ADT Reports Fourth Quarter and Full Year 2022 Results
Continued strong sequential and year-over-year growth in revenue, up 21% for full year 2022 versus prior year
Fourth consecutive quarter of record high customer retention and recurring monthly revenue balance
Improving capital efficiency with record revenue payback
Driving momentum into 2023 with expected continued growth in revenue, earnings and cash flows
BOCA RATON, Fla., Feb. 28, 2023 – ADT Inc. (NYSE: ADT), the most trusted brand in smart home and small business security, today reported results for the fourth quarter and full year of 2022.
Financial highlights for the fourth quarter and full year of 2022 are listed below. Variances are on a year-over-year basis unless otherwise noted.
Fourth Quarter 2022
•Total revenue of $1.6 billion, up 19% or 8% excluding Solar, and end-of-period recurring monthly revenue (RMR) of $374 million, up 4%
•Record high customer retention with gross customer revenue attrition at a record low of 12.5%
•Record revenue payback of 2.1 years
•GAAP net income of $151 million, or $0.16 per diluted share, up $209 million
•Adjusted net income of $92 million, or $0.10 per diluted share, up $118 million
•Adjusted EBITDA of $629 million, up $54 million or 9%
Full Year 2022
•Total revenue of $6.4 billion, up 21% or 7% excluding Solar
•GAAP net income of $173 million, or $0.19 per diluted share, up $513 million
•Adjusted net income of $218 million, or $0.24 per diluted share, up $410 million
•Adjusted EBITDA of $2,447 million, up $234 million or 11%
“2022 was a very strong year for ADT. We delivered strong results with top-line growth while setting records in customer retention, recurring monthly revenue balance and revenue payback. Our results reflect the progress ADT is making as we shift from a traditional security company towards an innovative business poised for accelerating growth in new markets,” said ADT President and CEO, Jim DeVries. “We concluded the year with positive momentum in our business, along with launching our partnership with State Farm and advancing our strategic relationship with Google. As we advance into 2023 we are forecasting solid growth in revenue, earnings and free cash flow, continuing our positive trajectory across our businesses and demonstrating progress on our 2025 goals.”
The following information was filed by Adt Inc. (ADT) on Tuesday, February 28, 2023 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.