Tag: Jim DeVries
2023 Q4 earnings call sees a slimmed-down ADT eyeing growth in 2024
February 28, 2024Ken Showers, Managing Editor
BOCA RATON, Fla. – Following a year fraught with challenges for most companies, ADT enters 2024 leaner and hungry as it refocuses on its core business.
On Feb. 28, 2024, ADT held its fourth quarter (Q4) 2023 earnings conference call to discuss both its financial results and its direction as it enters 2024 lighter after divesting itself of its commercial business and discontinuing its ADT Solar division.
ADT provided a number of highlights for both the quarter and the...
ADT exits residential solar market
February 5, 2024SSN Staff
BOCA RATON, Fla. – ADT revealed late in January that the company would be exiting its residential solar business.
The company said it will remain focused on cash flow generation and capital-efficient growth within its core security and smart home business. As part of this continued focus, ADT is also advancing its capital allocation strategy, including a cash dividend increase and authorization of a new share repurchase program.
“The decision to exit solar operations was made after...
Ken Porpora departs ADT as CFO
January 5, 2024SSN Staff
BOCA RATON, Fla. – ADT’s Ken Porpora, executive vice president and chief financial officer (CFO), has stepped down from his role to become the chief executive officer of a privately held HVAC and plumbing services provider as of the beginning of January.
ADT made the announcement of Porpora’s departure in late December. For now, Jeff Likosar, president, corporate development and chief transformation officer, will serve as the interim CFO. Likosar previously served as the company’s...
ADT Q3 gains driven by strong retention, divestiture of commercial business
November 7, 2023SSN Staff
BOCA RATON, Fla. – ADT is reporting a significant improvement to its balance sheet in its third fiscal quarter, thanks to the divestiture of its former commercial division, as well as strong retention numbers and revenue from Consumers and Small Business (CSB).
A list of financial highlights from the quarter include total revenue of $1.2 billion with end-of-period recurring monthly revenue (RMR) up 3% to $350 million, high customer retention with gross revenue attrition maintaining 12.9%,...
ADT participating in 2023 Communacopia
September 1, 2023SSN Staff
BOCA RATON, Fla. – Security company ADT has announced they will be participating in the Goldman Sachs 2023 Communacopia + Technology Conference.
In a late August release, the company wrote that Jim DeVries, ADT President and Chief Executive Officer, will participate in the Goldman Sachs 2023 Communacopia + Technology Conference on Thursday, Sept. 7, 2023, in San Francisco. DeVries will participate in a fireside chat, which will begin at approximately 2:25 p.m. PT.
Goldman Sachs describes...
'Exciting road ahead' as ADT doubles down on residential, small business
August 8, 2023Ken Showers, Managing Editor
BOCA RATON, Fla. – ADT shook things up by preempting its second fiscal quarter 2023 earnings call with the news that the company is divesting itself of its commercial business.
As reported earlier by Security Systems News the company has entered into a definitive agreement to sell its commercial security, fire and life safety business unit to private equity firm GTCR for a purchase price of $1.6 billion. The transaction has been approved by the company’s board of directors and is expected...
ADT sells commercial business for $1.6 billion to private equity firm
August 8, 2023SSN Staff
BOCA RATON, Fla.—On the heels of reporting its Q2 financial results, ADT made a huge announcement this morning, entering into a definitive agreement to sell its commercial security, fire and life safety business unit to private equity firm GTCR for a purchase price of $1.6 billion.
Proceeds from the sale, which is expected to close in the fourth quarter of 2023, will be used to reduce debt by $1.5 billion, with cash interest savings expected to offset the impact of divesting the commercial...
ADT holds strong and achieves record RMR in Q1 2023, stumbles on solar
May 3, 2023Ken Showers, Managing Editor
BOCA RATON, Fla. – It was a solid quarter for growth with ADT on this year’s 2023 Q1 earnings call, with only a small cloud blocking the sun.
To make note of some of the highlights from the report: total revenue of $1.6 billion, up 4 percent, and end-of-period recurring monthly revenue (RMR) record of $378 million, up 4 percent featuring high customer retention with gross customer revenue attrition maintaining record low of 12.5 percent. President and CEO Jim DeVries attributed...
ADT Q4 sees record-high retention, recurring monthly revenue
March 1, 2023Ken Showers, Managing Editor
BOCA RATON, Fl. – ADT Inc. has seen its fourth consecutive financial quarter results hit record highs as the company released its results on Feb. 28.
Of note the company pulled in a Q4 total revenue of $1.6 billion, up 19 percent from last year, 8 percent when excluding solar and end-of-period recurring monthly revenues. ADT also boasted record-high customer retention with a gross customer revenue attrition rate of 12.5 percent. The company’s total revenue was...
Wayne Thorsen appointed to ADT EVP, chief business officer
January 9, 2023SSN Staff
BOCA RATON, Fla. – ADT announced that is has appointed Wayne Thorsen to the newly created role of executive vice president and chief business officer, effective immediately.
ADT stated that Thorsen will be responsible for leading the company’s product, innovation, and new business development teams. Thorsen comes to ADT from Google where he served as Vice President of Devices and Services Business Development. Thorsen has also held leadership roles at Viacom, Telefónica Digital,...