Good day. The meeting will now begin. I'd like to turn the meeting over to Trent Perrotto. Please go ahead. Thank you, Andrew. Good morning. I'm Trent Perrotto, Senior Director for Corporate and Digital Communications at Resideo. Welcome to our first annual meeting of shareholders. Before we get started, I'd like to note that some parts of today's presentation contain forward-looking statements. Statements other than historical facts made during this meeting 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.
Our annual meeting of shareholders is virtual and webcasting live, meaning that shareholders around the world with appropriate identification can attend and listen live, submit questions, and vote their shares electronically. We believe the technological advantages of the virtual shareholder meeting format allow for expanded access, improved communication, and cost savings for our shareholders. Now it's my pleasure to introduce the Chairman of Resideo's Board of Directors, Roger Fradin.
Thank you, Trent, thank you to everyone joining this virtual shareholder meeting. I will act as chairman of the annual meeting and will now call the meeting to order. I will conduct the business portion of the meeting. Following that, Mike Nefkens, our President and Chief Executive Officer, will recap our financial performance and highlights and discuss the company's strategy for growth. Finally, we will have an open forum question and answer period so you can ask questions and we can hear your feedback. During this meeting, questions will be grouped by topic, read aloud, and answered as time permits. If there are any matters of individual concern to a shareholder and not of general concern to all shareholders, or if a question posed is not otherwise answered during the meeting, they may be raised separately after the annual meeting by contacting Resideo Investor Relations at investorrelations@resideo.com.
The Q&A session will be posted to our investor relations website, investor.resideo.com, as soon as practical following the conclusion of the virtual annual meeting. Now turning to the business portion of the meeting, the Inspector of Election has certified that sufficient shares of common stock are present or represented by proxy at today's meeting to constitute a quorum to the transaction of business. Therefore, I now declare the meeting properly convened for consideration of the items of business set forth in the proxy statement. The meeting agenda and our rules of conduct and procedures for the meeting have been posted to our virtual meeting website, www.virtualshareholdermeeting.com/rezi2019. We are now ready to proceed with the business of our meeting, which consists of voting on the four proposals described in the company's proxy statement and to transact any other business that properly comes before the meeting.
Our first order of business is the election of Class 1 directors. The proxy statement contains information relating to the three nominees standing for election, Paul Deninger, Michael Nefkens, and Sharon Wienbar. The board of directors has nominated these individuals each to serve until the 2022 annual meeting of shareholders and until his or her successor is duly elected and qualified. The board of directors has recommended a vote for each of the three nominees. I declare the nominations closed. Our next order of business is a discussion of proposals 2, 3, and 4, which are as follows. Proposal 2, advisory vote to approve executive compensation. Proposal 3, advisory vote on the frequency of future advisory votes to approve executive compensation. Proposal 4, ratification of the appointment of independent registered public accounting firm.
The board of directors has recommended a vote for proposals 2 and 4 and a vote of one year for proposal 3. We'd like to allow shareholders an opportunity to submit questions specifically related to the proposals at hand. The meeting is now open for discussion of these proposals. Any shareholder with a question or comment about the nominees, the director, or proposals 2, 3, or 4 should submit their questions at this time, unless the question has been submitted in advance.
Okay, we have one question for Jeannine Lane, our General Counsel and Corporate Secretary. It is: Why are you voting on executive compensation once a year instead of every two or three?
Thanks, Trent. An annual frequency is common in the industry. It gives us an opportunity to hear feedback from shareholders on a more regular basis. Much more detail on our strategy around executive compensation can be found in our proxy statement.
With that, Roger, we've not received any further questions.
Thank you. I now declare the polls open for voting on all items of business. If you have already submitted a proxy, you do not need to vote again. If you would like to vote now during the annual meeting, you may click on the Vote Here link at the bottom of our virtual meeting website during the meeting or go to www.virtualshareholdermeeting.com/rezi2019 and follow the instructions there to cast your vote. I now declare the polls closed on all items of business. The Inspector of Election has provided his preliminary report on the voting and has certified the results of the voting at the time of the report.
Based on these preliminary results, I am now able to announce that each of Paul Deninger, Michael Nefkens, and Sharon Wienbar has been elected as a director of the company, each to serve until the 2022 annual meeting of shareholders and until his or her successor is duly elected and qualified. The advisory vote to approve executive compensation has been approved. The advisory vote on the frequency of future advisory votes to approve executive compensation has been approved for one year. The appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal 2019 has been ratified. The final voting report will be posted on our website at investor.resideo.com and filed with the SEC on a Form 8-K when it's available. This concludes the business portion of our meeting.
It's now my pleasure to have Mike Nefkens, Resideo's President and CEO, talk with you a few minutes about our most recent business highlights and the company's strategy for growth. After Mike speaks, we'll conduct the Q&A portion of the meeting. We will take your questions and listen to your comments.
Thanks, Roger, and thanks to the shareholders joining us on today's call. This is an exciting time for Resideo. In the seven months since our spinoff, we put a solid team in place that delivered great results in 2018. We're already off to a solid start in 2019 with strong growth and performance above expectations on key metrics, including adjusted EBITDA and adjusted EPS. In the first quarter alone, our in-house innovation shined with the launch and strong sales volumes for our next-generation pro security platform. At CES, we announced new Honeywell Home products with our T9 and T10 Pro thermostats and the SiXCOMBO detector, our first two-way professionally installed and monitored wireless smoke, heat, and carbon monoxide detector. Our ADI Global Distribution business continues to achieve growth driven primarily by the security and life safety product categories and expansion of its professional AV growth initiative.
Our financial position is strong as a newly independent company, allowing us to drive significant value creation as we win new share of the fast-growing residential IoT market, which we believe will be nearly $100 billion by 2023. This year, we're making strategic investments in key adjacencies like water leak detection and indoor air quality to help us further connect the systems of a home and use data intelligently, helping make homes safe, healthy, efficient, and accessible to all, powering homes with technology that works. We have committed $90 million in new growth investments in 2019 to capitalize on our existing install base of 150 million homes and deepen ties with our network of 110,000 Do It For Me professional contractors.
To date, we have acquired Buoy Labs, expanding our pro offerings into water leak detection and energy efficiency technology from Whisker Labs that helps optimize devices to use less energy while maintaining comfort. We're also investing in an innovative new digital portal that will connect Resideo's community of consumers with Do It For Me professional contractors, which we expect to launch in the second half of 2019. We believe these strategic investments and others, coupled with our cost and investment programs, will accelerate our new product introductions and drive revenue growth. We are confident in the team we're building, the strategy we're executing, and the steps we're taking to get there. Likewise, we are committed to continued improvements in company performance, strong governance, and transparency. We are grateful to you, our shareholders, for taking the journey with us. We will now open the meeting for questions.
With me, in addition to Jean, is our CFO, Joe Ragan. We'll answer previously submitted questions and those questions submitted via the web today. If you are a shareholder of record or a beneficial owner and wish to submit a question now, please do so by typing the question into the text box on our virtual meeting website. We will pause for a moment while we wait for any questions to come in.
Mike, our first question is: What is your plan to return capital to shareholders in the future?
Yeah. Looking at our capital allocation approach, we've been very consistent and disciplined on that. We are prioritizing growth capital, and secondly, deleveraging what we have. We've been consistent from that from the beginning, and we'll continue with prioritizing growth capital and deleveraging.
Okay, our next questions are: Who are the major competitors for Resideo, and where are your corporate offices located?
Okay, major competitors. Probably the best I can do there is refer you to our Q1 earnings presentation. I put a slide together, I believe it was slide five in that presentation, that identifies our addressable market by segment and our key competitors and peers. Please go to that slide. It'll give you all the information there. The second question was around our corporate headquarters. Resideo is headquartered in Austin, Texas. The exact address is 901 East Sixth Street. We chose Austin as a result of having great access to technology talent, in particular, developer talent. So far it's been a great location for us and has lived up to its promise.
Our next question, I believe for Jean, is: Why don't all the directors own Resideo shares? Why not require each to have a meaningful and significant investment?
Yes. Our stock ownership policy subjects our directors to stock ownership guidelines, and I'd refer you to the proxy for more detail on it.
Thank you. Our final question is: Why are you conducting a virtual meeting? Are there any plans to hold an in-person meeting along with the virtual meeting at any point in the future?
Yeah. We thought a lot about this when doing our first shareholder meeting, and we really felt that the virtual meeting gave much better access to our entire shareholder base. Doing in-person meetings, there's cost involved to our shareholders to get here, and we felt that this would allow all of our shareholders to access this meeting in a much more beneficial way.
Okay. With that's all the time we have for questions today. If there are any outstanding questions or topics that were not answered live, please contact us at Resideo Investor Relations at investorrelations@resideo.com. Now I'd like to hand the meeting back over to Mike Nefkens for final remarks.
All right, guys. Thank you all for joining Resideo's first annual meeting of shareholders. We hope you found it informative and are excited as we are about our company, our vision, and our future. On behalf of Roger and the rest of the board, thank you, and that concludes today's meeting.
The conference has now concluded. Thank you for attending today's presentation.