Adt Corp 10-K Annual Report November 2014

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Adt Corp

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CIK: 1546640

Exhibit 99.1



				The ADT Corporation 1501 Yamato Road Boca Raton, FL 33431 +1 561.988.3600 www.adt.com

FOR IMMEDIATE RELEASE



Media Relations		Investor Relations
Jason Shockley tel: +1 561.322.7235 jshockley@adt.com		Tim Perrott tel: +1 561.226.2983 tperrott@adt.com

ADT REPORTS FOURTH QUARTER AND FULL YEAR 2014 RESULTS

Delivers improvement in attrition, gross adds and EBITDA before special items

ADT Pulse customers grow to over 1 million

Closed Protectron acquisition

FOURTH QUARTER 2014 FINANCIAL HIGHLIGHTS


•	GAAP results: revenue of $883 million, net income of $82 million, diluted EPS of $0.47


•	Diluted EPS before special items of $0.55⁽¹⁾; up 19.6% over prior year period


•	Recurring revenue of $819 million, up 5.4% or 5.8% in constant currency⁽¹⁾⁽²⁾


•	EBITDA before special items of $458 million⁽¹⁾, up $27 million or 6.3%


•	EBITDA margin before special items of 51.9%⁽¹⁾, up 100 basis points from prior year


•	Operating cash flow of $354 million and steady-state free cash flow of $966 million⁽¹⁾, up 3% from prior year

FOURTH QUARTER 2014 BUSINESS HIGHLIGHTS


•	ADT Pulse customers grow to over 1 million


•	Lowered revenue attrition to 13.5%, a sequential and year-over-year improvement of 40 basis points


•	Lowered unit attrition to 13.2%, a sequential improvement of 30 basis points


•	Reduced Direct Channel net SAC creation multiple to 30.1x, a sequential improvement of 1.0x


•	Customer base reaches 6.7 million, not including wholesale contract monitoring accounts of approximately 95,000


•	Completed post-separation transition activities from Tyco


•	Completed 83,000 2G conversions in fourth quarter 2014; 221,000 in FY 2014

BOCA RATON, Fla. - November 12, 2014 - The ADT Corporation (NYSE: ADT) today reported its financial results for the fourth quarter and full year 2014. The Company reported diluted earnings per share of $0.47. Excluding special items for the separation from Tyco, merger and restructuring costs, 2G radio conversion costs, and discrete tax items, diluted earnings per share was $0.55⁽¹⁾, a 19.6% increase as compared to diluted earnings per share excluding special items of $0.46⁽¹⁾ in the fourth quarter of 2013. Using the Company's cash tax rate, diluted earnings per share before special items was $0.79⁽¹⁾.

The Company reported total revenue of $883 million, an increase of 4.4%, or 4.7% in constant currency⁽¹⁾, compared to the fourth quarter of 2013. Recurring revenue, which made up 93% of total revenue in the quarter, was $819 million, up 5.4% compared to the same period last year and up 5.8% in constant currency⁽¹⁾. Recurring revenue growth in the quarter was primarily driven by an increase in ADT's organic average revenue per customer, which rose 3.7% over last year to $42.32, and the consolidation of Reliance Protectron for eleven weeks in the quarter. Revenue attrition for the quarter improved 40 basis points sequentially and year-over-year to 13.5%, while unit attrition for residential and small business improved 30 basis points sequentially, and 10 basis points from last year, to 13.2%. ADT closed the quarter with 6.7 million customer accounts, including Reliance Protectron accounts, a 3.6% increase over last year. The customer accounts exclude approximately 95 thousand wholesale contract monitoring accounts. EBITDA before special items increased by $27 million to $458 million⁽¹⁾, 6.3% higher than the prior year and EBITDA margin before special items was 51.9%⁽¹⁾, a 100 basis point improvement over the comparable period last year. The year-over-year increase in margins was primarily attributable to recurring revenue growth, productivity improvements and cost

The following information was filed by Adt Corp on Wednesday, November 12, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Adt Corp provided additional information to their SEC Filing as exhibits

Exhibit 12.1: Statement Regarding Calculation Of Ratios

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

CIK: 1546640
Form Type: 10-K Annual Report
Accession Number: 0001546640-14-000023
Submitted to the SEC: Wed Nov 12 2014 3:37:08 PM EST
Accepted by the SEC: Wed Nov 12 2014
Period: Friday, September 26, 2014
Industry: Detective Guard And Armored Car Services