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Adt Corp (1546640) SEC Filing 10-Q Quarterly report for the period ending Friday, March 27, 2015

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 SECOND QUARTER 2015 RESULTS
Drives higher revenues, EBITDA and diluted EPS
Delivers increase in gross customer additions, improves retention and subscriber creation multiple year-over-year
Increases guidance for recurring revenue and retention; adds pre-SAC EBITDA guidance

SECOND QUARTER 2015 FINANCIAL HIGHLIGHTS
•
GAAP: revenue of $890 million, net income of $68 million, diluted EPS of $0.40, operating cash flow of $387 million
•
Recurring revenue of $829 million, up 7.2% or 7.8% in constant currency(1)(2) 
•
Pre-SAC EBITDA before special items of $557 million(1), up $32 million or $34 million in constant currency
•
EBITDA before special items of $444 million(1), up $13 million
•
Diluted EPS before special items of $0.47(1), includes a $0.04 negative impact related to a marketing efficiency program
•
Operating cash flow before special items of $413 million(1) 
•
Steady-state free cash flow of $940 million(1), up $154 million or 19.6% from prior year
SECOND QUARTER 2015 BUSINESS HIGHLIGHTS
•
Increased gross additions to 249 thousand, up 7.3% from prior year; up 8.3% excluding bulk acquisitions
•
Improves revenue attrition to 12.5%, year-over-year improvement of 170 basis points
•
Improves unit attrition to 12.5%, a year-over-year improvement of 120 basis points
•
Increased new and resale revenue per unit to $48.18, an increase of $2.10 or 4.6% over prior year
•
Reduced Direct Channel net SAC creation multiple excluding upgrades to 31.5x, a 2.4x improvement over prior year
•
Drove ADT Pulse take rates to 56%; Pulse customers comprise 19% of the total ADT base
•
Repurchased 1.3 million shares during the quarter at an average price of $34.20 per share
BOCA RATON, Fla. - April 29, 2015 - The ADT Corporation (NYSE: ADT) today reported its financial results for the second quarter of 2015. The Company reported total revenue of $890 million, an increase of 6.3%, or 6.8% in constant currency(1), compared to the second quarter of 2014. Recurring revenue, which made up 93% of total revenue in the quarter, was $829 million, up 7.2% compared to the same period last year and up 7.8% in constant currency(1). Recurring revenue growth in the quarter was driven by an increase in ADT's new revenue per customer, which rose 4.6% over last year to $48.18, the addition of Reliance Protectron Inc. ("Protectron"), strong growth by ADT Business and improved customer retention. Revenue attrition for the quarter improved to 12.5%, an improvement of 50 basis points sequentially and 170 basis points year-over-year. Unit attrition for residential and small business improved 40 basis points sequentially, and 120 basis points from last year, ending at 12.5% for the quarter. ADT closed the quarter with 6.7 million customer accounts, a 4.7% increase over last year. Pre-SAC EBITDA before special items increased by $32 million to $557 million(1), a 6.1% increase over the prior year, and pre-SAC EBITDA margin before special items was 66.1%. EBITDA before special items increased by $13 million to $444 million(1), 3.0% higher than the prior year, while EBITDA margin before special items was 49.9%(1) for the quarter. EBITDA before special items includes the impact of approximately $11 million pre-tax related to a change in how the Company accounts for dealer payments for leads generated through a marketing efficiency program from the beginning of the fiscal year. Although participating dealers pay the Company for leads generated by the program, after the change, these payments are accounted for as a reduction in capital expenditures incurred for dealer generated customer accounts, rather than as a reduction in the associated marketing expense on

1
The following information was filed by Adt Corp on Wednesday, April 29, 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 - Accrued And Other Current Liabilities (details)
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)
CIK: 1546640
Form Type: 10-Q Quarterly Report
Accession Number: 0001546640-15-000018
Submitted to the SEC: Wed Apr 29 2015 3:28:51 PM EST
Accepted by the SEC: Wed Apr 29 2015
Period: Friday, March 27, 2015
Industry: Detective Guard And Armored Car Services

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