ADT Inc. Files Q1 2024 10-Q Report

Ticker: ADT · Form: 10-Q · Filed: 2024-04-25T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, SEC Filing, Quarterly Report

TL;DR

ADT Inc. filed its Q1 2024 10-Q, showing standard reporting compliance. Stock trades on NYSE.

AI Summary

ADT Inc. reported its quarterly results for the period ended March 31, 2024. The company, registered with the SEC under file number 001-38352, is headquartered in Boca Raton, Florida. ADT Inc. has filed all required reports for the preceding 12 months and submitted its Interactive Data Files electronically. The company's common stock is traded on the New York Stock Exchange under the symbol ADT.

Why It Matters

This filing provides investors with an update on ADT Inc.'s financial performance and operational status for the first quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain any immediately apparent significant new risks or negative developments.

Key Players & Entities

FAQ

What is the Commission File Number for ADT Inc.?

The Commission File Number for ADT Inc. is 001-38352.

Where are ADT Inc.'s principal executive offices located?

ADT Inc.'s principal executive offices are located at 1501 Yamato Road, Boca Raton, Florida 33431.

On which exchange is ADT Inc.'s common stock traded?

ADT Inc.'s common stock is traded on the New York Stock Exchange.

What is the trading symbol for ADT Inc.'s common stock?

The trading symbol for ADT Inc.'s common stock is ADT.

Has ADT Inc. submitted all required reports for the preceding 12 months?

Yes, ADT Inc. 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.

Filing Stats: 4,368 words · 17 min read · ~15 pages · Grade level 16 · Accepted 2024-04-25 16:09:46

Key Financial Figures

Filing Documents

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Operations (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 1. Description of Business and Summary of Significant Accounting Policies 6 2. Revenue and Receivables 9 3. Segment Information 11 4. Divestitures 13 5. Goodwill and Other Intangible Assets 15 6. Debt 17 7. Derivative Financial Instruments 18 8. Income Taxes 20 9. Equity 20 10. Share-Based Compensation 21 11. Net Income (Loss) Per Share 22 12. Commitments and Contingencies 23 13. Leases 25 14. Related Party Transactions 26 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 42

Signatures

Signatures 43

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. ADT INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 4,041 $ 14,621 Restricted cash and restricted cash equivalents 114,655 115,329 Accounts receivable, net of allowance for credit losses of $ 66,927 and $ 53,229 , respectively 387,498 390,471 Inventories, net 209,765 230,108 Prepaid expenses and other current assets 285,035 254,165 Total current assets 1,000,994 1,004,694 Property and equipment, net 261,275 283,170 Subscriber system assets, net 3,011,419 3,005,936 Intangible assets, net 4,843,986 4,877,493 Goodwill 4,903,899 4,903,899 Deferred subscriber acquisition costs, net 1,210,302 1,175,904 Other assets 712,308 712,998 Total assets $ 15,944,183 $ 15,964,094 Liabilities and stockholders' equity Current liabilities: Current maturities of long-term debt $ 322,070 $ 320,612 Accounts payable 260,137 293,883 Deferred revenue 252,080 264,398 Accrued expenses and other current liabilities 574,779 601,315 Total current liabilities 1,409,066 1,480,208 Long-term debt 7,566,878 7,523,349 Deferred subscriber acquisition revenue 1,975,886 1,914,954 Deferred tax liabilities 1,039,113 1,027,189 Other liabilities 217,459 229,748 Total liabilities 12,208,402 12,175,448 Commitments and contingencies (See Note 12) Stockholders' equity: Preferred stock—authorized 1,000,000 shares of $ 0.01 par value; zero issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock—authorized 3,999,000,000 shares of $ 0.01 par value; issued and outstanding shares of 855,629,403 and 867,432,337 as of March 31, 2024 and December 31, 2023, respectively 8,556 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 March 31, 2024 and December 31, 2023 547 547 Additional paid-in ca

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