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Resideo, New Owner of Snap One & Control4, Reports Fiscal 2024 Q1 Results

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Resideo cover page for Q1 2024 results

Resideo & Snap One Deal Expected to Close Friday, June 14th

Resideo Technologies, Inc. (NYSE: REZI), a manufacturer and distributor of security and related products for business and home – and soon to be the new owner of Snap One and Control4 – announced its fiscal 2024, first quarter financial results. Considering the looming event that will make Resideo an important partner to many in the custom integration business – the closing of its acquisition of Snap One/Control4 on Friday, June 14, 2024 – I am launching a more detailed coverage of the company.

So…given that Resideo is about to spend $1.4 billion, or 20% of their gross revenues – to acquire Snap One, you’d think that things must be going really, really well for Resideo. But are they???

See how Resideo did in its first quarter of fiscal 2024

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Snap One Closes Out a Tough Year; They Say Next Year Will Be Better…Maybe

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Cover page of Snap One Fiscal Q4 & FY 2023 results

Company Turns To Forced Client Fees to Improve Its Results

At the end of last week, Snap One Holdings Corporation [NASDAQ: SNPO] announced the results of its Fiscal Fourth Quarter and Full Year 2023. Much as we’ve seen quarter-by-quarter all year long, the company remained subsumed by a challenging “destocking” market, with Net Sales in Fiscal 2023 finishing down 5.6%, and its Net Loss last year increasing by another 146.3% this year. CEO John Heyman called it “another strong year.”

But was it truly “another strong year?”

See more details on the Snap One Fiscal 2023 performance

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Fury on Facebook as Dealers Use Control4 Group to Push Back on New Snap One Programs

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The Control4 Programmers Facebook Group

Like many companies, Snap One brands are the subject of several discussion Groups on Facebook, some run by the company and others run by third parties. In the days following their recent announcement of existing program changes, new program mandates, and new optional programs, many dealers took to Control4-related groups on Facebook to protest the changes immediately, vociferously, and even (in a few cases) profanely. It was an outpouring of emotion that group admins and participating Snap One executives like G Paul Hess and others struggled to stay on top of.

Snap One executives told the dealers in the group of an upcoming webinar in which the company plans to explain everything regarding the program changes to their dealers.

See more on the fury on Facebook directed at Snap One

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Snap One Seeks to Change the Integration Industry Model with Subscription SaaS Plan

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Screenshot of Snap One execs briefing Ted Green of Strata-gee
Snap One CEO John Heyman and VP of New Ventures Graham Jaenicke tell me about the new Control4 SaaS program [Click to enlarge]

Seemingly Well Designed, But One Thing I Find Suspicious

Snap One announced today the launch of three new services, part of a Software-as-a-Service subscription program that gets the manufacturer in direct communication with end users of every Control4-based system sold and provides new levels of customer support. The program is said to include a revenue share for its dealers. These programs are called Control4 Connect, Control4 Assist, and Control4 Assist Premium and allow for direct-to-consumer support by the company.

See more on how Snap One is driving change in custom integration…

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Snap One Sues Josh.ai and AVA for Patent Infringement and So Much More

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image with Snap One, AVA, and Josh.ai

Lawsuit Alleges Unethical Biz Practices from CI Brands Perceived as Upstanding Citizens

On Monday, Snap One revealed that it had filed a lawsuit against two other well-known, if smaller, brands, alleging patent infringement and a range of illicit and unethical business practices that it claims violated existing contractual agreements. The defendants in this matter are Josh.ai and AVA.

The allegations, if true, are really quite surprising.

See more on Snap One vs Josh.ai and AVA

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Sources: Snap One has Restructured Operations with Staff Layoffs

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Snap One website

Multiple reports are pouring in that Snap One, a leading custom integration supplier, has just completed a restructuring that resulted in layoffs. It is not clear at this point just how many employees were cut, but it was significant enough to motivate several sources around the country to reach out to Strata-gee.

See what we know so far on the Snap One restructuring

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Snap One Unleashes an Array of New Products at Virtual Partner Summit

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Snap One's Ryan Marsh
Ryan Marsh, Snap One EVP of Sales

New Introductions for Control4, OvrC, Episode and Triad

Last Friday, Snap One held a Virtual Partner Summit in which they unveiled a whole roster of new products to dealers participating in the online event. It was an impressive launch in key product areas for the company including OvrC, audio, new controllers, new soundbar and wireless sub, new architectural speakers, a major new operating system upgrade called OS 3.3.0, and more.

See more on these new products from Snap One

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New Brand AVA Appears with Solid Founder Pedigree; But is Success Guaranteed?

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On Monday we learned of the launch of a new brand of wireless streaming music systems called AVA. Targeted towards the higher-end of the market, AVA features a more European design aesthetic, is targeted for distribution through the custom integration channel, and comes from a triumvirate of co-founders of respectable pedigree.

But does this pedigree guarantee their success?

See more on AVA

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SnapAV and Control4 are Rebranded as Snap One

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SnapAV and Control4 logo

SnapAV Execs Hindman & Vaughn Explain the Rationale Behind the Change to Strata-gee

Recently, in a special Zoom presentation for Strata-gee by SnapAV executives Jeff Hindman (Chief Revenue Officer) and Kordon Vaughn (VP Marketing), I was about to learn about the company’s new brand strategy going forward. Ever since SnapAV acquired their largest division, Control4, there has been much speculation about how to address the market with two strong, well-known brands. I joked, “So what’s it going to be…ControlAV or Snap4?

It turns out I wasn’t that far off, as the executives shared with me that they would be rebranding the organization as Snap One.

Learn more about how SnapAV became Snap One…

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SnapAV Says Latest Control4 OS 3.2.2 Update Offers Full Support of OvrC

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Control4 and OvrC

SnapAV announced today (Tuesday) that its latest rendition of its automation brand Control4’s OS 3 operating software – OS 3.2.2 – finally introduces full support of the company’s popular OvrC remote management platform. No doubt part of their ongoing integration strategy since they first acquired Control4, this news is sure to make life just a little easier for their Control4 dealers who support OvrC.

See more on Control4’s OS 3.2.2 & OvrC

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