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IAZ

Ian A. Zaffino

Managing Director and Senior Equity Analyst at Oppenheimer

New York, NY, US

Ian A. Zaffino is a Managing Director and Senior Equity Analyst at Oppenheimer & Co., specializing in special situations research such as spinoffs, post-bankruptcy equities, and corporate restructurings. He covers numerous companies, including NCR Voyix Corporation, Six Flags (SIX), Crane NXT (CXT), and ALM, with a track record of 51-58% success rates and average returns between 6.1% and 8.84% per recommendation according to TipRanks and StockAnalysis. Zaffino began his analyst career at Credit Suisse First Boston from 1998 to 2002, worked at Israel Englander Research, and has held his current role at Oppenheimer since August 2004. He holds an MBA in Finance from NYU Stern, a Master’s degree from Columbia University, a BS in Mechanical Engineering from University of Michigan, and is a CFA charterholder.

Ian A. Zaffino's questions to RESIDEO TECHNOLOGIES (REZI) leadership

Question · Q3 2025

Ian A. Zaffino inquired about quantifying the financial impact of the HVAC regulatory change and ERP implementation headwinds on Resideo's third-quarter results and fourth-quarter guidance, seeking clarity on their duration and the growth drivers for the Products and Solutions (P&S) business excluding HVAC.

Answer

CFO Michael Carlet and President of Products and Solutions Business Thomas Surran stated that the HVAC and ERP impacts were roughly similar and transitory, declining to provide specific quantification. They indicated ERP issues would largely resolve by year-end, while HVAC market disruptions, caused by an inventory glut from regulatory changes, are expected to normalize by Q1 2026. Thomas Surran highlighted strong performance in retail, OEM, and safety products within P&S.

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Question · Q3 2025

Ian A. Zaffino inquired about quantifying the financial impact of the HVAC regulatory change and the ERP implementation on third-quarter results and future guidance, seeking clarity on whether these headwinds are transitory or will extend into 2026. He also asked for details on the Products and Solutions (P&S) segment's growth drivers, excluding the HVAC impact.

Answer

CFO Michael Carlet stated that the company would not quantify the specific impacts but noted they were roughly similar and largely transitory, with the ERP implementation expected to conclude by year-end and HVAC headwinds by Q1 2026. President of Products and Solutions Thomas Surran elaborated on the HVAC market's expected recovery timeline. Michael Carlet also highlighted strong performance in P&S's retail, OEM, and safety product channels, expressing optimism about their long-term HVAC positioning despite current challenges.

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