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Adt Corp (1546640) SEC Filing 10-Q Quarterly report for the period ending Friday, December 26, 2014

Adt Corp

HISTORY TOOLS
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 FIRST QUARTER 2015 RESULTS
Drives higher revenues, EBITDA and diluted EPS before special items
Delivers increase in gross customer additions, lowers attrition and subscriber creation multiple
Continued strong Pulse traction fuels higher revenue per user

FIRST QUARTER 2015 FINANCIAL HIGHLIGHTS
•
GAAP: revenue of $887 million, net income of $72 million, diluted EPS of $0.41, operating cash flow of $369 million
•
Diluted EPS before special items of $0.51(1), up 18.6% from prior year
•
Recurring revenue of $825 million, up 6.5% or 7.1% in constant currency(1)(2) 
•
EBITDA before special items of $453 million(1), up $27 million or 6.3%
•
EBITDA margin before special items of 51.1%(1), up 30 basis points from prior year
•
Operating cash flow before special items $390 million(1), up $48 million or 14.0% from prior year
•
Steady-state free cash flow of $893 million(1), up $106 million or 13.5% from prior year
FIRST QUARTER 2015 BUSINESS HIGHLIGHTS
•
Increased gross additions to 262,000, up 13.4% from prior year
•
Lowered revenue attrition to 13.0%, year-over-year improvement of 120 basis points, lowest level since spin off
•
Lowered unit attrition to 12.9%, a year-over-year improvement of 70 basis points
•
Increased new and resale revenue per unit to $47.28, an increase of $2.37 or 5.3% over prior year
•
Reduced Direct Channel net SAC creation multiple to 31.9x, an improvement of 2.1x over prior year
•
Drove ADT Pulse take rates to 53.4%; Pulse customers comprise 18% of the total ADT base
•
Repurchased 2.9 million shares during the quarter at an average price of $32.35 per share
•
Increased the quarterly dividend by 5% subsequent to the quarter

BOCA RATON, Fla. - January 28, 2015 - The ADT Corporation (NYSE: ADT) today reported its financial results for the first quarter of 2015. The Company reported diluted earnings per share of $0.41. Excluding special items for merger and restructuring costs and 2G radio conversion costs, diluted earnings per share was $0.51(1), an 18.6% increase as compared to diluted earnings per share excluding special items of $0.43(1) in the first quarter of 2014. Using the Company's cash tax rate, diluted earnings per share before special items was $0.73(1).
The Company reported total revenue of $887 million, an increase of 5.7%, or 6.4% in constant currency(1), compared to the first quarter of 2014. Recurring revenue, which made up 93% of total revenue in the quarter, was $825 million, up 6.5% compared to the same period last year and up 7.1% in constant currency(1). Recurring revenue growth in the quarter was primarily driven by an increase in ADT's new revenue per customer, which rose 5.3% over last year to $47.28. Revenue attrition for the quarter improved to 13.0%, an improvement of 50 basis points sequentially and 120 basis points year-over-year. Unit attrition for residential and small business improved 30 basis points sequentially, and 70 basis points from last year, ending at 12.9% for the quarter. ADT closed the quarter with 6.7 million customer accounts, a 4.3% increase over last year. EBITDA before special items increased by $27 million to $453 million(1), 6.3% higher than the prior year, while EBITDA margin before special items was 51.1%(1), a 30 basis point improvement over the comparable period last year. Excluding Reliance Protectron, EBITDA margin

1
The following information was filed by Adt Corp on Wednesday, January 28, 2015 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information Document
Condensed And Consolidated Balance Sheets
Condensed And Consolidated Balance Sheets (parenthetical)
Condensed And Consolidated Statements Of Cash Flows
Condensed And Consolidated Statements Of Comprehensive Income
Condensed And Consolidated Statements Of Operations
Condensed And Consolidated Statements Of Stockholders' Equity
- Carrying Values And Estimated Fair Values Of Debt Instruments (details)
- Changes In Net Carrying Amount Of Contracts And Related Customer Relationships (details)
- Computation Of Basic And Diluted Earnings Per Share (details)
- Finite-lived Intangible Assets Future Amortization Expense (details)
- Gross Carrying Amounts And Accumulated Amortization Of Other Intangible Assets (details)
- Inventories (details)
Acquisitions (details)
Acquisitions (notes)
Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (notes)
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Commitments And Contingencies (details)
Commitments And Contingencies (notes)
Debt (details)
Debt (notes)
Earnings Per Share (details)
Earnings Per Share (notes)
Earnings Per Share (tables)
Equity (details)
Equity (notes)
Goodwill And Other Intangible Assets - Year To Date Amortization Expense (details)
Goodwill And Other Intangible Assets (details)
Goodwill And Other Intangible Assets (notes)
Goodwill And Other Intangible Assets (tables)
Income Taxes (details)
Income Taxes (notes)
Subsequent Event (details)
Subsequent Event (notes)
CIK: 1546640
Form Type: 10-Q Quarterly Report
Accession Number: 0001546640-15-000010
Submitted to the SEC: Wed Jan 28 2015 12:31:12 PM EST
Accepted by the SEC: Wed Jan 28 2015
Period: Friday, December 26, 2014
Industry: Detective Guard And Armored Car Services

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