ADT Inc. Files Q2 2024 10-Q Report

Ticker: ADT · Form: 10-Q · Filed: 2024-08-01T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, ADT Inc.

TL;DR

**ADT Q2 10-Q is IN! Financials detailed, check it out.**

AI Summary

ADT Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including assets, liabilities, and equity. Specific financial figures and operational details are provided within the report, which is crucial for investors and stakeholders to assess the company's health and future prospects.

Why It Matters

This 10-Q filing provides a detailed look at ADT Inc.'s financial health for the second quarter of 2024, allowing investors to make informed decisions about the company's performance and stability.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the financial details within could reveal risks or opportunities affecting the company's valuation.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The Conformed Period of Report is 20240630, indicating the period ending June 30, 2024.

When was this 10-Q filing submitted to the SEC?

The filing was submitted on 20240801.

What is the Central Index Key (CIK) for ADT Inc.?

The Central Index Key for ADT Inc. is 0001703056.

What is the Standard Industrial Classification (SIC) code for ADT Inc.?

The SIC code for ADT Inc. is 7381, categorized under SERVICES-DETECTIVE, GUARD & ARMORED CAR SERVICES.

What is the fiscal year end for ADT Inc.?

ADT Inc.'s fiscal year ends on 1231.

Filing Stats: 4,477 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-08-01 17:08:14

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) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 1. Description of Business and Summary of Significant Accounting Policies 7 2. Revenue and Receivables 11 3. Divestitures 12 4. Goodwill and Other Intangible Assets 15 5. Debt 17 6. Derivative Financial Instruments 19 7. Income Taxes 20 8. Equity 21 9. Share-Based Compensation 22 10. Net Income (Loss) Per Share 23 11. Commitments and Contingencies 24 12. Leases 26 13. Related Party Transactions 27 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 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44

Signatures

Signatures 46

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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 37,883 $ 14,621 Restricted cash and restricted cash equivalents 111,034 115,329 Accounts receivable, net of allowance for credit losses of $ 57,216 and $ 46,850 , respectively 386,484 370,201 Inventories, net 203,022 201,394 Prepaid expenses and other current assets 240,928 242,192 Current assets of discontinued operations 6,190 60,957 Total current assets 985,541 1,004,694 Property and equipment, net 263,004 253,658 Subscriber system assets, net 3,018,746 3,005,936 Intangible assets, net 4,835,809 4,877,493 Goodwill 4,903,899 4,903,899 Deferred subscriber acquisition costs, net 1,249,237 1,175,904 Other assets 727,023 699,231 Noncurrent assets of discontinued operations 2,563 43,279 Total assets $ 15,985,822 $ 15,964,094 Liabilities and stockholders' equity Current liabilities: Current maturities of long-term debt $ 192,220 $ 312,061 Accounts payable 222,113 277,201 Deferred revenue 247,414 255,221 Accrued expenses and other current liabilities 604,897 556,114 Current liabilities of discontinued operations 48,702 79,611 Total current liabilities 1,315,346 1,480,208 Long-term debt 7,532,250 7,513,456 Deferred subscriber acquisition revenue 2,034,660 1,914,954 Deferred tax liabilities 1,080,102 1,027,189 Other liabilities 199,713 219,069 Noncurrent liabilities of discontinued operations 15,541 20,572 Total liabilities 12,177,612 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 June 30, 2024 and December 31, 2023 — — Common stock—authorized 3,999,000,000 shares of $ 0.01 par value; issued and outstanding shares of 857,052,617 and 867,432,337 as of June 30, 2024 and

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