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Last10K.com | 10-Q Quarterly Report Tue Nov 09 2021
Exhibit 99.1
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ADT REPORTS THIRD QUARTER 2021 RESULTS
Announces pending acquisition of Sunpro Solar, entering into the rapidly growing residential solar market
Continued momentum in the business with total revenue, subscribers, and end of period RMR all increasing year over year
Commercial rebound continues with double-digit revenue growth
BOCA RATON, Fla. – November 9, 2021 – ADT Inc. (NYSE: ADT), the most trusted brand in smart home and small business security, today reported results for the third quarter of 2021.
THIRD QUARTER 2021 OPERATIONAL HIGHLIGHTS VERSUS PRIOR YEAR
•Monitoring and related services revenue increased 5%
•Gross recurring monthly revenue (RMR) additions grew 7% in the third quarter, 19% year-to-date
•End of period RMR of $356 million increased by 4%, the 5th quarter of sequential improvement
•Solid customer retention with attrition at 13.4%
•Commercial performance improves with revenue growing 18%
“Our third quarter results show that we are successfully delivering solid results for our shareholders while positioning the Company for long-term growth. Our people are at the heart of ADT’s brand and I want to thank our entire team for their great work and steadfast focus on our customers,” stated Jim DeVries, ADT’s President and CEO. “Our pending acquisition of Sunpro Solar represents an exciting new chapter for ADT, giving us a top-tier position in the fast-growing residential solar business. With our broad spectrum of integrated security, smart home, and energy management solutions – customers will now be protected, connected, and powered by ADT.”
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The following information was filed by Adt Inc. (ADT) on Tuesday, November 9, 2021 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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Adt Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Revenue - Geography Highlight
Our definition of Adjusted EBITDA, a reconciliation of Adjusted EBITDA to net loss (the most comparable GAAP measure), and additional information, including a description of the limitations relating to the use of Adjusted EBITDA, are provided under "-Non-GAAP Measures."
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Revenue - Product Highlight
The increase in Commercial was driven by higher recurring revenue primarily due to an increase in the number of customers over the period, including the acquisition of businesses and customer accounts and improvements in customer retention.
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Revenue - Product Highlight
The increase in Commercial was driven by higher recurring revenue primarily due to an increase in the number of customers over the period, including the acquisition of businesses and customer accounts and improvements in customer retention.
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Revenue - Product Highlight
Monitoring and Related Services Revenue ("M&S Revenue") M&S Revenue in total and by segment were as follows: The increase in total M&S Revenue was primarily attributable to higher recurring revenue in our CSB segment, which was driven by (i) improvements in average pricing as new and existing customers selected higher priced interactive and other services and (ii) an increase in the number of customers over the period primarily due to a higher volume of dealer-generated and bulk account purchases.
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Revenue - Product Highlight
37 Monitoring and Related Services Revenue M&S Revenue in total and by segment are as follows: The increase in total M&S Revenue was primarily attributable to higher recurring revenue in CSB, which was driven by (i) improvements in average pricing as new and existing customers selected higher priced interactive and other services and (ii) an increase in the number of customers over the period primarily due to a higher volume of dealer-generated and bulk account purchases.
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Other - Other
We believe our cash position,...Read more
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Financial - Earnings
Further, we believe Adjusted EBITDA...Read more
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Other - Other
Adjusted EBITDA We believe the...Read more
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M & A - Other
The effective tax rate primarily...Read more
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Financial - Expense
However, the evolving and uncertain...Read more
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Financial - Expense
Selling, General, and Administrative Expenses...Read more
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Financial - Shares
In February 2019, we approved...Read more
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Revenue - Product
Our Commercial segment primarily includes...Read more
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Other - Other
40 Adjusted EBITDA in total...Read more
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Revenue - Product
We may make voluntary prepayments...Read more
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M & A - Other
Depreciation and Intangible Asset Amortization...Read more
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Revenue - Product
ADT Notes due 2022 Redemption...Read more
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M & A - Other
Depreciation and Intangible Asset Amortization...Read more
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Other - Other
The increase in RMR was...Read more
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Revenue - Product
While we have only experienced...Read more
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Financial - Shares
The effective tax rate primarily...Read more
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Other - Other
Without limiting the generality of...Read more
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Revenue - Product
Our CSB segment primarily includes...Read more
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M & A - Other
The Google Commercial Agreement further...Read more
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Other - Other
Factors that could cause such...Read more
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Financial - Cash Flow
Cash Flow Analysis The following...Read more
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M & A - Other
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Revenue - Product
The increase in Commercial was...Read more
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Revenue - Product
The increase in Commercial was...Read more
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Other - Other
Growth in our residential customer...Read more
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Other - Other
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Other - Other
30 Segment Change Effective in...Read more
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Other - Other
The effective tax rate primarily...Read more
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Financial - Cash Flow
Cash Flows from Investing Activities...Read more
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Other - Other
As of September 30, 2021,...Read more
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Revenue - Product
Google Commercial Agreement Google has...Read more
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Financial - Earnings
Adjusted EBITDA We believe the...Read more
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Other - Other
Receivables Facility In March 2021,...Read more
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Financial - Expense
We estimate that we will...Read more
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Other - Other
Additionally, the amendment requires us...Read more
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Other - Other
44 CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING...Read more
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Other - Other
During the nine months ended...Read more
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M & A - Other
Additionally, we utilize our security...Read more
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Financial - Expense
The increase was partially offset...Read more
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Revenue - Product
We believe the presentation of...Read more
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Revenue - Product
The increase in Commercial was...Read more
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Revenue - Product
The increase in Commercial was...Read more
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Revenue - Product
We also expect to continue...Read more
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Other - Other
As of September 30, 2021,...Read more
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Financial - Earnings
These limitations are best addressed...Read more
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Other - Other
We believe this increases the...Read more
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Revenue - Product
SIGNIFICANT EVENTS The comparability of...Read more
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Financial - Expense
The remainder of the change...Read more
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Other - Other
Monthly fees generated from any...Read more
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Financial - Income
Income Tax Benefit Income tax...Read more
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Financial - Income
Income Tax Benefit Income tax...Read more
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Other - Other
We offer a wide range...Read more
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Financial - Earnings
This measure is not a...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information Document
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Stockholders??? Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Acquisitions (Details)
Acquisitions And Dispositions
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Accrued Expenses And Other Current Liabilities (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (Narrative) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Carrying Values And Fair Values Of Debt (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Fair Value And Carrying Value Of Retail Installment Contract Receivables (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Subscriber System Assets (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Subscriber System Depreciation Expense (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies Radio Conversion Costs (Details)
Commitment And Contingencies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies Purchase Obligations (Details)
Debt
Debt (Details)
Debt (Policies)
Debt (Tables)
Debt Second Lien Notes Due 2028 (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Derivative Financial Instruments Derivative Policy (Policies)
Equity
Equity (Tables)
Equity - Additional Information (Details)
Equity - Issuance Of Class B Common Stock (Details)
Equity - Schedule Of Dividends Declared (Details)
Equity Additional (Details)
Equity Share Repurchase (Policies)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Changes In Net Carrying Amount Of Contracts And Related Customer Relationships (Details)
Goodwill And Other Intangible Assets - Finite-Lived Intangible Assets Amortization Expense (Details)
Goodwill And Other Intangible Assets - Gross Carrying Amounts And Accumulated Amortization Of Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Schedule Of Changes In Goodwill (Details)
Income Taxes
Income Taxes (Details)
Leases (Details)
Leases (Notes)
Leases (Policies)
Leases (Tables)
Mandatorily Redeemable Preferred Securities (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Net Loss Per Share Eps Policy (Policies)
Related Party Transactions
Related Party Transactions (Details)
Revenue
Revenue - Additional Information (Details)
Revenue - Changes In The Allowance For Doubtful Accounts (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Retail Installment Contract Receivables Contract Assets (Details)
Revenue - Summary Of Contract Assets (Details)
Revenue Revenue (Policies)
Revenues (Tables)
Segment Information
Segment Information (Tables)
Segment Information - Revenue By Segment (Details)
Segment Information Ebitda Reconciliation (Details)
Segment Reporting (Policies)
Share-Based Compensation
Share-Based Compensation - Additional Information (Details)
Share-Based Compensation Schedule Of Share Based Payments Award Valuation Assumptions (Tables)
Material Contracts, Statements, Certifications & more
Adt Inc. provided additional information to their SEC Filing as exhibits
Ticker: ADT
CIK: 1703056
Form Type: 10-Q Quarterly Report
Accession Number: 0001703056-21-000181
Submitted to the SEC: Tue Nov 09 2021 4:25:53 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: Detective Guard And Armored Car Services
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