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Adt Inc. (ADT) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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CIK: 1703056 Ticker: ADT
Exhibit 99.1
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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.”
1
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.

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Inside Adt Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders??? Equity
Acquisitions And Disposition
Acquisitions And Disposition (Tables)
Acquisitions And Disposition - Narrative (Details)
Acquisitions And Disposition - Schedule Of Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions And Disposition - Summary Of Business Acquisition, Pro Forma Information (Details)
Commitment And Contingencies - Schedule Of Contractual Obligations Commitments (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Condensed Financial Information Of Registrant
Condensed Financial Information Of Registrant (Tables)
Condensed Financial Information Of Registrant - Condensed Balance Sheets (Details)
Condensed Financial Information Of Registrant - Condensed Statements Of Cash Flows (Details)
Condensed Financial Information Of Registrant - Condensed Statements Of Operations And Comprehensive Income (Loss) (Details)
Condensed Financial Information Of Registrant - Narrative (Details)
Debt
Debt (Tables)
Debt - Adt Notes (Details)
Debt - Debt Covenants And Loss On Extinguishment Of Debt (Details)
Debt - First Lien Credit Agreement (Details)
Debt - First Lien Notes Due 2024 And First Lien Notes Due 2026 (Details)
Debt - First Lien Notes Due 2027 And First Lien Notes Due 2029 (Details)
Debt - Receivables Facility (Details)
Debt - Schedule Of Long-Term Debt Instruments (Details)
Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Debt - Second Lien Notes Due 2028 (Details)
Debt - Term Loan A Facility (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Changes In Accumulated Other Comprehensive Loss (Details)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Reclassification Out Of Accumulated Other Comprehensive Income (Details)
Derivative Financial Instruments - Schedule Of Derivative Liabilities At Fair Value (Details)
Derivative Financials Instruments - Schedule Of Derivative Instruments (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Description Of Business And Summary Of Significant Accounting Policies - Narrative (Details)
Description Of Business And Summary Of Significant Accounting Policies - Property Plant And Equipment (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Accrued Expenses And Radio Conversion Cost (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Cash And Cash Equivalents And Restricted Cash And Cash Equivalents (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Fair Value Of Retail Installment Contract Receivables And Long-Term Debt Instruments (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Prepaid Expenses And Other Current Assets (Details)
Description Of Business And Summary Of Significant Accounting Policies - Subscriber System Assets And Depreciation Amortization (Details)
Description Of Business And Summary Of Significant Accounting Policies - Supplementary Cash Flow Information (Details)
Equity
Equity (Tables)
Equity - Narrative (Details)
Equity - Schedule Of Dividends Declared (Details)
Equity Method Investments
Equity Method Investments (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Changes In Net Carrying Amount Of Contracts And Related Customer Relationships (Details)
Goodwill And Other Intangible Assets - Gross Carrying Amounts And Accumulated Amortization Of Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Finite-Lived Intangible Assets, Amortization Expense (Details)
Goodwill And Other Intangible Assets - Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Loss Before Income Taxes For Domestic And Foreign Locations (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits Roll Forward (Details)
Income Taxes - Summary Of Open Tax Years (Details)
Income Taxes - Summary Of Valuation Allowance (Details)
Leases
Leases (Tables)
Leases - Schedule Of Consolidated Balance Sheet Information Related To Leases (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Operating And Finance Lease Weighted Average Lease Term And Discount Rate (Details)
Leases - Schedule Of Operating And Finance Lease, Liability, Maturity (Details)
Leases - Supplementary Cash Flow Information (Details)
Net (Loss) Income Per Share (Tables)
Net Income (Loss) Per Share
Net Income (Loss) Per Share - Narrative (Details)
Net Income (Loss) Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Related Party Transactions
Related Party Transactions - Narrative (Details)
Retirement Plans
Retirement Plans (Details)
Revenue And Receivables
Revenue And Receivables (Tables)
Revenue And Receivables - Allowance For Credit Loss Rollforward (Details)
Revenue And Receivables - Amortization Of Deferred Subscriber Acquisition Revenue (Details)
Revenue And Receivables - Disaggregation Of Revenue (Details)
Revenue And Receivables - Narrative (Details)
Revenue And Receivables - Schedule Of Unbilled Retail Installment Contract Receivables, Net (Details)
Revenue And Receivables - Summary Of Contract Assets (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Schedule Of Segment Information Ebitda Reconciliation (Details)
Segment Information - Schedule Of Total Revenue By Segment And Reconciliation To Consolidated Total Revenue (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Disclosure Of Share-Based Compensation Expense (Details)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)
Share-Based Compensation - Summary Of Distributed Shares Activity (Details)
Share-Based Compensation - Summary Of Related 2018 Plan Rsus Activity (Details)
Share-Based Compensation - Summary Of Related To The 2018 Plan Options Activity (Details)
Ticker: ADT
CIK: 1703056
Form Type: 10-K Annual Report
Accession Number: 0001703056-23-000046
Submitted to the SEC: Tue Feb 28 2023 4:25:17 PM EST
Accepted by the SEC: Tue Feb 28 2023
Period: Saturday, December 31, 2022
Industry: Detective Guard And Armored Car Services

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