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Adt Inc. (ADT) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

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CIK: 1703056 Ticker: ADT
Exhibit 99.1

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ADT Reports Second Quarter 2023 Results

Record high recurring monthly revenue balance and maintained record high customer retention
Improved capital efficiency with record revenue payback of 1.9 years
Positive net income with strong Adjusted EBITDA and operating cash flows
Announced agreement to divest commercial business for $1.6 billion unlocking significant shareholder value; net proceeds to be used for debt reduction

BOCA RATON, Fla., Aug. 8, 2023 – ADT Inc. (NYSE: ADT), the most trusted brand in smart home and small business security, today reported results for the second quarter of 2023.

Financial highlights for the second quarter of 2023 are listed below. Variances are on a year-over-year basis unless otherwise noted.

•Total revenue of $1.6 billion with end-of-period recurring monthly revenue (RMR) up 4% or $382 million
•High customer retention with gross revenue attrition maintaining record low of 12.5%
•Record revenue payback of 1.9 years
•GAAP net income of $92 million, or $0.10 per diluted share, down less than $1 million
•Adjusted net income of $148 million, or $0.16 per diluted share, up $98 million
•Adjusted EBITDA of $651 million, up $54 million

“ADT’s second quarter results underscore the resiliency and momentum of our business with a record high recurring monthly revenue balance and customer retention. Our success reflects the dedication ADT’s employees have with our customers and is a testament to the strong demand for ADT’s innovative offerings and premium experiences,” said ADT President and CEO, Jim DeVries. “The divestiture of ADT’s commercial business unlocks shareholder value by enhancing cash flows and accelerating debt reduction goals while sharpening our focus on core residential, small business and multifamily consumer markets.”






1
The following information was filed by Adt Inc. (ADT) on Tuesday, August 8, 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-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 2023 10-K Annual Report includes:

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Inside Adt Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders??? Equity
Acquisitions And Dispositions
Acquisitions And Dispositions - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Long-Term Debt Instruments (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Reclassification Out Of Accumulated Other Comprehensive Income (Details)
Derivative Financial Instruments - Schedule Of Derivative Instruments (Details)
Derivative Financial Instruments - Schedule Of Derivative Liabilities At Fair Value (Details)
Derivative Financial Instruments - Schedule Of Unrealized Gain (Loss) On Interest Rate Swaps (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 - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments And Securities (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Carrying Values And Fair Values Of Retail Installment Contract Receivables (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Cash And Cash Equivalents (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Subscriber System Asset And Deferred Subscriber Acquisition Costs Of Depreciation And Amortization (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Subscriber System Assets (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 - 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 - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Changes In Goodwill (Details)
Income Taxes
Income Taxes - Narrative (Details)
Insider Trading Arrangements
Leases
Leases (Tables)
Leases - Schedule Of Consolidated Balance Sheet Information Related To Leases (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Supplementary Cash Flow Information (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Narrative (Details)
Net Income (Loss) Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Pay Vs Performance Disclosure
Related Party Transactions
Related Party Transactions - Narrative (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 - Narrative (Details)
Revenue And Receivables - Schedule Of Disaggregation Of Revenue (Details)
Revenue And Receivables - Schedule Of Revenue And Cost Of Revenue (Details)
Revenue And Receivables - Schedule Of Third-Party Lender Fees (Details)
Revenue And Receivables - Schedule Of Unbilled Retail Installment Contract Receivables, Net (Details)
Revenue And Receivables - Summary Of Contracts 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 - Narrative (Details)
Ticker: ADT
CIK: 1703056
Form Type: 10-Q Quarterly Report
Accession Number: 0001703056-23-000157
Submitted to the SEC: Tue Aug 08 2023 4:39:07 PM EST
Accepted by the SEC: Tue Aug 08 2023
Period: Friday, June 30, 2023
Industry: Detective Guard And Armored Car Services

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