ADT Reports Q4 Growth In Recurring Revenue.
ADT reports Q4 growth – ADT has reported Q4 earnings, with total revenue of $US1.2 billion with recurring revenue increasing 4 per cent to $353 million.
ADT also increased consumer and small business revenue to $1.2 billion, a 5 per cent increase, while adjusted EBITDA was $627 million, up 8 per cent. The performance increases are significant as ADT refocuses on its core security and automation businesses.
“2023 was a pivotal year for ADT, and we delivered solid performance, invested for the future, reshaped our portfolio and meaningfully improved our capital structure,” ADT President and CEO Jim DeVries said.
“With the divestiture of our commercial business and the decision to exit residential solar we have simplified our business model and focused on our consumer-oriented core security and smart home business. Our remaining business serves a large and growing market, and we are the proven industry leader with durable customer relationships that generate substantial.”
According to DeVries, ADT’s $2.1 billion debt reduction during 2023, recent announcement of a 57 per cent increase in its dividend and a $350 million share repurchase program authorization, were highlights. Q4 also saw a strategic customer portfolio acquisition of 57,000 customers for under $90 million.
DeVries said development of the company’s ADT+ consumer app was continuing and would be at the centre of a new ecosystem. The ADT+ platform will build on the partnership between ADT and Google Nest in the CCTV and video analytics markets. The improved camera take rates contributed to approximately $1400.00 of install revenue per new customer during 2023.
“ADT delivered solid results at our core, invested for the future, reshaped our portfolio, and meaningfully improved our capital structure,” DeVries said. “We’ve got good momentum in the business, great catalysts for growth, and we’re looking forward to a strong 2024.”
You can view ADT’s full results here or read more SEN news here.
“ADT Reports Q4 Growth In Recurring Revenue.”
