufacturing efficiency initiatives.”

Resideo Cost Reduction Actions Underway

“Given elevated near-term uncertainty around the macro-economic environment and the residential market outlook, we have taken action to reduce costs,” says Geldmacher. “This includes headcount reductions, scaling back certain investment initiatives, and further rationalizing corporate spending. We have also begun the manufacturing optimization work delayed due to supply chain challenges. These actions will position us to better respond to market fluctuations while continuing to support our customers and invest in key innovation and profit enhancement initiatives.”

Resideo has initiated cost reduction actions that are expected to result in an approximate 5% decrease in its global workforce and approximately $70 million of annualized savings once fully implemented, which is expected to be within the next 12 to 24 months.

According to the company, the key initiatives will include right-sizing the business, simplifying the organizational structure, optimizing manufacturing, and rationalizing corporate spending. These cost reduction measures are expected to improve the focus of operational resources on advancing strategic initiatives and better position Resideo to scale with future growth.

The restructuring is already underway, with the company incurring $35 million in restructuring and impairment expenses related to these costs reduction actions in the fourth quarter of 2022. Cash costs associated with these actions are expected to be approximately $25 million and paid throughout 2023.

DMP’s new AlarmVision creates video analytics zones on connected cameras that integrate into XR Series panels like any other zone. Deter intruders by instantly triggering any output or action following detection of a person, animal or vehicle. AlarmVision can also use these analytics to trigger alarms directly on the panel, creating an instantly verified alarm sent to the monitoring center.

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• Program your customer’s system for automation following object detection within an area.
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COPS Monitoring is proud to welcome its first K9 assistant to its workforce.

Throughout history from ancient Rome to Europe and China, there has been evidence of canines aiding humans. However, service dogs were not legally recognized by the United States until the Americans with Disabilities Act (ADA) was passed in 1990. Today, there are roughly a half a million service dogs in the United States alone.

While ADA Title I applies to private employers with 15 or more employees, state and local governments, employment agencies, and labor unions, not every work environment is safe or hospitable to a service animal.

“I can’t tell you just how pleased I am that COPS Monitoring is the perfect atmosphere for employees and their service animals,” said COPS’ founder and president Jim McMullen. “I’ll be honest, in our 45 years, it was only recently that we were approached with the idea of accommodating a K9 companion.  There are talented people with service animals that may not know about us, and we are working to change that. We are fortunate that our monitoring centers are the perfect place for people with service animals who are inspired to help others through the work that we do.”

“It’s surprisingly difficult finding companies that have the right atmosphere for service animals,” explained Rebekkah, Kovu’s companion. “Kovu and I feel so fortunate to find a place like COPS Monitoring. We both feel at home here and are proud to be productive members of the team.”

“When he’s working, he’s very vigilant and has his eye on me at all times,” shared Rebekkah. “When he’s off the clock, Kovu is a goofy, fun-loving boy who can usually be found at home playing with his tennis ball.  He also enjoys tagging along at the farm to help keep me in good company,” she concluded.

Though Kovu is considered a service animal, and not a pet, everyone at COPS loves having him around. Studies have also shown that the presence of dogs in the workplace can improve morale and lower stress levels which are both vital to concentrating on critical tasks and an overall healthy workplace environment.

NAPCO Security Technologies announced that its increasingly popular Alarm Lock Trilogy Networx® Wireless PIN and Prox Access Locks are newly certified with Lenel Version 8.0/8.1 OnGuard® Integrated Access Control & Video Security Platform. As a Lenel Open Access Alliance Program Partner (OAAP), Alarm Lock Networx Access Lock products (PL, PDL, and DL-Series) were fully tested and certified by Lenel’s Quality Assurance Department for use with OnGuard. With this update, integrators and VARs have a choice of security management platforms, seamlessly integrated with the Company’s award-winning locks, now including Lenel, Continental Enterprise, and new AirAccess Cellular Hosted ACaaS systems, the latter two, from sister divisions of Alarm Lock’s parent company, NAPCO Security Technologies.

Award-winning Alarm Lock Networx, and its customizable counterparts, the designer ArchiTech Series, are the networked wireless versions of Alarm Lock’s Trilogy Series, the #1 selling standalone lock in their class, popular for durability, years of battery life, advanced options, and installation ease. Upgrading to any of these three platforms, from the standard Alarm Lock DL-WINDOWs database software, enables real-time lockdown, global operations, scheduled server-based programming, etc, offering a far more powerful and flexible real-time wireless access control solution within Lenel’s OnGuard Platform, Continental Access’ CA4K Enterprise Security Management Systems or AirAccess Cellular/Cloud-Based Hosted Access System, uniquely featuring easier cell-based networking.

 

Alarm Lock’s Trilogy Networx Series and ArchiTech’s locks, offer businesses and facilities, controlled access, and real-time lockdown security and server-based management, for a few doors or users, to thousands, while creating a commonality of function and ease of use, on any door type, using cylindrical, mortise, narrow stile, and exit trim models. These platform integration options, with Lenel OnGuard 8.0/8.1, Continental Access CA4K Enterprise, and AirAccess Cloud/Cell-Based Systems, offer security- and locking-professionals even more access to the strongest vertical market sectors today, i.e., education, healthcare, government, retail and transportation/airports, etc.

 

For more information or availability, please visit www.alarmlock.com , contact your local Alarm Lock Sales Representative, Distributor, or call the Alarm Lock Division of NAPCO Security Technologies at 1.800.ALA.LOCK. Also, stop by and ask for a demonstration at the ISC West Show in Vegas March 29-31st, NAPCO Security Technologies Booth 12031.