Adt Inc. (ADT) 10-Q Quarterly Report August 2022

BOCA RATON, Fla. – Aug. 4, 2022 – ADT Inc. (NYSE: ADT), the most trusted brand in smart home and small business security, today reported results for the second quarter of 2022.

Financial highlights for the second quarter of 2022 are listed below. Variances are on a year-over-year basis unless otherwise noted.

•Total revenue of $1.6 billion, up 23%, and end of period recurring monthly revenue (“RMR”) of $369 million, up 5%

•Record high customer retention with gross customer revenue attrition at 12.7%

•Revenue payback of 2.2 years, down sequentially from prior quarter

•GAAP net income of $92 million, or $0.10 per diluted share, up $217 million

•Adjusted net income of $50 million, or $0.06 per diluted share, up $105 million

•Adjusted EBITDA of $597 million, up $55 million or 10%

“We demonstrated tremendous momentum in our business and delivered record high customer retention, our highest-ever recurring monthly revenue balance, and our first reported positive adjusted net income since our IPO,” said ADT President and CEO Jim DeVries. “With our team dedicated to providing unrivaled service to our customers, ADT’s progress continues on our key initiatives outlined earlier this year during our Investor Day to meaningfully grow our revenue, earnings, and cash flows through 2025.”

The following information was filed by Adt Inc. (ADT) on Thursday, August 4, 2022 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 Adt Inc.'s 10-Q Quarterly Report:

Financial - Income Highlight
These items could result in increased taxable income and acceleration of net operating loss utilization, which could impact our tax expense and ultimately, our net income or loss.

Financial - Earnings Highlight
Our definition of Adjusted EBITDA, a reconciliation of Adjusted EBITDA to net income (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."
Financial - Cash Flow Highlight
Cash Flows from Investing Activities Cash flows used in investing activities increased primarily due to: an increase of $39 million in subscriber system assets expenditures as a result of more Company-owned transactions and our growth initiatives, as well as cash paid of $11 million related to our investment in Canopy during 2022, partially offset by proceeds of $27 million related to disposal activities during 2022.
Other - Other Highlight
We believe our cash position, borrowing capacity available under our First Lien Revolving Credit Facility and Receivables Facility, and cash provided by operating activities are, and will continue to be, adequate to meet our operational and business needs in the next twelve months, as well as our long-term liquidity needs.
Revenue - Product Highlight
CSB - For the three and six months ended June 30, 2022, higher recurring revenue was driven by improvements in average pricing as new and existing customers selected higher priced interactive and other services, as well as an increase in the number of active subscribers since the prior year periods primarily due to investments in subscriber growth.
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Adjusted EBITDA We believe Adjusted...Read more
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If the proposed tax rate...Read more
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However, the evolving and uncertain...Read more
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Growth in our solar customer...Read more
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Adjusted EBITDA in total and...Read more
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Depreciation and Intangible Asset Amortization:...Read more
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The Google Commercial Agreement further...Read more
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We report financial and operating...Read more
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Receivables Facility As of June...Read more
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39 The table below reconciles...Read more
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Income tax expense for the...Read more
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As we continue building our...Read more
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ADT Notes due 2023 As...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Adt Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 10.5: Material Contract

Exhibit 10.6: Material Contract

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

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

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ADT
CIK: 1703056
Form Type: 10-Q Quarterly Report
Accession Number: 0001703056-22-000178
Submitted to the SEC: Thu Aug 04 2022 4:33:00 PM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Thursday, June 30, 2022
Industry: Detective Guard And Armored Car Services