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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| | | | | |
| (Mark One) | |
| ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended September 30, 2024
OR
| | | | | |
| ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from __________ to __________
Commission File Number: 001-38352
ADT Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
| Delaware | | 47-4116383 |
(State or other jurisdiction
of incorporation or organization) | | (I.R.S. Employer
Identification No.) |
1501 Yamato Road
Boca Raton, Florida 33431
(561) 988-3600
(Address of principal executive offices, zip code, registrant’s telephone number, including area code)
| | | | | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | | Trading Symbol | | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | | ADT | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | | | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | | | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 17, 2024, there were 852,268,869 shares outstanding of the registrant’s common stock, $0.01 par value per share, and 54,744,525 shares outstanding of the registrant’s Class B common stock, $0.01 par value per share.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
ADT INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share data)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 95,338 | | | $ | 14,621 | |
| Restricted cash and restricted cash equivalents | 109,411 | | | 115,329 | |
Accounts receivable, net of allowance for credit losses of $63,995 and $46,850, respectively | 396,913 | | | 370,201 | |
| Inventories, net | 203,007 | | | 201,394 | |
| Prepaid expenses and other current assets | 194,902 | | | 242,192 | |
| Current assets of discontinued operations | 3,322 | | | 60,957 | |
| Total current assets | 1,002,893 | | | 1,004,694 | |
| Property and equipment, net | 259,554 | | | 253,658 | |
| Subscriber system assets, net | 3,003,196 | | | 3,005,936 | |
| Intangible assets, net | 4,898,878 | | | 4,877,493 | |
| Goodwill | 4,903,899 | | | 4,903,899 | |
| Deferred subscriber acquisition costs, net | 1,288,840 | | | 1,175,904 | |
| Other assets | 726,732 | | | 699,231 | |
| Noncurrent assets of discontinued operations | 569 | | | 43,279 | |
| Total assets | $ | 16,084,561 | | | $ | 15,964,094 | |
| | | |
| Liabilities and stockholders' equity | | | |
| Current liabilities: | | | |
| Current maturities of long-term debt | $ | 196,563 | | | $ | 312,061 | |
| Accounts payable | 226,614 | | | 277,201 | |
| Deferred revenue | 249,920 | | | 255,221 | |
| Accrued expenses and other current liabilities | 533,959 | | | 556,114 | |
| Current liabilities of discontinued operations | 38,301 | | | 79,611 | |
| Total current liabilities | 1,245,357 | | | 1,480,208 | |
| Long-term debt | 7,524,523 | | | 7,513,456 | |
| Deferred subscriber acquisition revenue | 2,058,273 | | | 1,914,954 | |
| Deferred tax liabilities | 1,116,665 | | | 1,027,189 | |
| Other liabilities | 230,231 | | | 219,069 | |
| Noncurrent liabilities of discontinued operations | 12,227 | | | 20,572 | |
| Total liabilities | 12,187,276 | | | 12,175,448 | |
| | | |
| Commitments and contingencies (See Note 11) | | | |
| | | |
| Stockholders' equity: | | | |
Preferred stock—authorized 1,000,000 shares of $0.01 par value; zero issued and outstanding as of September 30, 2024 and December 31, 2023 | — | | | — | |
Common stock—authorized 3,999,000,000 shares of $0.01 par value; issued and outstanding shares of 857,250,221 and 867,432,337 as of September 30, 2024 and December 31, 2023, respectively | 8,573 | | | 8,674 | |
Class B common stock—authorized 100,000,000 shares of $0.01 par value; issued and outstanding shares of 54,744,525 as of September 30, 2024 and December 31, 2023 | 547 | | | 547 | |
| Additional paid-in capital | 7,358,241 | | | 7,413,305 | |
| Accumulated deficit | (3,458,579) | | | (3,617,718) | |
| Accumulated other comprehensive income (loss) | (11,497) | | | (16,162) | |
| Total stockholders' equity | 3,897,285 | | | 3,788,646 | |
| Total liabilities and stockholders' equity | $ | 16,084,561 | | | $ | 15,964,094 | |
See Notes to Condensed Consolidated Financial Statements
ADT INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Revenue: | | | | | | | |
| Monitoring and related services | $ | 1,077,550 | | | $ | 1,053,456 | | | $ | 3,208,267 | | | $ | 3,125,344 | |
| Security installation, product, and other | 166,286 | | | 126,417 | | | 429,800 | | | 355,082 | |
| Total revenue | 1,243,836 | | | 1,179,873 | | | 3,638,067 | | | 3,480,426 | |
Cost of revenue (exclusive of depreciation and amortization shown separately below): | | | | | | | |
| Monitoring and related services | 154,744 | | | 148,533 | | | 460,649 | | | 452,809 | |
| Security installation, product, and other | 67,362 | | | 38,863 | | | 151,996 | | | 113,921 | |
| Total cost of revenue | 222,106 | | | 187,396 | | | 612,645 | | | 566,730 | |
| Selling, general, and administrative expenses | 358,520 | | | 346,444 | | | 1,105,523 | | | 1,000,861 | |
| Depreciation and intangible asset amortization | 335,270 | | | 329,653 | | | 1,002,131 | | | 1,008,773 | |
| Merger, restructuring, integration, and other | 1,590 | | | 9,817 | | | 15,094 | | | 32,441 | |
| Operating income (loss) | 326,350 | | | 306,563 | | | 902,674 | | | 871,621 | |
| Interest expense, net | (161,830) | | | (146,850) | | | (358,980) | | | (401,261) | |
| | | | | | | |
| Other income (expense) | 17,735 | | | 661 | | | 44,907 | | | (10) | |
| Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee | 182,255 | | | 160,374 | | | 588,601 | | | 470,350 | |
| Income tax benefit (expense) | (50,235) | | | (34,427) | | | (166,505) | | | (119,987) | |
| Income (loss) from continuing operations before equity in net earnings (losses) of equity method investee | 132,020 | | | 125,947 | | | 422,096 | | | 350,363 | |
| Equity in net earnings (losses) of equity method investee | — | | | (2,688) | | | — | | | (7,103) | |
| Income (loss) from continuing operations | 132,020 | | | 123,259 | | | 422,096 | | | 343,260 | |
| Income (loss) from discontinued operations, net of tax | (4,869) | | | (209,496) | | | (111,000) | | | (456,123) | |
| Net income (loss) | $ | 127,151 | | | $ | (86,237) | | | $ | 311,096 | | | $ | (112,863) | |
| | | | | | | |
| Common Stock: | | | | | | | |
| Income (loss) from continuing operations per share - basic | $ | 0.15 | | | $ | 0.13 | | | $ | 0.46 | | | $ | 0.38 | |
| Income (loss) from continuing operations per share - diluted | $ | 0.14 | | | $ | 0.13 | | | $ | 0.44 | | | $ | 0.36 | |
| | | | | | | |
| Net income (loss) per share - basic | $ | 0.14 | | | $ | (0.09) | | | $ | 0.34 | | | $ | (0.12) | |
| Net income (loss) per share - diluted | $ | 0.13 | | | $ | (0.09) | | | $ | 0.32 | | | $ | (0.12) | |
| | | | | | | |
| Weighted-average shares outstanding - basic | 850,462 | | | 857,423 | | | 851,539 | | | 856,446 | |
| Weighted-average shares outstanding - diluted | 912,861 | | | 917,774 | | | 913,296 | | | 918,701 | |
| | | | | | | |
| Class B Common Stock: | | | | | | | |
| Income (loss) from continuing operations per share - basic | $ | 0.15 | | | $ | 0.13 | | | $ | 0.46 | | | $ | 0.38 | |
| Income (loss) from continuing operations per share - diluted | $ | 0.14 | | | $ | 0.13 | | | $ | 0.44 | | | $ | 0.36 | |
| | | | | | | |
| Net income (loss) per share - basic | $ | 0.14 | | | $ | (0.09) | | | $ | 0.34 | | | $ | (0.12) | |
| Net income (loss) per share - diluted | $ | 0.13 | | | $ | (0.09) | | | $ | 0.32 | | | $ | (0.12) | |
| | | | | | | |
| Weighted-average shares outstanding - basic | 54,745 | | | 54,745 | | | 54,745 | | | 54,745 | |
| Weighted-average shares outstanding - diluted | 54,745 | | | 54,745 | | | 54,745 | | | 54,745 | |
| | | | | | | |
See Notes to Condensed Consolidated Financial Statements
ADT INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net income (loss) | $ | 127,151 | | | $ | (86,237) | | | $ | 311,096 | | | $ | (112,863) | |
| Other comprehensive income (loss), net of tax: | | | | | | | |
| Cash flow hedges | 1,472 | | | 22,763 | | | 4,593 | | | 30,484 | |
| Other | (42) | | | (17) | | | 72 | | | (43) | |
| Total other comprehensive income (loss), net of tax | 1,430 | | | 22,746 | | | 4,665 | | | 30,441 | |
| Comprehensive income (loss) | $ | 128,581 | | | $ | (63,491) | | | $ | 315,761 | | | $ | (82,422) | |
See Notes to Condensed Consolidated Financial Statements
ADT INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 | | |
| Number of Common Shares | | Number of Class B Common Shares | | Common Stock | | Class B Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders' Equity | | | | | | | | | | | | |
| Beginning balance | 857,053 | | | 54,745 | | | $ | 8,571 | | | $ | 547 | | | $ | 7,347,061 | | | $ | (3,535,042) | | | $ | (12,927) | | | $ | 3,808,210 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | — | | | — | | | — | | | — | | | — | | | 127,151 | | | — | | | 127,151 | | | | | | | | | | | | | |
| Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | — | | | 1,430 | | | 1,430 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends | — | | | — | | | — | | | — | | | — | | | (50,157) | | | — | | | (50,157) | | | | | | | | | | | | | |
| Share-based compensation expense | — | | | — | | | — | | | — | | | 9,942 | | | — | | | — | | | 9,942 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Transactions related to employee share-based compensation plans and other | 197 | | | — | | | 2 | | | — | | | 1,238 | | | (531) | | | — | | | 709 | | | | | | | | | | | | | |
| Ending balance | 857,250 | | | 54,745 | | | $ | 8,573 | | | $ | 547 | | | $ | 7,358,241 | | | $ | (3,458,579) | | | $ | (11,497) | | | $ | 3,897,285 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Number of Common Shares | | Number of Class B Common Shares | | Common Stock | | Class B Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders' Equity |
| Beginning balance | 866,409 | | | 54,745 | | | $ | 8,664 | | | $ | 547 | | | $ | 7,390,269 | | | $ | (4,041,963) | | | $ | (39,505) | | | $ | 3,318,012 | |
| | | | | | | | | | | | | | | |
| Net income (loss) | — | | | — | | | — | | | — | | | — | | | (86,237) | | | — | | | (86,237) | |
| Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | — | | | 22,746 | | | 22,746 | |
| | | | | | | | | | | | | | | |
| Dividends | — | | | — | | | — | | | — | | | — | | | (32,321) | | | — | | | (32,321) | |
| Share-based compensation expense | — | | | — | | | — | | | — | | | 15,580 | | | — | | | — | | | 15,580 | |
| | | | | | | | | | | | | | | |
| Transactions related to employee share-based compensation plans and other | 385 | | | — | | | 4 | | | — | | | 1,315 | | | (434) | | | — | | | 885 | |
| Ending balance | 866,794 | | | 54,745 | | | $ | 8,668 | | | $ | 547 | | | $ | 7,407,164 | | | $ | (4,160,955) | | | $ | (16,759) | | | $ | 3,238,665 | |
See Notes to Condensed Consolidated Financial Statements
ADT INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 | | |
| Number of Common Shares | | Number of Class B Common Shares | | Common Stock | | Class B Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders' Equity | | | | | | | | | | | | |
| Beginning balance | 867,432 | | | 54,745 | | | $ | 8,674 | | | $ | 547 | | | $ | 7,413,305 | | | $ | (3,617,718) | | | $ | (16,162) | | | $ | 3,788,646 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | — | | | — | | | — | | | — | | | — | | | 311,096 | | | — | | | 311,096 | | | | | | | | | | | | | |
| Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | — | | | 4,665 | | | 4,665 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends | — | | | — | | | — | | | — | | | — | | | (150,375) | | | — | | | (150,375) | | | | | | | | | | | | | |
| Share-based compensation expense | — | | | — | | | — | | | — | | | 39,329 | | | — | | | — | | | 39,329 | | | | | | | | | | | | | |
| Repurchases of common stock (including excise tax) | (15,000) | | | — | | | (150) | | | — | | | (93,969) | | | — | | | — | | | (94,119) | | | | | | | | | | | | | |
| Transactions related to employee share-based compensation plans and other | 4,818 | | | — | | | 49 | | | — | | | (424) | | | (1,582) | | | — | | | (1,957) | | | | | | | | | | | | | |
| Ending balance | 857,250 | | | 54,745 | | | $ | 8,573 | | | $ | 547 | | | $ | 7,358,241 | | | $ | (3,458,579) | | | $ | (11,497) | | | $ | 3,897,285 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| Number of Common Shares | | Number of Class B Common Shares | | Common Stock | | Class B Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders' Equity |
| Beginning balance | 862,098 | | | 54,745 | | | $ | 8,621 | | | $ | 547 | | | $ | 7,380,759 | | | $ | (3,949,579) | | | $ | (47,200) | | | $ | 3,393,148 | |
| | | | | | | | | | | | | | | |
| Net income (loss) | — | | | — | | | — | | | — | | | — | | | (112,863) | | | — | | | (112,863) | |
| Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | — | | | 30,441 | | | 30,441 | |
| | | | | | | | | | | | | | | |
| Dividends | — | | | — | | | — | | | — | | | — | | | (96,751) | | | — | | | (96,751) | |
| Share-based compensation expense | — | | | — | | | — | | | — | | | 43,068 | | | — | | | — | | | 43,068 | |
| | | | | | | | | | | | | | | |
| Transactions related to employee share-based compensation plans and other | 4,696 | | | — | | | 47 | | | — | | | (16,663) | | | (1,762) | | | — | | | (18,378) | |
| Ending balance | 866,794 | | | 54,745 | | | $ | 8,668 | | | $ | 547 | | | $ | 7,407,164 | | | $ | (4,160,955) | | | $ | (16,759) | | | $ | 3,238,665 | |
See Notes to Condensed Consolidated Financial Statements
ADT INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
| Cash flows from operating activities: | | | |
| Net income (loss) | $ | 311,096 | | | $ | (112,863) | |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | |
| Depreciation and intangible asset amortization | 1,004,003 | | | 1,058,794 | |
| Amortization of deferred subscriber acquisition costs | 165,454 | | | 145,688 | |
| Amortization of deferred subscriber acquisition revenue | (257,538) | | | (227,651) | |
| Share-based compensation expense | 39,329 | | | 43,068 | |
| Deferred income taxes | 87,652 | | | 6,804 | |
| Provision for losses on receivables and inventory | 146,204 | | | 104,469 | |
| | | |
| Goodwill, intangible, and other asset impairments | 21,296 | | | 521,663 | |
| | | |
| Unrealized (gain) loss on interest rate swap contracts | 61,128 | | | (38,477) | |
| | | |
| | | |
| Other non-cash items, net | 53,934 | | | 102,843 | |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | | | |
| Deferred subscriber acquisition costs | (271,029) | | | (295,440) | |
| Deferred subscriber acquisition revenue | 196,355 | | | 221,747 | |
| | | |
| | | |
| Other, net | (132,661) | | | (284,951) | |
| Net cash provided by (used in) operating activities | 1,425,223 | | | 1,245,694 | |
| | | |
| Cash flows from investing activities: | | | |
| Dealer generated customer accounts and bulk account purchases | (473,560) | | | (385,462) | |
| Subscriber system asset expenditures | (406,521) | | | (480,947) | |
| Purchases of property and equipment | (130,114) | | | (130,520) | |
| | | |
Proceeds (payments) from sale of business, net of cash sold | (21,000) | | | — | |
Proceeds (payments) from interest rate swaps | (6,675) | | | — | |
| Other investing, net | 3,506 | | | 8,848 | |
| Net cash provided by (used in) investing activities | (1,034,364) | | | (988,081) | |
| | | |
| Cash flows from financing activities: | | | |
| | | |
| Proceeds from long-term borrowings | 970,521 | | | 650,000 | |
| Proceeds from receivables facility | 189,861 | | | 212,188 | |
| Proceeds (payments) from interest rate swaps | 72,249 | | | 59,184 | |
| Repurchases of common stock | (93,356) | | | — | |
| Repayment of long-term borrowings, including call premiums | (1,087,658) | | | (888,716) | |
| Repayment of receivables facility | (202,747) | | | (144,620) | |
| Dividends on common stock | (132,214) | | | (96,400) | |
| Payments on finance leases | (23,069) | | | (32,268) | |
| | | |
| | | |
| Other financing, net | (9,647) | | | (34,497) | |
| Net cash provided by (used in) financing activities | (316,060) | | | (275,129) | |
| | | |
| Cash and cash equivalents and restricted cash and restricted cash equivalents: | | | |
| Net increase (decrease) | 74,799 | | | (17,516) | |
| Beginning balance | 129,950 | | | 373,580 | |
| Ending balance | $ | 204,749 | | | $ | 356,064 | |
| | | |
| | | |
| | | |
See Notes to Condensed Consolidated Financial Statements
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business and Organization
ADT Inc., together with its wholly-owned subsidiaries (collectively, “ADT” or the “Company”), provides security, interactive, and smart home solutions to consumer and small business customers in the United States (“U.S.”).
Prior to March 11, 2024, the Company was majority-owned by Prime Security Services TopCo (ML), L.P., which is majority-owned by Prime Security Services TopCo Parent, L.P. (“Ultimate Parent”). Ultimate Parent is majority-owned by Apollo Investment Fund VIII, L.P. and its related funds that are directly or indirectly managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries and affiliates, “Apollo” or the “Sponsor”). Following a registered secondary offering of the Company’s common stock (“Common Stock”) by certain Apollo affiliates (and the Company’s concurrent repurchase from the underwriters of 15 million shares of Common Stock that were the subject of the offering), including the exercise of the underwriters’ overallotment option which closed on March 19, 2024, Apollo beneficially owns less than 50% of the Company’s outstanding common stock, which includes Common Stock and Class B common stock (“Class B Common Stock”) combined, and less than 50% of the Company’s outstanding Common Stock, and the Company ceased to be a “controlled company” under the New York Stock Exchange (the “NYSE”) rules.
Basis of Presentation
The condensed consolidated financial statements included herein:
•have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America (“GAAP”);
•are comprised of the consolidated results of ADT Inc. and its wholly-owned subsidiaries for which all intercompany transactions have been eliminated;
•are unaudited, but in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the interim periods presented; and
•should not be taken as indicative of results that may be expected for future interim periods or the full year.
The Condensed Consolidated Balance Sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. Certain information and footnote disclosures required in the annual consolidated financial statements have been omitted as appropriate. For a more comprehensive understanding of the Company and its interim results, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”).
In addition, the results of companies acquired, if applicable, are included from the effective dates of acquisition. Prior to the sale of its shares in SNTNL LLC (“Canopy”) during the fourth quarter of 2023, the Company used the equity method of accounting to account for its investment in Canopy as it had the ability to exercise significant influence but did not control.
Certain prior period amounts have been reclassified to conform with the current period presentation.
Discontinued Operations
In January 2024, the Company’s board of directors (the “Board of Directors” or the “Board”) approved a plan to fully exit the residential solar business (the “Solar Business”) (the “ADT Solar Exit”). The ADT Solar Exit represents a strategic shift that had a major effect on the Company’s financial results. As of June 30, 2024, substantially all operations of the Solar Business had ceased, and beginning in the second quarter of 2024, the results of operations and financial position of the Solar Business are classified as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets, respectively, for all periods presented.
In addition, in August 2023, ADT entered into an agreement to divest its commercial business (the “Commercial Business”), which was completed in October 2023 (the “Commercial Divestiture”). As a result, the Commercial Business is presented as a discontinued operation in the Company’s Condensed Consolidated Statements of Operations for all periods presented.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The cash flows and comprehensive income (loss) of discontinued operations have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income (Loss), respectively, for all periods presented.
Refer to Note 3 “Divestitures” for additional information on discontinued operations.
Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company’s continuing operations.
Use of Estimates
The preparation of these condensed consolidated financial statements in accordance with GAAP requires the Company to select accounting policies and make estimates that affect amounts reported in the condensed consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions.
Segment Update
Beginning in the second quarter of 2024, and as a result of the ADT Solar Exit, the Company currently reports its results in a single operating and reportable segment, which reflects the business operations of the Company’s former Consumer and Small Business (“CSB”) segment, based on the manner in which the Company’s Chief Executive Officer, who is the chief operating decision maker (the “CODM”), evaluates performance and makes decisions about how to allocate resources.
Prior to the third quarter of 2023, the Commercial Business was reflected in the Commercial reportable segment, and prior to the second quarter of 2024, the Solar Business was reflected in the Solar reportable segment.
Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Supplier Finance Program Obligations - Accounting Standards Update (“ASU”) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, requires that a reporting entity who is a buyer in a supplier finance program disclose qualitative and quantitative information about its supplier finance programs, including a roll-forward of the obligations.
The Company adopted the roll-forward requirement effective January 1, 2024. The Company does not currently have any material supplier finance programs, and the guidance will be applied prospectively to any future arrangements.
Fair Value of Equity Investments - ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, states that an entity should not consider the impact of contractual sale restrictions when measuring an equity security’s fair value and introduces new disclosure requirements related to such equity securities.
The Company adopted this guidance effective January 1, 2024. This guidance did not impact the Company.
Recently Issued Accounting Pronouncements
Disclosure Improvements - ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, represents changes to clarify or improve disclosure and presentation requirements of a variety of topics.
The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is monitoring the potential impact of this guidance on its financial statements and disclosures.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Segment Reporting - ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the guidance, among other requirements, enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment.
The amendments in this guidance are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This guidance should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of this guidance on its disclosures.
Income Taxes - ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, focuses on improvements to income tax disclosures, primarily related to the rate reconciliation and income tax paid information. In addition, the update includes certain other amendments to improve the effectiveness of income tax disclosures.
The guidance is effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application also a permitted option. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures.
Significant Accounting Policies
Unless otherwise noted, the Company’s accounting policies, including those discussed herein, do not materially differ from those disclosed in the 2023 Annual Report.
Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents
The following table reconciles the amounts below reported in the Condensed Consolidated Balance Sheets to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:
| | | | | | | | | | | |
| (in thousands) | September 30, 2024 | | December 31, 2023 |
| Cash and cash equivalents | $ | 95,338 | | | $ | 14,621 | |
Restricted cash and restricted cash equivalents(1) | 109,411 | | | 115,329 | |
| Ending balance | $ | 204,749 | | | $ | 129,950 | |
________________(1) Primarily includes funds received from State Farm Fire & Casualty Company (“State Farm”), net of payments and inclusive of interest earned, in connection with the State Farm Development Agreement (as defined and discussed in Note 13 “Related Party Transactions”). The remaining amount of restricted cash relates to the Company’s uncommitted receivables securitization financing agreement (the “2020 Receivables Facility”). Refer to Note 5 “Debt.”
Inventories, net
Inventories, net includes finished goods and work-in-progress. Work-in-progress is not material.
Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net
Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system, and which the Company may retrieve upon termination of the contract with the customer. Deferred subscriber acquisition costs represent selling expenses (primarily commissions) that are incremental to acquiring customers.
Subscriber system assets and any related deferred subscriber acquisition costs are accounted for on a pooled basis based on the month and year of customer acquisition. The Company depreciates and amortizes these pooled costs using an accelerated method over the estimated life of the customer relationship, which is 15 years.
| | | | | | | | | | | |
| (in thousands) | September 30, 2024 | | December 31, 2023 |
| Gross carrying amount | $ | 6,777,008 | | | $ | 6,404,479 | |
| Accumulated depreciation | (3,773,812) | | | (3,398,543) | |
| Subscriber system assets, net | $ | 3,003,196 | | | $ | 3,005,936 | |
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses (“SG&A”), respectively, as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
| Depreciation of subscriber system assets | | $ | 139,704 | | | $ | 135,414 | | | $ | 417,313 | | | $ | 407,739 | |
Amortization of deferred subscriber acquisition costs | | $ | 56,119 | | | $ | 47,945 | | | $ | 165,454 | | | $ | 138,145 | |
Accrued Expenses and Other Current Liabilities
| | | | | | | | | | | |
| (in thousands) | September 30, 2024 | | December 31, 2023 |
| Accrued interest | $ | 57,648 | | | $ | 111,197 | |
| Payroll-related accruals | 110,521 | | | 110,941 | |
Opportunity Fund (see Note 13 “Related Party Transactions”) | 87,168 | | | 93,950 | |
| Accrued dividends | 50,051 | | | 32,207 | |
| Other accrued liabilities | 228,571 | | | 207,819 | |
| Accrued expenses and other current liabilities | $ | 533,959 | | | $ | 556,114 | |
Fair Value of Financial Instruments
The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, retail installment contract receivables, accounts payable, debt, and derivative financial instruments. Due to their short-term and/or liquid nature, the fair values of cash, restricted cash, accounts receivable, and accounts payable approximate their respective carrying amounts.
Cash Equivalents - Included in cash and cash equivalents and restricted cash and restricted cash equivalents, as applicable from time to time, are investments in money market mutual funds. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted prices in active markets for identical assets or liabilities.
As of September 30, 2024 and December 31, 2023, investments in money market mutual funds were $98 million and $55 million, respectively.
Long-Term Debt Instruments - The fair values of the Company’s long-term debt instruments are determined using broker-quoted market prices, which represent quoted prices for similar assets or liabilities as well as other observable market data, and are classified as Level 2 fair value measurements. The carrying amounts of debt outstanding, if any, under the Company’s first lien revolving credit facility (the “First Lien Revolving Credit Facility”) and the 2020 Receivables Facility approximate their fair values as interest rates on these borrowings approximate current market rates.
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in thousands) | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value |
Long-term debt instruments subject to fair value disclosures(1) | $ | 7,647,462 | | | $ | 7,701,348 | | | $ | 7,756,049 | | | $ | 7,731,408 | |
________________
(1) Excludes finance leases and certain vehicle loans reported as discontinued operations.
Derivative Financial Instruments - Derivative financial instruments are reported at fair value as either assets or liabilities that are primarily calculated using discounted cash flow models utilizing observable inputs, such as quoted forward interest rates, and incorporate credit risk adjustments to reflect the risk of default by the counterparty or the Company. The resulting fair values are classified as Level 2 fair value measurements.
Refer to Note 6 “Derivative Financial Instruments” for the fair values of the Company’s derivative financial instruments.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Retail Installment Contract Receivables - The fair values of the Company’s retail installment contract receivables are determined using a discounted cash flow model and are classified as Level 3 fair value measurements.
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in thousands) | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value |
| Retail installment contract receivables, net | $ | 676,922 | | | $ | 500,920 | | | $ | 673,635 | | | $ | 487,685 | |
2. REVENUE AND RECEIVABLES
Revenue
The Company allocates the transaction price to each performance obligation based on the relative standalone selling price, which is determined using observable internal and external pricing, profitability, and operational metrics.
In addition to the details provided below, the Company’s disaggregated revenue includes monitoring and related services and security installation, product, and other revenue, which are presented on the face of the Condensed Consolidated Statements of Operations.
Company-Owned - In transactions in which the Company provides monitoring and related services but retains ownership of the security system (referred to as Company-owned transactions), the Company’s performance obligations primarily include (i) monitoring and related services, which are recognized when these services are provided to the customer, and (ii) a material right associated with the one-time non-refundable fees in connection with the initiation of a monitoring contract which the customer will not be required to pay again upon a renewal of the contract (referred to as deferred subscriber acquisition revenue). Deferred subscriber acquisition revenue is amortized on a pooled basis over the estimated life of the customer relationship using an accelerated method consistent with the treatment of subscriber system assets and deferred subscriber acquisition costs and is reflected in security installation, product, and other revenue.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
| Amortization of deferred subscriber acquisition revenue | | $ | 87,980 | | | $ | 77,471 | | | $ | 257,538 | | | $ | 220,779 | |
Customer-Owned - In transactions involving security systems sold outright to the customer (referred to as outright sales), the Company’s performance obligations generally include the sale and installation of the system, which is primarily recognized at a point in time based upon the nature of the transaction and contractual terms, and any monitoring and related services, which are recognized when these services are provided to the customer.
Allowance for Credit Losses
The Company evaluates its allowance for credit losses on accounts receivable in pools based on customer type. For each customer pool, the allowance for credit losses is estimated based on the delinquency status of the underlying receivables and the related historical loss experience, as adjusted for current and expected future conditions, if applicable. The allowance for credit losses is not material for the individual pools of customers.
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| (in thousands) | 2024 | | 2023 |
| Beginning balance | $ | 46,850 | | | $ | 27,815 | |
| Provision for credit losses | 106,697 | | | 81,368 | |
Write-offs, net of recoveries(1) | (89,552) | | | (70,543) | |
| Ending balance | $ | 63,995 | | | $ | 38,640 | |
________________(1)Recoveries were not material for the periods presented. As such, the Company presented write-offs, net of recoveries.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Retail Installment Contract Receivables, Net
For security system transactions occurring under both Company-owned and customer-owned equipment models, the Company’s retail installment contract option allows qualifying residential customers to pay the fees due at installation over a 24-, 36-, or 60-month interest-free period, and there is no significant financing component.
Upon origination of a retail installment contract, the Company utilizes external credit scores to assess customer credit quality and determine eligibility. Subsequent to origination, the Company monitors the delinquency status of retail installment contract receivables as the key credit quality indicator.
The balance of unbilled retail installment contract receivables is comprised of:
| | | | | | | | | | | | | | |
| (in thousands) | | September 30, 2024 | | December 31, 2023 |
| Retail installment contract receivables, gross | | $ | 685,883 | | | $ | 674,827 | |
| Allowance for credit losses | | (8,961) | | | (1,192) | |
| Retail installment contract receivables, net | | $ | 676,922 | | | $ | 673,635 | |
| | | | |
| Balance Sheet Classification: | | | | |
| Accounts receivable, net | | $ | 258,453 | | | $ | 238,961 | |
| Other assets | | 418,469 | | | 434,674 | |
| Retail installment contract receivables, net | | $ | 676,922 | | | $ | 673,635 | |
The allowance for credit losses relates to retail installment contract receivables from outright sales transactions. As of September 30, 2024, the current and delinquent billed retail installment contract receivables, net were not material.
As of September 30, 2024 and December 31, 2023, retail installment contract receivables, net, used as collateral for borrowings under the 2020 Receivables Facility were $599 million and $610 million, respectively. Refer to Note 5 “Debt” for further discussion regarding the 2020 Receivables Facility.
Contract Assets
Contract assets represent the Company’s right to consideration in exchange for goods or services transferred to the customer. The contract asset is reclassified to accounts receivable when the Company’s right to the consideration becomes unconditional, which generally occurs over the course of a 24-, 36-, or 60-month period as additional services are performed and billed. There is no significant financing component.
During the nine months ended September 30, 2024 and 2023, contract assets recognized were not material.
The balance of contract assets for residential transactions is comprised of:
| | | | | | | | | | | | | | |
| (in thousands) | | September 30, 2024 | | December 31, 2023 |
| Contract assets, gross | | $ | 42,147 | | | $ | 39,627 | |
| Allowance for credit losses | | (5,272) | | | (9,025) | |
| Contract assets, net | | $ | 36,875 | | | $ | 30,602 | |
| | | | |
| Balance Sheet Classification: | | | | |
| Prepaid expenses and other current assets | | $ | 17,482 | | | $ | 15,365 | |
| Other assets | | 19,393 | | | 15,237 | |
| Contract assets, net | | $ | 36,875 | | | $ | 30,602 | |
3. DIVESTITURES
The Company may decide to divest or exit a portion of its business for various reasons, including efforts to focus on its other businesses. The Company presents discontinued operations for components of the business that are either disposed of through sale (or qualify as held for sale), abandonment, or spin-off if these actions also represent a strategic shift that has or will have a major effect on the Company’s financial results.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Refer to Note 10 “Net Income (Loss) per Share” for basic and diluted earnings per share information for discontinued operations.
ADT Solar Exit
As discussed in Note 1 “Description of Business and Summary of Significant Accounting Policies,” as a result of the ADT Solar Exit, the Solar Business is now presented as a discontinued operation in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets for the periods presented as substantially all operations have ceased.
During the three months ended September 30, 2024, aggregate exit charges incurred were not material. During the nine months ended September 30, 2024, the Company incurred aggregate exit charges of $88 million, which have been recognized within income (loss) from discontinued operations, net of tax related to (i) $34 million, associated with the write-down and disposition of inventory and asset impairments, (ii) $29 million, associated with the disposition of the existing installation pipeline, (iii) $13 million, associated with employee separation costs, and (iv) $11 million, associated with contract termination and other charges.
During the nine months ended September 30, 2024, the Company paid approximately $21 million associated with the ADT Solar Exit primarily related to employee separation and other restructuring costs.
The following reconciliations represent the major classes of line items of the Solar Business presented within discontinued operations in the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and certain information in the Condensed Consolidated Statements of Cash Flows for the periods presented.
Balance Sheet Information
| | | | | | | | | | | | | | |
| (in thousands) | | September 30, 2024 | | December 31, 2023 |
| Assets | | | | |
Accounts receivable, net | | $ | 309 | | | $ | 20,270 | |
| Inventories, net | | — | | | 28,714 | |
Prepaid expenses and other current assets | | 3,013 | | | 11,973 | |
Total current assets of discontinued operations | | 3,322 | | | 60,957 | |
| Property and equipment, net | | 473 | | | 29,512 | |
| | | | |
| | | | |
| Other assets | | 96 | | | 13,767 | |
Total assets of discontinued operations | | $ | 3,891 | | | $ | 104,236 | |
| | | | |
| Liabilities | | | | |
| Current maturities of long-term debt | | $ | 138 | | | $ | 8,551 | |
| Accounts payable | | 3,397 | | | 16,682 | |
| Deferred revenue | | 165 | | | 9,177 | |
| Accrued expenses and other current liabilities | | 34,601 | | | 45,201 | |
Total current liabilities of discontinued operations | | 38,301 | | | 79,611 | |
| Long-term debt | | 365 | | | 9,893 | |
| Other liabilities | | 11,862 | | | 10,679 | |
Total liabilities of discontinued operations | | $ | 50,528 | | | $ | 100,183 | |
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Statements of Operations Information
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
| Revenue | | $ | 65 | | | $ | 57,611 | | | $ | 21,360 | | | $ | 279,978 | |
Cost of revenue | | 1,091 | | | 49,424 | | | 62,450 | | | 212,666 | |
| Selling, general, and administrative expenses | | 5,477 | | | 49,157 | | | 57,245 | | | 158,228 | |
| Depreciation and intangible asset amortization | | 55 | | | 3,434 | | | 1,872 | | | 12,330 | |
| Merger, restructuring, integration, and other | | (1,558) | | | 6,480 | | | 36,592 | | | 9,898 | |
Goodwill impairment | | — | | | 88,367 | | | — | | | 511,176 | |
Other (income) and expense items | | 5 | | | 337 | | | 1,478 | | | 1,121 | |
| Income (loss) from discontinued operations before income taxes | | (5,005) | | | (139,588) | | | (138,277) | | | (625,441) | |
| Income tax benefit (expense) | | 475 | | | (4,336) | | | 35,851 | | | 132,427 | |
| Income (loss) from discontinued operations, net of tax | | $ | (4,530) | | | $ | (143,924) | | | $ | (102,426) | | | $ | (493,014) | |
Cash Flow Information
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| (in thousands) | | 2024 | | 2023 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | |
| Depreciation and intangible asset amortization | | $ | 1,872 | | | $ | 12,330 | |
| Goodwill, intangible, and other asset impairments | | $ | 13,770 | | | $ | 515,730 | |
| | | | |
Cash flows from investing activities: | | | | |
| Purchases of property and equipment | | $ | (80) | | | $ | (3,233) | |
| | | | |
| | | | |
Commercial Divestiture
As discussed in Note 1 “Description of Business and Summary of Significant Accounting Policies,” on October 2, 2023, the Company completed the Commercial Divestiture. At the time of closing, the total purchase price was approximately $1,613 million, and the Company received net proceeds of approximately $1,585 million, subject to certain customary post-closing adjustments as set forth in the purchase agreement.
In July 2024, the Company paid the purchaser of the Commercial Business $21 million related to the settlement of post-closing adjustments.
In connection with the Commercial Divestiture, the Company entered into a Transition Services Agreement (the “Commercial TSA”). During the three and nine months ended September 30, 2024, the Company recognized $14 million and $36 million, respectively, of income from the Commercial TSA, which is reflected in other income (expense).
The following reconciliations represent the major classes of line items of the Commercial Business presented within discontinued operations in the Condensed Consolidated Statements of Operations and certain information in the Condensed Consolidated Statements of Cash Flows for any period presented prior to the Commercial Divestiture.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Statements of Operations Information
During the nine months ended September 30, 2024, activity, net of tax, relating to the Commercial Divestiture was approximately $9 million primarily related to the settlement of post-closing adjustments.
| | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | | | | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2023 |
| | | | | | | | | | |
| Revenue | | | | | | | | $ | 351,400 | | | $ | 1,033,962 | |
Cost of revenue | | | | | | | | 233,204 | | | 688,305 | |
| Selling, general, and administrative expenses | | | | | | | | 72,601 | | | 213,113 | |
| Depreciation and intangible asset amortization | | | | | | | | (3,186) | | | 37,691 | |
Other (income) and expense items | | | | | | | | 8,814 | | | 19,222 | |
| Income (loss) from discontinued operations before income taxes | | | | | | | | 39,967 | | | 75,631 | |
| Income tax benefit (expense) | | | | | | | | (105,539) | | | (38,740) | |
| Income (loss) from discontinued operations, net of tax | | | | | | | | $ | (65,572) | | | $ | 36,891 | |
Cash Flow Information
| | | | | | | | | | | | | | |
| (in thousands) | | | | Nine Months Ended September 30, 2023 | | | | |
| | | | | | | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | |
| Depreciation and intangible asset amortization | | | | $ | 37,691 | | | | | |
| Share-based compensation expense | | | | $ | 11,699 | | | | | |
Cash flows from investing activities: | | | | | | | | |
| Subscriber system asset expenditures | | | | $ | (8,902) | | | | | |
| Purchases of property and equipment | | | | $ | (4,399) | | | | | |
4. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
There were no changes in the carrying amounts of goodwill since December 31, 2023. All accumulated goodwill impairment losses were associated with the Solar reporting unit, which is now presented as a discontinued operation. Other Intangible Assets
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in thousands) | Gross Carrying
Amount | | Accumulated
Amortization | | Net Carrying
Amount | | Gross Carrying
Amount | | Accumulated
Amortization | | Net Carrying
Amount |
| Definite-lived intangible assets: | | | | | | | | | | | |
| Contracts and related customer relationships | $ | 6,046,100 | | | $ | (3,328,512) | | | $ | 2,717,588 | | | $ | 5,571,456 | | | $ | (2,937,245) | | | $ | 2,634,211 | |
| Dealer relationships | 1,518,020 | | | (677,548) | | | 840,472 | | | 1,518,020 | | | (618,154) | | | 899,866 | |
| Other | 209,773 | | | (201,955) | | | 7,818 | | | 209,773 | | | (199,357) | | | 10,416 | |
| Total definite-lived intangible assets | 7,773,893 | | | (4,208,015) | | | 3,565,878 | | | 7,299,249 | | | (3,754,756) | | | 3,544,493 | |
| | | | | | | | | | | |
| Indefinite-lived intangible assets: | | | | | | | | | | | |
| Trade name | 1,333,000 | | | — | | | 1,333,000 | | | 1,333,000 | | | — | | | 1,333,000 | |
| Intangible assets | $ | 9,106,893 | | | $ | (4,208,015) | | | $ | 4,898,878 | | | $ | 8,632,249 | | | $ | (3,754,756) | | | $ | 4,877,493 | |
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The change in the net carrying amount of contracts and related customer relationships during the period was as follows:
| | | | | |
| (in thousands) | |
| Balance as of December 31, 2023 | $ | 2,634,211 | |
| |
Customer contract additions, net of dealer charge-backs(1) | 474,744 | |
| Amortization | (391,367) | |
| |
| Balance as of September 30, 2024 | $ | 2,717,588 | |
________________(1) The weighted-average amortization period for customer contract additions was approximately 15 years.
Payments for customer contract additions under the Company’s authorized dealer program and from other third parties are reflected as dealer generated customer accounts and bulk account purchases on the Condensed Consolidated Statements of Cash Flows.
During the third quarter of 2024, the Company purchased customer accounts from a third party for an aggregate contractual purchase price of approximately $98 million, subject to reduction based on customer retention. The Company paid initial cash at closing of approximately $81 million, which is included in dealer generated customer accounts and bulk account purchases on the Condensed Consolidated Statements of Cash Flows.
Definite-Lived Intangible Asset Amortization Expense
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
| Definite-lived intangible asset amortization expense | | $ | 151,817 | | | $ | 143,243 | | | $ | 453,359 | | | $ | 466,886 | |
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
5. DEBT
The Company’s debt is comprised of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Issued | | Maturity | | Interest Rate(1) | | Interest Payable | | September 30, 2024 | | December 31, 2023 |
First Lien Term Loan B due 2030 | | 10/13/2023 | | 10/13/2030 | | Term SOFR +2.25% | | Quarterly | | $ | 1,984,090 | | | $ | 1,375,000 | |
First Lien Revolving Credit Facility | | 3/16/2018 | | 6/23/2026 | | Term SOFR +2.75% | | Quarterly | | — | | | — | |
| Term Loan A Facility | | 3/14/2023 | | 3/14/2028 | | Term SOFR +2.25% | | Quarterly | | — | | | 625,625 | |
| First Lien Notes due 2024 | | 4/4/2019 | | 4/15/2024 | | 5.250% | | 2/15 and 8/15 | | — | | | 99,999 | |
| First Lien Notes due 2026 | | 4/4/2019 | | 4/15/2026 | | 5.750% | | 3/15 and 9/15 | | 1,350,000 | | | 1,350,000 | |
| First Lien Notes due 2027 | | 8/20/2020 | | 8/31/2027 | | 3.375% | | 6/15 and 12/15 | | 1,000,000 | | | 1,000,000 | |
| First Lien Notes due 2029 | | 7/29/2021 | | 8/1/2029 | | 4.125% | | 2/1 and 8/1 | | 1,000,000 | | | 1,000,000 | |
| ADT Notes due 2032 | | 5/2/2016 | | 7/15/2032 | | 4.875% | | 1/15 and 7/15 | | 728,016 | | | 728,016 | |
| ADT Notes due 2042 | | 7/5/2012 | | 7/15/2042 | | 4.875% | | 1/15 and 7/15 | | 21,896 | | | 21,896 | |
| Second Lien Notes due 2028 | | 1/28/2020 | | 1/15/2028 | | 6.250% | | 1/15 and 7/15 | | 1,300,000 | | | 1,300,000 | |
2020 Receivables Facility(2) | | 3/5/2020 | | 8/20/2029 | | Various | | Monthly | | 423,118 | | | 436,004 | |
| | | | |
| Total debt principal, excluding finance leases | | 7,807,120 | | | 7,936,540 | |
Plus: Finance lease liabilities(3) | | 73,624 | | | 69,468 | |
| Less: Unamortized debt discount, net | | (12,325) | | | (15,005) | |
| Less: Unamortized deferred financing costs | | (29,397) | | | (39,620) | |
| Less: Unamortized purchase accounting fair value adjustment and other | | (117,936) | | | (125,866) | |
| Total debt | | | | | | | | | | 7,721,086 | | | 7,825,517 | |
| Less: Current maturities of long-term debt, net of unamortized debt discount | | (196,563) | | | (312,061) | |
| Long-term debt | | | | | | | | | | $ | 7,524,523 | | | $ | 7,513,456 | |
_________________
(1) Interest rate as of September 30, 2024. Interest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“SOFR”) +0.95% and Cost of Funds (“COF”) +0.85%. Interest on the First Lien Revolving Credit Facility is based on Term SOFR +2.75% + Credit Spread Adjustment (“CSA”).
(2) Maturity date for the 2020 Receivables Facility represents the final maturity date of current loans borrowed under the facility.
(3) Refer to Note 12 “Leases” for additional information regarding the Company’s finance leases.
As of September 30, 2024, the Company was in compliance with all financial covenant and other maintenance tests for all of its debt obligations.
Significant changes in the Company’s debt during the nine months ended September 30, 2024 were as follows:
First Lien Credit Agreement
The Company’s first lien credit agreement, dated as of July 1, 2015 (together with subsequent amendments and restatements, the “First Lien Credit Agreement”), contains a term loan (the “First Lien Term Loan B due 2030”) and the First Lien Revolving Credit Facility.
During the nine months ended September 30, 2024, the Company borrowed $325 million and repaid $325 million under the First Lien Revolving Credit Facility; and as of September 30, 2024, the available borrowing capacity was $575 million.
During the nine months ended September 30, 2023, there were no borrowings or repayments under the First Lien Revolving Credit Facility.
Significant amendments to the First Lien Credit Agreement since December 31, 2023 are as follows:
•April 2024 - The Company amended and restated the First Lien Credit Agreement, which reduced the interest rate on the First Lien Term Loan B due 2030 from Term SOFR +2.50% to Term SOFR +2.25%.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
•May 2024 - The Company amended and restated the First Lien Credit Agreement, which included the exchange of $143 million principal amount of loans under the Company’s Term Loan A Facility for its First Lien Term Loan B due 2030. In addition, later that month, the Company further amended and restated the First Lien Credit Agreement, pursuant to which the Company incurred an additional $474 million of outstanding principal under the First Lien Term Loan B due 2030 with the proceeds used to pay off the remaining outstanding balance of the Company’s Term Loan A Facility.
•Subsequent event - In October 2024, the Company amended and restated the First Lien Credit Agreement to extend the maturity date of the First Lien Revolving Credit Facility to October 2029 (as extended, the “Extended First Lien Revolving Credit Facility”), subject to a springing maturity of 91 days prior to the maturity date of certain long-term indebtedness, and obtain an additional $225 million of Extended First Lien Revolving Credit Facility commitments. After giving effect to the amendment, the aggregate amount of commitments under the Extended First Lien Revolving Credit Facility is $800 million. Borrowings under the Extended First Lien Revolving Credit Facility bear interest at a rate equal to either (a) Term SOFR with a floor of zero or (b) a base rate (“Base Rate”) determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States and (iii) the one-month adjusted term SOFR plus 1.00% per annum, in each case, plus an applicable margin of 2.00% per annum for Term SOFR loans and 1.00% per annum for Base Rate loans, subject to two step-downs based on certain specified net first lien leverage ratios. In addition, the amendment reduced the commitment fee in respect of the Extended First Lien Revolving Credit Facility to 0.30% per annum in respect of the unutilized commitments thereunder, subject to two step-downs based on certain specified net first lien leverage ratios.
Proceeds and repayments of long-term borrowings include the impact of $646 million from the amendments described above. In addition, debt issuance costs, loss on extinguishment of debt, and financing and consent fees were not material as a result of these amendments.
Other than as described above, the loans under the amended and restated First Lien Credit Agreement continue to have the same terms as provided under the existing First Lien Credit Agreement, and the parties to the amended and restated First Lien Credit Agreement continue to have the same obligations set forth in the existing First Lien Credit Agreement.
Term Loan A Facility Redemption
Significant activity since December 31, 2023 is as follows:
•May 2024 - The Company exchanged $143 million of loans under its Term Loan A Facility for its First Lien Term Loan B due 2030, as discussed above. In addition, later that month, the Company redeemed the remaining outstanding principal balance of $474 million of its Term Loan A Facility, excluding accrued and unpaid interest, using proceeds under the First Lien Term Loan B due 2030, as discussed above. As a result, the Term Loan A Facility has been terminated.
First Lien Notes due 2024 Redemption
Significant activity since December 31, 2023 is as follows:
•April 2024 - The Company redeemed the remaining outstanding principal balance of $100 million of the First Lien Notes due 2024, excluding accrued and unpaid interest, using proceeds from the Company’s First Lien Revolving Credit Facility.
2020 Receivables Facility
Under the 2020 Receivables Facility, the Company obtains financing by selling or contributing certain retail installment contract receivables to the Company’s wholly-owned consolidated bankruptcy-remote special purpose entity (the “SPE”), which then grants a security interest in those retail installment contract receivables as collateral for cash borrowings.
Significant activity since December 31, 2023 is as follows:
•March 2024 - The Company amended the agreement governing the 2020 Receivables Facility, pursuant to which the uncommitted revolving period was extended from March 2024 to April 2024.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
•April 2024 - The Company further amended the agreement governing the 2020 Receivables Facility, pursuant to which, among other things, the borrowing capacity was increased from $500 million to $550 million and the uncommitted revolving period was extended from April 2024 to April 2025. In addition, proceeds and repayments of long-term borrowings include the impact of $32 million from the amendments described above.
As of September 30, 2024, the Company had an uncommitted available borrowing capacity under the 2020 Receivables Facility of approximately $127 million.
Variable Interest Entity
The SPE meets the definition of a variable interest entity for which the Company is the primary beneficiary as it has the power to direct the SPE’s activities and the obligation to absorb losses or the right to receive benefits of the SPE. As such, the Company consolidates the SPE’s assets, liabilities, and financial results of operations.
The SPE’s assets and liabilities primarily consist of a portion of the Company’s unbilled retail installment contract receivables, net, as discussed in Note 2 “Revenue and Receivables,” and borrowings under the 2020 Receivables Facility, as presented above.
The 2020 Receivables Facility did not have a material impact to the Condensed Consolidated Statements of Operations during the periods presented.
Solar Receivables Facility
On August 2, 2023, Compass Solar Group, LLC (“Compass”) and ADT Solar Finance LLC (“ADT Solar Finance”), each an indirect wholly-owned subsidiary of ADT Inc. entered into a Receivables Financing Agreement with Mizuho Bank, Ltd. (the “Solar Receivables Financing Agreement”) to finance receivables generated by the installation of residential solar systems. Prior to its expiration in August 2024, the Solar Receivables Financing Agreement, among other things, provided for an uncommitted revolving loan facility in the aggregate principal amount of up to $300 million which loans were to be secured by substantially all the assets of ADT Solar Finance (the “Solar Receivables Facility”). The Company did not borrow any amounts under the Solar Receivable Facility prior to its expiration.
6. DERIVATIVE FINANCIAL INSTRUMENTS
The Company's derivative financial instruments primarily consist of interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt. As of July 2023, SOFR is the applicable benchmark for all of the Company's interest rate swap contracts. All interest rate swap contracts are reported in the Condensed Consolidated Balance Sheets at fair value.
For interest rate swap contracts that are:
•Not designated as cash flow hedges: Unrealized gains and losses are recognized in interest expense, net, and other income (expense) depending on the nature of the underlying that the swaps are economically hedging.
•Designated as cash flow hedges: Unrealized gains and losses are recognized as a component of accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into interest expense, net, in the same period in which the related interest on debt affects earnings.
For interest rate swap contracts that have been de-designated as cash flow hedges and for which forecasted cash flows are:
•Probable or reasonably possible of occurring: Unrealized gains and losses previously recognized as a component of AOCI are reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the original maturity date of the related interest rate swap contracts.
•Probable of not occurring: Unrealized gains and losses previously recognized as a component of AOCI are immediately reclassified into interest expense, net.
The cash flows associated with interest rate swap contracts that were entered into with the intention of offsetting the economic overhedged position of a portion of the Company’s existing interest rate swaps are reflected as cash flows from investing activities.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The cash flows associated with interest rate swap contracts that included an other-than-insignificant financing element at inception are reflected as cash flows from financing activities.
Interest Rate Swaps
As of September 30, 2024 and December 31, 2023, the Company’s interest rate swaps consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | |
| Execution | | Maturity | | Designation | | Notional Amount | |
| | | | | | | |
| | | | | | | |
| October 2019 | | September 2026 | | Not designated | | $ | 2,800,000 | | |
March 2023 | | March 2028 | | Not designated | | 100,000 | | |
April 2023 | | March 2028 | | Not designated | | 200,000 | | |
December 2023(1) | | September 2026 | | Not designated | | 700,000 | | |
| Total notional amount | | | | | | $ | 3,800,000 | | |
_________________
(1) Interest rate swaps entered into to offset the excess notional interest rate swaps as a result of the partial redemption of the First Lien Term Loan B due 2026. The changes in fair value associated with these swaps and the over-hedged swaps are reflected in other income (expense).
Classification and Fair Value of Interest Rate Swaps
| | | | | | | | | | | | | | |
| (in thousands) | | September 30, 2024 | | December 31, 2023 |
| | | | |
| Prepaid expenses and other current assets | | $ | 51,776 | | | $ | 74,974 | |
| Other assets | | $ | 43,683 | | | $ | 76,493 | |
| | | | |
| Accrued expenses and other current liabilities | | $ | 699 | | | $ | 5,312 | |
| Other liabilities | | $ | 2,135 | | | $ | 1,325 | |
| | | | |
Unrealized Gain (Loss) on Interest Rate Swaps
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
Statement of Operations Classification (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Interest expense, net | | $ | (58,051) | | | $ | 16,380 | | | $ | (46,429) | | | $ | 38,477 | |
Other income (expense) | | $ | (4,821) | | | $ | — | | | $ | (14,699) | | | $ | — | |
Cash Flow Hedges Reclassifications out of AOCI
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
| Interest expense, net | | $ | 1,943 | | | $ | 30,008 | | | $ | 6,057 | | | $ | 40,186 | |
| Income tax (benefit) expense | | $ | (471) | | | $ | (7,245) | | | $ | (1,464) | | | $ | (9,702) | |
As of September 30, 2024 and December 31, 2023, AOCI, net of tax, related to previously designated cash flow hedges was $9 million and $13 million, respectively.
As of September 30, 2024, AOCI associated with previously designated cash flow hedges that is estimated to be reclassified to interest expense, net, within the next twelve months is not material.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
7. INCOME TAXES
Unrecognized Tax Benefits
The Company’s unrecognized tax benefits relate to tax years that remain subject to audit by the taxing authorities in the U.S. federal, state and local, and foreign jurisdictions. During the nine months ended September 30, 2024, the Company did not have a material change to its unrecognized tax benefits from those disclosed in the 2023 Annual Report. Based on the current status of its income tax audits, the Company expects approximately $29 million of its unrecognized tax benefits will be resolved in the next twelve months.
Effective Tax Rate
The effective tax rate can vary from period to period due to permanent tax adjustments, discrete items such as the settlement of income tax audits and changes in tax laws, as well as recurring factors such as changes in the overall state tax rate. The discussion below is based on the continuing operations of the Company.
The Company’s income tax expense for the three months ended September 30, 2024 was $50 million, resulting in an effective tax rate for the period of 27.6%. The effective tax rate primarily represents the federal statutory rate of 21.0%, a state tax rate, net of federal benefits, of 6.2%, and an unfavorable impact from unrecognized tax benefits of 4.0%, partially offset by a favorable impact from a prior year tax return adjustment of 4.0%.
The Company’s income tax expense for the three months ended September 30, 2023 was $34 million, resulting in an effective tax rate for the period of 21.5%. The effective tax rate primarily represents the federal statutory tax rate of 21.0%, and a state tax rate, net of federal benefits, of 5.1%, partially offset by favorable impacts from dispositions of 3.1%, and prior year tax return adjustments of 1.2%.
The Company’s income tax expense for the nine months ended September 30, 2024 was $167 million, resulting in an effective tax rate for the period of 28.3%. The effective tax rate primarily represents the federal statutory rate of 21.0%, a state tax rate, net of federal benefits, of 5.8%, unfavorable impacts from dispositions of 1.6%, and unrecognized tax benefits of 0.8%, partially offset by a favorable impact from a prior year tax return adjustment of 1.2%.
The Company’s income tax expense for the nine months ended September 30, 2023 was $120 million, resulting in an effective tax rate for the period of 25.5%. The effective tax rate primarily represents the federal statutory tax rate of 21.0%, a state tax rate, net of federal benefits, of 5.8%, and an unfavorable impact from permanent non-deductible items of 1.2%, partially offset by a favorable impact from dispositions of 1.0%.
8. EQUITY
Common Stock and Class B Common Stock
The Company has two classes of common stock, including Common Stock and Class B Common Stock.
During the nine months ended September 30, 2024, shares issued resulted from the vesting of restricted stock units (“RSUs”) and stock option exercises related to share-based compensation awards.
Share Repurchase Plan
On January 24, 2024, the Company's Board of Directors announced a share repurchase plan (the “Share Repurchase Plan”), pursuant to which the Company is authorized to repurchase, through January 29, 2025, up to a maximum aggregate amount of $350 million of shares of the Company's Common Stock under this Share Repurchase Plan.
The Company may effect these repurchases pursuant to one or more open market or private transactions, including pursuant to a plan that qualifies for the affirmative defense provided by Rule 10b5‐1 under the Exchange Act, or pursuant to one or more accelerated share repurchase agreements.
The Company is not obligated to repurchase any of its shares of Common Stock, and the timing and amount of any repurchases will depend on legal requirements, market conditions, stock price, the availability of the safe harbor provided by Rule 10b-18 under the Exchange Act, alternative uses of capital, and other factors.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
During the first quarter of 2024, the Company repurchased and retired 15 million shares of its Common Stock under the Share Repurchase Plan and paid approximately $93 million (or approximately $6.22 per share). Refer to Note 13 “Related Party Transactions” for further information.
There were no other share repurchases during the nine months ended September 30, 2024.
As of September 30, 2024, the Company had approximately $257 million remaining under the Share Repurchase Plan.
Subsequent event - In October 2024, the Company repurchased 5 million shares of Common Stock at a price per share of $6.40 for an aggregate purchase price of $32 million. As a result, the Company has approximately $225 million remaining under the Share Repurchase Plan.
Dividends
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands, except per share data) | | Common Stock | | Class B Common Stock |
| Declaration Date | | Record Date | | Payment Date | | Per Share | | Aggregate | | Per Share | | Aggregate |
| Nine Months Ended September 30, 2024 | | | | | | | | | | |
| 1/24/2024 | | 3/14/2024 | | 4/4/2024 | | $ | 0.055 | | | $ | 47,059 | | | $ | 0.055 | | | $ | 3,011 | |
| 4/25/2024 | | 6/13/2024 | | 7/9/2024 | | 0.055 | | | 47,137 | | | 0.055 | | | 3,011 | |
| 8/1/2024 | | 9/13/2024 | | 10/4/2024 | | 0.055 | | | 47,146 | | | 0.055 | | | 3,011 | |
| | | | Total | | $ | 0.165 | | | $ | 141,342 | | | $ | 0.165 | | | $ | 9,033 | |
| | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 | | | | | | | | | | |
| 2/28/2023 | | 3/16/2023 | | 4/4/2023 | | $ | 0.035 | | | $ | 30,342 | | | $ | 0.035 | | | $ | 1,916 | |
| 5/2/2023 | | 6/15/2023 | | 7/6/2023 | | 0.035 | | | 30,256 | | | 0.035 | | | 1,916 | |
| 8/8/2023 | | 9/15/2023 | | 10/4/2023 | | 0.035 | | | 30,405 | | | 0.035 | | | 1,916 | |
| | | | Total | | $ | 0.105 | | | $ | 91,003 | | | $ | 0.105 | | | $ | 5,748 | |
Subsequent Event - On October 24, 2024, the Company announced a dividend of $0.055 per share to holders of Common Stock and Class B Common Stock of record on December 12, 2024, which will be paid on January 9, 2025.
Accumulated Other Comprehensive Income (Loss)
During the three and nine months ended September 30, 2024, there were no material reclassifications out of AOCI. Refer to Note 6 “Derivative Financial Instruments” for AOCI reclassifications associated with previously designated cash flow hedges.
9. SHARE-BASED COMPENSATION
RSUs
During the first quarter of 2024, the Company completed its annual long-term incentive plan equity award to employees and granted approximately 3.9 million RSUs under its 2018 Omnibus Incentive Plan, as amended (the “2018 Plan”), with a grant date fair value of $6.51 equal to the closing price per share of the Company’s Common Stock on the date of grant. These RSUs are service-based awards with a three-year graded vesting period from the date of grant.
Options
During the first quarter of 2024, the Company granted approximately 6.8 million options under the 2018 Plan. These options are service-based awards with a three-year graded vesting period from the date of grant and have an exercise price of $6.51, which is equal to the closing price per share of the Company’s common stock on the date of grant, and a contractual term of ten years from the grant date. The weighted-average grant date fair value for the options granted was $2.56.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Company used a binomial lattice model to determine the grant date fair value for options granted and included the following assumptions:
| | | | | |
| |
Expected exercise term (years) | 7 |
Expected volatility(1) | 49.9% |
Expected dividend yield(2) | 3.4% |
Risk-free interest rate(3) | 4.0% |
_________________(1) Estimated using historical and implied stock price volatility of the Company.
(2) Calculated by taking the annual dividend run-rate and dividing by the stock price at date of grant.
(3) Based on the U.S. Treasury yield curve.
Other
During the second quarter of 2024, the Company modified certain share-based compensation awards and recorded additional share-based compensation expense of $11 million associated with the modifications.
10. NET INCOME (LOSS) PER SHARE
The Company applies the two-class method for computing and presenting net income (loss) per share for each class of common stock, which allocates current period net income (loss) to each class of common stock and participating securities based on dividends declared and participation rights in the remaining undistributed earnings or losses.
Basic net income (loss) per share is computed by dividing the net income (loss) allocated to each class of common stock by the related weighted-average number of shares outstanding during the period. Diluted net income (loss) per share gives effect to all securities representing potential common shares that were dilutive and outstanding during the period for each class of common stock and excludes potentially dilutive securities whose effect would have been anti-dilutive.
Common Stock
Potential shares of Common Stock include (i) incremental shares related to the vesting or exercise of share-based compensation awards, warrants, and other options to purchase additional shares of the Company’s Common Stock calculated using the treasury stock method and (ii) incremental shares of Common Stock issuable upon the conversion of Class B Common Stock. Additionally, the basic and diluted earnings per share computations for Common Stock excludes approximately 7 million and 9 million unvested shares for the current and prior periods, respectively, as their vesting is contingent upon achievement of certain performance requirements.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
in thousands, except per share amounts | | 2024 | | 2023 | | 2024 | | 2023 |
| Allocation of income (loss) from continuing operations - basic | | $ | 124,078 | | | $ | 115,874 | | | $ | 396,740 | | | $ | 322,680 | |
| Dilutive effect | | 3,327 | | | 2,255 | | | 10,068 | | | 6,697 | |
| Allocation of income (loss) from continuing operations - diluted | | $ | 127,405 | | | $ | 118,129 | | | $ | 406,808 | | | $ | 329,377 | |
| | | | | | | | |
| Allocation of income (loss) from discontinued operations, net of tax - basic | | $ | (4,576) | | | $ | (196,923) | | | $ | (104,340) | | | $ | (428,719) | |
| Dilutive effect | | — | | | — | | | — | | | — | |
| Allocation of income (loss) from discontinued operations, net of tax - diluted | | $ | (4,576) | | | $ | (196,923) | | | $ | (104,340) | | | $ | (428,719) | |
| | | | | | | | |
| Weighted-average shares outstanding - basic | | 850,462 | | | 857,423 | | | 851,539 | | | 856,446 | |
Dilutive effect(1) | | 62,399 | | | 60,351 | | | 61,757 | | | 62,255 | |
| Weighted-average shares outstanding - diluted | | 912,861 | | | 917,774 | | | 913,296 | | | 918,701 | |
| | | | | | | | |
| Income (loss) from continuing operations per share - basic | | $ | 0.15 | | | $ | 0.13 | | | $ | 0.46 | | | $ | 0.38 | |
| Income (loss) from continuing operations per share - diluted | | $ | 0.14 | | | $ | 0.13 | | | $ | 0.44 | | | $ | 0.36 | |
| | | | | | | | |
| Income (loss) per share from discontinued operations, net of tax - basic | | $ | (0.01) | | | $ | (0.23) | | | $ | (0.12) | | | $ | (0.50) | |
| Income (loss) per share from discontinued operations, net of tax - diluted | | $ | (0.01) | | | $ | (0.21) | | | $ | (0.11) | | | $ | (0.47) | |
_________________
(1) During the three and nine months ended September 30, 2024, 21 million and 20 million shares of Common Stock, respectively, that would be dilutive were excluded from the diluted earnings per share calculations because their effects would have been anti-dilutive.
During the three and nine months ended September 30, 2023, 22 million and 18 million shares of Common Stock, respectively, that would be dilutive were excluded from the diluted earnings per share calculations because their effects would have been anti-dilutive.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Class B Common Stock
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
in thousands, except per share amounts | | 2024 | | 2023 | | 2024 | | 2023 |
| Allocation of net income (loss) from continuing operations - basic | | $ | 7,942 | | | $ | 7,385 | | | $ | 25,356 | | | $ | 20,580 | |
| Dilutive effect | | (316) | | | (339) | | | (1,035) | | | (949) | |
| Allocation of net income (loss) from continuing operations - diluted | | $ | 7,626 | | | $ | 7,046 | | | $ | 24,321 | | | $ | 19,631 | |
| | | | | | | | |
| Allocation of income (loss) from discontinued operations, net of tax - basic | | $ | (293) | | | $ | (12,573) | | | $ | (6,660) | | | $ | (27,404) | |
| Dilutive effect | | — | | | — | | | — | | | — | |
| Allocation of income (loss) from discontinued operations, net of tax - diluted | | $ | (293) | | | $ | (12,573) | | | $ | (6,660) | | | $ | (27,404) | |
| | | | | | | | |
| Weighted-average shares outstanding - basic | | 54,745 | | | 54,745 | | | 54,745 | | | 54,745 | |
Dilutive effect(1) | | — | | | — | | | — | | | — | |
| Weighted-average shares outstanding - diluted | | 54,745 | | | 54,745 | | | 54,745 | | | 54,745 | |
| | | | | | | | |
| Net income (loss) from continuing operations per share - basic | | $ | 0.15 | | | $ | 0.13 | | | $ | 0.46 | | | $ | 0.38 | |
| Net income (loss) from continuing operations per share - diluted | | $ | 0.14 | | | $ | 0.13 | | | $ | 0.44 | | | $ | 0.36 | |
| | | | | | | | |
| Income (loss) per share from discontinued operations, net of tax - basic | | $ | (0.01) | | | $ | (0.23) | | | $ | (0.12) | | | $ | (0.50) | |
| Income (loss) per share from discontinued operations, net of tax - diluted | | $ | (0.01) | | | $ | (0.21) | | | $ | (0.11) | | | $ | (0.47) | |
| | | | | | | | |
________________(1) There were no potential shares of Class B Common Stock during the periods presented.
11. COMMITMENTS AND CONTINGENCIES
Contractual Obligations
There have been no significant changes to the Company’s contractual obligations as compared to December 31, 2023, except as discussed below:
Google Commercial Agreement
In July 2020, the Company and Google entered into a Master Supply, Distribution, and Marketing Agreement (the “Google Commercial Agreement”), as subsequently amended, pursuant to which Google has agreed to supply the Company with certain Google devices as well as certain Google video and analytics services (“Google Devices and Services”), for sale to the Company’s customers.
The Google Commercial Agreement also specifies that each party shall contribute $150 million toward joint marketing, customer acquisition, training of the Company’s employees, and product technology updates related to the Google Devices and Services. In August 2022, the Company and Google executed an amendment to the Google Commercial Agreement, pursuant to which Google has agreed to commit an additional $150 million to fund growth, data and insights, product innovation and technology advancements, customer acquisition, and marketing, as mutually agreed by the Company and Google, (together with the initial amounts, the “Google Success Funds”).
During the three and nine months ended September 30, 2024, $7 million and $22 million, respectively, of the Google Success Funds were reimbursed to the Company primarily for certain joint marketing and customer acquisition expenses incurred by the Company, substantially all of which was recorded as a reduction to advertising expenses. During the three and nine months ended September 30, 2023, the Company was reimbursed $28 million and $40 million, respectively.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Google Cloud Agreement Addendum
In December 2023, the Company and Google entered into an addendum to the Company’s existing agreement with Google for using Google cloud services (the “Google Cloud Agreement Addendum”), pursuant to which Google has agreed to provide certain credits, discounts, and other incentives for use of the Google Cloud Platform to the Company, and the Company has committed to purchasing $200 million of Google Cloud Platform services over seven years (through December 2030), with $35 million in the first two years, $65 million in the next two years after that, and $100 million in the last three years of the commitment. The Company may elect to cancel the commitment in return for a cancellation fee of 30% of the total remaining commitment amount and loss of any discounts, remaining credits, or other incentives provided under the Google Cloud Agreement Addendum.
During the three and nine months ended September 30, 2024, the Company made purchases toward this commitment of $9 million and $19 million, respectively.
Other Commitments
During the fourth quarter of 2023, the Company entered into an agreement with one of its vendors to purchase at least $190 million of security system equipment and components through March 2025. During the second quarter of 2024, the Company increased its commitment by approximately $130 million. This commitment is also satisfied through purchases made by the Company’s dealer network. During the three and nine months ended September 30, 2024, purchases toward this commitment were approximately $44 million and $144 million, respectively.
Guarantees
In the normal course of business, the Company is liable for contract completion and product performance. As of September 30, 2024 and December 31, 2023, the Company’s guarantees primarily relate to standby letters of credit related to its insurance programs and totaled $74 million and $78 million, respectively. The Company does not believe such obligations will materially affect its financial position, results of operations, or cash flows.
Legal Proceedings
The Company is subject to various claims and lawsuits in the ordinary course of business, which include among other things commercial general liability claims, automobile liability claims, contractual disputes, worker’s compensation claims, labor law and employment claims, claims that the Company infringed on the intellectual property of others, and consumer and employment class actions. The Company is also subject to regulatory and governmental examinations, information requests and subpoenas, inquiries, investigations, and threatened legal actions and proceedings. In connection with such formal and informal inquiries, the Company receives numerous requests, subpoenas, and orders for documents, testimony, and information in connection with various aspects of its activities. There have been no material changes to these matters from those disclosed in the 2023 Annual Report.
The Company records accruals for losses that are probable and reasonably estimable. These accruals are based on a variety of factors such as judgment, probability of loss, opinions of internal and external legal counsel, and actuarially determined estimates of claims incurred but not yet reported based upon historical claims experience. Legal costs in connection with claims and lawsuits in the ordinary course of business are expensed as incurred. Additionally, the Company records insurance recovery receivables or other indemnifications from third-parties when recovery has been determined to be probable. The Company has not accrued for any losses for which the likelihood of loss cannot be assessed, is less than probable, or the range of possible loss cannot be estimated.
As of September 30, 2024 and December 31, 2023, the Company’s accrual for ongoing claims and lawsuits within the scope of an insurance program, including amounts related to the Solar Business, totaled $102 million and $110 million, respectively. The Company’s accrual related to ongoing claims and lawsuits not within the scope of an insurance program is not material.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
12. LEASES
Company as Lessee
As part of normal operations, the Company leases real estate, vehicles, and equipment primarily through its main operating entity, ADT LLC.
Right-of-Use Assets and Lease Liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | | | | | September 30, 2024 | | December 31, 2023 |
| Presentation and Classification: | | | | |
| Operating | | Current | | Prepaid expenses and other current assets | | $ | 67 | | | $ | 68 | |
| Operating | | Non-current | | Other assets | | 82,983 | | | 85,649 | |
| Finance | | Non-current | | Property and equipment, net(1) | | 67,832 | | | 65,368 | |
| Total right-of-use assets | | $ | 150,882 | | | $ | 151,085 | |
| | | | | | | | |
| Operating | | Current | | Accrued expenses and other current liabilities | | $ | 19,147 | | | $ | 13,035 | |
| Finance | | Current | | Current maturities of long-term debt | | 26,533 | | | 25,741 | |
| Operating | | Non-current | | Other liabilities | | 77,066 | | | 80,189 | |
| Finance | | Non-current | | Long-term debt | | 47,091 | | | 43,727 | |
| Total lease liabilities | | $ | 169,837 | | | $ | 162,692 | |
_________________
(1)Finance lease right-of-use assets are recorded net of accumulated depreciation, which was approximately $61 million and $50 million as of September 30, 2024 and December 31, 2023, respectively.
Lease Cost
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
| Operating lease cost | | $ | 7,365 | | | $ | 8,832 | | | $ | 20,943 | | | $ | 24,822 | |
| Finance lease cost: | | | | | | | | |
| Amortization of right-of-use assets | | 6,095 | | | 4,355 | | | 16,203 | | | 10,144 | |
| Interest on lease liabilities | | 1,109 | | | 709 | | | 3,514 | | | 1,494 | |
| Variable lease costs | | 8,701 | | | 7,692 | | | 24,428 | | | 27,512 | |
| Total lease cost | | $ | 23,270 | | | $ | 21,588 | | | $ | 65,088 | | | $ | 63,972 | |
Right-of-Use Assets Obtained in Exchange for Lease Obligations(1)
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
(in thousands) | | 2024 | | 2023 |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Operating leases | | $ | 14,200 | | | $ | 28,786 | |
| Finance leases | | $ | 33,283 | | | $ | 62,203 | |
_________________
(1)Includes both continuing and discontinued operations.
Company as Lessor
The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance and recognizes the underlying assets within subscriber system assets, net.
13. RELATED PARTY TRANSACTIONS
The Company’s related party transactions primarily relate to products and services received from, or monitoring and related services provided to, other entities affiliated with Apollo, and, from time to time, management, consulting, and transaction advisory services provided by Apollo to the Company, as well as transactions between the Company and State Farm. There were no notable related party transactions during the periods presented other than as described below.
Apollo
Offering and Share Repurchase
On March 6, 2024, the Company and certain entities managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholders”) entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC and Barclays Capital Inc., as representatives of the underwriters named therein, including Apollo Global Securities, LLC, an affiliate of Apollo (collectively, the “Underwriters”), in connection with the offer and sale by the Selling Stockholders (the “Offering”) of 65 million shares of the Company’s Common Stock, and, at the option of the Underwriters, up to an additional 9.75 million shares of Common Stock (the “Underwriters’ Option”).
As part of the Offering, the Company purchased 15 million shares of Common Stock under its Share Repurchase Plan from the Underwriters (the “Share Repurchase”). The Company paid approximately $93 million (or approximately $6.22 per share) for the Share Repurchase, which was the same per share price paid by the Underwriters to the Selling Stockholders. The repurchase is reflected as a reduction to additional paid-in-capital and as a financing cash outflow.
The Offering and the Share Repurchase closed on March 11, 2024. On March 15, 2024, the Underwriters exercised the Underwriters’ Option in full, which subsequently closed on March 19, 2024. The Company did not pay any underwriting fees in connection with the Share Repurchase, including on behalf of the Selling Stockholders or otherwise.
All the shares in the Offering were sold by the Selling Stockholders. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the Offering.
Other
During the nine months ended September 30, 2024, other fees incurred to Apollo were not material.
During the nine months ended September 30, 2023, the Company incurred fees to Apollo of $1 million related to Apollo’s performance of placement agent services related to the initial funding of the Term Loan A Facility.
State Farm
State Farm owns more than 10% of the Company’s issued and outstanding common stock, and as a result, is a related party.
In October 2022, the Company, ADT LLC (an indirect wholly owned subsidiary of the Company), and State Farm entered into a development agreement (the “State Farm Development Agreement”) in connection with State Farm’s strategic investment in ADT. Pursuant to the State Farm Development Agreement, State Farm committed up to $300 million to fund certain initiatives as agreed to between the Company and State Farm related to the partnership (the “Opportunity Fund”), of which the Company has received $100 million. Amounts held by the Company in the Opportunity Fund are restricted until the Company uses the funds, as agreed upon with State Farm, in accordance with the State Farm Development Agreement.
As of September 30, 2024 and December 31, 2023, the balance in the portion of the Opportunity Fund held by the Company was $87 million and $94 million, respectively.
During the nine months ended September 30, 2024 and 2023, the Company made payments from the Opportunity Fund of $10 million and $6 million, respectively. Interest earned on the Opportunity Fund was not material.
ADT INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Sunlight Financial LLC
ADT Solar used Sunlight Financial LLC (“Sunlight”), an entity previously affiliated with Apollo, to access certain loan products for ADT Solar customers. As of December 2023, Sunlight was no longer affiliated with Apollo, and as a result, was no longer a related party.
During the three and nine months ended September 30, 2023, total loans funded by Sunlight were $9 million and $71 million, respectively, and the Company incurred financing fees of $2 million and $11 million, respectively.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Table of Contents
INTRODUCTION
The following discussion and analysis contains forward-looking statements about our business, operations, and financial performance based on current plans and estimates that involve risks, uncertainties, and assumptions, which could differ materially from actual results. Factors that could cause such differences are discussed in the sections of this Quarterly Report on Form 10-Q titled “Cautionary Statements Regarding Forward-Looking Statements” and Item 1A “Risk Factors.”
To obtain a more comprehensive understanding of our financial condition, changes in financial condition, and results of operations, the following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and the related notes included in our 2023 Annual Report.
BUSINESS AND BASIS OF PRESENTATION
Our Business
ADT (or “we,” “our,” and “us”), provides security, interactive, and smart home solutions to consumer and small business customers in the U.S.
As of September 30, 2024, we served approximately 6.4 million security monitoring service subscribers.
Our mission is to empower people to protect and connect what matters most with safe, smart, and sustainable solutions, delivered through innovative offerings, unrivaled safety, and a premium experience because we believe that everyone deserves to feel safe.
Basis of Presentation
As a result of the Commercial Divestiture and ADT Solar Exit, we currently report our results as a single operating and reportable segment, which reflects the business operations of our former CSB segment. All financial information presented in this section has been prepared in U.S. dollars in accordance with GAAP, excluding any non-GAAP measures, and includes the accounts of ADT Inc. and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. Results of our Solar and former Commercial businesses are presented within discontinued operations.
Business Updates
ADT Solar Exit
As discussed in Note 1 “Description of Business and Summary of Significant Accounting Policies” and Note 3 “Divestitures,” in January 2024, the Board approved a plan to fully exit the Solar Business. Beginning in the second quarter of 2024, the results of operations and financial position of the Solar Business are classified as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets, respectively, for all periods presented. Additionally, the cash flows and comprehensive income (loss) of the Solar Business have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income (Loss), respectively.
During the three months ended September 30, 2024, aggregate exit charges incurred were not material. During the nine months ended September 30, 2024, we incurred aggregate exit charges of $88 million, which have been recognized within income (loss) from discontinued operations, net of tax, related to (i) $34 million, associated with the write-down and disposition of inventory and asset impairments, (ii) $29 million, associated with the disposition of the existing installation pipeline, (iii) $13 million, associated with employee separation costs, and (iv) $11 million, associated with contract termination and other charges.
Additionally, during the nine months ended September 30, 2024, we paid approximately $21 million in connection with the ADT Solar Exit, primarily related to employee separation and other restructuring costs.
We do not expect the remaining charges and cash expenditures to be material. The estimated charges and cash expenditures resulting from the ADT Solar Exit could change materially due to various factors including unknown or unforeseen costs.
Our reported operating metrics, gross customer revenue attrition and recurring monthly revenue (as defined and discussed below), were not impacted by the ADT Solar Exit.
Commercial Divestiture
As discussed in Note 1 “Description of Business and Summary of Significant Accounting Policies” and Note 3 “Divestitures,” we divested our Commercial Business during the fourth quarter of 2023. The Commercial Business is presented as a discontinued operation in the Company’s Condensed Consolidated Statements of Operations for all periods presented. Additionally, the cash flows and comprehensive income (loss) of the Commercial Business have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income (Loss), respectively, for all periods presented.
Our reported operating metrics, gross customer revenue attrition and recurring monthly revenue (as defined and discussed below), have been recast for any period prior to the sale to exclude the Commercial Business.
Income received in connection with the Commercial TSA is recognized in other income (expense), and the expenses incurred by us to support the transition are recorded based on the nature of the expense.
FACTORS AFFECTING OPERATING RESULTS
The factors described herein could have a material effect on our business, financial condition, results of operations, cash flows, and key performance indicators. Unless otherwise noted, our results of operations discussed below relate to continuing operations and may be impacted by the ADT Solar Exit and Commercial Divestiture.
Generally, a significant upfront investment is required to acquire new subscribers that in turn provide ongoing and predictable recurring revenue generated from our monitoring services and other subscriber-based offerings. Although the economics of an installation may vary depending on the customer type, acquisition channel, and product offering, we generally achieve revenue break-even in approximately two years.
New customer additions and customer attrition have a direct impact on our financial results, including revenue, operating income, and cash flows. A portion of our recurring customer base can be expected to cancel its service each year as customers may choose to terminate or not to renew their contracts for a variety of reasons, including relocation, cost, loss to competition, or service issues. Relocations are sensitive to changes in the residential housing market, and fewer relocations generally lead to improvements in gross customer revenue attrition, but fewer new customer additions. Additionally, non-payment disconnects generally increase in a weaker macroeconomic environment. We have been experiencing fewer relocation disconnects and higher non-pay disconnects largely related to housing market conditions and the weaker macroeconomic environment. We may
continue to experience fluctuations in these or other trends in the future as changes in the general macroeconomic environment or housing market develop.
Our results are also impacted by the mix of transactions under a Company-owned equipment model versus a customer-owned equipment model (referred to as outright sales), as there are different accounting treatments applicable to each model, as well as the mix, price, and type of offerings sold. Beginning in the second quarter of 2024, a growing number of our direct channel new customer adds are outright sales. As we continue to build our partnership with Google, introduce new or enhance our current offerings, and refine our go-to-market approach, we expect to continue to see a shift toward an increasing proportion of outright sales transactions, which will impact results in future periods when those changes occur. We believe ADT self set-up customers sold under an outright sales model, which typically have lower monthly recurring fees than our professional installations, will allow us to grow our subscriber base through access to the fast-growing do-it-yourself (“DIY”) market.
We may experience an increase in costs associated with factors such as, but not limited to, (i) offering a wider variety of products and services; (ii) providing a greater mix of interactive and smart home solutions; (iii) replacing or upgrading certain system components or technology due to technological advancements, cybersecurity upgrades, or otherwise; (iv) supply chain disruptions; (v) inflationary pressures on costs such as materials, labor, and fuel; and (vi) other changes in prices, interest rates, or terms from our suppliers, vendors, or third-party lenders.
As part of our response to changes or pressures in the current macroeconomic environment, we have been evaluating, and continue to evaluate, cost-saving opportunities such as leveraging technology, reducing headcount or our physical facilities footprint when appropriate, and reducing non-essential spend. While we have experienced some increase in costs as a result of inflation, we have, for the most part, been able to offset the rising costs through price increases to our customers, as well as cost-saving opportunities.
Hurricanes and other natural disasters may impact certain areas in which we operate and may result in service, sales, and installation disruptions to certain of our customers. At the end of September 2024, Hurricane Helene made landfall in the southeastern part of the U.S. We determined there were no material financial or business impacts from Hurricane Helene for the quarter ended September 30, 2024. Subsequently, at the beginning of October 2024, Hurricane Milton made landfall in Florida. We are currently evaluating the financial and business impacts Hurricanes Helene and Milton may have on future periods.
KEY PERFORMANCE INDICATORS
We evaluate our results using certain key performance indicators, including operating metrics such as recurring monthly revenue and gross customer revenue attrition, as well as the non-GAAP measure Adjusted EBITDA. Computations of our key performance indicators may not be comparable to other similarly titled measures reported by other companies.
Certain operating metrics are approximated, as there may be variations to reported results due to certain adjustments we might make in connection with the integration over several periods of acquired companies that calculated these metrics differently or periodic reassessments and refinements in the ordinary course of business, including changes due to system conversions or historical methodology differences in legacy systems.
End-of-Period Recurring Monthly Revenue (“RMR”)
RMR is generated by contractual recurring fees for monitoring and other recurring services provided to our customers, including contracts monitored but not owned.
We use RMR to evaluate our overall sales, installation, and retention performance. Additionally, we believe the presentation of RMR is useful to investors because it measures the volume of revenue under contract at a given point in time, which is useful for forecasting future revenue performance as the majority of our revenue comes from recurring sources.
Gross Customer Revenue Attrition
Gross customer revenue attrition is defined as RMR lost as a result of customer attrition, net of dealer charge-backs and reinstated customers, excluding contracts monitored but not owned and self set-up/DIY customers. Customer sites are considered canceled when all services are terminated. Dealer charge-backs represent customer cancellations charged back to the dealers because the customer canceled service during the charge-back period, which is generally thirteen months.
Gross customer revenue attrition is calculated on a trailing twelve-month basis, the numerator of which is the RMR lost during the period due to attrition, net of dealer charge-backs and reinstated customers, and the denominator of which is total annualized RMR based on an average of RMR under contract at the beginning of each month during the period, in each case, excluding contracts monitored but not owned and self set-up/DIY customers.
We use gross customer revenue attrition to evaluate our retention and customer satisfaction performance, as well as evaluate subscriber trends by vintage year. Additionally, we believe the presentation of gross customer revenue attrition is useful to investors as it provides a means to evaluate drivers of customer attrition and the impact of retention initiatives.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure. Our definition of Adjusted EBITDA, a reconciliation of Adjusted EBITDA to income (loss) from continuing operations (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.”
RESULTS OF OPERATIONS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands, except as otherwise indicated) | | 2024 | | 2023 | | $ Change | | 2024 | | 2023 | | $ Change |
| Revenue: | | | | | | | | | | | | |
| Monitoring and related services | | $ | 1,077,550 | | | $ | 1,053,456 | | | $ | 24,094 | | | $ | 3,208,267 | | | $ | 3,125,344 | | | $ | 82,923 | |
| Security installation, product, and other | | 166,286 | | | 126,417 | | | 39,869 | | | 429,800 | | | 355,082 | | | 74,718 | |
| Total revenue | | 1,243,836 | | | 1,179,873 | | | 63,963 | | | 3,638,067 | | | 3,480,426 | | | 157,641 | |
Cost of revenue (exclusive of depreciation and amortization shown separately below): | | | | | | | | | | | | |
| Monitoring and related services | | 154,744 | | | 148,533 | | | 6,211 | | | 460,649 | | | 452,809 | | | 7,840 | |
| Security installation, product, and other | | 67,362 | | | 38,863 | | | 28,499 | | | 151,996 | | | 113,921 | | | 38,075 | |
| Total cost of revenue | | 222,106 | | | 187,396 | | | 34,710 | | | 612,645 | | | 566,730 | | | 45,915 | |
| Selling, general, and administrative expenses | | 358,520 | | | 346,444 | | | 12,076 | | | 1,105,523 | | | 1,000,861 | | | 104,662 | |
| Depreciation and intangible asset amortization | | 335,270 | | | 329,653 | | | 5,617 | | | 1,002,131 | | | 1,008,773 | | | (6,642) | |
| Merger, restructuring, integration, and other | | 1,590 | | | 9,817 | | | (8,227) | | | 15,094 | | | 32,441 | | | (17,347) | |
| Operating income (loss) | | 326,350 | | | 306,563 | | | 19,787 | | | 902,674 | | | 871,621 | | | 31,053 | |
| Interest expense, net | | (161,830) | | | (146,850) | | | (14,980) | | | (358,980) | | | (401,261) | | | 42,281 | |
| | | | | | | | | | | | |
| Other income (expense) | | 17,735 | | | 661 | | | 17,074 | | | 44,907 | | | (10) | | | 44,917 | |
| Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee | | 182,255 | | | 160,374 | | | 21,881 | | | 588,601 | | | 470,350 | | | 118,251 | |
| Income tax benefit (expense) | | (50,235) | | | (34,427) | | | (15,808) | | | (166,505) | | | (119,987) | | | (46,518) | |
| Income (loss) from continuing operations before equity in net earnings (losses) of equity method investee | | 132,020 | | | 125,947 | | | 6,073 | | | 422,096 | | | 350,363 | | | 71,733 | |
| Equity in net earnings (losses) of equity method investee | | — | | | (2,688) | | | 2,688 | | | — | | | (7,103) | | | 7,103 | |
| Income (loss) from continuing operations | | 132,020 | | | 123,259 | | | 8,761 | | | 422,096 | | | 343,260 | | | 78,836 | |
Income (loss) from discontinued operations, net of tax | | (4,869) | | | (209,496) | | | 204,627 | | | (111,000) | | | (456,123) | | | 345,123 | |
| Net income (loss) | | $ | 127,151 | | | $ | (86,237) | | | $ | 213,388 | | | $ | 311,096 | | | $ | (112,863) | | | $ | 423,959 | |
| | | | | | | | | | | | |
Key Performance Indicators:(1) | | | | | | | | | | | | |
RMR | | $ | 358,881 | | | $ | 350,392 | | | $ | 8,489 | | | $ | 358,881 | | | $ | 350,392 | | | $ | 8,489 | |
| Gross customer revenue attrition (percent) | | 12.8% | | 12.9% | | N/A* | | 12.8% | | 12.9% | | N/A* |
Adjusted EBITDA(2) | | $ | 658,691 | | | $ | 623,445 | | | $ | 35,246 | | | $ | 1,925,669 | | | $ | 1,854,288 | | | $ | 71,381 | |
_______________________(1)Refer to the “—Key Performance Indicators” section for the definitions of these key performance indicators.
(2)Adjusted EBITDA is a non-GAAP measure. Refer to the “—Non-GAAP Measures” section for the definition of this term and a reconciliation to the most comparable GAAP measure.
* Not applicable.
Revenue
During the three and nine months ended September 30, 2024, revenue, as compared to the prior periods, primarily reflects:
•Monitoring and related services (“M&S Revenue”): higher recurring revenue of $21 million and $80 million, respectively, primarily driven by an increase in average prices.
•Security installation, product, and other: (i) an increase in installation revenue of $29 million and $38 million, respectively, primarily driven by a higher volume of sales transactions with new customers under the outright sales model, as well as (ii) an increase in the amortization of deferred subscriber acquisition revenue of $11 million and $37 million, respectively, associated with customers under the Company-owned model.
The increase in RMR, as compared to the prior period, was primarily driven by an increase in average prices on new and existing subscribers as well as the impact of customer accounts purchased from a third party.
Gross customer revenue attrition, as compared to the prior period, remained relatively flat and included a decrease in voluntary and other disconnects offset by higher non-payment disconnects.
Cost of Revenue
During the three and nine months ended September 30, 2024, cost of revenue, as compared to the prior period, reflects an increase in installation and product costs of $28 million and $38 million, respectively, primarily due to a higher volume of outright sales transactions, as well as an increase in monitoring and related service costs during the nine months ended September 30, 2024 of $8 million, primarily due to higher interactive fees and other customer service initiatives.
Selling, General, and Administrative Expenses
During the three months ended September 30, 2024, as compared to the prior period, SG&A remained relatively flat, and included increased investments in technology, partially offset by improved cost efficiencies.
The increase in SG&A during the nine months ended September 30, 2024, as compared to the prior period, was primarily driven by:
•an increase in general and administrative costs of $48 million, which includes a current year charge and prior year credit related to legal settlements in an aggregate amount of approximately $35 million,
•an increase in the allowance for credit losses of $37 million, as a result of an increase in customer delinquencies, and
•an increase in selling costs of $26 million, primarily related to the amortization of deferred subscriber acquisition costs.
Depreciation and Intangible Asset Amortization
During the three months ended September 30, 2024, as compared to the prior period, depreciation and intangible asset amortization remained relatively flat.
During the nine months ended September 30, 2024, as compared to the prior period, depreciation and intangible asset amortization reflects a decrease in the amortization of customer relationship intangible assets of $33 million, primarily related to certain assets acquired as part of the acquisition of The ADT Security Corporation in 2016, partially offset by an increase in the amortization of acquired customer contracts of $23 million.
Merger, Restructuring, Integration, and other
During the three and nine months ended September 30, 2024, merger, restructuring, integration, and other decreased $8 million and $17 million, respectively, primarily due to third-party strategic optimization costs incurred during the prior period.
Interest Expense, Net
During the three months ended September 30, 2024, the increase in interest expense, net, as compared to the prior year period, was primarily driven by:
•a decrease in net unrealized gains of $74 million on our interest rate swaps, partially offset by
•lower interest expense of $38 million primarily related to lower principal amounts outstanding on our First Lien Term Loan B and the redemption of our Term Loan A Facility and First Lien Notes due 2024 and,
•a non-recurring expense of $25 million recorded during the third quarter of 2023 associated with the reclassification from AOCI of historical losses related to certain interest rate swaps for which cash flows were probable of not occurring as a result of the partial redemption of our First Lien Term Loan B.
During the nine months ended September 30, 2024, the decrease in interest expense, net, as compared to the prior year period, was primarily driven by:
•lower interest expense of $103 million primarily related to lower principal amounts outstanding on our First Lien Term Loan B and the redemption of our Term Loan A Facility and First Lien Notes due 2024, as well as
•a non-recurring expense of $25 million as discussed above, partially offset by
•a decrease in net unrealized gains of $85 million on our interest rate swaps.
Other Income (Expense)
During the three and nine months ended September 30, 2024, the increases in other income (expense), as compared to the prior periods, was primarily due to income received under the Commercial TSA of $14 million and $36 million, respectively.
Income Tax Benefit (Expense)
During the three months ended September 30, 2024, income tax expense was $50 million, resulting in an effective tax rate for the period of 27.6%. This primarily represents the federal statutory tax rate of 21.0%, a state tax rate, net of federal benefits, of 6.2%, and an unfavorable impact from unrecognized tax benefits of 4.0%, partially offset by a favorable impact from a prior year tax return adjustment of 4.0%.
During the three months ended September 30, 2023, income tax expense was $34 million, resulting in an effective tax rate for the period of 21.5%. The effective tax rate primarily represents the federal statutory tax rate of 21.0%, and a state tax rate, net of federal benefits, of 5.1%, partially offset by favorable impacts from dispositions of 3.1% and prior year tax return adjustments of 1.2%.
During the nine months ended September 30, 2024, income tax expense was $167 million, resulting in an effective tax rate for the period of 28.3%. This primarily represents the federal statutory tax rate of 21.0%, a state tax rate, net of federal benefits, of 5.8%, unfavorable impacts from dispositions of 1.6%, and unrecognized tax benefits of 0.8%, partially offset by a favorable impact from a prior year tax return adjustment of 1.2%.
During the nine months ended September 30, 2023, income tax expense was $120 million, resulting in an effective tax rate for the period of 25.5%. The effective tax rate primarily represents the federal statutory tax rate of 21.0%, a state tax rate, net of federal benefits, of 5.8%, and an unfavorable impact from permanent non-deductible items of 1.2%, partially offset by a favorable impact from dispositions of 1.0%.
Deferred Tax Assets
We have a significant amount of deferred tax assets, against which we take valuation allowances that relate to the uncertainty of our ability to utilize these deferred tax assets in future periods. We review periodically those matters that can influence our decision as to whether or not a valuation allowance is appropriate. Among those matters considered are pending and enacted legislation. We will consider each quarter whether any developments to such legislation, together with the other factors we consider, require a valuation allowance.
We believe that our deferred tax assets for disallowed interest under Internal Revenue Code (“IRC”) Section 163(j) will continue to grow from their current level. There is currently significant uncertainty in the matters we consider when determining whether it is appropriate to take additional valuation allowances. While we have not reported any material changes to our valuation allowances since our 2023 Annual Report, we may determine to do so in subsequent periods. Any material change to our valuation allowance would materially and adversely affect our operating results and may result in a net loss position for any given period.
Net Operating Losses
During 2023, we utilized a significant portion of our net operating losses (“NOLs”) to offset the gain generated from the sale of the Commercial Business. As of December 31, 2023, we disclosed that we expect to utilize our remaining NOLs during 2024. We expect to become a federal cash taxpayer in 2025 depending on future losses generated by the business, specifically with regard to the ADT Solar Exit.
NON-GAAP MEASURES
To provide investors with additional information in connection with our results as determined in accordance with GAAP, we disclose Adjusted EBITDA as a non-GAAP measure. This measure is not a financial measure calculated in accordance with GAAP, and it should not be considered as a substitute for net income, income (loss) from continuing operations, operating income, or any other measure calculated in accordance with GAAP, and may not be comparable to similarly titled measures reported by other companies.
Adjusted EBITDA
We believe Adjusted EBITDA is useful to investors to measure the operational strength and performance of our business. We believe the presentation of Adjusted EBITDA is useful as it provides investors additional information about our operating profitability adjusted for certain non-cash items, non-routine items we do not expect to continue at the same level in the future, as well as other items not core to our operations. Further, we believe Adjusted EBITDA provides a meaningful measure of operating profitability because we use it for evaluating our business performance, making budgeting decisions, and comparing our performance against other peer companies using similar measures.
We define Adjusted EBITDA as income (loss) from continuing operations adjusted for (i) interest; (ii) taxes; (iii) depreciation and amortization, including depreciation of subscriber system assets and other fixed assets and amortization of dealer and other intangible assets; (iv) amortization of deferred costs and deferred revenue associated with subscriber acquisitions; (v) share-based compensation expense; (vi) merger, restructuring, integration, and other items; (vii) impairment charges; and (viii) non-cash, non-routine, or other adjustments or charges not necessary to operate our business.
There are material limitations to using Adjusted EBITDA as it does not include certain significant items, including interest, taxes, depreciation and amortization, and other adjustments which directly affect our income (loss) from continuing operations (the most comparable GAAP measure). These limitations are best addressed by considering the economic effects of the excluded items independently and by considering Adjusted EBITDA in conjunction with income (loss) from continuing operations as calculated in accordance with GAAP.
The table below reconciles Adjusted EBITDA to income (loss) from continuing operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands) | 2024 | | 2023 | | $ Change | | 2024 | | 2023 | | $ Change |
Income (loss) from continuing operations | $ | 132,020 | | | $ | 123,259 | | | $ | 8,761 | | | $ | 422,096 | | | $ | 343,260 | | | $ | 78,836 | |
| Interest expense, net | 161,830 | | | 146,850 | | | 14,980 | | | 358,980 | | | 401,261 | | | (42,281) | |
| Income tax expense (benefit) | 50,235 | | | 34,427 | | | 15,808 | | | 166,505 | | | 119,987 | | | 46,518 | |
| Depreciation and intangible asset amortization | 335,270 | | | 329,653 | | | 5,617 | | | 1,002,131 | | | 1,008,773 | | | (6,642) | |
| Amortization of deferred subscriber acquisition costs | 56,119 | | | 47,945 | | | 8,174 | | | 165,454 | | | 138,145 | | | 27,309 | |
| Amortization of deferred subscriber acquisition revenue | (87,980) | | | (77,471) | | | (10,509) | | | (257,538) | | | (220,779) | | | (36,759) | |
| Share-based compensation expense | 10,107 | | | 9,683 | | | 424 | | | 39,466 | | | 30,678 | | | 8,788 | |
Merger, restructuring, integration, and other | 1,590 | | | 9,817 | | | (8,227) | | | 15,094 | | | 32,441 | | | (17,347) | |
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Other, net(1) | (500) | | | (718) | | | 218 | | | 13,481 | | | 522 | | | 12,959 | |
Adjusted EBITDA (from continuing operations) | $ | 658,691 | | | $ | 623,445 | | | $ | 35,246 | | | $ | 1,925,669 | | | $ | 1,854,288 | | | $ | 71,381 | |
________________(1) During 2024, primarily includes unrealized (gains) / losses on interest rate swaps presented within other income (expense).
The factors listed below exclude amounts that are outside of our definition of Adjusted EBITDA. Refer to the discussions above under “—Results of Operations” for further details.
During the three months ended September 30, 2024, the increase in Adjusted EBITDA, as compared to the prior period, was primarily due to:
•higher M&S Revenue, net of the associated costs, of approximately $20 million, and
•improved cost efficiencies, including the benefit of $14 million of TSA income, partially offset by increased investments in technology.
During the nine months ended September 30, 2024, the increase in Adjusted EBITDA, as compared to the prior period, was primarily due to:
•higher M&S Revenue, net of the associated costs, of approximately $81 million, and
•higher other income of $51 million, which primarily includes $36 million of TSA income, partially offset by
•higher selling, general, and administrative expenses, excluding commissions of $68 million, associated with negative impacts from legal settlements of $35 million, higher provision for credit losses of $37 million, and increased investments in technology, partially offset by improved cost efficiencies.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity and capital resources primarily consisted of the following:
| | | | | |
| (in thousands) | September 30, 2024 |
| Cash and cash equivalents | $ | 95,338 | |
| Restricted cash and restricted cash equivalents | $ | 109,411 | |
| Availability under First Lien Revolving Credit Facility | $ | 575,000 | |
| |
Uncommitted available borrowing capacity under 2020 Receivables Facility | $ | 126,882 | |
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Carrying amount of total debt outstanding, including finance leases | $ | 7,721,086 | |
Liquidity
We expect our ongoing sources of liquidity to include cash generated from operations, borrowings under our credit facilities, and the issuance of equity and/or debt securities as appropriate given market conditions. Our future cash needs are expected to include cash for operating activities including working capital, principal and interest payments on our debt, capital expenditures, potential dividend payments to our stockholders, potential share repurchases under our Share Repurchase Plan, and from time to time, strategic investments, bulk account purchases, or other initiatives that we may undertake.
We are a highly leveraged company with significant debt service requirements and have both fixed-rate and variable-rate debt. We may periodically seek to repay, redeem, repurchase, or refinance our indebtedness, or seek to retire or purchase our outstanding securities through cash purchases in the open market, privately negotiated transactions, a 10b5-1 repurchase plan, or otherwise, and any such transactions may involve material amounts. Cash outflows for interest payments are not consistent between quarters, with larger outflows occurring in the first and third quarters, and may vary as a result of our variable rate debt.
We believe our cash position, available borrowing capacity under our credit agreements, 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.
Material Cash Requirements
There have been no significant changes to our material cash requirements, commitments and contingencies, or off-balance sheet arrangements from those disclosed in our 2023 Annual Report, except as discussed below.
Share Repurchase Plan
On January 24, 2024, our Board of Directors announced the Share Repurchase Plan (the “Share Repurchase Plan”), pursuant to which we are authorized to repurchase, through January 29, 2025, up to a maximum aggregate amount of $350 million of shares of our Common Stock under the Share Repurchase Plan. As of September 30, 2024, we have approximately $257 million remaining under the Share Repurchase Plan.
Subsequent event - In October 2024, we repurchased 5 million shares of Common Stock at a price per share of $6.40 for an aggregate purchase price of $32 million. As a result, we have approximately $225 million remaining under the Share Repurchase Plan.
ADT Solar Exit
During the nine months ended September 30, 2024, we paid approximately $21 million associated with the ADT Solar Exit. We do not expect the remaining cash expenditures to be material.
Other Contractual Obligations
As discussed in Note 11 “Commitments and Contingencies,” during the three and nine months ended September 30, 2024, we made purchases toward our $200 million commitment under the Google Cloud Agreement Addendum of $9 million and $19 million, respectively.
In addition, during the three and nine months ended September 30, 2024, purchases toward our commitment to one of our vendors to purchase at least $320 million of security system equipment and components were approximately $44 million and $144 million, respectively.
Long-Term Debt
Significant changes and activity related to our long-term debt since our 2023 Annual Report are discussed below. Refer to Note 5 “Debt” for further discussion on our debt agreements and activity.
First Lien Credit Agreement
In April 2024, we amended and restated the First Lien Credit Agreement, which reduced the interest rate on our First Lien Term Loan B due 2030 from Term SOFR +2.50% to Term SOFR +2.25%.
In May 2024, we amended and restated the First Lien Credit Agreement, which included the exchange of $143 million principal amount of loans under our Term Loan A Facility for its First Lien Term Loan B due 2030. In addition, later that month, we further amended and restated the First Lien Credit Agreement, pursuant to which we incurred an additional $474 million of outstanding principal under the First Lien Term B Loan due 2030 and used the proceeds used to pay off the remaining outstanding balance of the Term Loan A Facility.
Proceeds and repayments of long-term borrowings include the impact of $646 million from the amendments described above. In addition, loss on extinguishment of debt and financing and consent fees were not material as a result of these amendments.
During the nine months ended September 30, 2024, we borrowed $325 million and repaid $325 million under the First Lien Revolving Credit Facility.
Subsequent event - In October 2024, we amended and restated the First Lien Credit Agreement to extend the maturity date of the First Lien Revolving Credit Facility to October 2029 (as extended, the “Extended First Lien Revolving Credit Facility”), subject to a springing maturity of 91 days prior to the maturity date of certain long-term indebtedness, and obtain an additional $225 million of Extended First Lien Revolving Credit Facility commitments. After giving effect to the amendment, the aggregate amount of commitments under the Extended First Lien Revolving Credit Facility is $800 million. Borrowings under the Extended First Lien Revolving Credit Facility bear interest at a rate equal to either (a) Term SOFR with a floor of zero or (b) a base rate (“Base Rate”) determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States and (iii) the one-month adjusted term SOFR plus 1.00% per annum, in each case, plus an applicable margin of 2.00% per annum for Term SOFR loans and 1.00% per annum for Base Rate loans, subject to two step-downs based on certain specified net first lien leverage ratios. In addition, the amendment reduced the commitment fee in respect of the Extended First Lien Revolving Credit Facility to 0.30% per annum in respect of the unutilized commitments thereunder, subject to two step-downs based on certain specified net first lien leverage ratios.
Term Loan A Facility Redemption
In May 2024 we exchanged $143 million of loans under our Term Loan A Facility for our First Lien Term Loan B due 2030, as discussed above. In addition, later that month, we redeemed the remaining outstanding principal balance of $474 million of our Term Loan A Facility, excluding accrued and unpaid interest, using proceeds under the First Lien Term Loan B due 2030, as discussed above. As a result, the Term Loan A Facility has been terminated.
First Lien Notes due 2024 Redemption
In April 2024, we redeemed the remaining outstanding principal balance of $100 million of our First Lien Notes due 2024, excluding accrued and unpaid interest, using proceeds from the First Lien Revolving Credit Facility.
2020 Receivables Facility
In March 2024, we amended the agreement governing the 2020 Receivables Facility, pursuant to which the uncommitted revolving period was extended from March 2024 to April 2024.
In April 2024, we further amended the agreement governing the 2020 Receivables Facility, pursuant to which, among other things, the borrowing capacity was increased from $500 million to $550 million and the uncommitted revolving period was extended from April 2024 to April 2025. In addition, proceeds and repayments of long-term borrowings include the impact of $32 million from the amendments described above.
As of September 30, 2024, the outstanding balance was $423 million.
Solar Receivables Facility
On August 2, 2023, we entered into the Solar Receivables Facility Financing Agreement to finance receivables generated by the installation of residential solar systems, which, among other things, provides for an uncommitted revolving loan facility in the aggregate principal amount of up to $300 million. During August 2024, the Solar Receivables Facility’s uncommitted revolving period expired. We did not borrow any amounts under the Solar Receivables Facility prior to its expiration.
Debt Covenants
As of September 30, 2024, we were in compliance with all financial covenant and other maintenance tests for all our debt obligations. We do not believe there is a material risk of future noncompliance with our financial covenant and other maintenance tests.
Dividends
During the nine months ended September 30, 2024 and 2023, we declared aggregate dividends of $141 million ($0.055 per share per quarter) and $91 million ($0.035 per share per quarter) on our Common Stock, respectively, and $9 million ($0.055 per share per quarter) and $6 million ($0.035 per share per quarter) on our Class B Common Stock, respectively.
On October 24, 2024, we announced a dividend of $0.055 per share to holders of Common Stock and Class B Common Stock of record on December 12, 2024, which will be paid on January 9, 2025.
Cash Flow Analysis
The amounts and discussion below include cash flows from both continuing operations and discontinued operations, as appropriate, consistent with the presentation on the Statements of Cash Flows.
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| (in thousands) | 2024 | | 2023 | | $ Change |
| Net cash provided by (used in): | | | | | |
| Operating activities | $ | 1,425,223 | | | $ | 1,245,694 | | | $ | 179,529 | |
| Investing activities | $ | (1,034,364) | | | $ | (988,081) | | | $ | (46,283) | |
| Financing activities | $ | (316,060) | | | $ | (275,129) | | | $ | (40,931) | |
Cash Flows from Operating Activities
The increase in net cash provided by operating activities, as compared to the prior period, was primarily due to a decrease in cash interest of $130 million primarily related to reduced principal balances on our debt, the benefit of lower outflows in the current year related to our Solar business, improved operating performance, and lower employee-related payments. This
increase was partially offset by the benefit received in the prior period associated with the results of the former Commercial Business as well as legal settlements during the current and prior period.
The remainder of the activity related to changes in assets and liabilities due to the volume and timing of other operating cash receipts and payments with respect to when the transactions are reflected in earnings. Refer to the discussions above under “—Results of Operations” for further details.
Cash Flows from Investing Activities
The increase in net cash used in investing activities, as compared to the prior period, was primarily due to:
•an increase in dealer generated customer accounts and bulk account purchases of $88 million primarily due to higher bulk account purchases from a third party, and
•a $21 million payment associated with the settlement of post-closing adjustments related to the sale of the former Commercial Business, partially offset by
•a decrease in subscriber system assets expenditures of $74 million primarily due to a higher volume of outright sales and fewer customer additions.
Cash Flows from Financing Activities
The increase in net cash used in financing activities, as compared to the prior period, was primarily due to:
•share repurchases during the current period of $93 million, and
•an increase in net repayments on our 2020 Receivables Facility of $80 million, partially offset by
•a decrease in net repayments on our long-term debt of $122 million primarily related to higher redemptions during the prior period.
CRITICAL ACCOUNTING ESTIMATES
We disclosed our critical accounting estimates in our 2023 Annual Report, which include estimates prepared in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations.
Critical accounting estimates are based on, among other things, estimates, assumptions, and judgments made by management that include inherent risks and uncertainties. Our estimates are based on relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions.
There were no material changes in our critical accounting estimates since our 2023 Annual Report.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains certain information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. While we have specifically identified certain information as being forward-looking in the context of its presentation, we caution you that all statements contained in this Form 10-Q that are not clearly historical in nature, including statements regarding the ADT Solar Exit and the expected costs and benefits of such exit; the Commercial Divestiture; the expected timetable for realizing expected benefits and synergies of the Commercial Divestiture and ADT Solar Exit including that the costs of the ADT Solar Exit may exceed our best estimates; the integration of strategic bulk purchases of customer accounts; the strategic investment by and long term partnership with State Farm; repurchases of shares of the Company’s common stock under the authorized share repurchase program, anticipated financial performance, including the Company’s ability to achieve its stated guidance metrics and to reduce debt or improve leverage ratios, or to achieve or maintain its long-term leverage goals; management’s plans and objectives for future operations; the successful development, commercialization, and timing of new or joint products; the expected timing of product commercialization with State Farm or any changes thereto, including the ADT home security program for State Farm; business prospects; outcomes of regulatory proceedings; market conditions; our ability to deploy our business continuity and disaster plans and procedures to successfully respond to catastrophic events; our strategic partnership and ongoing relationship with Google; the expected timing of product commercialization with Google or any changes thereto; the successful internal development, commercialization, and timing of our next generation platform and innovative offerings; the successful conversion of customers who continue to utilize outdated technology; the current and future market size for existing, new, or joint products; any stated or implied outcomes with regards to the foregoing; and other matters. Any stated or implied outcomes with regards to the foregoing are forward-looking.
Without limiting the generality of the preceding sentences, any time we use the words “ongoing,” “expects,” “intends,” “will,” “anticipates,” “believes,” “confident,” “continue,” “propose,” “seeks,” “could,” “may,” “should,” “estimates,” “forecasts,” “might,” “goals,” “objectives,” “targets,” “planned,” “projects,” and, in each case, their negative or other various or comparable terminology, and similar expressions, we intend to clearly express that the information deals with possible future events and is forward-looking in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.
For ADT, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward- looking statements include, without limitation:
•our ability to effectively implement our strategic partnership with, commercialize products with, or utilize any of the amounts invested in us by State Farm or provided by State Farm for research and development or other purposes;
•our ability to keep pace with rapid technological changes, including the development of our next-generation platform, and industry changes;
•our ability to effectively implement our strategic partnership with or utilize any of the amounts invested in us by Google;
•the impact of supply chain disruptions;
•our ability to maintain and grow our existing customer base;
•our ability to sell our products and services or launch new products and services in highly competitive markets, including the home security and automation market, and to achieve market acceptance with acceptable margins;
•our ability to successfully upgrade obsolete equipment installed at our customers’ premises in an efficient and cost-effective manner;
•changes in law, economic and financial conditions, including tax law changes, changes to privacy requirements, changes to telemarketing, email marketing and similar consumer protection laws, interest volatility, and trade tariffs and restrictions applicable to the products we sell;
•any material changes to the valuation allowances we take with respect to our deferred tax assets;
•the impact of information technology, cybersecurity, or data security breaches, including the incidents disclosed in the Current Reports on Form 8-K filed with the SEC on August 8, 2024 (the “August Incident”) and October 7, 2024 (the “October Incident” and together with the August Incident, the “Cybersecurity Incidents”);
•the Company's ongoing assessments of the impacts of the Cybersecurity Incidents; the Company's expectations regarding its ability to contain and remediate the Cybersecurity Incidents and to effectively implement counter measures intended to safeguard the Company’s information technology assets and operations; the impact of the Cybersecurity Incidents on the Company's relationships with customers, employees and regulators; the Company’s ability to coordinate effectively with its third party business partner to address the October Incident; legal, reputational and financial risks resulting from the Cybersecurity Incidents; and that any future, or still undetected, cybersecurity
related incident, whether an attack, disruption, intrusion, denial of service, theft or other breach, including any such incident related to or arising from ADT’s business partners or other third parties, could result in unauthorized access to, or disclosure of, data, resulting in claims, costs and reputational harm that could negatively affect our actual results of operations or financial condition;
•our dependence on third-party providers, suppliers, and dealers to enable us to produce and distribute our products and services in a cost-effective manner that protects our brand;
•our ability to successfully implement an equipment ownership model that best satisfies the needs of our customers and to successfully implement and maintain our receivables securitization financing agreement or similar arrangements;
•our ability to successfully pursue alternate business opportunities and strategies;
•our ability to integrate various companies we have acquired in an efficient and cost-effective manner;
•the amount and timing of our cash flows and earnings, which may be impacted by customer, competitive, supplier and other dynamics and conditions;
•our ability to maintain or improve margins through business efficiencies; and
•the other factors that are described under the heading “Risk Factors” in our last Annual Report on Form 10-K for the year ended December 31, 2023.
Forward-looking statements and information involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such statements, including without limitation, the risks and uncertainties disclosed or referenced under the heading “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A in our 2023 Annual Report. Therefore, caution should be taken not to place undue reliance on any such forward-looking statements. Much of the information in this report that looks toward future performance is based on various factors and important assumptions about future events that may or may not actually occur. As a result, our operations and financial results in the future could differ materially and substantially from those we have discussed in the forward-looking statements included in this Quarterly Report on Form 10-Q. Any forward-looking statement made in this Quarterly Report on Form 10-Q speaks only as of the date on which it is made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise unless required by law.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Our operations expose us to a variety of market risks, including the effects of changes in interest rates as we have both fixed-rate and variable-rate debt. We monitor and manage these financial exposures as an integral part of our overall risk management program. Our policies allow for the use of specified financial instruments for hedging purposes only. Use of derivatives for speculation purposes is prohibited.
There were no material changes in our interest rate risk exposure to that disclosed in our 2023 Annual Report.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2024, our disclosure controls and procedures were effective at a reasonable assurance level in ensuring information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
Changes in Internal Control over Financial Reporting
During the three months ended September 30, 2024, there were no changes in our internal control over financial reporting (“ICFR”) identified in our management’s evaluation pursuant to Rules 13a-15(d) and 15d-15(d) of the Exchange Act that materially affected, or are reasonably likely to materially affect, our ICFR.
During 2023, ADT began a multi-year IT transformation project by which we are migrating much of ADT’s infrastructure to the cloud. The initiative includes certain aspects of our customer relationship management and enterprise resource planning systems. In 2024, we nationally launched our customer relationship management system for our residential pro-install customers, which resulted in changes to our processes and procedures as well as to our ICFR; however, we concluded that this launch has not currently materially affected our ICFR. In addition, the transition to our new enterprise resource planning system has recently started and is not planned to be implemented until the second half of 2025.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
See Note 11 “Commitments and Contingencies” to the condensed consolidated financial statements under the heading “Legal Proceedings” included in this Quarterly Report on Form 10-Q for legal proceedings and related matters.
ITEM 1A. RISK FACTORS.
Our significant business risks are described in Part I, Item 1A “Risk Factors” in our 2023 Annual Report and in our other filings with the SEC. The risk factors described in our filings with the SEC and other information may not describe every risk facing the Company. There have been no material changes in our risk factors from those disclosed in our 2023 Annual Report, except as discussed below:
While we are no longer a “controlled company,” we may continue to rely on exemptions from certain NYSE corporate governance requirements during a one-year transition period.
Our Common Stock is listed on the New York Stock Exchange (the “NYSE”). Prior to March 19, 2024, Apollo controlled more than 50% of the combined voting power of the Company with respect to the election of directors, and we were considered a “controlled company” for the purposes of the NYSE rules and corporate governance standards. While we were a “controlled company” under the NYSE rules, we availed ourselves of applicable “controlled company” exemptions, which exempted us from certain requirements, including the requirements that we have a majority of independent directors on our Board of Directors and that the Compensation Committee of our Board of Directors (the “Compensation Committee”) and Nominating and Corporate Governance Committee of our Board of Directors (the “Nominating and Corporate Governance Committee”) be comprised entirely of independent directors.
On March 19, 2024, following a registered secondary offering of the Company’s Common Stock by certain Apollo affiliates (and the Company’s concurrent repurchase from the underwriters of 15 million shares of Common Stock that were the subject of the offering), including the exercise of the underwriters’ overallotment option which closed on that date, Apollo’s combined voting power with respect to the election of directors fell to 49.5%, and we ceased to be a controlled company as of that date. Under the NYSE rules, a company that ceases to be a controlled company must comply with the independent board committee requirements as they relate to the nominating and corporate governance and compensation committees on the following phase-in schedule: (i) at least one independent committee member at the time the company ceases to be a controlled company; (ii) at least a majority of independent committee members within 90 days of the date the company ceases to be a controlled company; and (iii) all independent committee members within one year of the date the company ceases to be a controlled company. Additionally, the NYSE rules provide a 12-month phase-in period from the date a company ceases to be a controlled company to comply with the majority independent board requirement.
As of the date of this report, we have two independent committee members on each of the Nominating and Corporate Governance and the Compensation Committees of the Board, our Audit Committee is comprised entirely of independent directors and we are in compliance with the phase-in requirements described above. Until we are fully subject to these requirements, our stockholders will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.
Apollo continues to exert significant influence over us, and its interests may conflict with our interests and the interests of other stockholders.
While we are no longer a “controlled company,” Apollo continues to be able to exert significant influence over us and as of September 30, 2024 had the right to, among other things, nominate 50% of our directors pursuant to the Amended and Restated Stockholders Agreement, dated December 14, 2018, (the “Stockholders Agreement”) between the Company and Ultimate Parent and the Co-Investors (as defined therein). The interests of Apollo and its affiliates, including funds affiliated with Apollo, could conflict with or differ from our interests or the interests of our other stockholders. For example, the concentration of ownership held by funds affiliated with Apollo could (i) delay, defer, or prevent a change in control of our Company, (ii) impede a merger, takeover, or other business combination which may otherwise be favorable for us or that another stockholder may otherwise view favorably or (iii) cause us to enter into transactions or agreements that are not in the best interests of all stockholders. Additionally, Apollo and its affiliates are in the business of making investments in companies and may, from time to time, acquire and hold interests in or provide advice to businesses that compete directly or indirectly with us, or are suppliers or customers of ours. Apollo and its affiliates may also pursue acquisition opportunities that may be complementary to our business, and as a result, those acquisition opportunities may not be available to us. Any such investment may increase the
potential for the conflicts of interest discussed in this risk factor. So long as funds affiliated with Apollo continue to directly or indirectly own a significant amount of our equity, even if such amount is less than 50%, Apollo and its affiliates will continue to be able to substantially influence or effectively control our ability to enter into corporate transactions.
In addition, we are party to the Stockholders Agreement with Ultimate Parent and the Co-Investors. The Stockholders Agreement specifies that we will not take certain significant actions without the prior consent of Ultimate Parent, including, among other things, hiring or terminating any Executive Officer of our company, designating any new Executive Officer of our company, entering into certain merger, consolidation or other “change of control” transactions or changing the size of our Board. The Stockholders Agreement also specifies that Ultimate Parent has the right to nominate individuals for election to our Board and that we are, to the fullest extent permitted by applicable law, required to nominate and recommend that each such individual be elected as a director, and the right to designate a member to each committee of our Board. Relatedly, our amended and restated Bylaws (the “Bylaws”) provide that Ultimate Parent and the Co-Investors have the right, subject to certain conditions, to have their representatives appointed to serve on committees of our Board.
Cybersecurity attacks or threats or other unauthorized access or attempts to access our systems, or those of third parties, could compromise the security of our systems and otherwise disrupt our normal operations which could have a material adverse effect on our reputation, business, results of operations or financial condition.
We collect, process, transmit, and store sensitive and confidential information related to our customers, employees and business partners, as well as proprietary information related to our business, such as business plans and license agreements. This makes us vulnerable to cyber attacks and other attempts to gain unauthorized access to our information and technology networks and systems, including as a result of work from home environments and third-party systems that are interconnected with ours. Cyber attacks may come from phishing, malware, ransomware, or other methods. While we implement security measures within our products, services, operations, and, to a limited extent, within third parties’ systems, cyber attacks continue to evolve in sophistication and increase in volume and frequency and we have not in the past been and may not in the future be able to timely detect or prevent cybersecurity breaches on our systems or within third-party systems that are interconnected with ours, including the unauthorized access, capture, or alteration of information; the exposure or exploitation of potential security vulnerabilities; distributed denial of service attacks; the installation of malware or ransomware; acts of vandalism; computer viruses; or misplaced data or data loss that could materially adversely impact our reputation, business, results of operations or financial condition. Despite our security measures, we and third parties whose systems are interconnected with ours have been the target of and/or subject to a number of these forms of cyber attacks, including the incidents disclosed in the Current Reports on Form 8-K filed with the SEC on August 8, 2024 and October 7, 2024, respectively, the latter of which (referred to herein as the “October Incident”) we are still actively investigating, and we will likely continue to be the target of and/or subject to such attacks in the future. These cyber attacks have in the past resulted and may in the future result in certain impacts on our Company, including disrupted operations, system instability, theft of our confidential or proprietary or other information, increased cybersecurity protection, consulting and legal costs, litigation, and reputational damage. In addition, cyber attacks could result in misstated or misappropriated financial data or impair our ability to effectively manage our financial reporting process. We may be subject to regulatory scrutiny or exposed to additional litigation or other claims by affected persons including our customers, employees, and business partners. We are aware of one putative class action that was filed by a former ADT employee on October 18, 2024, alleging negligence and breach of implied contract arising out of the October Incident. Additionally, while our investigation is continuing, we have notified one state regulator about the October Incident and may additionally need to notify regulatory agencies in other states and individuals. While we maintain insurance coverage that is intended to address certain aspects of data security risks, such insurance coverage may not be sufficient to cover all losses or all types of claims that may arise.
In addition, following the Commercial Divestiture, certain of our information systems and our information security protocols remain interdependent on those of our divested Commercial Business, including dependence for a transitional period on its information systems for billing and alarm monitoring for a small portion of our clients’ accounts. Moreover, certain employees of our former Commercial Business have had and will continue to have access to our financial and other internal systems for a period of time. For more information on the continuing services relationship between ADT and our former Commercial Business, see the risk factor included in our 2023 Annual Report entitled, “We may not achieve some or all of the strategic and financial benefits that we expect to achieve from the Commercial Divestiture or the Solar Exit which could have a material adverse effect on our financial condition and results of operations.”
This interconnection with our former Commercial Business was exploited by an unauthorized actor in the October Incident and exposes us to increased risks related to cyber attacks. Cyber attacks and threats at our former Commercial Business have in the past led and may in the future lead to cyber attacks and threats to our systems and assets. Any measures we have taken or may take in the future to protect against theft and unauthorized system access may prove insufficient and cannot provide absolute protection against employees, including employees of our former Commercial Business, who may wrongfully or negligently use or access such technology, intellectual property, or information, or negligently or wrongfully disclose such technology and intellectual, confidential, proprietary, or any other information to third parties, including our competitors.
Our business also requires us to share confidential information with suppliers and other third parties. Third parties, including our partners and vendors, could also be a source of cybersecurity risk to us, or cause disruptions to our normal operations, in the event of a failure of their own products, components, networks, cybersecurity systems, and infrastructure. For example, in 2021, one of our vendors, the Ultimate Kronos Group (“Kronos”), which is a workforce management and human capital management cloud provider, experienced a ransomware attack that resulted in Kronos temporarily decommissioning the functionality of certain of its cloud software, requiring us to find alternative methods to properly pay our employees and to monitor the status of the work in progress of certain of our projects in a timely manner. In addition, some of the products we sell and provide services for are categorized as Internet of Things and may become targets for cybercriminals and other actors attempting to gain unauthorized access. The significant increase in the number of our employees working from home further exposes us to security risks. Although we take steps to secure confidential, proprietary or other information that is provided to or accessible by third parties working on our behalf, we cannot be certain that advances in criminal capabilities, new discoveries in the field of cryptography, or other developments will not compromise or breach the technology protecting the networks that access our products and services.
A significant actual or perceived (whether or not valid) theft, loss, fraudulent use or misuse of customer, employee, or other personally identifiable data, whether by us, our partners and vendors, or other third parties, or as a result of employee error or malfeasance or otherwise, non-compliance with applicable industry standards or our contractual or other legal obligations regarding such data, or a violation of our privacy and information security policies with respect to such data, could result in significant remediation costs, administrative fines, litigation or other claims by third parties, or regulatory actions against us. Such an event could additionally result in unfavorable publicity and therefore materially and adversely affect the market’s perception of the security and reliability of our products and services and our credibility and reputation with our customers, which may lead to customer dissatisfaction and could result in lost sales and increased customer revenue attrition.
In addition, we depend on our information technology infrastructure, and that of our third parties, for business-to-business and business-to-consumer electronic commerce. Cyber attacks to, or threats against, this infrastructure could create prolonged system disruptions and shutdowns that could negatively impact our operations. Increasingly, our products and services are accessed through the Internet, and a significant number of service calls happen virtually, and cyber attacks and/or threats in connection with the delivery of our services via the Internet may affect us and could be detrimental to our reputation, business, financial condition, results of operations, and cash flows. There can be no assurance that our continued investments in new and emerging technology and other solutions to protect our network and information systems will prevent any of the risks described herein. In addition, any delay in making such investments due to conflicting budget priorities or otherwise could have a material adverse effect on our business, financial condition, results of operations, and cash flows. There can be no assurance that our insurance will be sufficient to protect against all our losses from any future disruptions or cyber attacks on our systems or other events as described herein.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Recent Sales of Unregistered Equity Securities
There were no sales of unregistered equity securities during the nine months ended September 30, 2024.
Use of Proceeds from Registered Equity Securities
We did not receive any proceeds from sales of registered equity securities during the nine months ended September 30, 2024.
Issuer Purchases of Equity Securities
The following table presents repurchases of shares of the Company’s Common Stock during the three months ended September 30, 2024:
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Period | | Total Number of Shares Purchased | | Average Price Paid Per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | | Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands) |
July 1, 2024 - July 31, 2024 | | — | | | $ | — | | | — | | | $ | 256,644 | |
August 1, 2024 - August 31, 2024 | | — | | | $ | — | | | — | | | $ | 256,644 | |
September 1, 2024 - September 30, 2024 | | — | | | $ | — | | | — | | | $ | 256,644 | |
Total | | — | | | $ | — | | | — | | | $ | 256,644 | |
_________________
(1) On January 24, 2024, the Company's Board of Directors announced the Share Repurchase Plan, pursuant to which the Company is authorized to repurchase, through January 29, 2025, up to a maximum aggregate amount of $350 million of shares of the Company's Common Stock. The Company may effect these repurchases pursuant to one or more open market or private transactions, including pursuant to a plan that qualifies for the affirmative defense provided by Rule 10b5‐1 under the Exchange Act, or pursuant to one or more accelerated share repurchase agreements. The Company is not obligated to repurchase any of its shares of Common Stock, and the timing and amount of any repurchases will depend on legal requirements, market conditions, stock price, the availability of the safe harbor provided by Rule 10b-18 under the Exchange Act, alternative uses of capital, and other factors.
Subsequent event - In October 2024, the Company repurchased 5 million shares of Common Stock at a price per share of $6.40 for an aggregate purchase price of $32 million. As a result, the Company has approximately $225 million remaining under the Share Repurchase Plan.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
None.
ITEM 5. OTHER INFORMATION.
During the three months ended September 30, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
MIRA Amendment
On August 1, 2024, the Amended and Restated Management Investor Rights Agreement among the Company, Ultimate Parent, and certain security holders (the “MIRA”), was amended to, among other things, limit the applicability of the MIRA to certain current and former members of the Company’s executive leadership team (the “MIRA Amendment”).
The foregoing description of the MIRA Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the MIRA Amendment, which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q.
ITEM 6. EXHIBITS.
The exhibits listed on the accompanying Index to Exhibits are filed/furnished or incorporated by reference as part of this Quarterly Report on Form 10-Q.
INDEX TO EXHIBITS
The information required by this Item is set forth on the exhibit index below.
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| Exhibit Number | | | | Incorporated by Reference |
| Exhibit Description | | Form | | Exhibit | | Filing Date |
| | | | 10-Q | | 3.1 | | 8/1/2024 |
| | | | 8-K | | 3.1 | | 9/18/2023 |
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| | | | 10-Q | | 10.6 | | 8/1/2024 |
| | Incremental Assumption and Amendment Agreement No. 17, dated as of October 1, 2024, by and among Prime Security Services Holdings, LLC, Prime Security Services Borrower, LLC, The ADT Security Corporation, the subsidiary loan parties party thereto, the lenders and issuing banks party thereto and Barclays Bank PLC, as administrative agent. | | 8-K | | 10.1 | | 10/1/2024 |
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| 101 | | XBRL Instant Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | | | | | | |
| 104 | | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | | | | | | |
_________________________^ Certain schedules and similar attachments have been omitted. The Company agrees to furnish supplementally a copy of any omitted schedule or attachment to the SEC upon its request.
* Filed herewith.
** Furnished herewith.
+ Management contract or compensatory plan or arrangement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | ADT Inc. |
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| Date: | October 24, 2024 | By: | /s/ Jeffrey Likosar |
| | Name: | Jeffrey Likosar |
| | Title: | President, Corporate Development and Transformation, and Chief Financial Officer
(Principal Financial Officer) |
| | |
INDEMNIFICATION AGREEMENT by and between ADT INC. and as Indemnitee Dated as of DATE __, 2024 i TABLE OF CONTENTS Page ARTICLE 1 DEFINITIONS .................................................................................................2 ARTICLE 2 INDEMNITY IN THIRD-PARTY PROCEEDINGS ...................................7 ARTICLE 3 INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY .......................................................................................................7 ARTICLE 4 INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL ......................................................8 ARTICLE 5 INDEMNIFICATION FOR EXPENSES OF A WITNESS.........................8 ARTICLE 6 ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS .............................................................................9 ARTICLE 7 CONTRIBUTION IN THE EVENT OF JOINT LIABILITY ....................9 ARTICLE 8 EXCLUSIONS................................................................................................10 ARTICLE 9 ADVANCES OF EXPENSES; SELECTION OF LAW FIRM .................11 ARTICLE 10 PROCEDURE FOR NOTIFICATION; DEFENSE OF CLAIM; SETTLEMENT ..............................................................................................12 ARTICLE 11 PROCEDURE UPON APPLICATION FOR INDEMNIFICATION ......13 ARTICLE 12 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS .......14 ARTICLE 13 REMEDIES OF INDEMNITEE ..................................................................16 ARTICLE 14 SECURITY .....................................................................................................18 ARTICLE 15 NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION ........................18 ARTICLE 16 ENFORCEMENT AND BINDING EFFECT .............................................21 ARTICLE 17 MISCELLANEOUS ......................................................................................22 INDEMNIFICATION AGREEMENT INDEMNIFICATION AGREEMENT, dated effective as of [DATE , 2024 (this “Agreement”), by and between ADT Inc., a Delaware corporation (the “Company”), and [ ] (“Indemnitee”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in Article 1. WHEREAS, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company; WHEREAS, in order to induce Indemnitee to provide or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement of expenses to, Indemnitee to the fullest extent permitted by law; WHEREAS, the Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees, agents and fiduciaries to expensive litigation risks at the same time as the availability and scope of coverage of liability insurance provide increasing challenges for the Company; WHEREAS, the Company’s Certificate of Incorporation (as the same may be amended and/or restated from time to time, the “Certificate of Incorporation”) requires indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”); WHEREAS, the Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts providing for indemnification may be entered into between the Company and members of the board of directors of the Company (the “Board”), executive officers and other key employees of the Company; WHEREAS, this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor nor to diminish or abrogate any rights of Indemnitee thereunder (regardless of, among other things, any amendment to or revocation of governing documents or any change in the composition of the Board or any Corporate Transaction); and WHEREAS, Indemnitee will serve or continue to serve as a director, officer or key employee of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is otherwise terminated by the Company. NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 2 ARTICLE 1 DEFINITIONS As used in this Agreement: 1.1. “Affiliate” shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof). 1.2. “Agreement” shall have the meaning set forth in the preamble. 1.3. “Beneficial Owner” and “Beneficial Ownership” shall have the meaning set forth in Rule 13d-3 under the Exchange Act (as in effect on the date hereof). 1.4. “Board” shall have the meaning set forth in the recitals. 1.5. “By-Laws” shall mean the Company’s By-Laws (as the same may be amended and/or restated from time to time). 1.6. “Certificate of Incorporation” shall have the meaning set forth in the recitals. 1.7. “Change in Control” shall mean, and shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events: (a) Acquisition of Stock by Third Party. Any Person other than a Permitted Holder is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding Voting Securities, unless (i) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors or (ii) such acquisition was approved in advance by the Continuing Directors and such acquisition would not constitute a Change in Control under part (c) of this definition; (b) Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least a majority of the directors then still in office who were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended by the directors referred to in this clause (b) (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board; (c) Corporate Transactions. The effective date of a reorganization, merger or consolidation of the Company (in each case, a “Corporate Transaction”),
3 unless following such Corporate Transaction: (i) all or substantially all of the individuals and entities who were the Beneficial Owners of Voting Securities of the Company immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding Voting Securities of the Company or other Person resulting from such Corporate Transaction (including, without limitation, a corporation or other Person that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership of Voting Securities immediately prior to such Corporate Transaction; (ii) no Person (excluding any corporation resulting from such Corporate Transaction or the Permitted Holders) is the Beneficial Owner, directly or indirectly, of 50% or more of the combined voting power of the then outstanding Voting Securities of the Company or other Person resulting from such Corporate Transaction, except to the extent that such ownership existed prior to such Corporate Transaction; and (iii) at least a majority of the board of directors of the Company or other Person resulting from such Corporate Transaction were Continuing Directors as of immediately prior to such Corporate Transaction; or (d) Other Events. The approval by the stockholders of the Company of a plan of complete liquidation or dissolution of the Company or the consummation of an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Company of all or substantially all of the Company’s assets, other than such sale or other disposition by the Company of all or substantially all of the Company’s assets to a Person, at least 50% of the combined voting power of the Voting Securities of which are Beneficially Owned by (i) the stockholders of the Company immediately prior to such sale or (ii) the Permitted Holders. 1.8. “Company” shall have the meaning set forth in the preamble and shall also include (except for purposes of determining if a Change in Control has occurred), in addition to the resulting corporation or other entity, any constituent corporation (including, without limitation, any constituent of a constituent) absorbed in a consolidation or merger that, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, manager, managing member, employee or agent of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation or other entity as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 1.9. “Continuing Directors” shall have the meaning set forth in Section 1.7(b). 1.10. “Corporate Status” shall describe the status as such of a person who is or was a director, officer, trustee, general partner, manager, managing 4 member, fiduciary, employee or agent of the Company or of any other Enterprise which such person is or was serving at the request of the Company. 1.11. “Corporate Transaction” shall have the meaning set forth in Section 1.7(c). 1.12. “Delaware Court” shall mean the Court of Chancery of the State of Delaware. 1.13. “DGCL” shall have the meaning set forth in the recitals. 1.14. “Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 1.15. “Enterprise” shall mean the Company and any other corporation, constituent corporation (including, without limitation, any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent. 1.16. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 1.17. “Expenses” shall include all reasonable and documented costs, expenses and fees, including, but not limited to, attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settling or negotiating for the settlement of, responding to or objecting to a request to provide discovery in, or otherwise participating in, any Proceeding. Expenses also shall include expenses incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments, fines or penalties against Indemnitee. 1.18. “Indemnification Arrangements” shall have the meaning set forth in Section 15.2. 1.19. “Indemnitee” shall have the meaning set forth in the preamble. 5 1.20. “Indemnitee-Related Entities” shall mean any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company, any other Enterprise controlled by the Company or the insurer under and pursuant to an insurance policy of the Company or any such controlled Enterprise) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company or any other Enterprise controlled by the Company may also have an indemnification or advancement obligation. 1.21. “Independent Counsel” shall mean a law firm, or a person admitted to practice law in any state of the United States or the District of Columbia who is a member of a law firm, that is of outstanding reputation, experienced in matters of corporation law and neither is as of the date of selection of such firm, nor has been during the period of three years immediately preceding the date of selection of such firm, retained to represent: (a) the Company or Indemnitee in any material matter (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (b) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. For purposes of this definition, a “material matter” shall mean any matter for which billings exceeded or are expected to exceed $100,000. 1.22. “Permitted Holder” shall mean Prime Security Services TopCo (ML), L.P., Prime Security Services TopCo (ML II), L.P., Prime Security Services TopCo (ML), LLC, Prime Security Services TopCo (ML II), LLC, Prime Security Services TopCo Parent GP, LLC, AP VIII Prime Security Services Holdings, L.P., Prime Security Services GP, LLC, AP VIII Prime Security Services Management, LLC, Apollo Management, L.P., Apollo Management GP, LLC, Apollo Management Holdings, L.P., Apollo Management Holdings GP, LLC and their respective Affiliates and Related Parties. 1.23. “Person” shall have the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act (as in effect on the date hereof); provided, however, that the term “Person” shall exclude: (a) the Company; (b) any Subsidiaries of the Company; and (c) any employee benefit plan of the Company or a Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary of the Company or of a corporation or other entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 6 1.24. “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, including, without limitation, any and all appeals, whether brought by or in the right of the Company or otherwise and whether of a civil (including, without limitation, intentional or unintentional tort claims), criminal, administrative or investigative nature, whether formal or informal, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer or key employee of the Company, by reason of any action taken by or omission by Indemnitee, or of any action or omission on Indemnitee’s part while acting as a director or officer or key employee of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise; in each case whether or not acting or serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement or Section 145 of the DGCL; including any proceeding pending on or before the date of this Agreement but excluding any proceeding initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement or Section 145 of the DGCL. 1.25. “Related Party” shall mean, with respect to any Person, (a) any controlling stockholder, controlling member, general partner, Subsidiary, spouse or immediate family member (in the case of an individual) of such Person, (b) any estate, trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more Permitted Holders and/or such other Persons referred to in the immediately preceding clause (a), or (c) any executor, administrator, trustee, manager, director or other similar fiduciary of any Person referred to in the immediately preceding clause (b), acting solely in such capacity. 1.26. “Section 409A” shall have the meaning set forth in Section 17.2. 1.27. “Subsidiary” with respect to any Person, shall mean any corporation or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person. 1.28. “Voting Securities” shall mean any securities of the Company (or a surviving entity as described in the definition of a “Change in Control”) that vote generally in the election of directors (or similar body). 1.29. References to “fines” shall include any excise tax or penalty assessed on Indemnitee with respect to any employee benefit plan; references to “other enterprise” shall include employee benefit plans; references to “serving at the request of the Company” shall include, without limitation, any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or
7 involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 1.30. The phrase “to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law” shall include, but not be limited to: (a) to the fullest extent authorized or permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL and (b) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. ARTICLE 2 INDEMNITY IN THIRD-PARTY PROCEEDINGS Subject to Article 8, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article 2 if, by reason of Indemnitee’s Corporate Status, Indemnitee is, was or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Subject to Article 8, to the fullest extent not prohibited by applicable law, Indemnitee shall be indemnified against all Expenses, judgments, fines, penalties and, subject to Section 10.3, amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that such conduct was unlawful. No indemnification for Expenses shall be made under this Article 2 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged (and not subject to further appeal) by a court of competent jurisdiction to be liable to the Company, except to the extent that the Delaware Court or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. ARTICLE 3 INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY Subject to Article 8, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article 3 if, by reason of Indemnitee’s Corporate Status, Indemnitee is, was or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor. Subject to Article 8, to the fullest extent not prohibited by (and not merely to the 8 extent affirmatively permitted by) applicable law, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Article 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged (and not subject to further appeal) by a court of competent jurisdiction to be liable to the Company, except to the extent that the Delaware Court or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. ARTICLE 4 INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. For the avoidance of doubt, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, then the Company shall indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each resolved claim, issue or matter, whether or not Indemnitee was wholly or partly successful; provided that Indemnitee shall only be entitled to indemnification for Expenses with respect to unsuccessful claims under this Article 4 to the extent Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that such conduct was unlawful. For purposes of this Article 4 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, or by settlement, shall be deemed to be a successful result as to such claim, issue or matter; provided, however, that any settlement of any claim, issue or matter in such a Proceeding shall not be deemed to be a successful result as to such claim, issue or matter if such settlement is effected by Indemnitee without the Company’s prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned, pursuant to Section 10.3. ARTICLE 5 INDEMNIFICATION FOR EXPENSES OF A WITNESS Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which 9 Indemnitee is not a party or threatened to be made a party, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. ARTICLE 6 ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS In addition to and notwithstanding any limitations in Articles 2, 3 or 4, but subject to Article 8, the Company shall indemnify, hold harmless and exonerate Indemnitee to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law if Indemnitee is, was or is threatened to be made a party to or a participant in, any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and, subject to Section 10.3, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with the Proceeding. No indemnity shall be available under this Article 6 on account of Indemnitee’s conduct that constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not in good faith or that involves intentional misconduct or a knowing violation of the law. ARTICLE 7 CONTRIBUTION IN THE EVENT OF JOINT LIABILITY 7.1. To the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law, if the indemnification rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee. 7.2. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 7.3. The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company (other than Indemnitee) who may be jointly liable with Indemnitee. 10 ARTICLE 8 EXCLUSIONS 8.1. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity, contribution or advancement of Expenses in connection with any claim made against Indemnitee: (a) except as provided in Section 15.4, for which payment has actually been made to or on behalf of Indemnitee under any insurance policy of the Company or its Subsidiaries or other indemnity provision of the Company or its Subsidiaries, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity provision or otherwise; or (b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any similar successor statute) or similar provisions of state statutory law or common law; or (c) in connection with any Proceeding (or any part of any Proceeding) initiated or brought voluntarily by Indemnitee, including, without limitation, any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, managers, managing members, employees or other indemnitees, other than a Proceeding initiated by Indemnitee to enforce its rights under this Agreement, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) or (ii) the Company provides the indemnification payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law or the Certificate of Incorporation; or (d) for the payment of amounts required to be reimbursed to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, as amended, or any similar successor statute; or (e) for any payment to Indemnitee that is determined to be unlawful by a final judgment or other adjudication of a court or arbitration, arbitral or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal must be filed has expired without such filing and under the procedures and subject to the presumptions of this Agreement; or (f) in connection with any Proceeding initiated by Indemnitee to enforce its rights under this Agreement if a court or arbitration, arbitral or administrative body of competent jurisdiction determines by final judicial decision that each of the material assertions made by Indemnitee in such Proceeding was not made in good faith or was frivolous. 8.2. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement, and for the avoidance of doubt, shall not be permitted, to make any indemnity, contribution or advancement in respect of any amount that the Company or any of its affiliates is obligated to
11 recover under the Company’s Incentive Compensation Clawback Policy or any similar or successor policy in order to comply with the requirements of Section 303A.14 of the New York Stock Exchange Listing Company Manual or any similar requirements of any exchange on which any securities of the Company or any of its affiliates is then listed (the “Dodd-Frank Clawback Requirements”). The exclusions in this Article 8 shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee. ARTICLE 9 ADVANCES OF EXPENSES; SELECTION OF LAW FIRM 9.1. Subject to Article 8, the Company shall, unless prohibited by applicable law or the Certificate of Incorporation, advance the Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding within ten business days after the receipt by the Company of a statement or statements requesting such advances, together with a reasonably detailed written explanation of the basis therefor and an itemization of legal fees and disbursements in reasonable detail, from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Indemnitee shall qualify for advances, to the fullest extent permitted by this Agreement, solely upon the execution and delivery to the Company of an undertaking providing that Indemnitee undertakes to repay the advance to the extent that it is ultimately determined, by final judicial decision of a court or arbitration, arbitral or administrative body of competent jurisdiction from which there is no further right to appeal, that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Certificate of Incorporation or pursuant to applicable law. This Section 9.1 shall not apply to any claim made by Indemnitee for which an indemnification payment is excluded pursuant to Article 8. 9.2. If the Company shall be obligated under Section 9.1 hereof to pay the Expenses of any Proceeding against Indemnitee, then the Company shall be entitled to assume the defense of such Proceeding upon the delivery to Indemnitee of written notice of its election to do so. If the Company elects to assume the defense of such Proceeding, then unless the plaintiff or plaintiffs in such Proceeding include one or more Persons holding, together with his, her or its Affiliates, in the aggregate, a majority of the combined voting power of the Company’s then outstanding Voting Securities, the Company shall assume such defense using a single law firm (in addition to local counsel) selected by the Company representing Indemnitee and other present and former directors or officers of the Company. The retention of such law firm by the Company shall be subject to prior written approval by Indemnitee, which approval shall not be unreasonably withheld, delayed or conditioned. If the Company elects to assume the defense of such Proceeding and the plaintiff or plaintiffs in such Proceeding include one or more Persons holding, together with his, her or its Affiliates, in the aggregate, a majority of the combined voting power of the Company’s then outstanding Voting Securities, then the Company shall assume such 12 defense using a single law firm (in addition to local counsel) selected by Indemnitee and any other present or former directors or officers of the Company who are parties to such Proceeding. After (x) in the case of retention of any such law firm selected by the Company, delivery of the required notice to Indemnitee, approval of such law firm by Indemnitee and the retention of such law firm by the Company, or (y) in the case of retention of any such law firm selected by Indemnitee, the completion of such retention, the Company will not be liable to Indemnitee under this Agreement for any Expenses of any other law firm incurred by Indemnitee after the date that such first law firm is retained by the Company with respect to the same Proceeding; provided, that in the case of retention of any such law firm selected by the Company (a) Indemnitee shall have the right to retain a separate law firm in any such Proceeding at Indemnitee’s sole expense; and (b) if (i) the retention of a law firm by Indemnitee has been previously authorized by the Company in writing, (ii) Indemnitee shall have reasonably concluded that (1) there may be a conflict of interest between either (x) the Company and Indemnitee or (y) Indemnitee and another present or former director or officer of the Company also represented by such law firm in the conduct of any such defense, or (2) there may be defenses available to Indemnitee that are incompatible or inconsistent with those available to the Company or another present or former director represented by such law firm in the conduct of such defense, or (iii) the Company shall not, in fact, have retained a law firm to prosecute the defense of such Proceeding within thirty days, then the reasonable Expenses of a single law firm retained by Indemnitee shall be at the expense of the Company. Notwithstanding anything else to the contrary in this Section 9.2, the Company will not be entitled without the written consent of the Indemnitee to assume the defense of any Proceeding brought by or in the right of the Company. ARTICLE 10 PROCEDURE FOR NOTIFICATION; DEFENSE OF CLAIM; SETTLEMENT 10.1. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified under this Agreement, give the Company notice in writing promptly of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement; provided, however, that a delay in giving such notice shall not deprive Indemnitee of any right to be indemnified under this Agreement unless, and then only to the extent that, such delay is materially prejudicial to the defense of such claim. The omission or delay to notify the Company will not relieve the Company from any liability for indemnification which it may have to Indemnitee otherwise than under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. 10.2. The Company will be entitled to participate in the Proceeding at its own expense. 13 10.3. The Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any claim effected without the Company’s prior written consent, provided the Company has not breached its obligations hereunder. The Company shall not settle any claim, including, without limitation, any claim in which it takes the position that Indemnitee is not entitled to indemnification in connection with such settlement, nor shall the Company settle any claim which would impose any fine or obligation on Indemnitee or attribute to Indemnitee any admission of liability, without Indemnitee’s prior written consent. Neither the Company nor Indemnitee shall unreasonably withhold, delay or condition their consent to any proposed settlement. ARTICLE 11 PROCEDURE UPON APPLICATION FOR INDEMNIFICATION 11.1. Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 10.1, a determination, if required by applicable law or the Certificate of Incorporation, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following methods: (a) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (b) if a Change in Control shall not have occurred, (i) by a majority vote of the Disinterested Directors (provided there is a minimum of three Disinterested Directors), even though less than a quorum of the Board, (ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors (provided there is a minimum of three Disinterested Directors), even though less than a quorum of the Board, (iii) if there are less than three Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (iv) if so directed by the Board, by a majority of the Company’s stockholders. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten business days after such determination and any future amounts due to Indemnitee shall be paid in accordance with this Agreement. Indemnitee shall cooperate with the Persons making such determination with respect to Indemnitee’s entitlement to indemnification, including, without limitation, providing to such Persons upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination, provided, that nothing contained in this Agreement shall require Indemnitee to waive any privilege Indemnitee may have. Any costs or Expenses (including, without limitation, reasonable and documented attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the Persons making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 14 11.2. If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11.1 hereof, the Independent Counsel shall be selected as provided in this Section 11.2. If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within thirty days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Article 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction or arbitration, arbitral or administrative body has determined that such objection is without merit. If, within thirty days after submission by Indemnitee of a written request for indemnification pursuant to Section 10.1 hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may seek arbitration for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the arbitrator or by such other person as the arbitrator shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 11.1 hereof. Such arbitration referred to in the previous sentence shall be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, and Article 13 hereof shall apply in respect of such arbitration and the Company and Indemnitee. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13.1 of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). ARTICLE 12 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS 12.1. In making a determination with respect to entitlement to indemnification hereunder, the Person making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10.1 of this
15 Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its Board, its Independent Counsel and its stockholders) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification or advancement of Expenses is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its Board, its Independent Counsel and its stockholders) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 12.2. If the Person empowered or selected under Article 11 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (a) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (b) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law or the Certificate of Incorporation; provided, however, that such sixty-day period may be extended for a reasonable time, not to exceed an additional thirty days, if the Person making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto, provided further that, if final selection of Independent Counsel has not occurred within thirty days after receipt by the Company of the request for indemnification, such sixty-day period may be after the final selection of Independent Counsel pursuant to Section 11.2. 12.3. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 12.4. For purposes of any determination of good faith pursuant to this Agreement, Indemnitee shall be deemed to have acted in good faith if, among other things, Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its board of directors, any committee of the board of directors or any director, or on information or records given or reports 16 made to the Enterprise, its board of directors, any committee of the board of directors or any director, by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise, its board of directors, any committee of the board of directors or any director. The provisions of this Section 12.4 shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement. In any event, it shall be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 12.5. The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 12.6. The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. ARTICLE 13 REMEDIES OF INDEMNITEE 13.1. In the event that (a) a determination is made pursuant to Article 11 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (b) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Article 9 of this Agreement, (c) no determination of entitlement to indemnification shall have been made pursuant to Section 11.1 of this Agreement within thirty days after receipt by the Company of the request for indemnification and of reasonable documentation and information which Indemnitee may be called upon to provide pursuant to Section 11.1, (d) payment of indemnification is not made pursuant to Articles 4, 5, 6 or the last sentence of Section 11.1 of this Agreement within ten business days after receipt by the Company of a written request therefor, (e) a contribution payment is not made in a timely manner pursuant to Article 7 of this Agreement, (f) payment of indemnification pursuant to Article 3 or 6 of this Agreement is not made within thirty days after a determination has been made that Indemnitee is entitled to indemnification or (g) the Company or any representative thereof takes or threatens 17 to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent jurisdiction of Indemnitee’s entitlement to such indemnification, contribution or advancement of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. The award rendered by such arbitration will be final and binding upon the parties hereto, and final judgment on the arbitration award may be entered in any court of competent jurisdiction. 13.2. In the event that a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Article 13 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Article 13, Indemnitee shall be presumed to be entitled to receive advances of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 11.1 of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Article 13, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Article 9 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal shall have been exhausted or lapsed). 13.3. If a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article 13, absent (a) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification or (b) a prohibition of such indemnification under applicable law or the Dodd-Frank Clawback Requirements or the Certificate of Incorporation. 13.4. The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. 18 13.5. The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten business days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, or the Certificate of Incorporation, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee (a) to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement or any other indemnification, advancement or contribution agreement or provision of the Certificate of Incorporation, or the By-Laws now or hereafter in effect; or (b) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith). 13.6. Interest shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, or is obliged to indemnify, for the period commencing with the date on which Indemnitee requests indemnification, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company. ARTICLE 14 SECURITY Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board, the Company may, as permitted by applicable securities laws, at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee. ARTICLE 15 NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION 15.1. The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the By-Laws, any agreement, a vote of stockholders or a resolution of directors of the Company, or otherwise. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Certificate of Incorporation, the By-Laws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by
19 this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 15.2. The DGCL and the Certificate of Incorporation permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements, including, but not limited to, providing a trust fund, letter of credit or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the DGCL, as it may then be in effect. The purchase, establishment and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement. 15.3. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance in effect which may cover such Proceeding, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies and Indemnitee shall promptly cooperate with any request by the Company or insurers in connection with such action. 15.4. The Company hereby acknowledges that Indemnitee has, or may have from time to time, certain rights to indemnification, advancement of Expenses and/or insurance provided by the Indemnitee-Related Entities. The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Indemnitee-Related Entities to advance Expenses or to provide indemnification for the same Expenses or liabilities 20 incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law and as required by the terms of this Agreement and the Certificate of Incorporation or the By-Laws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Indemnitee-Related Entities and (iii) that, with respect to the Company’s obligations to advance Expenses and indemnify Indemnitee by reason of Indemnitee’s service to the Company, it irrevocably waives, relinquishes and releases the Indemnitee- Related Entities from any and all claims against the Indemnitee-Related Entities for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Indemnitee-Related Entities on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall reduce or otherwise alter the rights of Indemnitee or the obligations of the Company hereunder. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities. In the event that any of the Indemnitee-Related Entities shall make any advancement or payment on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company, the Indemnitee-Related Entity making such payment shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company, and Indemnitee shall execute all papers reasonably required and take all action reasonably necessary to secure such rights, including, without limitation, execution of such documents as are necessary to enable the Indemnitee-Related Entities to bring suit to enforce such rights. The Company and Indemnitee agree that the Indemnitee-Related Entities are express third party beneficiaries of the terms of this Section 15.4, entitled to enforce this Section 15.4 as though each of the Indemnitee-Related Entities were a party to this Agreement. 15.5. Except as provided in Section 15.4, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Indemnitee-Related Entities), who shall execute all papers reasonably required and take all action reasonably necessary to secure such rights, including, without limitation, execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 15.6. Except as provided in Section 15.4, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 15.7. Except as provided in Section 15.4, the Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at 21 the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification payments or advancement of Expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, (a) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (b) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, contribution or insurance coverage rights against any person or entity other than the Company. ARTICLE 16 ENFORCEMENT AND BINDING EFFECT 16.1. The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve or continue to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director, officer or key employee of the Company. 16.2. This Agreement shall be effective as of the date set forth on the first page and may apply to acts or omissions of Indemnitee which occurred prior to such date if Indemnitee was an officer, director, employee or other agent of the Company, or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, at the time such act or omission occurred. 16.3. The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including, without limitation, temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the 22 Court, and the Company hereby waives any such requirement of such a bond or undertaking. ARTICLE 17 MISCELLANEOUS 17.1. Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s assigns, heirs, executors and administrators. The Company shall require and cause any successor (whether direct or indirect successor by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 17.2. Section 409A. It is intended that any indemnification payment or advancement of Expenses made hereunder shall be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”) pursuant to Treasury Regulation Section 1.409A- 1(b)(10). Notwithstanding the foregoing, if any indemnification payment or advancement of Expenses made hereunder shall be determined to be “nonqualified deferred compensation” within the meaning of Section 409A, then (i) the amount of the indemnification payment or advancement of Expenses during one taxable year shall not affect the amount of the indemnification payments or advancement of Expenses during any other taxable year, (ii) the indemnification payments or advancement of Expenses must be made on or before the last day of the Indemnitee’s taxable year following the year in which the expense was incurred and (iii) the right to indemnification payments or advancement of Expenses hereunder is not subject to liquidation or exchange for another benefit. 17.3. Severability. In the event that any provision of this Agreement is determined by a court to require the Company to do or to fail to do an act which is in violation of applicable law, such provision (including, without limitation, any provision within a single Article, Section, paragraph or sentence) shall be limited or modified in its application to the minimum extent necessary to avoid a violation of law, and, as so limited or modified, such provision and the balance of this Agreement shall be enforceable in accordance with their terms to the fullest extent permitted by law. 17.4. Entire Agreement. Without limiting any of the rights of Indemnitee under the Certificate of Incorporation or By-Laws, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.
23 17.5. Modification, Waiver and Termination. No supplement, modification, termination, cancellation or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. 17.6. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (a) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed or (b) mailed by certified or registered mail with postage prepaid on the third business day after the date on which it is so mailed: (i) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company. (ii) If to the Company, to: ADT Inc. 1501 Yamato Road Boca Raton, FL 33431 Attn: Chief Legal Officer Telephone: (561) 988-3600 or to any other address as may have been furnished to Indemnitee in writing by the Company. 17.7. Applicable Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. If, notwithstanding the foregoing sentence, a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification by the Company of Indemnitee, then the indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary. 17.8. Identical Counterparts. This Agreement may be executed in one or more counterparts (including by electronic delivery of a counterpart in pdf format), each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 24 17.9. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 17.10. Representation by Counsel. Each of the parties has been represented by and has had an opportunity to consult legal counsel in connection with the negotiation and execution of this Agreement. No provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by any court or arbitrator or any governmental authority by reason of such party having drafted or being deemed to have drafted such provision. 17.11. Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company, the Indemnitee, or Indemnitee’s spouse, heirs, executors or personal or legal representatives against the Company, Indemnitee, or Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company, the Indemnitee, or Indemnitee’s spouse, heirs, executors or personal or legal representatives, shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern. 17.12. Additional Acts. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement. [Signature page follows] [Signature page to Indemnification Agreement] IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed as of the day and year first above written. COMPANY: ADT INC. By: ________________________________ Name: David W. Smail Title: Executive Vice President, Chief Legal Officer & Secretary INDEMNITEE: By: Name:
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, James D. DeVries, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of ADT Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: October 24, 2024
| | | | | | | | |
| | /s/ James D. DeVries |
| | James D. DeVries |
| | Chairman, President and Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Jeffrey Likosar, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of ADT Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: October 24, 2024
| | | | | | | | |
| | /s/ Jeffrey Likosar |
| | Jeffrey Likosar |
| | President, Corporate Development and Transformation, and Chief Financial Officer |
Exhibit 32.1
ADT INC.
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, James D. DeVries, Chairman, President and Chief Executive Officer of ADT Inc. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
•the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
•information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.
| | | | | | | | |
| /s/ James D. DeVries | | |
| James D. DeVries | | |
| Chairman, President and Chief Executive Officer | | |
| October 24, 2024 | | |
The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 1350 of Title 18 of the United States Code and, accordingly, is not being filed with the U.S. Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).
Exhibit 32.2
ADT INC.
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Jeffrey Likosar, President, Corporate Development and Transformation, and Chief Financial Officer of ADT Inc. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
•the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
•information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.
| | | | | | | | |
| /s/ Jeffrey Likosar | | |
| Jeffrey Likosar | | |
| President, Corporate Development and Transformation, and Chief Financial Officer | | |
| October 24, 2024 | | |
The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 1350 of Title 18 of the United States Code and, accordingly, is not being filed with the U.S. Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).
v3.24.3
Cover Page - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Oct. 17, 2024 |
| Document Information [Line Items] |
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 30, 2024
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
001-38352
|
|
| Entity Registrant Name |
ADT Inc.
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
| Entity Tax Identification Number |
47-4116383
|
|
| Entity Address, Address Line One |
1501 Yamato Road
|
|
| Entity Address, City or Town |
Boca Raton
|
|
| Entity Address, State or Province |
FL
|
|
| Entity Address, Postal Zip Code |
33431
|
|
| City Area Code |
561
|
|
| Local Phone Number |
988-3600
|
|
| Title of 12(b) Security |
Common Stock, par value $0.01 per share
|
|
| Trading Symbol |
ADT
|
|
| Security Exchange Name |
NYSE
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
| Entity Small Business |
false
|
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false
|
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false
|
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0001703056
|
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|
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2024
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Q3
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false
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|
852,268,869
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| Document Information [Line Items] |
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| Entity Common Stock, Shares Outstanding |
|
54,744,525
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 95,338
|
$ 14,621
|
| Restricted cash and restricted cash equivalents |
109,411
|
115,329
|
| Accounts receivable, net of allowance for credit losses of $63,995 and $46,850, respectively |
396,913
|
370,201
|
| Inventories, net |
203,007
|
201,394
|
| Prepaid expenses and other current assets |
194,902
|
242,192
|
| Current assets of discontinued operations |
3,322
|
60,957
|
| Total current assets |
1,002,893
|
1,004,694
|
| Property and equipment, net |
259,554
|
253,658
|
| Subscriber system assets, net |
3,003,196
|
3,005,936
|
| Intangible assets, net |
4,898,878
|
4,877,493
|
| Goodwill |
4,903,899
|
4,903,899
|
| Deferred subscriber acquisition costs, net |
1,288,840
|
1,175,904
|
| Other assets |
726,732
|
699,231
|
| Noncurrent assets of discontinued operations |
569
|
43,279
|
| Total assets |
16,084,561
|
15,964,094
|
| Current liabilities: |
|
|
| Current maturities of long-term debt |
196,563
|
312,061
|
| Accounts payable |
226,614
|
277,201
|
| Deferred revenue |
249,920
|
255,221
|
| Accrued expenses and other current liabilities |
533,959
|
556,114
|
| Current liabilities of discontinued operations |
38,301
|
79,611
|
| Total current liabilities |
1,245,357
|
1,480,208
|
| Long-term debt |
7,524,523
|
7,513,456
|
| Deferred subscriber acquisition revenue |
2,058,273
|
1,914,954
|
| Deferred tax liabilities |
1,116,665
|
1,027,189
|
| Other liabilities |
230,231
|
219,069
|
| Noncurrent liabilities of discontinued operations |
12,227
|
20,572
|
| Total liabilities |
12,187,276
|
12,175,448
|
| Commitments and contingencies (See Note 11) |
|
|
| Stockholders' equity: |
|
|
| Preferred stock—authorized 1,000,000 shares of $0.01 par value; zero issued and outstanding as of September 30, 2024 and December 31, 2023 |
0
|
0
|
| Additional paid-in capital |
7,358,241
|
7,413,305
|
| Accumulated deficit |
(3,458,579)
|
(3,617,718)
|
| Accumulated other comprehensive income (loss) |
(11,497)
|
(16,162)
|
| Total stockholders' equity |
3,897,285
|
3,788,646
|
| Total liabilities and stockholders' equity |
16,084,561
|
15,964,094
|
| Common Stock |
|
|
| Stockholders' equity: |
|
|
| Common stock |
8,573
|
8,674
|
| Class B Common Stock |
|
|
| Stockholders' equity: |
|
|
| Common stock |
$ 547
|
$ 547
|
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Section S99
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v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Accounts receivable, allowance for credit loss |
$ 63,995
|
$ 46,850
|
| Preferred stock, shares authorized (in shares) |
1,000,000
|
1,000,000
|
| Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Preferred stock, shares issued (in shares) |
0
|
0
|
| Preferred stock, shares outstanding (in shares) |
0
|
0
|
| Common Stock |
|
|
| Common stock, shares authorized (in shares) |
3,999,000,000
|
3,999,000,000
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, shares issued (in shares) |
857,250,221
|
867,432,337
|
| Common stock, shares outstanding (in shares) |
857,250,221
|
867,432,337
|
| Class B Common Stock |
|
|
| Common stock, shares authorized (in shares) |
100,000,000
|
100,000,000
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, shares issued (in shares) |
54,744,525
|
54,744,525
|
| Common stock, shares outstanding (in shares) |
54,744,525
|
54,744,525
|
| X |
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Total revenue |
$ 1,243,836
|
$ 1,179,873
|
$ 3,638,067
|
$ 3,480,426
|
| Total cost of revenue |
222,106
|
187,396
|
612,645
|
566,730
|
| Selling, general, and administrative expenses |
358,520
|
346,444
|
1,105,523
|
1,000,861
|
| Depreciation and intangible asset amortization |
335,270
|
329,653
|
1,002,131
|
1,008,773
|
| Merger, restructuring, integration, and other |
1,590
|
9,817
|
15,094
|
32,441
|
| Operating income (loss) |
326,350
|
306,563
|
902,674
|
871,621
|
| Interest expense, net |
(161,830)
|
(146,850)
|
(358,980)
|
(401,261)
|
| Other income (expense) |
17,735
|
661
|
44,907
|
(10)
|
| Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee |
182,255
|
160,374
|
588,601
|
470,350
|
| Income tax benefit (expense) |
(50,235)
|
(34,427)
|
(166,505)
|
(119,987)
|
| Income (loss) from continuing operations before equity in net earnings (losses) of equity method investee |
132,020
|
125,947
|
422,096
|
350,363
|
| Equity in net earnings (losses) of equity method investee |
0
|
(2,688)
|
0
|
(7,103)
|
| Income (loss) from continuing operations |
132,020
|
123,259
|
422,096
|
343,260
|
| Income (loss) from discontinued operations, net of tax |
(4,869)
|
(209,496)
|
(111,000)
|
(456,123)
|
| Net income (loss) |
$ 127,151
|
$ (86,237)
|
$ 311,096
|
$ (112,863)
|
| Common Stock |
|
|
|
|
| Income (loss) from continuing operations per share - basic (in dollars per share) |
$ 0.15
|
$ 0.13
|
$ 0.46
|
$ 0.38
|
| Income (loss) from continuing operations per share - diluted (in dollars per share) |
0.14
|
0.13
|
0.44
|
0.36
|
| Net income (loss) per share - basic (in dollars per share) |
0.14
|
(0.09)
|
0.34
|
(0.12)
|
| Net income (loss) per share - diluted (in dollars per share) |
$ 0.13
|
$ (0.09)
|
$ 0.32
|
$ (0.12)
|
| Weighted-average shares outstanding - basic (in shares) |
850,462
|
857,423
|
851,539
|
856,446
|
| Weighted-average shares outstanding - diluted (in shares) |
912,861
|
917,774
|
913,296
|
918,701
|
| Class B Common Stock |
|
|
|
|
| Income (loss) from continuing operations per share - basic (in dollars per share) |
$ 0.15
|
$ 0.13
|
$ 0.46
|
$ 0.38
|
| Income (loss) from continuing operations per share - diluted (in dollars per share) |
0.14
|
0.13
|
0.44
|
0.36
|
| Net income (loss) per share - basic (in dollars per share) |
0.14
|
(0.09)
|
0.34
|
(0.12)
|
| Net income (loss) per share - diluted (in dollars per share) |
$ 0.13
|
$ (0.09)
|
$ 0.32
|
$ (0.12)
|
| Weighted-average shares outstanding - basic (in shares) |
54,745
|
54,745
|
54,745
|
54,745
|
| Weighted-average shares outstanding - diluted (in shares) |
54,745
|
54,745
|
54,745
|
54,745
|
| Monitoring and related services |
|
|
|
|
| Total revenue |
$ 1,077,550
|
$ 1,053,456
|
$ 3,208,267
|
$ 3,125,344
|
| Total cost of revenue |
154,744
|
148,533
|
460,649
|
452,809
|
| Security installation, product, and other |
|
|
|
|
| Total revenue |
166,286
|
126,417
|
429,800
|
355,082
|
| Total cost of revenue |
$ 67,362
|
$ 38,863
|
$ 151,996
|
$ 113,921
|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Net income (loss) |
$ 127,151
|
$ (86,237)
|
$ 311,096
|
$ (112,863)
|
| Other comprehensive income (loss), net of tax: |
|
|
|
|
| Cash flow hedges |
1,472
|
22,763
|
4,593
|
30,484
|
| Other |
(42)
|
(17)
|
72
|
(43)
|
| Total other comprehensive income (loss), net of tax |
1,430
|
22,746
|
4,665
|
30,441
|
| Comprehensive income (loss) |
$ 128,581
|
$ (63,491)
|
$ 315,761
|
$ (82,422)
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands |
Total |
Common Stock |
Class B Common Stock |
Common Stock
Common Stock
|
Common Stock
Class B Common Stock
|
Additional Paid-In Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Income (Loss) |
| Beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
862,098,000
|
54,745,000
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 3,393,148
|
|
|
$ 8,621
|
$ 547
|
$ 7,380,759
|
$ (3,949,579)
|
$ (47,200)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income (loss) |
(112,863)
|
|
|
|
|
|
(112,863)
|
|
| Other comprehensive income (loss), net of tax |
30,441
|
|
|
|
|
|
|
30,441
|
| Dividends |
(96,751)
|
|
|
|
|
|
(96,751)
|
|
| Share-based compensation expense |
43,068
|
|
|
|
|
43,068
|
|
|
| Transactions related to employee share-based compensation plans and other (in shares) |
|
|
|
4,696,000
|
|
|
|
|
| Transactions related to employee share-based compensation plans and other |
(18,378)
|
|
|
$ 47
|
|
(16,663)
|
(1,762)
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
|
866,794,000
|
54,745,000
|
|
|
|
| Ending balance at Sep. 30, 2023 |
3,238,665
|
|
|
$ 8,668
|
$ 547
|
7,407,164
|
(4,160,955)
|
(16,759)
|
| Beginning balance (in shares) at Jun. 30, 2023 |
|
|
|
866,409,000
|
54,745,000
|
|
|
|
| Beginning balance at Jun. 30, 2023 |
3,318,012
|
|
|
$ 8,664
|
$ 547
|
7,390,269
|
(4,041,963)
|
(39,505)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income (loss) |
(86,237)
|
|
|
|
|
|
(86,237)
|
|
| Other comprehensive income (loss), net of tax |
22,746
|
|
|
|
|
|
|
22,746
|
| Dividends |
(32,321)
|
|
|
|
|
|
(32,321)
|
|
| Share-based compensation expense |
15,580
|
|
|
|
|
15,580
|
|
|
| Transactions related to employee share-based compensation plans and other (in shares) |
|
|
|
385,000
|
|
|
|
|
| Transactions related to employee share-based compensation plans and other |
885
|
|
|
$ 4
|
|
1,315
|
(434)
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
|
866,794,000
|
54,745,000
|
|
|
|
| Ending balance at Sep. 30, 2023 |
3,238,665
|
|
|
$ 8,668
|
$ 547
|
7,407,164
|
(4,160,955)
|
(16,759)
|
| Beginning balance (in shares) at Dec. 31, 2023 |
|
867,432,337
|
54,744,525
|
867,432,000
|
54,745,000
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
3,788,646
|
|
|
$ 8,674
|
$ 547
|
7,413,305
|
(3,617,718)
|
(16,162)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income (loss) |
311,096
|
|
|
|
|
|
311,096
|
|
| Other comprehensive income (loss), net of tax |
4,665
|
|
|
|
|
|
|
4,665
|
| Dividends |
(150,375)
|
|
|
|
|
|
(150,375)
|
|
| Share-based compensation expense |
39,329
|
|
|
|
|
39,329
|
|
|
| Repurchases of common stock (including excise tax) (in shares) |
|
|
|
(15,000,000)
|
|
|
|
|
| Repurchases of common stock (including excise tax) |
(94,119)
|
|
|
$ (150)
|
|
(93,969)
|
|
|
| Transactions related to employee share-based compensation plans and other (in shares) |
|
|
|
4,818,000
|
|
|
|
|
| Transactions related to employee share-based compensation plans and other |
(1,957)
|
|
|
$ 49
|
|
(424)
|
(1,582)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
857,250,221
|
54,744,525
|
857,250,000
|
54,745,000
|
|
|
|
| Ending balance at Sep. 30, 2024 |
3,897,285
|
|
|
$ 8,573
|
$ 547
|
7,358,241
|
(3,458,579)
|
(11,497)
|
| Beginning balance (in shares) at Jun. 30, 2024 |
|
|
|
857,053,000
|
54,745,000
|
|
|
|
| Beginning balance at Jun. 30, 2024 |
3,808,210
|
|
|
$ 8,571
|
$ 547
|
7,347,061
|
(3,535,042)
|
(12,927)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Net income (loss) |
127,151
|
|
|
|
|
|
127,151
|
|
| Other comprehensive income (loss), net of tax |
1,430
|
|
|
|
|
|
|
1,430
|
| Dividends |
(50,157)
|
|
|
|
|
|
(50,157)
|
|
| Share-based compensation expense |
9,942
|
|
|
|
|
9,942
|
|
|
| Transactions related to employee share-based compensation plans and other (in shares) |
|
|
|
197,000
|
|
|
|
|
| Transactions related to employee share-based compensation plans and other |
709
|
|
|
$ 2
|
|
1,238
|
(531)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
857,250,221
|
54,744,525
|
857,250,000
|
54,745,000
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 3,897,285
|
|
|
$ 8,573
|
$ 547
|
$ 7,358,241
|
$ (3,458,579)
|
$ (11,497)
|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ 311,096
|
$ (112,863)
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Depreciation and intangible asset amortization |
1,004,003
|
1,058,794
|
| Amortization of deferred subscriber acquisition costs |
165,454
|
145,688
|
| Amortization of deferred subscriber acquisition revenue |
(257,538)
|
(227,651)
|
| Share-based compensation expense |
39,329
|
43,068
|
| Deferred income taxes |
87,652
|
6,804
|
| Provision for losses on receivables and inventory |
146,204
|
104,469
|
| Goodwill, intangible, and other asset impairments |
21,296
|
521,663
|
| Unrealized (gain) loss on interest rate swap contracts |
61,128
|
(38,477)
|
| Other non-cash items, net |
53,934
|
102,843
|
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |
|
|
| Deferred subscriber acquisition costs |
(271,029)
|
(295,440)
|
| Deferred subscriber acquisition revenue |
196,355
|
221,747
|
| Other, net |
(132,661)
|
(284,951)
|
| Net cash provided by (used in) operating activities |
1,425,223
|
1,245,694
|
| Cash flows from investing activities: |
|
|
| Dealer generated customer accounts and bulk account purchases |
(473,560)
|
(385,462)
|
| Subscriber system asset expenditures |
(406,521)
|
(480,947)
|
| Purchases of property and equipment |
(130,114)
|
(130,520)
|
| Proceeds (payments) from sale of business, net of cash sold |
(21,000)
|
0
|
| Proceeds (payments) from interest rate swaps |
(6,675)
|
0
|
| Other investing, net |
3,506
|
8,848
|
| Net cash provided by (used in) investing activities |
(1,034,364)
|
(988,081)
|
| Cash flows from financing activities: |
|
|
| Proceeds from long-term borrowings |
970,521
|
650,000
|
| Proceeds from receivables facility |
189,861
|
212,188
|
| Proceeds (payments) from interest rate swaps |
72,249
|
59,184
|
| Repurchases of common stock |
(93,356)
|
0
|
| Repayment of long-term borrowings, including call premiums |
(1,087,658)
|
(888,716)
|
| Repayment of receivables facility |
(202,747)
|
(144,620)
|
| Dividends on common stock |
(132,214)
|
(96,400)
|
| Payments on finance leases |
(23,069)
|
(32,268)
|
| Other financing, net |
(9,647)
|
(34,497)
|
| Net cash provided by (used in) financing activities |
(316,060)
|
(275,129)
|
| Cash and cash equivalents and restricted cash and restricted cash equivalents: |
|
|
| Net increase (decrease) |
74,799
|
(17,516)
|
| Beginning balance |
129,950
|
373,580
|
| Ending balance |
$ 204,749
|
$ 356,064
|
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Organization ADT Inc., together with its wholly-owned subsidiaries (collectively, “ADT” or the “Company”), provides security, interactive, and smart home solutions to consumer and small business customers in the United States (“U.S.”). Prior to March 11, 2024, the Company was majority-owned by Prime Security Services TopCo (ML), L.P., which is majority-owned by Prime Security Services TopCo Parent, L.P. (“Ultimate Parent”). Ultimate Parent is majority-owned by Apollo Investment Fund VIII, L.P. and its related funds that are directly or indirectly managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries and affiliates, “Apollo” or the “Sponsor”). Following a registered secondary offering of the Company’s common stock (“Common Stock”) by certain Apollo affiliates (and the Company’s concurrent repurchase from the underwriters of 15 million shares of Common Stock that were the subject of the offering), including the exercise of the underwriters’ overallotment option which closed on March 19, 2024, Apollo beneficially owns less than 50% of the Company’s outstanding common stock, which includes Common Stock and Class B common stock (“Class B Common Stock”) combined, and less than 50% of the Company’s outstanding Common Stock, and the Company ceased to be a “controlled company” under the New York Stock Exchange (the “NYSE”) rules. Basis of Presentation The condensed consolidated financial statements included herein: •have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America (“GAAP”); •are comprised of the consolidated results of ADT Inc. and its wholly-owned subsidiaries for which all intercompany transactions have been eliminated; •are unaudited, but in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the interim periods presented; and •should not be taken as indicative of results that may be expected for future interim periods or the full year. The Condensed Consolidated Balance Sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. Certain information and footnote disclosures required in the annual consolidated financial statements have been omitted as appropriate. For a more comprehensive understanding of the Company and its interim results, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). In addition, the results of companies acquired, if applicable, are included from the effective dates of acquisition. Prior to the sale of its shares in SNTNL LLC (“Canopy”) during the fourth quarter of 2023, the Company used the equity method of accounting to account for its investment in Canopy as it had the ability to exercise significant influence but did not control. Certain prior period amounts have been reclassified to conform with the current period presentation. Discontinued Operations In January 2024, the Company’s board of directors (the “Board of Directors” or the “Board”) approved a plan to fully exit the residential solar business (the “Solar Business”) (the “ADT Solar Exit”). The ADT Solar Exit represents a strategic shift that had a major effect on the Company’s financial results. As of June 30, 2024, substantially all operations of the Solar Business had ceased, and beginning in the second quarter of 2024, the results of operations and financial position of the Solar Business are classified as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets, respectively, for all periods presented. In addition, in August 2023, ADT entered into an agreement to divest its commercial business (the “Commercial Business”), which was completed in October 2023 (the “Commercial Divestiture”). As a result, the Commercial Business is presented as a discontinued operation in the Company’s Condensed Consolidated Statements of Operations for all periods presented. The cash flows and comprehensive income (loss) of discontinued operations have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income (Loss), respectively, for all periods presented. Refer to Note 3 “Divestitures” for additional information on discontinued operations. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company’s continuing operations. Use of Estimates The preparation of these condensed consolidated financial statements in accordance with GAAP requires the Company to select accounting policies and make estimates that affect amounts reported in the condensed consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions. Segment Update Beginning in the second quarter of 2024, and as a result of the ADT Solar Exit, the Company currently reports its results in a single operating and reportable segment, which reflects the business operations of the Company’s former Consumer and Small Business (“CSB”) segment, based on the manner in which the Company’s Chief Executive Officer, who is the chief operating decision maker (the “CODM”), evaluates performance and makes decisions about how to allocate resources. Prior to the third quarter of 2023, the Commercial Business was reflected in the Commercial reportable segment, and prior to the second quarter of 2024, the Solar Business was reflected in the Solar reportable segment. Accounting Pronouncements Recently Adopted Accounting Pronouncements Supplier Finance Program Obligations - Accounting Standards Update (“ASU”) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, requires that a reporting entity who is a buyer in a supplier finance program disclose qualitative and quantitative information about its supplier finance programs, including a roll-forward of the obligations. The Company adopted the roll-forward requirement effective January 1, 2024. The Company does not currently have any material supplier finance programs, and the guidance will be applied prospectively to any future arrangements. Fair Value of Equity Investments - ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, states that an entity should not consider the impact of contractual sale restrictions when measuring an equity security’s fair value and introduces new disclosure requirements related to such equity securities. The Company adopted this guidance effective January 1, 2024. This guidance did not impact the Company. Recently Issued Accounting Pronouncements Disclosure Improvements - ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, represents changes to clarify or improve disclosure and presentation requirements of a variety of topics. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is monitoring the potential impact of this guidance on its financial statements and disclosures. Segment Reporting - ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the guidance, among other requirements, enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment. The amendments in this guidance are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This guidance should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of this guidance on its disclosures. Income Taxes - ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, focuses on improvements to income tax disclosures, primarily related to the rate reconciliation and income tax paid information. In addition, the update includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application also a permitted option. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures. Significant Accounting Policies Unless otherwise noted, the Company’s accounting policies, including those discussed herein, do not materially differ from those disclosed in the 2023 Annual Report. Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents The following table reconciles the amounts below reported in the Condensed Consolidated Balance Sheets to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows: | | | | | | | | | | | | | (in thousands) | September 30, 2024 | | December 31, 2023 | | Cash and cash equivalents | $ | 95,338 | | | $ | 14,621 | | Restricted cash and restricted cash equivalents(1) | 109,411 | | | 115,329 | | | Ending balance | $ | 204,749 | | | $ | 129,950 | |
________________(1) Primarily includes funds received from State Farm Fire & Casualty Company (“State Farm”), net of payments and inclusive of interest earned, in connection with the State Farm Development Agreement (as defined and discussed in Note 13 “Related Party Transactions”). The remaining amount of restricted cash relates to the Company’s uncommitted receivables securitization financing agreement (the “2020 Receivables Facility”). Refer to Note 5 “Debt.” Inventories, net Inventories, net includes finished goods and work-in-progress. Work-in-progress is not material. Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system, and which the Company may retrieve upon termination of the contract with the customer. Deferred subscriber acquisition costs represent selling expenses (primarily commissions) that are incremental to acquiring customers. Subscriber system assets and any related deferred subscriber acquisition costs are accounted for on a pooled basis based on the month and year of customer acquisition. The Company depreciates and amortizes these pooled costs using an accelerated method over the estimated life of the customer relationship, which is 15 years. | | | | | | | | | | | | | (in thousands) | September 30, 2024 | | December 31, 2023 | | Gross carrying amount | $ | 6,777,008 | | | $ | 6,404,479 | | | Accumulated depreciation | (3,773,812) | | | (3,398,543) | | | Subscriber system assets, net | $ | 3,003,196 | | | $ | 3,005,936 | |
Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses (“SG&A”), respectively, as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Depreciation of subscriber system assets | | $ | 139,704 | | | $ | 135,414 | | | $ | 417,313 | | | $ | 407,739 | | Amortization of deferred subscriber acquisition costs | | $ | 56,119 | | | $ | 47,945 | | | $ | 165,454 | | | $ | 138,145 | |
Accrued Expenses and Other Current Liabilities | | | | | | | | | | | | | (in thousands) | September 30, 2024 | | December 31, 2023 | | Accrued interest | $ | 57,648 | | | $ | 111,197 | | | Payroll-related accruals | 110,521 | | | 110,941 | | Opportunity Fund (see Note 13 “Related Party Transactions”) | 87,168 | | | 93,950 | | | Accrued dividends | 50,051 | | | 32,207 | | | Other accrued liabilities | 228,571 | | | 207,819 | | | Accrued expenses and other current liabilities | $ | 533,959 | | | $ | 556,114 | |
Fair Value of Financial Instruments The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, retail installment contract receivables, accounts payable, debt, and derivative financial instruments. Due to their short-term and/or liquid nature, the fair values of cash, restricted cash, accounts receivable, and accounts payable approximate their respective carrying amounts. Cash Equivalents - Included in cash and cash equivalents and restricted cash and restricted cash equivalents, as applicable from time to time, are investments in money market mutual funds. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted prices in active markets for identical assets or liabilities. As of September 30, 2024 and December 31, 2023, investments in money market mutual funds were $98 million and $55 million, respectively. Long-Term Debt Instruments - The fair values of the Company’s long-term debt instruments are determined using broker-quoted market prices, which represent quoted prices for similar assets or liabilities as well as other observable market data, and are classified as Level 2 fair value measurements. The carrying amounts of debt outstanding, if any, under the Company’s first lien revolving credit facility (the “First Lien Revolving Credit Facility”) and the 2020 Receivables Facility approximate their fair values as interest rates on these borrowings approximate current market rates. | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | Long-term debt instruments subject to fair value disclosures(1) | $ | 7,647,462 | | | $ | 7,701,348 | | | $ | 7,756,049 | | | $ | 7,731,408 | |
________________ (1) Excludes finance leases and certain vehicle loans reported as discontinued operations. Derivative Financial Instruments - Derivative financial instruments are reported at fair value as either assets or liabilities that are primarily calculated using discounted cash flow models utilizing observable inputs, such as quoted forward interest rates, and incorporate credit risk adjustments to reflect the risk of default by the counterparty or the Company. The resulting fair values are classified as Level 2 fair value measurements. Refer to Note 6 “Derivative Financial Instruments” for the fair values of the Company’s derivative financial instruments. Retail Installment Contract Receivables - The fair values of the Company’s retail installment contract receivables are determined using a discounted cash flow model and are classified as Level 3 fair value measurements. | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | Retail installment contract receivables, net | $ | 676,922 | | | $ | 500,920 | | | $ | 673,635 | | | $ | 487,685 | |
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v3.24.3
REVENUE AND RECEIVABLES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| REVENUE AND RECEIVABLES |
REVENUE AND RECEIVABLES Revenue The Company allocates the transaction price to each performance obligation based on the relative standalone selling price, which is determined using observable internal and external pricing, profitability, and operational metrics. In addition to the details provided below, the Company’s disaggregated revenue includes monitoring and related services and security installation, product, and other revenue, which are presented on the face of the Condensed Consolidated Statements of Operations. Company-Owned - In transactions in which the Company provides monitoring and related services but retains ownership of the security system (referred to as Company-owned transactions), the Company’s performance obligations primarily include (i) monitoring and related services, which are recognized when these services are provided to the customer, and (ii) a material right associated with the one-time non-refundable fees in connection with the initiation of a monitoring contract which the customer will not be required to pay again upon a renewal of the contract (referred to as deferred subscriber acquisition revenue). Deferred subscriber acquisition revenue is amortized on a pooled basis over the estimated life of the customer relationship using an accelerated method consistent with the treatment of subscriber system assets and deferred subscriber acquisition costs and is reflected in security installation, product, and other revenue. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Amortization of deferred subscriber acquisition revenue | | $ | 87,980 | | | $ | 77,471 | | | $ | 257,538 | | | $ | 220,779 | |
Customer-Owned - In transactions involving security systems sold outright to the customer (referred to as outright sales), the Company’s performance obligations generally include the sale and installation of the system, which is primarily recognized at a point in time based upon the nature of the transaction and contractual terms, and any monitoring and related services, which are recognized when these services are provided to the customer. Allowance for Credit Losses The Company evaluates its allowance for credit losses on accounts receivable in pools based on customer type. For each customer pool, the allowance for credit losses is estimated based on the delinquency status of the underlying receivables and the related historical loss experience, as adjusted for current and expected future conditions, if applicable. The allowance for credit losses is not material for the individual pools of customers. | | | | | | | | | | | | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | Beginning balance | $ | 46,850 | | | $ | 27,815 | | | Provision for credit losses | 106,697 | | | 81,368 | | Write-offs, net of recoveries(1) | (89,552) | | | (70,543) | | | Ending balance | $ | 63,995 | | | $ | 38,640 | |
________________(1)Recoveries were not material for the periods presented. As such, the Company presented write-offs, net of recoveries. Retail Installment Contract Receivables, Net For security system transactions occurring under both Company-owned and customer-owned equipment models, the Company’s retail installment contract option allows qualifying residential customers to pay the fees due at installation over a 24-, 36-, or 60-month interest-free period, and there is no significant financing component. Upon origination of a retail installment contract, the Company utilizes external credit scores to assess customer credit quality and determine eligibility. Subsequent to origination, the Company monitors the delinquency status of retail installment contract receivables as the key credit quality indicator. The balance of unbilled retail installment contract receivables is comprised of: | | | | | | | | | | | | | | | | (in thousands) | | September 30, 2024 | | December 31, 2023 | | Retail installment contract receivables, gross | | $ | 685,883 | | | $ | 674,827 | | | Allowance for credit losses | | (8,961) | | | (1,192) | | | Retail installment contract receivables, net | | $ | 676,922 | | | $ | 673,635 | | | | | | | | Balance Sheet Classification: | | | | | | Accounts receivable, net | | $ | 258,453 | | | $ | 238,961 | | | Other assets | | 418,469 | | | 434,674 | | | Retail installment contract receivables, net | | $ | 676,922 | | | $ | 673,635 | |
The allowance for credit losses relates to retail installment contract receivables from outright sales transactions. As of September 30, 2024, the current and delinquent billed retail installment contract receivables, net were not material. As of September 30, 2024 and December 31, 2023, retail installment contract receivables, net, used as collateral for borrowings under the 2020 Receivables Facility were $599 million and $610 million, respectively. Refer to Note 5 “Debt” for further discussion regarding the 2020 Receivables Facility. Contract Assets Contract assets represent the Company’s right to consideration in exchange for goods or services transferred to the customer. The contract asset is reclassified to accounts receivable when the Company’s right to the consideration becomes unconditional, which generally occurs over the course of a 24-, 36-, or 60-month period as additional services are performed and billed. There is no significant financing component. During the nine months ended September 30, 2024 and 2023, contract assets recognized were not material. The balance of contract assets for residential transactions is comprised of: | | | | | | | | | | | | | | | | (in thousands) | | September 30, 2024 | | December 31, 2023 | | Contract assets, gross | | $ | 42,147 | | | $ | 39,627 | | | Allowance for credit losses | | (5,272) | | | (9,025) | | | Contract assets, net | | $ | 36,875 | | | $ | 30,602 | | | | | | | | Balance Sheet Classification: | | | | | | Prepaid expenses and other current assets | | $ | 17,482 | | | $ | 15,365 | | | Other assets | | 19,393 | | | 15,237 | | | Contract assets, net | | $ | 36,875 | | | $ | 30,602 | |
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
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v3.24.3
DIVESTITURES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
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| DIVESTITURES |
DIVESTITURES The Company may decide to divest or exit a portion of its business for various reasons, including efforts to focus on its other businesses. The Company presents discontinued operations for components of the business that are either disposed of through sale (or qualify as held for sale), abandonment, or spin-off if these actions also represent a strategic shift that has or will have a major effect on the Company’s financial results. Refer to Note 10 “Net Income (Loss) per Share” for basic and diluted earnings per share information for discontinued operations. ADT Solar Exit As discussed in Note 1 “Description of Business and Summary of Significant Accounting Policies,” as a result of the ADT Solar Exit, the Solar Business is now presented as a discontinued operation in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets for the periods presented as substantially all operations have ceased. During the three months ended September 30, 2024, aggregate exit charges incurred were not material. During the nine months ended September 30, 2024, the Company incurred aggregate exit charges of $88 million, which have been recognized within income (loss) from discontinued operations, net of tax related to (i) $34 million, associated with the write-down and disposition of inventory and asset impairments, (ii) $29 million, associated with the disposition of the existing installation pipeline, (iii) $13 million, associated with employee separation costs, and (iv) $11 million, associated with contract termination and other charges. During the nine months ended September 30, 2024, the Company paid approximately $21 million associated with the ADT Solar Exit primarily related to employee separation and other restructuring costs. The following reconciliations represent the major classes of line items of the Solar Business presented within discontinued operations in the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and certain information in the Condensed Consolidated Statements of Cash Flows for the periods presented. Balance Sheet Information | | | | | | | | | | | | | | | | (in thousands) | | September 30, 2024 | | December 31, 2023 | | Assets | | | | | Accounts receivable, net | | $ | 309 | | | $ | 20,270 | | | Inventories, net | | — | | | 28,714 | | Prepaid expenses and other current assets | | 3,013 | | | 11,973 | | Total current assets of discontinued operations | | 3,322 | | | 60,957 | | | Property and equipment, net | | 473 | | | 29,512 | | | | | | | | | | | | | Other assets | | 96 | | | 13,767 | | Total assets of discontinued operations | | $ | 3,891 | | | $ | 104,236 | | | | | | | | Liabilities | | | | | | Current maturities of long-term debt | | $ | 138 | | | $ | 8,551 | | | Accounts payable | | 3,397 | | | 16,682 | | | Deferred revenue | | 165 | | | 9,177 | | | Accrued expenses and other current liabilities | | 34,601 | | | 45,201 | | Total current liabilities of discontinued operations | | 38,301 | | | 79,611 | | | Long-term debt | | 365 | | | 9,893 | | | Other liabilities | | 11,862 | | | 10,679 | | Total liabilities of discontinued operations | | $ | 50,528 | | | $ | 100,183 | |
Statements of Operations Information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Revenue | | $ | 65 | | | $ | 57,611 | | | $ | 21,360 | | | $ | 279,978 | | Cost of revenue | | 1,091 | | | 49,424 | | | 62,450 | | | 212,666 | | | Selling, general, and administrative expenses | | 5,477 | | | 49,157 | | | 57,245 | | | 158,228 | | | Depreciation and intangible asset amortization | | 55 | | | 3,434 | | | 1,872 | | | 12,330 | | | Merger, restructuring, integration, and other | | (1,558) | | | 6,480 | | | 36,592 | | | 9,898 | | Goodwill impairment | | — | | | 88,367 | | | — | | | 511,176 | | Other (income) and expense items | | 5 | | | 337 | | | 1,478 | | | 1,121 | | | Income (loss) from discontinued operations before income taxes | | (5,005) | | | (139,588) | | | (138,277) | | | (625,441) | | | Income tax benefit (expense) | | 475 | | | (4,336) | | | 35,851 | | | 132,427 | | | Income (loss) from discontinued operations, net of tax | | $ | (4,530) | | | $ | (143,924) | | | $ | (102,426) | | | $ | (493,014) | |
Cash Flow Information | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | (in thousands) | | 2024 | | 2023 | Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | Depreciation and intangible asset amortization | | $ | 1,872 | | | $ | 12,330 | | | Goodwill, intangible, and other asset impairments | | $ | 13,770 | | | $ | 515,730 | | | | | | | Cash flows from investing activities: | | | | | | Purchases of property and equipment | | $ | (80) | | | $ | (3,233) | | | | | | | | | | | |
Commercial Divestiture As discussed in Note 1 “Description of Business and Summary of Significant Accounting Policies,” on October 2, 2023, the Company completed the Commercial Divestiture. At the time of closing, the total purchase price was approximately $1,613 million, and the Company received net proceeds of approximately $1,585 million, subject to certain customary post-closing adjustments as set forth in the purchase agreement. In July 2024, the Company paid the purchaser of the Commercial Business $21 million related to the settlement of post-closing adjustments. In connection with the Commercial Divestiture, the Company entered into a Transition Services Agreement (the “Commercial TSA”). During the three and nine months ended September 30, 2024, the Company recognized $14 million and $36 million, respectively, of income from the Commercial TSA, which is reflected in other income (expense). The following reconciliations represent the major classes of line items of the Commercial Business presented within discontinued operations in the Condensed Consolidated Statements of Operations and certain information in the Condensed Consolidated Statements of Cash Flows for any period presented prior to the Commercial Divestiture. Statements of Operations Information During the nine months ended September 30, 2024, activity, net of tax, relating to the Commercial Divestiture was approximately $9 million primarily related to the settlement of post-closing adjustments. | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2023 | | | | | | | | | | | | | Revenue | | | | | | | | $ | 351,400 | | | $ | 1,033,962 | | Cost of revenue | | | | | | | | 233,204 | | | 688,305 | | | Selling, general, and administrative expenses | | | | | | | | 72,601 | | | 213,113 | | | Depreciation and intangible asset amortization | | | | | | | | (3,186) | | | 37,691 | | Other (income) and expense items | | | | | | | | 8,814 | | | 19,222 | | | Income (loss) from discontinued operations before income taxes | | | | | | | | 39,967 | | | 75,631 | | | Income tax benefit (expense) | | | | | | | | (105,539) | | | (38,740) | | | Income (loss) from discontinued operations, net of tax | | | | | | | | $ | (65,572) | | | $ | 36,891 | |
Cash Flow Information | | | | | | | | | | | | | | | | (in thousands) | | | | Nine Months Ended September 30, 2023 | | | | | | | | | | | | | | Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | Depreciation and intangible asset amortization | | | | $ | 37,691 | | | | | | | Share-based compensation expense | | | | $ | 11,699 | | | | | | Cash flows from investing activities: | | | | | | | | | | Subscriber system asset expenditures | | | | $ | (8,902) | | | | | | | Purchases of property and equipment | | | | $ | (4,399) | | | | | |
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v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| GOODWILL AND OTHER INTANGIBLE ASSETS |
GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill There were no changes in the carrying amounts of goodwill since December 31, 2023. All accumulated goodwill impairment losses were associated with the Solar reporting unit, which is now presented as a discontinued operation. Other Intangible Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | Gross Carrying
Amount | | Accumulated
Amortization | | Net Carrying
Amount | | Gross Carrying
Amount | | Accumulated
Amortization | | Net Carrying
Amount | | Definite-lived intangible assets: | | | | | | | | | | | | | Contracts and related customer relationships | $ | 6,046,100 | | | $ | (3,328,512) | | | $ | 2,717,588 | | | $ | 5,571,456 | | | $ | (2,937,245) | | | $ | 2,634,211 | | | Dealer relationships | 1,518,020 | | | (677,548) | | | 840,472 | | | 1,518,020 | | | (618,154) | | | 899,866 | | | Other | 209,773 | | | (201,955) | | | 7,818 | | | 209,773 | | | (199,357) | | | 10,416 | | | Total definite-lived intangible assets | 7,773,893 | | | (4,208,015) | | | 3,565,878 | | | 7,299,249 | | | (3,754,756) | | | 3,544,493 | | | | | | | | | | | | | | | Indefinite-lived intangible assets: | | | | | | | | | | | | | Trade name | 1,333,000 | | | — | | | 1,333,000 | | | 1,333,000 | | | — | | | 1,333,000 | | | Intangible assets | $ | 9,106,893 | | | $ | (4,208,015) | | | $ | 4,898,878 | | | $ | 8,632,249 | | | $ | (3,754,756) | | | $ | 4,877,493 | |
The change in the net carrying amount of contracts and related customer relationships during the period was as follows: | | | | | | | (in thousands) | | | Balance as of December 31, 2023 | $ | 2,634,211 | | | | Customer contract additions, net of dealer charge-backs(1) | 474,744 | | | Amortization | (391,367) | | | | | Balance as of September 30, 2024 | $ | 2,717,588 | |
________________(1) The weighted-average amortization period for customer contract additions was approximately 15 years. Payments for customer contract additions under the Company’s authorized dealer program and from other third parties are reflected as dealer generated customer accounts and bulk account purchases on the Condensed Consolidated Statements of Cash Flows. During the third quarter of 2024, the Company purchased customer accounts from a third party for an aggregate contractual purchase price of approximately $98 million, subject to reduction based on customer retention. The Company paid initial cash at closing of approximately $81 million, which is included in dealer generated customer accounts and bulk account purchases on the Condensed Consolidated Statements of Cash Flows. Definite-Lived Intangible Asset Amortization Expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Definite-lived intangible asset amortization expense | | $ | 151,817 | | | $ | 143,243 | | | $ | 453,359 | | | $ | 466,886 | |
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- DefinitionThe entire disclosure for goodwill and intangible assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
DEBT
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| DEBT |
DEBT The Company’s debt is comprised of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Issued | | Maturity | | Interest Rate(1) | | Interest Payable | | September 30, 2024 | | December 31, 2023 | First Lien Term Loan B due 2030 | | 10/13/2023 | | 10/13/2030 | | Term SOFR +2.25% | | Quarterly | | $ | 1,984,090 | | | $ | 1,375,000 | | First Lien Revolving Credit Facility | | 3/16/2018 | | 6/23/2026 | | Term SOFR +2.75% | | Quarterly | | — | | | — | | | Term Loan A Facility | | 3/14/2023 | | 3/14/2028 | | Term SOFR +2.25% | | Quarterly | | — | | | 625,625 | | | First Lien Notes due 2024 | | 4/4/2019 | | 4/15/2024 | | 5.250% | | 2/15 and 8/15 | | — | | | 99,999 | | | First Lien Notes due 2026 | | 4/4/2019 | | 4/15/2026 | | 5.750% | | 3/15 and 9/15 | | 1,350,000 | | | 1,350,000 | | | First Lien Notes due 2027 | | 8/20/2020 | | 8/31/2027 | | 3.375% | | 6/15 and 12/15 | | 1,000,000 | | | 1,000,000 | | | First Lien Notes due 2029 | | 7/29/2021 | | 8/1/2029 | | 4.125% | | 2/1 and 8/1 | | 1,000,000 | | | 1,000,000 | | | ADT Notes due 2032 | | 5/2/2016 | | 7/15/2032 | | 4.875% | | 1/15 and 7/15 | | 728,016 | | | 728,016 | | | ADT Notes due 2042 | | 7/5/2012 | | 7/15/2042 | | 4.875% | | 1/15 and 7/15 | | 21,896 | | | 21,896 | | | Second Lien Notes due 2028 | | 1/28/2020 | | 1/15/2028 | | 6.250% | | 1/15 and 7/15 | | 1,300,000 | | | 1,300,000 | | 2020 Receivables Facility(2) | | 3/5/2020 | | 8/20/2029 | | Various | | Monthly | | 423,118 | | | 436,004 | | | | | | | | Total debt principal, excluding finance leases | | 7,807,120 | | | 7,936,540 | | Plus: Finance lease liabilities(3) | | 73,624 | | | 69,468 | | | Less: Unamortized debt discount, net | | (12,325) | | | (15,005) | | | Less: Unamortized deferred financing costs | | (29,397) | | | (39,620) | | | Less: Unamortized purchase accounting fair value adjustment and other | | (117,936) | | | (125,866) | | | Total debt | | | | | | | | | | 7,721,086 | | | 7,825,517 | | | Less: Current maturities of long-term debt, net of unamortized debt discount | | (196,563) | | | (312,061) | | | Long-term debt | | | | | | | | | | $ | 7,524,523 | | | $ | 7,513,456 | |
_________________ (1) Interest rate as of September 30, 2024. Interest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“SOFR”) +0.95% and Cost of Funds (“COF”) +0.85%. Interest on the First Lien Revolving Credit Facility is based on Term SOFR +2.75% + Credit Spread Adjustment (“CSA”). (2) Maturity date for the 2020 Receivables Facility represents the final maturity date of current loans borrowed under the facility. (3) Refer to Note 12 “Leases” for additional information regarding the Company’s finance leases. As of September 30, 2024, the Company was in compliance with all financial covenant and other maintenance tests for all of its debt obligations. Significant changes in the Company’s debt during the nine months ended September 30, 2024 were as follows: First Lien Credit Agreement The Company’s first lien credit agreement, dated as of July 1, 2015 (together with subsequent amendments and restatements, the “First Lien Credit Agreement”), contains a term loan (the “First Lien Term Loan B due 2030”) and the First Lien Revolving Credit Facility. During the nine months ended September 30, 2024, the Company borrowed $325 million and repaid $325 million under the First Lien Revolving Credit Facility; and as of September 30, 2024, the available borrowing capacity was $575 million. During the nine months ended September 30, 2023, there were no borrowings or repayments under the First Lien Revolving Credit Facility. Significant amendments to the First Lien Credit Agreement since December 31, 2023 are as follows: •April 2024 - The Company amended and restated the First Lien Credit Agreement, which reduced the interest rate on the First Lien Term Loan B due 2030 from Term SOFR +2.50% to Term SOFR +2.25%. •May 2024 - The Company amended and restated the First Lien Credit Agreement, which included the exchange of $143 million principal amount of loans under the Company’s Term Loan A Facility for its First Lien Term Loan B due 2030. In addition, later that month, the Company further amended and restated the First Lien Credit Agreement, pursuant to which the Company incurred an additional $474 million of outstanding principal under the First Lien Term Loan B due 2030 with the proceeds used to pay off the remaining outstanding balance of the Company’s Term Loan A Facility. •Subsequent event - In October 2024, the Company amended and restated the First Lien Credit Agreement to extend the maturity date of the First Lien Revolving Credit Facility to October 2029 (as extended, the “Extended First Lien Revolving Credit Facility”), subject to a springing maturity of 91 days prior to the maturity date of certain long-term indebtedness, and obtain an additional $225 million of Extended First Lien Revolving Credit Facility commitments. After giving effect to the amendment, the aggregate amount of commitments under the Extended First Lien Revolving Credit Facility is $800 million. Borrowings under the Extended First Lien Revolving Credit Facility bear interest at a rate equal to either (a) Term SOFR with a floor of zero or (b) a base rate (“Base Rate”) determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States and (iii) the one-month adjusted term SOFR plus 1.00% per annum, in each case, plus an applicable margin of 2.00% per annum for Term SOFR loans and 1.00% per annum for Base Rate loans, subject to two step-downs based on certain specified net first lien leverage ratios. In addition, the amendment reduced the commitment fee in respect of the Extended First Lien Revolving Credit Facility to 0.30% per annum in respect of the unutilized commitments thereunder, subject to two step-downs based on certain specified net first lien leverage ratios. Proceeds and repayments of long-term borrowings include the impact of $646 million from the amendments described above. In addition, debt issuance costs, loss on extinguishment of debt, and financing and consent fees were not material as a result of these amendments. Other than as described above, the loans under the amended and restated First Lien Credit Agreement continue to have the same terms as provided under the existing First Lien Credit Agreement, and the parties to the amended and restated First Lien Credit Agreement continue to have the same obligations set forth in the existing First Lien Credit Agreement. Term Loan A Facility Redemption Significant activity since December 31, 2023 is as follows: •May 2024 - The Company exchanged $143 million of loans under its Term Loan A Facility for its First Lien Term Loan B due 2030, as discussed above. In addition, later that month, the Company redeemed the remaining outstanding principal balance of $474 million of its Term Loan A Facility, excluding accrued and unpaid interest, using proceeds under the First Lien Term Loan B due 2030, as discussed above. As a result, the Term Loan A Facility has been terminated. First Lien Notes due 2024 Redemption Significant activity since December 31, 2023 is as follows: •April 2024 - The Company redeemed the remaining outstanding principal balance of $100 million of the First Lien Notes due 2024, excluding accrued and unpaid interest, using proceeds from the Company’s First Lien Revolving Credit Facility. 2020 Receivables Facility Under the 2020 Receivables Facility, the Company obtains financing by selling or contributing certain retail installment contract receivables to the Company’s wholly-owned consolidated bankruptcy-remote special purpose entity (the “SPE”), which then grants a security interest in those retail installment contract receivables as collateral for cash borrowings. Significant activity since December 31, 2023 is as follows: •March 2024 - The Company amended the agreement governing the 2020 Receivables Facility, pursuant to which the uncommitted revolving period was extended from March 2024 to April 2024. •April 2024 - The Company further amended the agreement governing the 2020 Receivables Facility, pursuant to which, among other things, the borrowing capacity was increased from $500 million to $550 million and the uncommitted revolving period was extended from April 2024 to April 2025. In addition, proceeds and repayments of long-term borrowings include the impact of $32 million from the amendments described above. As of September 30, 2024, the Company had an uncommitted available borrowing capacity under the 2020 Receivables Facility of approximately $127 million. Variable Interest Entity The SPE meets the definition of a variable interest entity for which the Company is the primary beneficiary as it has the power to direct the SPE’s activities and the obligation to absorb losses or the right to receive benefits of the SPE. As such, the Company consolidates the SPE’s assets, liabilities, and financial results of operations. The SPE’s assets and liabilities primarily consist of a portion of the Company’s unbilled retail installment contract receivables, net, as discussed in Note 2 “Revenue and Receivables,” and borrowings under the 2020 Receivables Facility, as presented above. The 2020 Receivables Facility did not have a material impact to the Condensed Consolidated Statements of Operations during the periods presented. Solar Receivables Facility On August 2, 2023, Compass Solar Group, LLC (“Compass”) and ADT Solar Finance LLC (“ADT Solar Finance”), each an indirect wholly-owned subsidiary of ADT Inc. entered into a Receivables Financing Agreement with Mizuho Bank, Ltd. (the “Solar Receivables Financing Agreement”) to finance receivables generated by the installation of residential solar systems. Prior to its expiration in August 2024, the Solar Receivables Financing Agreement, among other things, provided for an uncommitted revolving loan facility in the aggregate principal amount of up to $300 million which loans were to be secured by substantially all the assets of ADT Solar Finance (the “Solar Receivables Facility”). The Company did not borrow any amounts under the Solar Receivable Facility prior to its expiration.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| DERIVATIVE FINANCIAL INSTRUMENTS |
DERIVATIVE FINANCIAL INSTRUMENTS The Company's derivative financial instruments primarily consist of interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt. As of July 2023, SOFR is the applicable benchmark for all of the Company's interest rate swap contracts. All interest rate swap contracts are reported in the Condensed Consolidated Balance Sheets at fair value. For interest rate swap contracts that are: •Not designated as cash flow hedges: Unrealized gains and losses are recognized in interest expense, net, and other income (expense) depending on the nature of the underlying that the swaps are economically hedging. •Designated as cash flow hedges: Unrealized gains and losses are recognized as a component of accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into interest expense, net, in the same period in which the related interest on debt affects earnings. For interest rate swap contracts that have been de-designated as cash flow hedges and for which forecasted cash flows are: •Probable or reasonably possible of occurring: Unrealized gains and losses previously recognized as a component of AOCI are reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the original maturity date of the related interest rate swap contracts. •Probable of not occurring: Unrealized gains and losses previously recognized as a component of AOCI are immediately reclassified into interest expense, net. The cash flows associated with interest rate swap contracts that were entered into with the intention of offsetting the economic overhedged position of a portion of the Company’s existing interest rate swaps are reflected as cash flows from investing activities. The cash flows associated with interest rate swap contracts that included an other-than-insignificant financing element at inception are reflected as cash flows from financing activities. Interest Rate Swaps As of September 30, 2024 and December 31, 2023, the Company’s interest rate swaps consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Execution | | Maturity | | Designation | | Notional Amount | | | | | | | | | | | | | | | | | | | October 2019 | | September 2026 | | Not designated | | $ | 2,800,000 | | | March 2023 | | March 2028 | | Not designated | | 100,000 | | | April 2023 | | March 2028 | | Not designated | | 200,000 | | | December 2023(1) | | September 2026 | | Not designated | | 700,000 | | | | Total notional amount | | | | | | $ | 3,800,000 | | |
_________________ (1) Interest rate swaps entered into to offset the excess notional interest rate swaps as a result of the partial redemption of the First Lien Term Loan B due 2026. The changes in fair value associated with these swaps and the over-hedged swaps are reflected in other income (expense). Classification and Fair Value of Interest Rate Swaps | | | | | | | | | | | | | | | | (in thousands) | | September 30, 2024 | | December 31, 2023 | | | | | | | Prepaid expenses and other current assets | | $ | 51,776 | | | $ | 74,974 | | | Other assets | | $ | 43,683 | | | $ | 76,493 | | | | | | | | Accrued expenses and other current liabilities | | $ | 699 | | | $ | 5,312 | | | Other liabilities | | $ | 2,135 | | | $ | 1,325 | | | | | | |
Unrealized Gain (Loss) on Interest Rate Swaps | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | Statement of Operations Classification (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Interest expense, net | | $ | (58,051) | | | $ | 16,380 | | | $ | (46,429) | | | $ | 38,477 | | Other income (expense) | | $ | (4,821) | | | $ | — | | | $ | (14,699) | | | $ | — | |
Cash Flow Hedges Reclassifications out of AOCI | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Interest expense, net | | $ | 1,943 | | | $ | 30,008 | | | $ | 6,057 | | | $ | 40,186 | | | Income tax (benefit) expense | | $ | (471) | | | $ | (7,245) | | | $ | (1,464) | | | $ | (9,702) | |
As of September 30, 2024 and December 31, 2023, AOCI, net of tax, related to previously designated cash flow hedges was $9 million and $13 million, respectively. As of September 30, 2024, AOCI associated with previously designated cash flow hedges that is estimated to be reclassified to interest expense, net, within the next twelve months is not material.
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| INCOME TAXES |
INCOME TAXES Unrecognized Tax Benefits The Company’s unrecognized tax benefits relate to tax years that remain subject to audit by the taxing authorities in the U.S. federal, state and local, and foreign jurisdictions. During the nine months ended September 30, 2024, the Company did not have a material change to its unrecognized tax benefits from those disclosed in the 2023 Annual Report. Based on the current status of its income tax audits, the Company expects approximately $29 million of its unrecognized tax benefits will be resolved in the next twelve months. Effective Tax Rate The effective tax rate can vary from period to period due to permanent tax adjustments, discrete items such as the settlement of income tax audits and changes in tax laws, as well as recurring factors such as changes in the overall state tax rate. The discussion below is based on the continuing operations of the Company. The Company’s income tax expense for the three months ended September 30, 2024 was $50 million, resulting in an effective tax rate for the period of 27.6%. The effective tax rate primarily represents the federal statutory rate of 21.0%, a state tax rate, net of federal benefits, of 6.2%, and an unfavorable impact from unrecognized tax benefits of 4.0%, partially offset by a favorable impact from a prior year tax return adjustment of 4.0%. The Company’s income tax expense for the three months ended September 30, 2023 was $34 million, resulting in an effective tax rate for the period of 21.5%. The effective tax rate primarily represents the federal statutory tax rate of 21.0%, and a state tax rate, net of federal benefits, of 5.1%, partially offset by favorable impacts from dispositions of 3.1%, and prior year tax return adjustments of 1.2%. The Company’s income tax expense for the nine months ended September 30, 2024 was $167 million, resulting in an effective tax rate for the period of 28.3%. The effective tax rate primarily represents the federal statutory rate of 21.0%, a state tax rate, net of federal benefits, of 5.8%, unfavorable impacts from dispositions of 1.6%, and unrecognized tax benefits of 0.8%, partially offset by a favorable impact from a prior year tax return adjustment of 1.2%. The Company’s income tax expense for the nine months ended September 30, 2023 was $120 million, resulting in an effective tax rate for the period of 25.5%. The effective tax rate primarily represents the federal statutory tax rate of 21.0%, a state tax rate, net of federal benefits, of 5.8%, and an unfavorable impact from permanent non-deductible items of 1.2%, partially offset by a favorable impact from dispositions of 1.0%.
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-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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v3.24.3
EQUITY
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
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| EQUITY |
EQUITY Common Stock and Class B Common Stock The Company has two classes of common stock, including Common Stock and Class B Common Stock. During the nine months ended September 30, 2024, shares issued resulted from the vesting of restricted stock units (“RSUs”) and stock option exercises related to share-based compensation awards. Share Repurchase Plan On January 24, 2024, the Company's Board of Directors announced a share repurchase plan (the “Share Repurchase Plan”), pursuant to which the Company is authorized to repurchase, through January 29, 2025, up to a maximum aggregate amount of $350 million of shares of the Company's Common Stock under this Share Repurchase Plan. The Company may effect these repurchases pursuant to one or more open market or private transactions, including pursuant to a plan that qualifies for the affirmative defense provided by Rule 10b5‐1 under the Exchange Act, or pursuant to one or more accelerated share repurchase agreements. The Company is not obligated to repurchase any of its shares of Common Stock, and the timing and amount of any repurchases will depend on legal requirements, market conditions, stock price, the availability of the safe harbor provided by Rule 10b-18 under the Exchange Act, alternative uses of capital, and other factors. During the first quarter of 2024, the Company repurchased and retired 15 million shares of its Common Stock under the Share Repurchase Plan and paid approximately $93 million (or approximately $6.22 per share). Refer to Note 13 “Related Party Transactions” for further information. There were no other share repurchases during the nine months ended September 30, 2024. As of September 30, 2024, the Company had approximately $257 million remaining under the Share Repurchase Plan. Subsequent event - In October 2024, the Company repurchased 5 million shares of Common Stock at a price per share of $6.40 for an aggregate purchase price of $32 million. As a result, the Company has approximately $225 million remaining under the Share Repurchase Plan. Dividends | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except per share data) | | Common Stock | | Class B Common Stock | | Declaration Date | | Record Date | | Payment Date | | Per Share | | Aggregate | | Per Share | | Aggregate | | Nine Months Ended September 30, 2024 | | | | | | | | | | | | 1/24/2024 | | 3/14/2024 | | 4/4/2024 | | $ | 0.055 | | | $ | 47,059 | | | $ | 0.055 | | | $ | 3,011 | | | 4/25/2024 | | 6/13/2024 | | 7/9/2024 | | 0.055 | | | 47,137 | | | 0.055 | | | 3,011 | | | 8/1/2024 | | 9/13/2024 | | 10/4/2024 | | 0.055 | | | 47,146 | | | 0.055 | | | 3,011 | | | | | | Total | | $ | 0.165 | | | $ | 141,342 | | | $ | 0.165 | | | $ | 9,033 | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | | | | | | | | | | | 2/28/2023 | | 3/16/2023 | | 4/4/2023 | | $ | 0.035 | | | $ | 30,342 | | | $ | 0.035 | | | $ | 1,916 | | | 5/2/2023 | | 6/15/2023 | | 7/6/2023 | | 0.035 | | | 30,256 | | | 0.035 | | | 1,916 | | | 8/8/2023 | | 9/15/2023 | | 10/4/2023 | | 0.035 | | | 30,405 | | | 0.035 | | | 1,916 | | | | | | Total | | $ | 0.105 | | | $ | 91,003 | | | $ | 0.105 | | | $ | 5,748 | |
Subsequent Event - On October 24, 2024, the Company announced a dividend of $0.055 per share to holders of Common Stock and Class B Common Stock of record on December 12, 2024, which will be paid on January 9, 2025. Accumulated Other Comprehensive Income (Loss) During the three and nine months ended September 30, 2024, there were no material reclassifications out of AOCI. Refer to Note 6 “Derivative Financial Instruments” for AOCI reclassifications associated with previously designated cash flow hedges.
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v3.24.3
SHARE-BASED COMPENSATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION RSUs During the first quarter of 2024, the Company completed its annual long-term incentive plan equity award to employees and granted approximately 3.9 million RSUs under its 2018 Omnibus Incentive Plan, as amended (the “2018 Plan”), with a grant date fair value of $6.51 equal to the closing price per share of the Company’s Common Stock on the date of grant. These RSUs are service-based awards with a three-year graded vesting period from the date of grant. Options During the first quarter of 2024, the Company granted approximately 6.8 million options under the 2018 Plan. These options are service-based awards with a three-year graded vesting period from the date of grant and have an exercise price of $6.51, which is equal to the closing price per share of the Company’s common stock on the date of grant, and a contractual term of ten years from the grant date. The weighted-average grant date fair value for the options granted was $2.56. The Company used a binomial lattice model to determine the grant date fair value for options granted and included the following assumptions: | | | | | | | | Expected exercise term (years) | 7 | Expected volatility(1) | 49.9% | Expected dividend yield(2) | 3.4% | Risk-free interest rate(3) | 4.0% |
_________________(1) Estimated using historical and implied stock price volatility of the Company. (2) Calculated by taking the annual dividend run-rate and dividing by the stock price at date of grant. (3) Based on the U.S. Treasury yield curve. Other During the second quarter of 2024, the Company modified certain share-based compensation awards and recorded additional share-based compensation expense of $11 million associated with the modifications.
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v3.24.3
NET INCOME (LOSS) PER SHARE
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| NET INCOME (LOSS) PER SHARE |
NET INCOME (LOSS) PER SHARE The Company applies the two-class method for computing and presenting net income (loss) per share for each class of common stock, which allocates current period net income (loss) to each class of common stock and participating securities based on dividends declared and participation rights in the remaining undistributed earnings or losses. Basic net income (loss) per share is computed by dividing the net income (loss) allocated to each class of common stock by the related weighted-average number of shares outstanding during the period. Diluted net income (loss) per share gives effect to all securities representing potential common shares that were dilutive and outstanding during the period for each class of common stock and excludes potentially dilutive securities whose effect would have been anti-dilutive. Common Stock Potential shares of Common Stock include (i) incremental shares related to the vesting or exercise of share-based compensation awards, warrants, and other options to purchase additional shares of the Company’s Common Stock calculated using the treasury stock method and (ii) incremental shares of Common Stock issuable upon the conversion of Class B Common Stock. Additionally, the basic and diluted earnings per share computations for Common Stock excludes approximately 7 million and 9 million unvested shares for the current and prior periods, respectively, as their vesting is contingent upon achievement of certain performance requirements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | in thousands, except per share amounts | | 2024 | | 2023 | | 2024 | | 2023 | | Allocation of income (loss) from continuing operations - basic | | $ | 124,078 | | | $ | 115,874 | | | $ | 396,740 | | | $ | 322,680 | | | Dilutive effect | | 3,327 | | | 2,255 | | | 10,068 | | | 6,697 | | | Allocation of income (loss) from continuing operations - diluted | | $ | 127,405 | | | $ | 118,129 | | | $ | 406,808 | | | $ | 329,377 | | | | | | | | | | | | Allocation of income (loss) from discontinued operations, net of tax - basic | | $ | (4,576) | | | $ | (196,923) | | | $ | (104,340) | | | $ | (428,719) | | | Dilutive effect | | — | | | — | | | — | | | — | | | Allocation of income (loss) from discontinued operations, net of tax - diluted | | $ | (4,576) | | | $ | (196,923) | | | $ | (104,340) | | | $ | (428,719) | | | | | | | | | | | | Weighted-average shares outstanding - basic | | 850,462 | | | 857,423 | | | 851,539 | | | 856,446 | | Dilutive effect(1) | | 62,399 | | | 60,351 | | | 61,757 | | | 62,255 | | | Weighted-average shares outstanding - diluted | | 912,861 | | | 917,774 | | | 913,296 | | | 918,701 | | | | | | | | | | | | Income (loss) from continuing operations per share - basic | | $ | 0.15 | | | $ | 0.13 | | | $ | 0.46 | | | $ | 0.38 | | | Income (loss) from continuing operations per share - diluted | | $ | 0.14 | | | $ | 0.13 | | | $ | 0.44 | | | $ | 0.36 | | | | | | | | | | | | Income (loss) per share from discontinued operations, net of tax - basic | | $ | (0.01) | | | $ | (0.23) | | | $ | (0.12) | | | $ | (0.50) | | | Income (loss) per share from discontinued operations, net of tax - diluted | | $ | (0.01) | | | $ | (0.21) | | | $ | (0.11) | | | $ | (0.47) | |
_________________ (1) During the three and nine months ended September 30, 2024, 21 million and 20 million shares of Common Stock, respectively, that would be dilutive were excluded from the diluted earnings per share calculations because their effects would have been anti-dilutive.
During the three and nine months ended September 30, 2023, 22 million and 18 million shares of Common Stock, respectively, that would be dilutive were excluded from the diluted earnings per share calculations because their effects would have been anti-dilutive. Class B Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | in thousands, except per share amounts | | 2024 | | 2023 | | 2024 | | 2023 | | Allocation of net income (loss) from continuing operations - basic | | $ | 7,942 | | | $ | 7,385 | | | $ | 25,356 | | | $ | 20,580 | | | Dilutive effect | | (316) | | | (339) | | | (1,035) | | | (949) | | | Allocation of net income (loss) from continuing operations - diluted | | $ | 7,626 | | | $ | 7,046 | | | $ | 24,321 | | | $ | 19,631 | | | | | | | | | | | | Allocation of income (loss) from discontinued operations, net of tax - basic | | $ | (293) | | | $ | (12,573) | | | $ | (6,660) | | | $ | (27,404) | | | Dilutive effect | | — | | | — | | | — | | | — | | | Allocation of income (loss) from discontinued operations, net of tax - diluted | | $ | (293) | | | $ | (12,573) | | | $ | (6,660) | | | $ | (27,404) | | | | | | | | | | | | Weighted-average shares outstanding - basic | | 54,745 | | | 54,745 | | | 54,745 | | | 54,745 | | Dilutive effect(1) | | — | | | — | | | — | | | — | | | Weighted-average shares outstanding - diluted | | 54,745 | | | 54,745 | | | 54,745 | | | 54,745 | | | | | | | | | | | | Net income (loss) from continuing operations per share - basic | | $ | 0.15 | | | $ | 0.13 | | | $ | 0.46 | | | $ | 0.38 | | | Net income (loss) from continuing operations per share - diluted | | $ | 0.14 | | | $ | 0.13 | | | $ | 0.44 | | | $ | 0.36 | | | | | | | | | | | | Income (loss) per share from discontinued operations, net of tax - basic | | $ | (0.01) | | | $ | (0.23) | | | $ | (0.12) | | | $ | (0.50) | | | Income (loss) per share from discontinued operations, net of tax - diluted | | $ | (0.01) | | | $ | (0.21) | | | $ | (0.11) | | | $ | (0.47) | | | | | | | | | | |
________________(1) There were no potential shares of Class B Common Stock during the periods presented.
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v3.24.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES Contractual Obligations There have been no significant changes to the Company’s contractual obligations as compared to December 31, 2023, except as discussed below: Google Commercial Agreement In July 2020, the Company and Google entered into a Master Supply, Distribution, and Marketing Agreement (the “Google Commercial Agreement”), as subsequently amended, pursuant to which Google has agreed to supply the Company with certain Google devices as well as certain Google video and analytics services (“Google Devices and Services”), for sale to the Company’s customers. The Google Commercial Agreement also specifies that each party shall contribute $150 million toward joint marketing, customer acquisition, training of the Company’s employees, and product technology updates related to the Google Devices and Services. In August 2022, the Company and Google executed an amendment to the Google Commercial Agreement, pursuant to which Google has agreed to commit an additional $150 million to fund growth, data and insights, product innovation and technology advancements, customer acquisition, and marketing, as mutually agreed by the Company and Google, (together with the initial amounts, the “Google Success Funds”). During the three and nine months ended September 30, 2024, $7 million and $22 million, respectively, of the Google Success Funds were reimbursed to the Company primarily for certain joint marketing and customer acquisition expenses incurred by the Company, substantially all of which was recorded as a reduction to advertising expenses. During the three and nine months ended September 30, 2023, the Company was reimbursed $28 million and $40 million, respectively. Google Cloud Agreement Addendum In December 2023, the Company and Google entered into an addendum to the Company’s existing agreement with Google for using Google cloud services (the “Google Cloud Agreement Addendum”), pursuant to which Google has agreed to provide certain credits, discounts, and other incentives for use of the Google Cloud Platform to the Company, and the Company has committed to purchasing $200 million of Google Cloud Platform services over seven years (through December 2030), with $35 million in the first two years, $65 million in the next two years after that, and $100 million in the last three years of the commitment. The Company may elect to cancel the commitment in return for a cancellation fee of 30% of the total remaining commitment amount and loss of any discounts, remaining credits, or other incentives provided under the Google Cloud Agreement Addendum. During the three and nine months ended September 30, 2024, the Company made purchases toward this commitment of $9 million and $19 million, respectively. Other Commitments During the fourth quarter of 2023, the Company entered into an agreement with one of its vendors to purchase at least $190 million of security system equipment and components through March 2025. During the second quarter of 2024, the Company increased its commitment by approximately $130 million. This commitment is also satisfied through purchases made by the Company’s dealer network. During the three and nine months ended September 30, 2024, purchases toward this commitment were approximately $44 million and $144 million, respectively. Guarantees In the normal course of business, the Company is liable for contract completion and product performance. As of September 30, 2024 and December 31, 2023, the Company’s guarantees primarily relate to standby letters of credit related to its insurance programs and totaled $74 million and $78 million, respectively. The Company does not believe such obligations will materially affect its financial position, results of operations, or cash flows. Legal Proceedings The Company is subject to various claims and lawsuits in the ordinary course of business, which include among other things commercial general liability claims, automobile liability claims, contractual disputes, worker’s compensation claims, labor law and employment claims, claims that the Company infringed on the intellectual property of others, and consumer and employment class actions. The Company is also subject to regulatory and governmental examinations, information requests and subpoenas, inquiries, investigations, and threatened legal actions and proceedings. In connection with such formal and informal inquiries, the Company receives numerous requests, subpoenas, and orders for documents, testimony, and information in connection with various aspects of its activities. There have been no material changes to these matters from those disclosed in the 2023 Annual Report. The Company records accruals for losses that are probable and reasonably estimable. These accruals are based on a variety of factors such as judgment, probability of loss, opinions of internal and external legal counsel, and actuarially determined estimates of claims incurred but not yet reported based upon historical claims experience. Legal costs in connection with claims and lawsuits in the ordinary course of business are expensed as incurred. Additionally, the Company records insurance recovery receivables or other indemnifications from third-parties when recovery has been determined to be probable. The Company has not accrued for any losses for which the likelihood of loss cannot be assessed, is less than probable, or the range of possible loss cannot be estimated. As of September 30, 2024 and December 31, 2023, the Company’s accrual for ongoing claims and lawsuits within the scope of an insurance program, including amounts related to the Solar Business, totaled $102 million and $110 million, respectively. The Company’s accrual related to ongoing claims and lawsuits not within the scope of an insurance program is not material.
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-SubTopic 440
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
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v3.24.3
LEASES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| LEASES |
LEASES Company as Lessee As part of normal operations, the Company leases real estate, vehicles, and equipment primarily through its main operating entity, ADT LLC. Right-of-Use Assets and Lease Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | September 30, 2024 | | December 31, 2023 | | Presentation and Classification: | | | | | | Operating | | Current | | Prepaid expenses and other current assets | | $ | 67 | | | $ | 68 | | | Operating | | Non-current | | Other assets | | 82,983 | | | 85,649 | | | Finance | | Non-current | | Property and equipment, net(1) | | 67,832 | | | 65,368 | | | Total right-of-use assets | | $ | 150,882 | | | $ | 151,085 | | | | | | | | | | | | Operating | | Current | | Accrued expenses and other current liabilities | | $ | 19,147 | | | $ | 13,035 | | | Finance | | Current | | Current maturities of long-term debt | | 26,533 | | | 25,741 | | | Operating | | Non-current | | Other liabilities | | 77,066 | | | 80,189 | | | Finance | | Non-current | | Long-term debt | | 47,091 | | | 43,727 | | | Total lease liabilities | | $ | 169,837 | | | $ | 162,692 | |
_________________ (1)Finance lease right-of-use assets are recorded net of accumulated depreciation, which was approximately $61 million and $50 million as of September 30, 2024 and December 31, 2023, respectively. Lease Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease cost | | $ | 7,365 | | | $ | 8,832 | | | $ | 20,943 | | | $ | 24,822 | | | Finance lease cost: | | | | | | | | | | Amortization of right-of-use assets | | 6,095 | | | 4,355 | | | 16,203 | | | 10,144 | | | Interest on lease liabilities | | 1,109 | | | 709 | | | 3,514 | | | 1,494 | | | Variable lease costs | | 8,701 | | | 7,692 | | | 24,428 | | | 27,512 | | | Total lease cost | | $ | 23,270 | | | $ | 21,588 | | | $ | 65,088 | | | $ | 63,972 | |
Right-of-Use Assets Obtained in Exchange for Lease Obligations(1) | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating leases | | $ | 14,200 | | | $ | 28,786 | | | Finance leases | | $ | 33,283 | | | $ | 62,203 | |
_________________ (1)Includes both continuing and discontinued operations. Company as Lessor The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services. For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance and recognizes the underlying assets within subscriber system assets, net.
|
| LEASES |
LEASES Company as Lessee As part of normal operations, the Company leases real estate, vehicles, and equipment primarily through its main operating entity, ADT LLC. Right-of-Use Assets and Lease Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | September 30, 2024 | | December 31, 2023 | | Presentation and Classification: | | | | | | Operating | | Current | | Prepaid expenses and other current assets | | $ | 67 | | | $ | 68 | | | Operating | | Non-current | | Other assets | | 82,983 | | | 85,649 | | | Finance | | Non-current | | Property and equipment, net(1) | | 67,832 | | | 65,368 | | | Total right-of-use assets | | $ | 150,882 | | | $ | 151,085 | | | | | | | | | | | | Operating | | Current | | Accrued expenses and other current liabilities | | $ | 19,147 | | | $ | 13,035 | | | Finance | | Current | | Current maturities of long-term debt | | 26,533 | | | 25,741 | | | Operating | | Non-current | | Other liabilities | | 77,066 | | | 80,189 | | | Finance | | Non-current | | Long-term debt | | 47,091 | | | 43,727 | | | Total lease liabilities | | $ | 169,837 | | | $ | 162,692 | |
_________________ (1)Finance lease right-of-use assets are recorded net of accumulated depreciation, which was approximately $61 million and $50 million as of September 30, 2024 and December 31, 2023, respectively. Lease Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease cost | | $ | 7,365 | | | $ | 8,832 | | | $ | 20,943 | | | $ | 24,822 | | | Finance lease cost: | | | | | | | | | | Amortization of right-of-use assets | | 6,095 | | | 4,355 | | | 16,203 | | | 10,144 | | | Interest on lease liabilities | | 1,109 | | | 709 | | | 3,514 | | | 1,494 | | | Variable lease costs | | 8,701 | | | 7,692 | | | 24,428 | | | 27,512 | | | Total lease cost | | $ | 23,270 | | | $ | 21,588 | | | $ | 65,088 | | | $ | 63,972 | |
Right-of-Use Assets Obtained in Exchange for Lease Obligations(1) | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating leases | | $ | 14,200 | | | $ | 28,786 | | | Finance leases | | $ | 33,283 | | | $ | 62,203 | |
_________________ (1)Includes both continuing and discontinued operations. Company as Lessor The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services. For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance and recognizes the underlying assets within subscriber system assets, net.
|
| LEASES |
LEASES Company as Lessee As part of normal operations, the Company leases real estate, vehicles, and equipment primarily through its main operating entity, ADT LLC. Right-of-Use Assets and Lease Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | September 30, 2024 | | December 31, 2023 | | Presentation and Classification: | | | | | | Operating | | Current | | Prepaid expenses and other current assets | | $ | 67 | | | $ | 68 | | | Operating | | Non-current | | Other assets | | 82,983 | | | 85,649 | | | Finance | | Non-current | | Property and equipment, net(1) | | 67,832 | | | 65,368 | | | Total right-of-use assets | | $ | 150,882 | | | $ | 151,085 | | | | | | | | | | | | Operating | | Current | | Accrued expenses and other current liabilities | | $ | 19,147 | | | $ | 13,035 | | | Finance | | Current | | Current maturities of long-term debt | | 26,533 | | | 25,741 | | | Operating | | Non-current | | Other liabilities | | 77,066 | | | 80,189 | | | Finance | | Non-current | | Long-term debt | | 47,091 | | | 43,727 | | | Total lease liabilities | | $ | 169,837 | | | $ | 162,692 | |
_________________ (1)Finance lease right-of-use assets are recorded net of accumulated depreciation, which was approximately $61 million and $50 million as of September 30, 2024 and December 31, 2023, respectively. Lease Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease cost | | $ | 7,365 | | | $ | 8,832 | | | $ | 20,943 | | | $ | 24,822 | | | Finance lease cost: | | | | | | | | | | Amortization of right-of-use assets | | 6,095 | | | 4,355 | | | 16,203 | | | 10,144 | | | Interest on lease liabilities | | 1,109 | | | 709 | | | 3,514 | | | 1,494 | | | Variable lease costs | | 8,701 | | | 7,692 | | | 24,428 | | | 27,512 | | | Total lease cost | | $ | 23,270 | | | $ | 21,588 | | | $ | 65,088 | | | $ | 63,972 | |
Right-of-Use Assets Obtained in Exchange for Lease Obligations(1) | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating leases | | $ | 14,200 | | | $ | 28,786 | | | Finance leases | | $ | 33,283 | | | $ | 62,203 | |
_________________ (1)Includes both continuing and discontinued operations. Company as Lessor The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services. For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance and recognizes the underlying assets within subscriber system assets, net.
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v3.24.3
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS The Company’s related party transactions primarily relate to products and services received from, or monitoring and related services provided to, other entities affiliated with Apollo, and, from time to time, management, consulting, and transaction advisory services provided by Apollo to the Company, as well as transactions between the Company and State Farm. There were no notable related party transactions during the periods presented other than as described below. Apollo Offering and Share Repurchase On March 6, 2024, the Company and certain entities managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholders”) entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC and Barclays Capital Inc., as representatives of the underwriters named therein, including Apollo Global Securities, LLC, an affiliate of Apollo (collectively, the “Underwriters”), in connection with the offer and sale by the Selling Stockholders (the “Offering”) of 65 million shares of the Company’s Common Stock, and, at the option of the Underwriters, up to an additional 9.75 million shares of Common Stock (the “Underwriters’ Option”). As part of the Offering, the Company purchased 15 million shares of Common Stock under its Share Repurchase Plan from the Underwriters (the “Share Repurchase”). The Company paid approximately $93 million (or approximately $6.22 per share) for the Share Repurchase, which was the same per share price paid by the Underwriters to the Selling Stockholders. The repurchase is reflected as a reduction to additional paid-in-capital and as a financing cash outflow. The Offering and the Share Repurchase closed on March 11, 2024. On March 15, 2024, the Underwriters exercised the Underwriters’ Option in full, which subsequently closed on March 19, 2024. The Company did not pay any underwriting fees in connection with the Share Repurchase, including on behalf of the Selling Stockholders or otherwise. All the shares in the Offering were sold by the Selling Stockholders. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the Offering. Other During the nine months ended September 30, 2024, other fees incurred to Apollo were not material. During the nine months ended September 30, 2023, the Company incurred fees to Apollo of $1 million related to Apollo’s performance of placement agent services related to the initial funding of the Term Loan A Facility. State Farm State Farm owns more than 10% of the Company’s issued and outstanding common stock, and as a result, is a related party. In October 2022, the Company, ADT LLC (an indirect wholly owned subsidiary of the Company), and State Farm entered into a development agreement (the “State Farm Development Agreement”) in connection with State Farm’s strategic investment in ADT. Pursuant to the State Farm Development Agreement, State Farm committed up to $300 million to fund certain initiatives as agreed to between the Company and State Farm related to the partnership (the “Opportunity Fund”), of which the Company has received $100 million. Amounts held by the Company in the Opportunity Fund are restricted until the Company uses the funds, as agreed upon with State Farm, in accordance with the State Farm Development Agreement. As of September 30, 2024 and December 31, 2023, the balance in the portion of the Opportunity Fund held by the Company was $87 million and $94 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company made payments from the Opportunity Fund of $10 million and $6 million, respectively. Interest earned on the Opportunity Fund was not material. Sunlight Financial LLC ADT Solar used Sunlight Financial LLC (“Sunlight”), an entity previously affiliated with Apollo, to access certain loan products for ADT Solar customers. As of December 2023, Sunlight was no longer affiliated with Apollo, and as a result, was no longer a related party. During the three and nine months ended September 30, 2023, total loans funded by Sunlight were $9 million and $71 million, respectively, and the Company incurred financing fees of $2 million and $11 million, respectively.
|
| X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
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-Subparagraph (d)
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-Section S99
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v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
| Net income (loss) |
$ 127,151
|
$ (86,237)
|
$ 311,096
|
$ (112,863)
|
| X |
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-Section 65
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-Subparagraph (g)
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-Publisher FASB
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-Section S99
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation and Significant Accounting Policies |
Basis of Presentation The condensed consolidated financial statements included herein: •have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America (“GAAP”); •are comprised of the consolidated results of ADT Inc. and its wholly-owned subsidiaries for which all intercompany transactions have been eliminated; •are unaudited, but in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the interim periods presented; and •should not be taken as indicative of results that may be expected for future interim periods or the full year. The Condensed Consolidated Balance Sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. Certain information and footnote disclosures required in the annual consolidated financial statements have been omitted as appropriate. For a more comprehensive understanding of the Company and its interim results, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). In addition, the results of companies acquired, if applicable, are included from the effective dates of acquisition. Prior to the sale of its shares in SNTNL LLC (“Canopy”) during the fourth quarter of 2023, the Company used the equity method of accounting to account for its investment in Canopy as it had the ability to exercise significant influence but did not control. Certain prior period amounts have been reclassified to conform with the current period presentation. Significant Accounting Policies Unless otherwise noted, the Company’s accounting policies, including those discussed herein, do not materially differ from those disclosed in the 2023 Annual Report.
|
| Discontinued Operations |
Discontinued Operations In January 2024, the Company’s board of directors (the “Board of Directors” or the “Board”) approved a plan to fully exit the residential solar business (the “Solar Business”) (the “ADT Solar Exit”). The ADT Solar Exit represents a strategic shift that had a major effect on the Company’s financial results. As of June 30, 2024, substantially all operations of the Solar Business had ceased, and beginning in the second quarter of 2024, the results of operations and financial position of the Solar Business are classified as discontinued operations in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets, respectively, for all periods presented. In addition, in August 2023, ADT entered into an agreement to divest its commercial business (the “Commercial Business”), which was completed in October 2023 (the “Commercial Divestiture”). As a result, the Commercial Business is presented as a discontinued operation in the Company’s Condensed Consolidated Statements of Operations for all periods presented. The cash flows and comprehensive income (loss) of discontinued operations have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income (Loss), respectively, for all periods presented. Refer to Note 3 “Divestitures” for additional information on discontinued operations. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company’s continuing operations.
|
| Use of Estimates |
Use of Estimates The preparation of these condensed consolidated financial statements in accordance with GAAP requires the Company to select accounting policies and make estimates that affect amounts reported in the condensed consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions.
|
| Segment Update |
Segment Update Beginning in the second quarter of 2024, and as a result of the ADT Solar Exit, the Company currently reports its results in a single operating and reportable segment, which reflects the business operations of the Company’s former Consumer and Small Business (“CSB”) segment, based on the manner in which the Company’s Chief Executive Officer, who is the chief operating decision maker (the “CODM”), evaluates performance and makes decisions about how to allocate resources. Prior to the third quarter of 2023, the Commercial Business was reflected in the Commercial reportable segment, and prior to the second quarter of 2024, the Solar Business was reflected in the Solar reportable segment.
|
| Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements |
Recently Adopted Accounting Pronouncements Supplier Finance Program Obligations - Accounting Standards Update (“ASU”) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, requires that a reporting entity who is a buyer in a supplier finance program disclose qualitative and quantitative information about its supplier finance programs, including a roll-forward of the obligations. The Company adopted the roll-forward requirement effective January 1, 2024. The Company does not currently have any material supplier finance programs, and the guidance will be applied prospectively to any future arrangements. Fair Value of Equity Investments - ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, states that an entity should not consider the impact of contractual sale restrictions when measuring an equity security’s fair value and introduces new disclosure requirements related to such equity securities. The Company adopted this guidance effective January 1, 2024. This guidance did not impact the Company. Recently Issued Accounting Pronouncements Disclosure Improvements - ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, represents changes to clarify or improve disclosure and presentation requirements of a variety of topics. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is monitoring the potential impact of this guidance on its financial statements and disclosures. Segment Reporting - ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the guidance, among other requirements, enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment. The amendments in this guidance are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This guidance should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of this guidance on its disclosures. Income Taxes - ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, focuses on improvements to income tax disclosures, primarily related to the rate reconciliation and income tax paid information. In addition, the update includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application also a permitted option. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures.
|
| Inventories, net |
Inventories, net Inventories, net includes finished goods and work-in-progress. Work-in-progress is not material.
|
| Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net |
Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system, and which the Company may retrieve upon termination of the contract with the customer. Deferred subscriber acquisition costs represent selling expenses (primarily commissions) that are incremental to acquiring customers. Subscriber system assets and any related deferred subscriber acquisition costs are accounted for on a pooled basis based on the month and year of customer acquisition. The Company depreciates and amortizes these pooled costs using an accelerated method over the estimated life of the customer relationship, which is 15 years.
|
| Fair Value of Financial Instruments |
Fair Value of Financial Instruments The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, retail installment contract receivables, accounts payable, debt, and derivative financial instruments. Due to their short-term and/or liquid nature, the fair values of cash, restricted cash, accounts receivable, and accounts payable approximate their respective carrying amounts. Cash Equivalents - Included in cash and cash equivalents and restricted cash and restricted cash equivalents, as applicable from time to time, are investments in money market mutual funds. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted prices in active markets for identical assets or liabilities.
|
| Long-Term Debt Instruments |
Long-Term Debt Instruments - The fair values of the Company’s long-term debt instruments are determined using broker-quoted market prices, which represent quoted prices for similar assets or liabilities as well as other observable market data, and are classified as Level 2 fair value measurements. The carrying amounts of debt outstanding, if any, under the Company’s first lien revolving credit facility (the “First Lien Revolving Credit Facility”) and the 2020 Receivables Facility approximate their fair values as interest rates on these borrowings approximate current market rates.
|
| Derivative Financial Instruments |
Derivative Financial Instruments - Derivative financial instruments are reported at fair value as either assets or liabilities that are primarily calculated using discounted cash flow models utilizing observable inputs, such as quoted forward interest rates, and incorporate credit risk adjustments to reflect the risk of default by the counterparty or the Company. The resulting fair values are classified as Level 2 fair value measurements. Refer to Note 6 “Derivative Financial Instruments” for the fair values of the Company’s derivative financial instruments. The Company's derivative financial instruments primarily consist of interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt. As of July 2023, SOFR is the applicable benchmark for all of the Company's interest rate swap contracts. All interest rate swap contracts are reported in the Condensed Consolidated Balance Sheets at fair value. For interest rate swap contracts that are: •Not designated as cash flow hedges: Unrealized gains and losses are recognized in interest expense, net, and other income (expense) depending on the nature of the underlying that the swaps are economically hedging. •Designated as cash flow hedges: Unrealized gains and losses are recognized as a component of accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into interest expense, net, in the same period in which the related interest on debt affects earnings. For interest rate swap contracts that have been de-designated as cash flow hedges and for which forecasted cash flows are: •Probable or reasonably possible of occurring: Unrealized gains and losses previously recognized as a component of AOCI are reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the original maturity date of the related interest rate swap contracts. •Probable of not occurring: Unrealized gains and losses previously recognized as a component of AOCI are immediately reclassified into interest expense, net. The cash flows associated with interest rate swap contracts that were entered into with the intention of offsetting the economic overhedged position of a portion of the Company’s existing interest rate swaps are reflected as cash flows from investing activities. The cash flows associated with interest rate swap contracts that included an other-than-insignificant financing element at inception are reflected as cash flows from financing activities.
|
| Retail Installment Contract Receivables |
Retail Installment Contract Receivables - The fair values of the Company’s retail installment contract receivables are determined using a discounted cash flow model and are classified as Level 3 fair value measurements. Retail Installment Contract Receivables, Net For security system transactions occurring under both Company-owned and customer-owned equipment models, the Company’s retail installment contract option allows qualifying residential customers to pay the fees due at installation over a 24-, 36-, or 60-month interest-free period, and there is no significant financing component. Upon origination of a retail installment contract, the Company utilizes external credit scores to assess customer credit quality and determine eligibility. Subsequent to origination, the Company monitors the delinquency status of retail installment contract receivables as the key credit quality indicator.
|
| Revenue |
Revenue The Company allocates the transaction price to each performance obligation based on the relative standalone selling price, which is determined using observable internal and external pricing, profitability, and operational metrics. In addition to the details provided below, the Company’s disaggregated revenue includes monitoring and related services and security installation, product, and other revenue, which are presented on the face of the Condensed Consolidated Statements of Operations. Company-Owned - In transactions in which the Company provides monitoring and related services but retains ownership of the security system (referred to as Company-owned transactions), the Company’s performance obligations primarily include (i) monitoring and related services, which are recognized when these services are provided to the customer, and (ii) a material right associated with the one-time non-refundable fees in connection with the initiation of a monitoring contract which the customer will not be required to pay again upon a renewal of the contract (referred to as deferred subscriber acquisition revenue). Deferred subscriber acquisition revenue is amortized on a pooled basis over the estimated life of the customer relationship using an accelerated method consistent with the treatment of subscriber system assets and deferred subscriber acquisition costs and is reflected in security installation, product, and other revenue. Customer-Owned - In transactions involving security systems sold outright to the customer (referred to as outright sales), the Company’s performance obligations generally include the sale and installation of the system, which is primarily recognized at a point in time based upon the nature of the transaction and contractual terms, and any monitoring and related services, which are recognized when these services are provided to the customer.
|
| Allowance for Credit Losses |
Allowance for Credit Losses The Company evaluates its allowance for credit losses on accounts receivable in pools based on customer type. For each customer pool, the allowance for credit losses is estimated based on the delinquency status of the underlying receivables and the related historical loss experience, as adjusted for current and expected future conditions, if applicable. The allowance for credit losses is not material for the individual pools of customers.
|
| Contract Assets |
Contract Assets Contract assets represent the Company’s right to consideration in exchange for goods or services transferred to the customer. The contract asset is reclassified to accounts receivable when the Company’s right to the consideration becomes unconditional, which generally occurs over the course of a 24-, 36-, or 60-month period as additional services are performed and billed. There is no significant financing component.
|
| Net Income (Loss) Per Share |
The Company applies the two-class method for computing and presenting net income (loss) per share for each class of common stock, which allocates current period net income (loss) to each class of common stock and participating securities based on dividends declared and participation rights in the remaining undistributed earnings or losses. Basic net income (loss) per share is computed by dividing the net income (loss) allocated to each class of common stock by the related weighted-average number of shares outstanding during the period. Diluted net income (loss) per share gives effect to all securities representing potential common shares that were dilutive and outstanding during the period for each class of common stock and excludes potentially dilutive securities whose effect would have been anti-dilutive.
|
| Legal Proceedings |
Legal Proceedings The Company is subject to various claims and lawsuits in the ordinary course of business, which include among other things commercial general liability claims, automobile liability claims, contractual disputes, worker’s compensation claims, labor law and employment claims, claims that the Company infringed on the intellectual property of others, and consumer and employment class actions. The Company is also subject to regulatory and governmental examinations, information requests and subpoenas, inquiries, investigations, and threatened legal actions and proceedings. In connection with such formal and informal inquiries, the Company receives numerous requests, subpoenas, and orders for documents, testimony, and information in connection with various aspects of its activities. There have been no material changes to these matters from those disclosed in the 2023 Annual Report. The Company records accruals for losses that are probable and reasonably estimable. These accruals are based on a variety of factors such as judgment, probability of loss, opinions of internal and external legal counsel, and actuarially determined estimates of claims incurred but not yet reported based upon historical claims experience. Legal costs in connection with claims and lawsuits in the ordinary course of business are expensed as incurred. Additionally, the Company records insurance recovery receivables or other indemnifications from third-parties when recovery has been determined to be probable. The Company has not accrued for any losses for which the likelihood of loss cannot be assessed, is less than probable, or the range of possible loss cannot be estimated.
|
| Company as Lessee |
Company as Lessee As part of normal operations, the Company leases real estate, vehicles, and equipment primarily through its main operating entity, ADT LLC.
|
| Company as Lessor |
Company as Lessor The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services. For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance and recognizes the underlying assets within subscriber system assets, net.
|
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-Section 50
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-Section 50
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Cash and Cash Equivalents |
The following table reconciles the amounts below reported in the Condensed Consolidated Balance Sheets to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows: | | | | | | | | | | | | | (in thousands) | September 30, 2024 | | December 31, 2023 | | Cash and cash equivalents | $ | 95,338 | | | $ | 14,621 | | Restricted cash and restricted cash equivalents(1) | 109,411 | | | 115,329 | | | Ending balance | $ | 204,749 | | | $ | 129,950 | |
________________(1) Primarily includes funds received from State Farm Fire & Casualty Company (“State Farm”), net of payments and inclusive of interest earned, in connection with the State Farm Development Agreement (as defined and discussed in Note 13 “Related Party Transactions”). The remaining amount of restricted cash relates to the Company’s uncommitted receivables securitization financing agreement (the “2020 Receivables Facility”). Refer to Note 5 “Debt.”
|
| Schedule of Subscriber System Assets |
| | | | | | | | | | | | | (in thousands) | September 30, 2024 | | December 31, 2023 | | Gross carrying amount | $ | 6,777,008 | | | $ | 6,404,479 | | | Accumulated depreciation | (3,773,812) | | | (3,398,543) | | | Subscriber system assets, net | $ | 3,003,196 | | | $ | 3,005,936 | |
|
| Schedule of Subscriber System Asset and Deferred Subscriber Acquisition Costs of Depreciation and Amortization |
Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses (“SG&A”), respectively, as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Depreciation of subscriber system assets | | $ | 139,704 | | | $ | 135,414 | | | $ | 417,313 | | | $ | 407,739 | | Amortization of deferred subscriber acquisition costs | | $ | 56,119 | | | $ | 47,945 | | | $ | 165,454 | | | $ | 138,145 | |
|
| Schedule of Accrued Expenses and Other Current Liabilities |
| | | | | | | | | | | | | (in thousands) | September 30, 2024 | | December 31, 2023 | | Accrued interest | $ | 57,648 | | | $ | 111,197 | | | Payroll-related accruals | 110,521 | | | 110,941 | | Opportunity Fund (see Note 13 “Related Party Transactions”) | 87,168 | | | 93,950 | | | Accrued dividends | 50,051 | | | 32,207 | | | Other accrued liabilities | 228,571 | | | 207,819 | | | Accrued expenses and other current liabilities | $ | 533,959 | | | $ | 556,114 | |
|
| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments and Securities |
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | Long-term debt instruments subject to fair value disclosures(1) | $ | 7,647,462 | | | $ | 7,701,348 | | | $ | 7,756,049 | | | $ | 7,731,408 | |
________________ (1) Excludes finance leases and certain vehicle loans reported as discontinued operations.
|
| Schedule of Carrying Values and Fair Values of Retail Installment Contract Receivables |
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | Retail installment contract receivables, net | $ | 676,922 | | | $ | 500,920 | | | $ | 673,635 | | | $ | 487,685 | |
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v3.24.3
REVENUE AND RECEIVABLES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Amortization of Deferred Subscriber Acquisition Revenue |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Amortization of deferred subscriber acquisition revenue | | $ | 87,980 | | | $ | 77,471 | | | $ | 257,538 | | | $ | 220,779 | |
|
| Allowance for Credit Loss Rollforward |
| | | | | | | | | | | | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | Beginning balance | $ | 46,850 | | | $ | 27,815 | | | Provision for credit losses | 106,697 | | | 81,368 | | Write-offs, net of recoveries(1) | (89,552) | | | (70,543) | | | Ending balance | $ | 63,995 | | | $ | 38,640 | |
________________(1)Recoveries were not material for the periods presented. As such, the Company presented write-offs, net of recoveries.
|
| Schedule of Unbilled Retail Installment Contract Receivables, Net |
The balance of unbilled retail installment contract receivables is comprised of: | | | | | | | | | | | | | | | | (in thousands) | | September 30, 2024 | | December 31, 2023 | | Retail installment contract receivables, gross | | $ | 685,883 | | | $ | 674,827 | | | Allowance for credit losses | | (8,961) | | | (1,192) | | | Retail installment contract receivables, net | | $ | 676,922 | | | $ | 673,635 | | | | | | | | Balance Sheet Classification: | | | | | | Accounts receivable, net | | $ | 258,453 | | | $ | 238,961 | | | Other assets | | 418,469 | | | 434,674 | | | Retail installment contract receivables, net | | $ | 676,922 | | | $ | 673,635 | |
|
| Summary of Contracts Assets |
The balance of contract assets for residential transactions is comprised of: | | | | | | | | | | | | | | | | (in thousands) | | September 30, 2024 | | December 31, 2023 | | Contract assets, gross | | $ | 42,147 | | | $ | 39,627 | | | Allowance for credit losses | | (5,272) | | | (9,025) | | | Contract assets, net | | $ | 36,875 | | | $ | 30,602 | | | | | | | | Balance Sheet Classification: | | | | | | Prepaid expenses and other current assets | | $ | 17,482 | | | $ | 15,365 | | | Other assets | | 19,393 | | | 15,237 | | | Contract assets, net | | $ | 36,875 | | | $ | 30,602 | |
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-Topic 326
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-Paragraph 13
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v3.24.3
DIVESTITURES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of Disposal Groups, Including Discontinued Operations |
Balance Sheet Information | | | | | | | | | | | | | | | | (in thousands) | | September 30, 2024 | | December 31, 2023 | | Assets | | | | | Accounts receivable, net | | $ | 309 | | | $ | 20,270 | | | Inventories, net | | — | | | 28,714 | | Prepaid expenses and other current assets | | 3,013 | | | 11,973 | | Total current assets of discontinued operations | | 3,322 | | | 60,957 | | | Property and equipment, net | | 473 | | | 29,512 | | | | | | | | | | | | | Other assets | | 96 | | | 13,767 | | Total assets of discontinued operations | | $ | 3,891 | | | $ | 104,236 | | | | | | | | Liabilities | | | | | | Current maturities of long-term debt | | $ | 138 | | | $ | 8,551 | | | Accounts payable | | 3,397 | | | 16,682 | | | Deferred revenue | | 165 | | | 9,177 | | | Accrued expenses and other current liabilities | | 34,601 | | | 45,201 | | Total current liabilities of discontinued operations | | 38,301 | | | 79,611 | | | Long-term debt | | 365 | | | 9,893 | | | Other liabilities | | 11,862 | | | 10,679 | | Total liabilities of discontinued operations | | $ | 50,528 | | | $ | 100,183 | |
Statements of Operations Information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Revenue | | $ | 65 | | | $ | 57,611 | | | $ | 21,360 | | | $ | 279,978 | | Cost of revenue | | 1,091 | | | 49,424 | | | 62,450 | | | 212,666 | | | Selling, general, and administrative expenses | | 5,477 | | | 49,157 | | | 57,245 | | | 158,228 | | | Depreciation and intangible asset amortization | | 55 | | | 3,434 | | | 1,872 | | | 12,330 | | | Merger, restructuring, integration, and other | | (1,558) | | | 6,480 | | | 36,592 | | | 9,898 | | Goodwill impairment | | — | | | 88,367 | | | — | | | 511,176 | | Other (income) and expense items | | 5 | | | 337 | | | 1,478 | | | 1,121 | | | Income (loss) from discontinued operations before income taxes | | (5,005) | | | (139,588) | | | (138,277) | | | (625,441) | | | Income tax benefit (expense) | | 475 | | | (4,336) | | | 35,851 | | | 132,427 | | | Income (loss) from discontinued operations, net of tax | | $ | (4,530) | | | $ | (143,924) | | | $ | (102,426) | | | $ | (493,014) | |
Cash Flow Information | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | (in thousands) | | 2024 | | 2023 | Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | Depreciation and intangible asset amortization | | $ | 1,872 | | | $ | 12,330 | | | Goodwill, intangible, and other asset impairments | | $ | 13,770 | | | $ | 515,730 | | | | | | | Cash flows from investing activities: | | | | | | Purchases of property and equipment | | $ | (80) | | | $ | (3,233) | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2023 | | | | | | | | | | | | | Revenue | | | | | | | | $ | 351,400 | | | $ | 1,033,962 | | Cost of revenue | | | | | | | | 233,204 | | | 688,305 | | | Selling, general, and administrative expenses | | | | | | | | 72,601 | | | 213,113 | | | Depreciation and intangible asset amortization | | | | | | | | (3,186) | | | 37,691 | | Other (income) and expense items | | | | | | | | 8,814 | | | 19,222 | | | Income (loss) from discontinued operations before income taxes | | | | | | | | 39,967 | | | 75,631 | | | Income tax benefit (expense) | | | | | | | | (105,539) | | | (38,740) | | | Income (loss) from discontinued operations, net of tax | | | | | | | | $ | (65,572) | | | $ | 36,891 | |
| | | | | | | | | | | | | | | | (in thousands) | | | | Nine Months Ended September 30, 2023 | | | | | | | | | | | | | | Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | Depreciation and intangible asset amortization | | | | $ | 37,691 | | | | | | | Share-based compensation expense | | | | $ | 11,699 | | | | | | Cash flows from investing activities: | | | | | | | | | | Subscriber system asset expenditures | | | | $ | (8,902) | | | | | | | Purchases of property and equipment | | | | $ | (4,399) | | | | | |
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v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Indefinite-Lived Intangible Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | Gross Carrying
Amount | | Accumulated
Amortization | | Net Carrying
Amount | | Gross Carrying
Amount | | Accumulated
Amortization | | Net Carrying
Amount | | Definite-lived intangible assets: | | | | | | | | | | | | | Contracts and related customer relationships | $ | 6,046,100 | | | $ | (3,328,512) | | | $ | 2,717,588 | | | $ | 5,571,456 | | | $ | (2,937,245) | | | $ | 2,634,211 | | | Dealer relationships | 1,518,020 | | | (677,548) | | | 840,472 | | | 1,518,020 | | | (618,154) | | | 899,866 | | | Other | 209,773 | | | (201,955) | | | 7,818 | | | 209,773 | | | (199,357) | | | 10,416 | | | Total definite-lived intangible assets | 7,773,893 | | | (4,208,015) | | | 3,565,878 | | | 7,299,249 | | | (3,754,756) | | | 3,544,493 | | | | | | | | | | | | | | | Indefinite-lived intangible assets: | | | | | | | | | | | | | Trade name | 1,333,000 | | | — | | | 1,333,000 | | | 1,333,000 | | | — | | | 1,333,000 | | | Intangible assets | $ | 9,106,893 | | | $ | (4,208,015) | | | $ | 4,898,878 | | | $ | 8,632,249 | | | $ | (3,754,756) | | | $ | 4,877,493 | |
|
| Schedule of Finite-Lived Intangible Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | Gross Carrying
Amount | | Accumulated
Amortization | | Net Carrying
Amount | | Gross Carrying
Amount | | Accumulated
Amortization | | Net Carrying
Amount | | Definite-lived intangible assets: | | | | | | | | | | | | | Contracts and related customer relationships | $ | 6,046,100 | | | $ | (3,328,512) | | | $ | 2,717,588 | | | $ | 5,571,456 | | | $ | (2,937,245) | | | $ | 2,634,211 | | | Dealer relationships | 1,518,020 | | | (677,548) | | | 840,472 | | | 1,518,020 | | | (618,154) | | | 899,866 | | | Other | 209,773 | | | (201,955) | | | 7,818 | | | 209,773 | | | (199,357) | | | 10,416 | | | Total definite-lived intangible assets | 7,773,893 | | | (4,208,015) | | | 3,565,878 | | | 7,299,249 | | | (3,754,756) | | | 3,544,493 | | | | | | | | | | | | | | | Indefinite-lived intangible assets: | | | | | | | | | | | | | Trade name | 1,333,000 | | | — | | | 1,333,000 | | | 1,333,000 | | | — | | | 1,333,000 | | | Intangible assets | $ | 9,106,893 | | | $ | (4,208,015) | | | $ | 4,898,878 | | | $ | 8,632,249 | | | $ | (3,754,756) | | | $ | 4,877,493 | |
The change in the net carrying amount of contracts and related customer relationships during the period was as follows: | | | | | | | (in thousands) | | | Balance as of December 31, 2023 | $ | 2,634,211 | | | | Customer contract additions, net of dealer charge-backs(1) | 474,744 | | | Amortization | (391,367) | | | | | Balance as of September 30, 2024 | $ | 2,717,588 | |
________________(1) The weighted-average amortization period for customer contract additions was approximately 15 years.
|
| Schedule of Finite-Lived Intangible Assets, Amortization Expense |
Definite-Lived Intangible Asset Amortization Expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Definite-lived intangible asset amortization expense | | $ | 151,817 | | | $ | 143,243 | | | $ | 453,359 | | | $ | 466,886 | |
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v3.24.3
DEBT (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-term Debt Instruments |
The Company’s debt is comprised of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Issued | | Maturity | | Interest Rate(1) | | Interest Payable | | September 30, 2024 | | December 31, 2023 | First Lien Term Loan B due 2030 | | 10/13/2023 | | 10/13/2030 | | Term SOFR +2.25% | | Quarterly | | $ | 1,984,090 | | | $ | 1,375,000 | | First Lien Revolving Credit Facility | | 3/16/2018 | | 6/23/2026 | | Term SOFR +2.75% | | Quarterly | | — | | | — | | | Term Loan A Facility | | 3/14/2023 | | 3/14/2028 | | Term SOFR +2.25% | | Quarterly | | — | | | 625,625 | | | First Lien Notes due 2024 | | 4/4/2019 | | 4/15/2024 | | 5.250% | | 2/15 and 8/15 | | — | | | 99,999 | | | First Lien Notes due 2026 | | 4/4/2019 | | 4/15/2026 | | 5.750% | | 3/15 and 9/15 | | 1,350,000 | | | 1,350,000 | | | First Lien Notes due 2027 | | 8/20/2020 | | 8/31/2027 | | 3.375% | | 6/15 and 12/15 | | 1,000,000 | | | 1,000,000 | | | First Lien Notes due 2029 | | 7/29/2021 | | 8/1/2029 | | 4.125% | | 2/1 and 8/1 | | 1,000,000 | | | 1,000,000 | | | ADT Notes due 2032 | | 5/2/2016 | | 7/15/2032 | | 4.875% | | 1/15 and 7/15 | | 728,016 | | | 728,016 | | | ADT Notes due 2042 | | 7/5/2012 | | 7/15/2042 | | 4.875% | | 1/15 and 7/15 | | 21,896 | | | 21,896 | | | Second Lien Notes due 2028 | | 1/28/2020 | | 1/15/2028 | | 6.250% | | 1/15 and 7/15 | | 1,300,000 | | | 1,300,000 | | 2020 Receivables Facility(2) | | 3/5/2020 | | 8/20/2029 | | Various | | Monthly | | 423,118 | | | 436,004 | | | | | | | | Total debt principal, excluding finance leases | | 7,807,120 | | | 7,936,540 | | Plus: Finance lease liabilities(3) | | 73,624 | | | 69,468 | | | Less: Unamortized debt discount, net | | (12,325) | | | (15,005) | | | Less: Unamortized deferred financing costs | | (29,397) | | | (39,620) | | | Less: Unamortized purchase accounting fair value adjustment and other | | (117,936) | | | (125,866) | | | Total debt | | | | | | | | | | 7,721,086 | | | 7,825,517 | | | Less: Current maturities of long-term debt, net of unamortized debt discount | | (196,563) | | | (312,061) | | | Long-term debt | | | | | | | | | | $ | 7,524,523 | | | $ | 7,513,456 | |
_________________ (1) Interest rate as of September 30, 2024. Interest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“SOFR”) +0.95% and Cost of Funds (“COF”) +0.85%. Interest on the First Lien Revolving Credit Facility is based on Term SOFR +2.75% + Credit Spread Adjustment (“CSA”). (2) Maturity date for the 2020 Receivables Facility represents the final maturity date of current loans borrowed under the facility. (3) Refer to Note 12 “Leases” for additional information regarding the Company’s finance leases.
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v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Derivative Instruments |
As of September 30, 2024 and December 31, 2023, the Company’s interest rate swaps consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Execution | | Maturity | | Designation | | Notional Amount | | | | | | | | | | | | | | | | | | | October 2019 | | September 2026 | | Not designated | | $ | 2,800,000 | | | March 2023 | | March 2028 | | Not designated | | 100,000 | | | April 2023 | | March 2028 | | Not designated | | 200,000 | | | December 2023(1) | | September 2026 | | Not designated | | 700,000 | | | | Total notional amount | | | | | | $ | 3,800,000 | | |
_________________ (1) Interest rate swaps entered into to offset the excess notional interest rate swaps as a result of the partial redemption of the First Lien Term Loan B due 2026. The changes in fair value associated with these swaps and the over-hedged swaps are reflected in other income (expense).
|
| Schedule of Derivative Liabilities at Fair Value |
| | | | | | | | | | | | | | | | (in thousands) | | September 30, 2024 | | December 31, 2023 | | | | | | | Prepaid expenses and other current assets | | $ | 51,776 | | | $ | 74,974 | | | Other assets | | $ | 43,683 | | | $ | 76,493 | | | | | | | | Accrued expenses and other current liabilities | | $ | 699 | | | $ | 5,312 | | | Other liabilities | | $ | 2,135 | | | $ | 1,325 | | | | | | |
|
| Schedule of Unrealized Gain (Loss) on Interest Rate Swaps |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | Statement of Operations Classification (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | Interest expense, net | | $ | (58,051) | | | $ | 16,380 | | | $ | (46,429) | | | $ | 38,477 | | Other income (expense) | | $ | (4,821) | | | $ | — | | | $ | (14,699) | | | $ | — | |
|
| Reclassification out of Accumulated Other Comprehensive Income |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Interest expense, net | | $ | 1,943 | | | $ | 30,008 | | | $ | 6,057 | | | $ | 40,186 | | | Income tax (benefit) expense | | $ | (471) | | | $ | (7,245) | | | $ | (1,464) | | | $ | (9,702) | |
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v3.24.3
EQUITY (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Dividends Declared |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except per share data) | | Common Stock | | Class B Common Stock | | Declaration Date | | Record Date | | Payment Date | | Per Share | | Aggregate | | Per Share | | Aggregate | | Nine Months Ended September 30, 2024 | | | | | | | | | | | | 1/24/2024 | | 3/14/2024 | | 4/4/2024 | | $ | 0.055 | | | $ | 47,059 | | | $ | 0.055 | | | $ | 3,011 | | | 4/25/2024 | | 6/13/2024 | | 7/9/2024 | | 0.055 | | | 47,137 | | | 0.055 | | | 3,011 | | | 8/1/2024 | | 9/13/2024 | | 10/4/2024 | | 0.055 | | | 47,146 | | | 0.055 | | | 3,011 | | | | | | Total | | $ | 0.165 | | | $ | 141,342 | | | $ | 0.165 | | | $ | 9,033 | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | | | | | | | | | | | 2/28/2023 | | 3/16/2023 | | 4/4/2023 | | $ | 0.035 | | | $ | 30,342 | | | $ | 0.035 | | | $ | 1,916 | | | 5/2/2023 | | 6/15/2023 | | 7/6/2023 | | 0.035 | | | 30,256 | | | 0.035 | | | 1,916 | | | 8/8/2023 | | 9/15/2023 | | 10/4/2023 | | 0.035 | | | 30,405 | | | 0.035 | | | 1,916 | | | | | | Total | | $ | 0.105 | | | $ | 91,003 | | | $ | 0.105 | | | $ | 5,748 | |
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v3.24.3
SHARE-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The Company used a binomial lattice model to determine the grant date fair value for options granted and included the following assumptions: | | | | | | | | Expected exercise term (years) | 7 | Expected volatility(1) | 49.9% | Expected dividend yield(2) | 3.4% | Risk-free interest rate(3) | 4.0% |
_________________(1) Estimated using historical and implied stock price volatility of the Company. (2) Calculated by taking the annual dividend run-rate and dividing by the stock price at date of grant. (3) Based on the U.S. Treasury yield curve.
|
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v3.24.3
NET INCOME (LOSS) PER SHARE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Earnings Per Share, Basic and Diluted |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | in thousands, except per share amounts | | 2024 | | 2023 | | 2024 | | 2023 | | Allocation of income (loss) from continuing operations - basic | | $ | 124,078 | | | $ | 115,874 | | | $ | 396,740 | | | $ | 322,680 | | | Dilutive effect | | 3,327 | | | 2,255 | | | 10,068 | | | 6,697 | | | Allocation of income (loss) from continuing operations - diluted | | $ | 127,405 | | | $ | 118,129 | | | $ | 406,808 | | | $ | 329,377 | | | | | | | | | | | | Allocation of income (loss) from discontinued operations, net of tax - basic | | $ | (4,576) | | | $ | (196,923) | | | $ | (104,340) | | | $ | (428,719) | | | Dilutive effect | | — | | | — | | | — | | | — | | | Allocation of income (loss) from discontinued operations, net of tax - diluted | | $ | (4,576) | | | $ | (196,923) | | | $ | (104,340) | | | $ | (428,719) | | | | | | | | | | | | Weighted-average shares outstanding - basic | | 850,462 | | | 857,423 | | | 851,539 | | | 856,446 | | Dilutive effect(1) | | 62,399 | | | 60,351 | | | 61,757 | | | 62,255 | | | Weighted-average shares outstanding - diluted | | 912,861 | | | 917,774 | | | 913,296 | | | 918,701 | | | | | | | | | | | | Income (loss) from continuing operations per share - basic | | $ | 0.15 | | | $ | 0.13 | | | $ | 0.46 | | | $ | 0.38 | | | Income (loss) from continuing operations per share - diluted | | $ | 0.14 | | | $ | 0.13 | | | $ | 0.44 | | | $ | 0.36 | | | | | | | | | | | | Income (loss) per share from discontinued operations, net of tax - basic | | $ | (0.01) | | | $ | (0.23) | | | $ | (0.12) | | | $ | (0.50) | | | Income (loss) per share from discontinued operations, net of tax - diluted | | $ | (0.01) | | | $ | (0.21) | | | $ | (0.11) | | | $ | (0.47) | |
_________________ (1) During the three and nine months ended September 30, 2024, 21 million and 20 million shares of Common Stock, respectively, that would be dilutive were excluded from the diluted earnings per share calculations because their effects would have been anti-dilutive.
During the three and nine months ended September 30, 2023, 22 million and 18 million shares of Common Stock, respectively, that would be dilutive were excluded from the diluted earnings per share calculations because their effects would have been anti-dilutive. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | in thousands, except per share amounts | | 2024 | | 2023 | | 2024 | | 2023 | | Allocation of net income (loss) from continuing operations - basic | | $ | 7,942 | | | $ | 7,385 | | | $ | 25,356 | | | $ | 20,580 | | | Dilutive effect | | (316) | | | (339) | | | (1,035) | | | (949) | | | Allocation of net income (loss) from continuing operations - diluted | | $ | 7,626 | | | $ | 7,046 | | | $ | 24,321 | | | $ | 19,631 | | | | | | | | | | | | Allocation of income (loss) from discontinued operations, net of tax - basic | | $ | (293) | | | $ | (12,573) | | | $ | (6,660) | | | $ | (27,404) | | | Dilutive effect | | — | | | — | | | — | | | — | | | Allocation of income (loss) from discontinued operations, net of tax - diluted | | $ | (293) | | | $ | (12,573) | | | $ | (6,660) | | | $ | (27,404) | | | | | | | | | | | | Weighted-average shares outstanding - basic | | 54,745 | | | 54,745 | | | 54,745 | | | 54,745 | | Dilutive effect(1) | | — | | | — | | | — | | | — | | | Weighted-average shares outstanding - diluted | | 54,745 | | | 54,745 | | | 54,745 | | | 54,745 | | | | | | | | | | | | Net income (loss) from continuing operations per share - basic | | $ | 0.15 | | | $ | 0.13 | | | $ | 0.46 | | | $ | 0.38 | | | Net income (loss) from continuing operations per share - diluted | | $ | 0.14 | | | $ | 0.13 | | | $ | 0.44 | | | $ | 0.36 | | | | | | | | | | | | Income (loss) per share from discontinued operations, net of tax - basic | | $ | (0.01) | | | $ | (0.23) | | | $ | (0.12) | | | $ | (0.50) | | | Income (loss) per share from discontinued operations, net of tax - diluted | | $ | (0.01) | | | $ | (0.21) | | | $ | (0.11) | | | $ | (0.47) | | | | | | | | | | |
________________(1) There were no potential shares of Class B Common Stock during the periods presented.
|
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-Topic 260
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v3.24.3
LEASES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Consolidated Balance Sheet Information Related to Leases |
| | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | September 30, 2024 | | December 31, 2023 | | Presentation and Classification: | | | | | | Operating | | Current | | Prepaid expenses and other current assets | | $ | 67 | | | $ | 68 | | | Operating | | Non-current | | Other assets | | 82,983 | | | 85,649 | | | Finance | | Non-current | | Property and equipment, net(1) | | 67,832 | | | 65,368 | | | Total right-of-use assets | | $ | 150,882 | | | $ | 151,085 | | | | | | | | | | | | Operating | | Current | | Accrued expenses and other current liabilities | | $ | 19,147 | | | $ | 13,035 | | | Finance | | Current | | Current maturities of long-term debt | | 26,533 | | | 25,741 | | | Operating | | Non-current | | Other liabilities | | 77,066 | | | 80,189 | | | Finance | | Non-current | | Long-term debt | | 47,091 | | | 43,727 | | | Total lease liabilities | | $ | 169,837 | | | $ | 162,692 | |
_________________ (1)Finance lease right-of-use assets are recorded net of accumulated depreciation, which was approximately $61 million and $50 million as of September 30, 2024 and December 31, 2023, respectively.
|
| Schedule of Lease Cost |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease cost | | $ | 7,365 | | | $ | 8,832 | | | $ | 20,943 | | | $ | 24,822 | | | Finance lease cost: | | | | | | | | | | Amortization of right-of-use assets | | 6,095 | | | 4,355 | | | 16,203 | | | 10,144 | | | Interest on lease liabilities | | 1,109 | | | 709 | | | 3,514 | | | 1,494 | | | Variable lease costs | | 8,701 | | | 7,692 | | | 24,428 | | | 27,512 | | | Total lease cost | | $ | 23,270 | | | $ | 21,588 | | | $ | 65,088 | | | $ | 63,972 | |
|
| Supplementary Cash Flow Information |
| | | | | | | | | | | | | | | | | Nine Months Ended September 30, | (in thousands) | | 2024 | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating leases | | $ | 14,200 | | | $ | 28,786 | | | Finance leases | | $ | 33,283 | | | $ | 62,203 | |
_________________ (1)Includes both continuing and discontinued operations.
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
shares in Millions, $ in Millions |
|
3 Months Ended |
9 Months Ended |
|
|
Mar. 06, 2024 |
Mar. 31, 2024 |
Sep. 30, 2024 |
Mar. 19, 2024 |
Dec. 31, 2023 |
| Accounting Policies [Line Items] |
|
|
|
|
|
| Revenue from contract with customer, term of customer relationship |
|
|
15 years
|
|
|
| Money market funds |
|
|
$ 98
|
|
$ 55
|
| Apollo |
|
|
|
|
|
| Accounting Policies [Line Items] |
|
|
|
|
|
| Noncontrolling interest, ownership percentage by noncontrolling owners |
|
|
|
50.00%
|
|
| Apollo | Related Party |
|
|
|
|
|
| Accounting Policies [Line Items] |
|
|
|
|
|
| Treasury stock, shares, acquired (in shares) |
15
|
15
|
|
|
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Accounting Policies [Abstract] |
|
|
|
|
| Cash and cash equivalents |
$ 95,338
|
$ 14,621
|
|
|
| Restricted cash and restricted cash equivalents |
109,411
|
115,329
|
|
|
| Ending balance |
$ 204,749
|
$ 129,950
|
$ 356,064
|
$ 373,580
|
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Subscriber System Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Accounting Policies [Abstract] |
|
|
| Gross carrying amount |
$ 6,777,008
|
$ 6,404,479
|
| Accumulated depreciation |
(3,773,812)
|
(3,398,543)
|
| Subscriber system assets, net |
$ 3,003,196
|
$ 3,005,936
|
| X |
- DefinitionAggregate accumulated depreciation of long-lived security system assets.
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Subscriber System Asset and Deferred Subscriber Acquisition Costs of Depreciation and Amortization (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Accounting Policies [Abstract] |
|
|
|
|
| Depreciation of subscriber system assets |
$ 139,704
|
$ 135,414
|
$ 417,313
|
$ 407,739
|
| Amortization of deferred subscriber acquisition costs |
$ 56,119
|
$ 47,945
|
$ 165,454
|
$ 138,145
|
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-Topic 340
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Accounting Policies [Abstract] |
|
|
| Accrued interest |
$ 57,648
|
$ 111,197
|
| Payroll-related accruals |
110,521
|
110,941
|
| Opportunity fund |
87,168
|
93,950
|
| Accrued dividends |
50,051
|
32,207
|
| Other accrued liabilities |
228,571
|
207,819
|
| Accrued expenses and other current liabilities |
$ 533,959
|
$ 556,114
|
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-Topic 210
-SubTopic 10
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v3.24.3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments and Securities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Carrying Amount |
|
|
| Accounting Policies [Line Items] |
|
|
| Long-term debt instruments subject to fair value disclosures |
$ 7,647,462
|
$ 7,756,049
|
| Fair Value |
|
|
| Accounting Policies [Line Items] |
|
|
| Long-term debt instruments subject to fair value disclosures |
$ 7,701,348
|
$ 7,731,408
|
| X |
- DefinitionThe fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Topic 820
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
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-Topic 606
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v3.24.3
REVENUE AND RECEIVABLES - Allowance for Credit Loss Rollforward (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
| Beginning balance |
$ 46,850
|
$ 27,815
|
| Provision for credit losses |
106,697
|
81,368
|
| Write-offs, net of recoveries |
(89,552)
|
(70,543)
|
| Ending balance |
$ 63,995
|
$ 38,640
|
| X |
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-Topic 944
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-Topic 210
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
REVENUE AND RECEIVABLES - Schedule of Unbilled Retail Installment Contract Receivables, Net (Details) - Retail Installment Contract - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Capitalized Contract Cost [Line Items] |
|
|
| Retail installment contract receivables, gross |
$ 685,883
|
$ 674,827
|
| Allowance for credit losses |
(8,961)
|
(1,192)
|
| Retail installment contract receivables, net |
676,922
|
673,635
|
| Accounts receivable, net |
|
|
| Capitalized Contract Cost [Line Items] |
|
|
| Retail installment contract receivables, net |
258,453
|
238,961
|
| Other assets |
|
|
| Capitalized Contract Cost [Line Items] |
|
|
| Retail installment contract receivables, net |
$ 418,469
|
$ 434,674
|
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-Topic 340
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v3.24.3
REVENUE AND RECEIVABLES - Summary of Contracts Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Capitalized Contract Cost [Line Items] |
|
|
| Contract assets, gross |
$ 42,147
|
$ 39,627
|
| Allowance for credit losses |
(5,272)
|
(9,025)
|
| Contract assets, net |
36,875
|
30,602
|
| Prepaid expenses and other current assets |
|
|
| Capitalized Contract Cost [Line Items] |
|
|
| Contract assets, net |
17,482
|
15,365
|
| Other assets |
|
|
| Capitalized Contract Cost [Line Items] |
|
|
| Contract assets, net |
$ 19,393
|
$ 15,237
|
| X |
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
DIVESTITURES - Narrative (Details) - USD ($)
$ in Thousands |
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Oct. 02, 2023 |
Jul. 31, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
|
|
$ (4,869)
|
$ (209,496)
|
$ (111,000)
|
$ (456,123)
|
| Other income (expense) |
|
|
17,735
|
$ 661
|
44,907
|
$ (10)
|
| ADT Solar Exit |
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
|
|
0
|
|
(88,000)
|
|
| Payments for employee severance costs |
|
|
|
|
21,000
|
|
| Commercial Divestiture |
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
| Noncash or part noncash divestiture, amount of consideration received |
$ 1,613,000
|
|
|
|
|
|
| Proceeds from disposition of business |
$ 1,585,000
|
|
|
|
|
|
| Disposal group, including discontinued operation, post-closing adjustment expense |
|
$ 21,000
|
|
|
|
|
| Other income (expense) |
|
|
$ 14,000
|
|
36,000
|
|
| Increase (decrease) in divestiture of businesses |
|
|
|
|
9,000
|
|
| Write-down and Disposition of Inventory and Asset Impairments | ADT Solar Exit |
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
|
|
|
|
(34,000)
|
|
| Disposition of Existing Installation Pipeline | ADT Solar Exit |
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
|
|
|
|
(29,000)
|
|
| Employee Separation Costs | ADT Solar Exit |
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
|
|
|
|
(13,000)
|
|
| Contract Termination and Other Charges | ADT Solar Exit |
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
|
|
|
|
$ (11,000)
|
|
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v3.24.3
DIVESTITURES - Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets |
|
|
| Total current assets of discontinued operations |
$ 3,322
|
$ 60,957
|
| Liabilities |
|
|
| Total current liabilities of discontinued operations |
38,301
|
79,611
|
| Discontinued Operations, Disposed of by Sale | ADT Solar Exit |
|
|
| Assets |
|
|
| Accounts receivable, net |
309
|
20,270
|
| Inventories, net |
0
|
28,714
|
| Prepaid expenses and other current assets |
3,013
|
11,973
|
| Total current assets of discontinued operations |
3,322
|
60,957
|
| Property and equipment, net |
473
|
29,512
|
| Other assets |
96
|
13,767
|
| Total assets of discontinued operations |
3,891
|
104,236
|
| Liabilities |
|
|
| Current maturities of long-term debt |
138
|
8,551
|
| Accounts payable |
3,397
|
16,682
|
| Deferred revenue |
165
|
9,177
|
| Accrued expenses and other current liabilities |
34,601
|
45,201
|
| Total current liabilities of discontinued operations |
38,301
|
79,611
|
| Long-term debt |
365
|
9,893
|
| Other liabilities |
11,862
|
10,679
|
| Total liabilities of discontinued operations |
$ 50,528
|
$ 100,183
|
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v3.24.3
DIVESTITURES - Schedule of Disposal Groups, Including Discontinued Operations, Statements of Operation (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
$ (4,869)
|
$ (209,496)
|
$ (111,000)
|
$ (456,123)
|
| ADT Solar Exit |
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
0
|
|
(88,000)
|
|
| Discontinued Operations, Disposed of by Sale | ADT Solar Exit |
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Revenue |
65
|
57,611
|
21,360
|
279,978
|
| Cost of revenue |
1,091
|
49,424
|
62,450
|
212,666
|
| Selling, general, and administrative expenses |
5,477
|
49,157
|
57,245
|
158,228
|
| Depreciation and intangible asset amortization |
55
|
3,434
|
1,872
|
12,330
|
| Merger, restructuring, integration, and other |
(1,558)
|
6,480
|
36,592
|
9,898
|
| Goodwill impairment |
0
|
88,367
|
0
|
511,176
|
| Other (income) and expense items |
5
|
337
|
1,478
|
1,121
|
| Income (loss) from discontinued operations before income taxes |
(5,005)
|
(139,588)
|
(138,277)
|
(625,441)
|
| Income tax benefit (expense) |
475
|
(4,336)
|
35,851
|
132,427
|
| Income (loss) from discontinued operations, net of tax |
$ (4,530)
|
(143,924)
|
$ (102,426)
|
(493,014)
|
| Discontinued Operations, Disposed of by Sale | Commercial Divestiture |
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Revenue |
|
351,400
|
|
1,033,962
|
| Cost of revenue |
|
233,204
|
|
688,305
|
| Selling, general, and administrative expenses |
|
72,601
|
|
213,113
|
| Depreciation and intangible asset amortization |
|
(3,186)
|
|
37,691
|
| Other (income) and expense items |
|
8,814
|
|
19,222
|
| Income (loss) from discontinued operations before income taxes |
|
39,967
|
|
75,631
|
| Income tax benefit (expense) |
|
(105,539)
|
|
(38,740)
|
| Income (loss) from discontinued operations, net of tax |
|
$ (65,572)
|
|
$ 36,891
|
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v3.24.3
DIVESTITURES - Schedule of Disposal Groups, Including Discontinued Operations, Cash Flow (Details) - Discontinued Operations, Disposed of by Sale - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| ADT Solar Exit |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Depreciation and intangible asset amortization |
$ 1,872
|
$ 12,330
|
| Goodwill, intangible, and other asset impairments |
13,770
|
515,730
|
| Purchases of property and equipment |
$ (80)
|
(3,233)
|
| Commercial Divestiture |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Depreciation and intangible asset amortization |
|
37,691
|
| Share-based compensation expense |
|
11,699
|
| Subscriber system asset expenditures |
|
(8,902)
|
| Purchases of property and equipment |
|
$ (4,399)
|
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v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS - Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Definite-lived intangible assets: |
|
|
| Gross Carrying Amount |
$ 7,773,893
|
$ 7,299,249
|
| Accumulated Amortization |
(4,208,015)
|
(3,754,756)
|
| Net Carrying Amount |
3,565,878
|
3,544,493
|
| Indefinite-lived intangible assets: |
|
|
| Intangible assets, gross (excluding goodwill), total |
9,106,893
|
8,632,249
|
| Total intangible assets, net carrying amount |
4,898,878
|
4,877,493
|
| Trade name |
|
|
| Indefinite-lived intangible assets: |
|
|
| Trade name |
1,333,000
|
1,333,000
|
| Contracts and related customer relationships |
|
|
| Definite-lived intangible assets: |
|
|
| Gross Carrying Amount |
6,046,100
|
5,571,456
|
| Accumulated Amortization |
(3,328,512)
|
(2,937,245)
|
| Net Carrying Amount |
2,717,588
|
2,634,211
|
| Dealer relationships |
|
|
| Definite-lived intangible assets: |
|
|
| Gross Carrying Amount |
1,518,020
|
1,518,020
|
| Accumulated Amortization |
(677,548)
|
(618,154)
|
| Net Carrying Amount |
840,472
|
899,866
|
| Other |
|
|
| Definite-lived intangible assets: |
|
|
| Gross Carrying Amount |
209,773
|
209,773
|
| Accumulated Amortization |
(201,955)
|
(199,357)
|
| Net Carrying Amount |
$ 7,818
|
$ 10,416
|
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-Topic 210
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-Section S99
-Paragraph 1
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v3.24.3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Net Carrying Amount of Contracts and Related Customer Relationships (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Finite-lived Intangible Assets [Roll Forward] |
|
|
|
|
| Balance as of beginning of period |
|
|
$ 3,544,493
|
|
| Amortization |
$ (151,817)
|
$ (143,243)
|
(453,359)
|
$ (466,886)
|
| Balance as of end of period |
3,565,878
|
|
3,565,878
|
|
| Contracts and related customer relationships |
|
|
|
|
| Finite-lived Intangible Assets [Roll Forward] |
|
|
|
|
| Balance as of beginning of period |
|
|
2,634,211
|
|
| Amortization |
|
|
(391,367)
|
|
| Balance as of end of period |
$ 2,717,588
|
|
$ 2,717,588
|
|
| Acquired finite-lived intangible assets, weighted average useful life |
|
|
15 years
|
|
| Customer Contracts |
|
|
|
|
| Finite-lived Intangible Assets [Roll Forward] |
|
|
|
|
| Customer contract additions, net of dealer charge-backs |
|
|
$ 474,744
|
|
| X |
- DefinitionWeighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Publisher FASB
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Topic 350
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 350
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Topic 230
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v3.24.3
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
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-Topic 230
-Publisher FASB
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-Topic 350
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
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-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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v3.24.3
DEBT - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Apr. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
| Total debt principal, excluding finance leases |
|
|
$ 7,807,120
|
$ 7,936,540
|
| Plus: Finance lease liabilities |
|
|
73,624
|
69,468
|
| Less: Unamortized debt discount, net |
|
|
(12,325)
|
(15,005)
|
| Less: Unamortized deferred financing costs |
|
|
(29,397)
|
(39,620)
|
| Less: Unamortized purchase accounting fair value adjustment and other |
|
|
(117,936)
|
(125,866)
|
| Total debt |
|
|
7,721,086
|
7,825,517
|
| Less: Current maturities of long-term debt, net of unamortized debt discount |
|
|
(196,563)
|
(312,061)
|
| Long-term debt |
|
|
$ 7,524,523
|
7,513,456
|
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
SOFR
|
SOFR
|
SOFR
|
|
| First Lien Term Loan B due 2030 | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Long-term debt, gross |
|
|
$ 1,984,090
|
1,375,000
|
| First Lien Term Loan B due 2030 | Secured Debt | SOFR |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
2.25%
|
|
| First Lien Revolving Credit Facility | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Long-term debt, gross |
|
|
$ 0
|
0
|
| First Lien Revolving Credit Facility | Secured Debt | SOFR |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
2.75%
|
|
| Term Loan A Facility | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Long-term debt, gross |
|
|
$ 0
|
625,625
|
| Term Loan A Facility | Secured Debt | SOFR |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
2.25%
|
|
| First Lien Notes due 2024 | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
5.25%
|
|
| Long-term debt, gross |
|
|
$ 0
|
99,999
|
| First Lien Notes due 2026 | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
5.75%
|
|
| Long-term debt, gross |
|
|
$ 1,350,000
|
1,350,000
|
| First Lien Notes due 2027 | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
3.375%
|
|
| Long-term debt, gross |
|
|
$ 1,000,000
|
1,000,000
|
| First Lien Notes due 2029 | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
4.125%
|
|
| Long-term debt, gross |
|
|
$ 1,000,000
|
1,000,000
|
| ADT Notes due 2032 | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
4.875%
|
|
| Long-term debt, gross |
|
|
$ 728,016
|
728,016
|
| ADT Notes due 2042 | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
4.875%
|
|
| Long-term debt, gross |
|
|
$ 21,896
|
21,896
|
| Second Lien Notes due 2028 | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
6.25%
|
|
| Long-term debt, gross |
|
|
$ 1,300,000
|
1,300,000
|
| 2020 Receivables Facility | Secured Debt |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Long-term debt, gross |
|
|
$ 423,118
|
$ 436,004
|
| 2020 Receivables Facility | Secured Debt | SOFR |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
0.95%
|
|
| 2020 Receivables Facility | Secured Debt | COF |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Interest rate |
|
|
0.85%
|
|
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
|
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
|
|
| X |
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| Balance Type: |
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| Period Type: |
|
|
| X |
- Details
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| Balance Type: |
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| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
DEBT - Narrative (Details) - USD ($)
$ in Millions |
1 Months Ended |
3 Months Ended |
7 Months Ended |
9 Months Ended |
|
|
|
Oct. 31, 2024 |
May 31, 2024 |
Apr. 30, 2024 |
Mar. 31, 2024 |
Oct. 31, 2024 |
Sep. 30, 2024 |
Apr. 30, 2025 |
Sep. 30, 2023 |
Aug. 02, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
|
|
SOFR
|
SOFR
|
|
SOFR
|
|
|
|
| First Lien Revolving Credit Facility | Subsequent Event | Base Rate |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
1.00%
|
|
|
|
|
|
|
|
|
| First Lien Revolving Credit Facility | Line of Credit | Subsequent Event |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Line of credit facility, increase (decrease), net |
$ 225
|
|
|
|
|
|
|
|
|
| Maximum borrowing capacity |
$ 800
|
|
|
|
$ 800
|
|
|
|
|
| Line of credit facility, expiration period |
91 days
|
|
|
|
|
|
|
|
|
| Line of credit facility, unused capacity, commitment fee percentage |
0.30%
|
|
|
|
|
|
|
|
|
| First Lien Revolving Credit Facility | Line of Credit | Subsequent Event | Federal Funds Effective Swap Rate |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
0.50%
|
|
|
|
|
|
|
|
|
| First Lien Revolving Credit Facility | Line of Credit | Subsequent Event | Base Rate |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
1.00%
|
|
|
|
|
|
|
|
|
| First Lien Revolving Credit Facility | Line of Credit | Subsequent Event | SOFR |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
2.00%
|
|
|
|
|
|
|
|
|
| First Lien Term Loan B due 2030 | Secured Debt |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
2.25%
|
2.50%
|
|
|
|
|
|
| Exchanged debt, principal amount |
|
$ 143
|
|
|
|
|
|
|
|
| Line of credit facility, increase (decrease), net |
|
474
|
|
|
|
|
|
|
|
| First Lien Term Loan B due 2030 | Secured Debt | Subsequent Event |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Proceeds from (repayments of) lines of credit |
|
|
|
|
$ 646
|
|
|
|
|
| Term Loan A Facility | Secured Debt |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Extinguishment of debt, amount |
|
$ 474
|
|
|
|
|
|
|
|
| ADT Notes Due 2024 | Secured Debt |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Extinguishment of debt, amount |
|
|
$ 100
|
|
|
|
|
|
|
| 2020 Receivables Facility |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Line of credit facility, remaining borrowing capacity |
|
|
|
|
|
$ 127
|
|
|
|
| Receivables facility maximum limit |
|
|
500
|
|
|
|
|
|
|
| Proceeds from (repayments of) secured debt |
|
|
$ 32
|
|
|
|
|
|
|
| 2020 Receivables Facility | Subsequent Event |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Receivables facility maximum limit |
|
|
|
|
|
|
$ 550
|
|
|
| Revolving Credit Facility | First Lien Revolving Credit Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Proceeds from lines of credit |
|
|
|
|
|
325
|
|
|
|
| Repayments of lines of credit |
|
|
|
|
|
325
|
|
|
|
| Line of credit facility, remaining borrowing capacity |
|
|
|
|
|
$ 575
|
|
|
|
| Aggregate principal amount |
|
|
|
|
|
|
|
$ 0
|
|
| Revolving Credit Facility | Solar Receivables Financing Agreement | Line of Credit |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Maximum borrowing capacity |
|
|
|
|
|
|
|
|
$ 300
|
| X |
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| Name: |
adt_ExchangedDebtPrincipalAmount |
| Namespace Prefix: |
adt_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionReceivables Facility Maximum Limit
| Name: |
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| Namespace Prefix: |
adt_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPercentage points added to the reference rate to compute the variable rate on the debt instrument.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69E
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicates type of variable interest rate on debt instrument. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionGross amount of debt extinguished.
| Name: |
us-gaap_ExtinguishmentOfDebtAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionPeriod remaining on line of credit facility before it terminates, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
| Name: |
us-gaap_LineOfCreditFacilityExpirationPeriod |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase (decrease) of the credit facility. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-14
| Name: |
us-gaap_ProceedsFromLinesOfCredit |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash inflow (outflow) from long-term debt wholly or partially secured by collateral. Excludes tax exempt secured debt.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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-Topic 230
-SubTopic 10
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-Paragraph 15
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-15
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
us-gaap_DebtInstrumentAxis=adt_FirstLienRevolvingCreditFacilityMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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|
| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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|
| X |
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| Namespace Prefix: |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| Balance Type: |
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| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
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| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember |
| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Instruments (Details)
$ in Thousands |
Sep. 30, 2024
USD ($)
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
$ 3,800,000
|
| October 2019 - Not Designated | Not Designated as Hedging Instrument |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
2,800,000
|
| March 2023 - Not Designated | Not Designated as Hedging Instrument |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
100,000
|
| April 2023 - Not Designated | Not Designated as Hedging Instrument |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
200,000
|
| December 2023 - Not Designated | Not Designated as Hedging Instrument |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
$ 700,000
|
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-Topic 815
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-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
| Prepaid expenses and other current assets |
$ 194,902
|
$ 242,192
|
| Other assets |
726,732
|
699,231
|
| Accrued expenses and other current liabilities |
533,959
|
556,114
|
| Other liabilities |
230,231
|
219,069
|
| Interest Rate Swap |
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
| Prepaid expenses and other current assets |
51,776
|
74,974
|
| Other assets |
43,683
|
76,493
|
| Other liabilities |
2,135
|
1,325
|
| Interest Rate Swap | Not Designated as Hedging Instrument |
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
| Accrued expenses and other current liabilities |
$ 699
|
$ 5,312
|
| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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| X |
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| Namespace Prefix: |
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| Period Type: |
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|
v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Unrealized Gain (Loss) on Interest Rate Swaps (Details) - Interest Rate Swap - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Interest expense, net |
|
|
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
| Interest expense, net |
$ (58,051)
|
$ 16,380
|
$ (46,429)
|
$ 38,477
|
| Other income (expense) |
|
|
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
| Interest expense, net |
$ (4,821)
|
$ 0
|
$ (14,699)
|
$ 0
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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| X |
- DefinitionAmount of gain (loss) included in earnings for the period from the increase (decrease) in fair value of interest rate derivatives not designated as hedging instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A
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v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS - Reclassification out of Accumulated Other Comprehensive Income (Details) - Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Interest expense, net |
|
|
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
| Reclassification from accumulated other comprehensive income, current period, before tax |
$ 1,943
|
$ 30,008
|
$ 6,057
|
$ 40,186
|
| Income tax (benefit) expense |
|
|
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
| Reclassification from accumulated other comprehensive income, current period, before tax |
$ (471)
|
$ (7,245)
|
$ (1,464)
|
$ (9,702)
|
| X |
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4
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v3.24.3
| X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
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-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14
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v3.24.3
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Decrease in unrecognized tax benefits is reasonably possible |
$ 29,000
|
|
$ 29,000
|
|
| Income tax expense (benefit) |
$ 50,235
|
$ 34,427
|
$ 166,505
|
$ 119,987
|
| Effective tax rate |
27.60%
|
21.50%
|
28.30%
|
25.50%
|
| Federal statutory income tax rate, percent |
21.00%
|
21.00%
|
21.00%
|
21.00%
|
| State and local income taxes, percent |
6.20%
|
5.10%
|
5.80%
|
5.80%
|
| Change in unrecognized tax benefit, percent |
4.00%
|
|
0.80%
|
|
| Prior year return adjustments, percent |
4.00%
|
1.20%
|
1.20%
|
|
| Impact of prior year income taxes, percent |
|
3.10%
|
(1.60%)
|
1.00%
|
| Non-deductible goodwill on dispositions, percent |
|
|
|
1.20%
|
| X |
- DefinitionAmount of decrease reasonably possible in the next twelve months for the unrecognized tax benefit. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15
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v3.24.3
EQUITY - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions |
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Oct. 24, 2024
$ / shares
|
Mar. 06, 2024
USD ($)
$ / shares
shares
|
Oct. 31, 2024
USD ($)
$ / shares
shares
|
Sep. 30, 2024
USD ($)
$ / shares
|
Jun. 30, 2024
$ / shares
|
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Sep. 30, 2023
$ / shares
|
Jun. 30, 2023
$ / shares
|
Mar. 31, 2023
$ / shares
|
Sep. 30, 2024
USD ($)
class
$ / shares
|
Sep. 30, 2023
$ / shares
|
Jan. 24, 2024
USD ($)
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Number of class of common stock | class |
|
|
|
|
|
|
|
|
|
2
|
|
|
| Stock repurchase program, authorized amount |
|
|
|
|
|
|
|
|
|
|
|
$ 350
|
| Cash dividends declared per common share (in dollars per share) | $ / shares |
|
|
|
$ 0.055
|
$ 0.055
|
$ 0.055
|
$ 0.035
|
$ 0.035
|
$ 0.035
|
$ 0.165
|
$ 0.105
|
|
| Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends declared per common share (in dollars per share) | $ / shares |
$ 0.055
|
|
|
|
|
|
|
|
|
|
|
|
| Apollo | Related Party |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Treasury stock, shares, acquired (in shares) | shares |
|
15
|
|
|
|
15
|
|
|
|
|
|
|
| Treasury stock, value, acquired, cost method |
|
$ 93
|
|
|
|
$ 93
|
|
|
|
|
|
|
| Shares acquired, average cost per share (in dollars per share) | $ / shares |
|
$ 6.22
|
|
|
|
$ 6.22
|
|
|
|
|
|
|
| Stock repurchase program, remaining authorized repurchase amount |
|
|
|
$ 257
|
|
|
|
|
|
$ 257
|
|
|
| Apollo | Related Party | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
| Treasury stock, shares, acquired (in shares) | shares |
|
|
5
|
|
|
|
|
|
|
|
|
|
| Treasury stock, value, acquired, cost method |
|
|
$ 32
|
|
|
|
|
|
|
|
|
|
| Shares acquired, average cost per share (in dollars per share) | $ / shares |
|
|
$ 6.40
|
|
|
|
|
|
|
|
|
|
| Stock repurchase program, remaining authorized repurchase amount |
|
|
$ 225
|
|
|
|
|
|
|
|
|
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
EQUITY - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
| Cash dividends declared per common share (in dollars per share) |
$ 0.055
|
$ 0.055
|
$ 0.055
|
$ 0.035
|
$ 0.035
|
$ 0.035
|
$ 0.165
|
$ 0.105
|
| Dividends, common stock |
$ 47,146
|
$ 47,137
|
$ 47,059
|
$ 30,405
|
$ 30,256
|
$ 30,342
|
$ 141,342
|
$ 91,003
|
| Class B Common Stock |
|
|
|
|
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
| Cash dividends declared per common share (in dollars per share) |
$ 0.055
|
$ 0.055
|
$ 0.055
|
$ 0.035
|
$ 0.035
|
$ 0.035
|
$ 0.165
|
$ 0.105
|
| Dividends, common stock |
$ 3,011
|
$ 3,011
|
$ 3,011
|
$ 1,916
|
$ 1,916
|
$ 1,916
|
$ 9,033
|
$ 5,748
|
| X |
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v3.24.3
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions |
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Share-based compensation expense |
|
|
$ 39,329
|
$ 43,068
|
| Share-based Compensation, 2018 Plan |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Share-based compensation arrangement by share-based payment award, options, grants in period, gross (in shares) |
|
6.8
|
|
|
| Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price (in dollars per share) |
|
$ 6.51
|
|
|
| Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term |
|
10 years
|
|
|
| Share-based compensation arrangement by Share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share) |
|
$ 2.56
|
|
|
| Restricted Stock Units (RSUs) | Share-based Compensation, 2018 Plan |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| RSUs granted in period (in shares) |
|
3.9
|
|
|
| Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) |
|
$ 6.51
|
|
|
| Share-based compensation arrangement by share-based payment award, award vesting period |
|
3 years
|
|
|
| Options | Share-based Compensation, 2018 Plan |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Share-based compensation arrangement by share-based payment award, award vesting period |
|
3 years
|
|
|
| Modified Awards |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Share-based compensation expense |
$ 11,000
|
|
|
|
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v3.24.3
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
| Antidilutive securities excluded from computation of earnings per share (in shares) |
21,000
|
22,000
|
20,000
|
18,000
|
| Common Stock |
|
|
|
|
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
| Allocation of income (loss) from continuing operations - basic |
$ 124,078
|
$ 115,874
|
$ 396,740
|
$ 322,680
|
| Dilutive effect |
3,327
|
2,255
|
10,068
|
6,697
|
| Allocation of income (loss) from continuing operations - diluted |
127,405
|
118,129
|
406,808
|
329,377
|
| Allocation of income (loss) from discontinued operations, net of tax - basic |
(4,576)
|
(196,923)
|
(104,340)
|
(428,719)
|
| Dilutive effect |
0
|
0
|
0
|
0
|
| Allocation of income (loss) from discontinued operations, net of tax - diluted |
$ (4,576)
|
$ (196,923)
|
$ (104,340)
|
$ (428,719)
|
| Weighted-average shares outstanding - basic (in shares) |
850,462
|
857,423
|
851,539
|
856,446
|
| Dilutive effect (including conversion of Class B Common Stock) (in shares) |
62,399
|
60,351
|
61,757
|
62,255
|
| Weighted average number of shares - diluted common stock and Class B common stock (in shares) |
912,861
|
917,774
|
913,296
|
918,701
|
| Income (loss) from continuing operations per share - basic (in dollars per share) |
$ 0.15
|
$ 0.13
|
$ 0.46
|
$ 0.38
|
| Income (loss) from continuing operations per share - diluted (in dollars per share) |
0.14
|
0.13
|
0.44
|
0.36
|
| Income (loss) per share from discontinued operations, net of tax - basic (in dollars per share) |
(0.01)
|
(0.23)
|
(0.12)
|
(0.50)
|
| Income (loss) per share from discontinued operations, net of tax - diluted (in dollars per share) |
$ (0.01)
|
$ (0.21)
|
$ (0.11)
|
$ (0.47)
|
| Class B Common Stock |
|
|
|
|
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
| Allocation of income (loss) from continuing operations - basic |
$ 7,942
|
$ 7,385
|
$ 25,356
|
$ 20,580
|
| Dilutive effect |
(316)
|
(339)
|
(1,035)
|
(949)
|
| Allocation of income (loss) from continuing operations - diluted |
7,626
|
7,046
|
24,321
|
19,631
|
| Allocation of income (loss) from discontinued operations, net of tax - basic |
(293)
|
(12,573)
|
(6,660)
|
(27,404)
|
| Dilutive effect |
0
|
0
|
0
|
0
|
| Allocation of income (loss) from discontinued operations, net of tax - diluted |
$ (293)
|
$ (12,573)
|
$ (6,660)
|
$ (27,404)
|
| Weighted-average shares outstanding - basic (in shares) |
54,745
|
54,745
|
54,745
|
54,745
|
| Dilutive effect (including conversion of Class B Common Stock) (in shares) |
0
|
0
|
0
|
0
|
| Weighted average number of shares - diluted common stock and Class B common stock (in shares) |
54,745
|
54,745
|
54,745
|
54,745
|
| Income (loss) from continuing operations per share - basic (in dollars per share) |
$ 0.15
|
$ 0.13
|
$ 0.46
|
$ 0.38
|
| Income (loss) from continuing operations per share - diluted (in dollars per share) |
0.14
|
0.13
|
0.44
|
0.36
|
| Income (loss) per share from discontinued operations, net of tax - basic (in dollars per share) |
(0.01)
|
(0.23)
|
(0.12)
|
(0.50)
|
| Income (loss) per share from discontinued operations, net of tax - diluted (in dollars per share) |
$ (0.01)
|
$ (0.21)
|
$ (0.11)
|
$ (0.47)
|
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 40
-Subparagraph (b)(2)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 260
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v3.24.3
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
$ in Millions |
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Aug. 31, 2022
USD ($)
|
Jul. 31, 2020
USD ($)
|
Sep. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
vendor
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
| Purchase commitment, term |
|
|
|
|
|
|
|
7 years
|
| Guarantor obligations, maximum exposure, undiscounted |
|
|
$ 74
|
|
|
$ 74
|
|
$ 78
|
| Insured Claims |
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
| Loss contingency accrual |
|
|
102
|
|
|
102
|
|
110
|
| Google |
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
| Purchase obligation |
|
|
|
|
|
|
|
200
|
| Purchase obligation, to be paid, year one and two |
|
|
|
|
|
|
|
35
|
| Purchase obligation, to be paid, year three and four |
|
|
|
|
|
|
|
65
|
| Purchase obligation, to be paid, after year four |
|
|
|
|
|
|
|
$ 100
|
| Purchase obligation, cancelation fee percentage of total remaining amount |
|
|
|
|
|
|
|
30.00%
|
| Payments for long-term purchase obligation |
|
|
9
|
|
|
19
|
|
|
| Google | First Two Years |
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
| Purchase commitment, term |
|
|
|
|
|
|
|
2 years
|
| Google | Next Two Years |
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
| Purchase commitment, term |
|
|
|
|
|
|
|
2 years
|
| Google | Last Three Years |
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
| Purchase commitment, term |
|
|
|
|
|
|
|
3 years
|
| Google | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement |
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
| Future milestone contributions |
|
$ 150
|
|
|
|
|
|
|
| Additional future milestone contributions |
$ 150
|
|
|
|
|
|
|
|
| Collaborative arrangement, reimbursement approve |
|
|
7
|
|
|
22
|
|
|
| Recovery of direct costs |
|
|
|
|
$ 28
|
|
$ 40
|
|
| Other Commitments |
|
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
| Purchase obligation |
|
|
|
|
|
|
|
$ 190
|
| Payments for long-term purchase obligation |
|
|
$ 44
|
|
|
$ 144
|
|
|
| Number of vendors | vendor |
|
|
|
|
|
|
|
1
|
| Increase (decrease) in purchase obligation |
|
|
|
$ 130
|
|
|
|
|
| X |
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|
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|
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|
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-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(1)
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-Topic 450
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
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-Section 55
-Paragraph 27
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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v3.24.3
LEASES - Schedule of Consolidated Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Leases [Abstract] |
|
|
| Operating lease, right-of-use asset, current |
$ 67
|
$ 68
|
| Operating lease, right-of-use asset, non-current |
82,983
|
85,649
|
| Finance lease, right-of-use asset, non-current |
67,832
|
65,368
|
| Total right-of-use assets |
150,882
|
151,085
|
| Operating lease, liability, current |
19,147
|
13,035
|
| Finance lease, liability, current |
26,533
|
25,741
|
| Operating lease, liability, noncurrent |
77,066
|
80,189
|
| Finance lease, liability, noncurrent |
47,091
|
43,727
|
| Total lease liabilities |
169,837
|
162,692
|
| Finance lease, right-of-use asset, accumulated amortization |
$ 61,000
|
$ 50,000
|
| Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration] |
Prepaid expenses and other current assets
|
Prepaid expenses and other current assets
|
| Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] |
Property and equipment, net
|
Property and equipment, net
|
| Operating lease, liability, statement of financial position [Extensible Enumeration] |
Accrued expenses and other current liabilities
|
Accrued expenses and other current liabilities
|
| Finance lease, liability, statement of financial position [Extensible Enumeration] |
Current maturities of long-term debt
|
Current maturities of long-term debt
|
| Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] |
Other liabilities
|
Other liabilities
|
| Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] |
Long-term debt
|
Long-term debt
|
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-Topic 842
-SubTopic 20
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-Section 45
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v3.24.3
LEASES - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Leases [Abstract] |
|
|
|
|
| Operating lease cost |
$ 7,365
|
$ 8,832
|
$ 20,943
|
$ 24,822
|
| Amortization of right-of-use assets |
6,095
|
4,355
|
16,203
|
10,144
|
| Interest on lease liabilities |
1,109
|
709
|
3,514
|
1,494
|
| Variable lease costs |
8,701
|
7,692
|
24,428
|
27,512
|
| Total lease cost |
$ 23,270
|
$ 21,588
|
$ 65,088
|
$ 63,972
|
| X |
- DefinitionAmount of interest expense on finance lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
|
Mar. 06, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Oct. 31, 2022 |
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Opportunity funds, maximum investment amount |
|
|
|
|
|
|
$ 300,000
|
| Opportunity funds, investment amount received |
|
|
|
|
|
|
$ 100,000
|
| Opportunity fund |
|
|
|
$ 87,168
|
|
$ 93,950
|
|
| Payments for opportunity fund |
|
|
|
$ 10,000
|
$ 6,000
|
|
|
| ADT | Common Stock | State Farm |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Noncontrolling interest, ownership percentage by noncontrolling owners |
|
|
|
10.00%
|
|
|
|
| Related Party | Loan Agreement |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Amounts of transaction |
|
|
$ 2,000
|
|
11,000
|
|
|
| Proceeds from related party debt |
|
|
$ 9,000
|
|
71,000
|
|
|
| Apollo | Related Party |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Treasury stock, shares, acquired (in shares) |
15,000
|
15,000
|
|
|
|
|
|
| Treasury stock, value, acquired, cost method |
$ 93,000
|
$ 93,000
|
|
|
|
|
|
| Shares acquired, average cost per share (in dollars per share) |
$ 6.22
|
$ 6.22
|
|
|
|
|
|
| Apollo | Related Party | Term Loan A Facility |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Amounts of transaction |
|
|
|
$ 0
|
$ 1,000
|
|
|
| Apollo | Related Party | The Offering |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Shares issued in public offering (in shares) |
65,000
|
|
|
|
|
|
|
| Apollo | Related Party | Over-Allotment Option |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Shares issued in public offering (in shares) |
9,750
|
|
|
|
|
|
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