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Mar 31, 2023
ADT Q1 2023 Earnings Report
ADT reported strong year-over-year growth in revenue, maintained record high customer retention and recurring monthly revenue, improved capital efficiency, and continued deleveraging.
Key Takeaways
ADT reported a strong start to 2023 with continued momentum in generating revenue and cash flow growth. Total revenue increased by 4% to $1.6 billion, with recurring monthly revenue (RMR) up 4% to $378 million. The company maintained record-high customer retention and improved capital efficiency with a record revenue payback of 2.0 years. ADT remains on track for continued positive progress across all its businesses and advancing toward its 2025 goals.
Total revenue of $1.6 billion, up 4%, and end-of-period recurring monthly revenue (RMR) of $378 million, up 4%.
High customer retention with gross customer revenue attrition maintaining record low of 12.5%.
Record revenue payback of 2.0 years.
GAAP net loss of $90 million, or a loss of $(0.10) per diluted share, down $141 million, which includes $193 million negative impact from Solar segment goodwill impairment.
Revenue by Segment
Forward Guidance
The Company is reiterating its financial guidance for 2023:
Positive Outlook
- Total Revenue: $6,600 - $6,850 million
- Adjusted EBITDA: $2,525 - $2,625 million
- Adjusted EPS: $0.30 - $0.40
- Adjusted Free Cash Flow (including interest rate swaps): $600 - $700 million
- Adjusted Free Cash Flow: $525 - $625 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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