Tag: Jim DeVries
ADT Q3 paves the way forward through account acquisition and valuable partnerships
October 31, 2024Ken Showers, Managing Editor
BOCA RATON, Fla. — In spite of challenging market conditions ADT has shown admirable financial growth in the third quarter thanks to bulk account acquisition and partnerships with other major platforms.
“I'm pleased to report that ADT is continuing to deliver on our 2024 objectives and as we closeout the year, we're well positioned to deliver the full year financial guidance,” ADT CEO Jim DeVries told investors during a webcast.
He added, “In addition to...
ADT appoints Suzanne Yoon to Board of Directors
August 25, 2024SSN Staff
BOCA RATON, Fla.— ADT has announced the appointment of Suzanne Yoon to the company’s Board of Directors as an additional independent director.
“We are pleased to welcome Suzanne to our Board of Directors,” said Jim DeVries, ADT chairman, president and CEO. “She brings a wealth of experience, financial expertise and a deep understanding of value creation. Suzanne has a strong commitment to innovation and operational excellence, making her the perfect addition...
ADT’s Q2 meeting celebrates 150 years in business
August 6, 2024Ken Showers, Managing Editor
BOCA RATON, Fla. — ADT posted solid financial results for the second quarter (Q2), noteworthy in the face of current global macroeconomics but not surprising for a company celebrating its 150th year in business in August.
The company posted a total revenue increase of 3% to $1.2 billion and end-of-period recurring monthly revenue (RMR) of 2% to $355 million year over year, amid higher interest rates and fewer relocations, a traditional catalyst for new subscribers, said President and...
ADT highlights new platform, relationship with Google
April 30, 2024Ken Showers, Managing Editor
BOCA RATON, Fla. – ADT’s refocus on its core consumer security and smart home business has paid off, with a strong start to 2024, company officials said.
The company reported total revenue of $1.2 billion for the First Quarter (Q1), with end-of-period recurring monthly revenue (RMR) up 3% to $353 million ($4.2 billion on an annualized basis). Consumer and Small Business (CSB) revenue was up 5% and segment Adjusted EBITDA was up 8%. The company also reported strong customer retention,...
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...