ADT Inc. reported a total revenue of $4.9 billion for the fiscal year ending December 31, 2024, marking an increase of approximately 5.3% from $4.7 billion in 2023. The company's monitoring and related services revenue rose to $4.3 billion, up from $4.2 billion, driven by higher recurring revenue attributed to increased average prices. Additionally, security installation and product revenue surged to $605 million, a significant increase from $474 million in the previous year, reflecting a higher mix of professionally installed systems and increased amortization of deferred subscriber acquisition revenue. The company achieved an operating income of $1.2 billion, compared to $1.2 billion in 2023, while net income rose to $501 million from $463 million.
ADT's strategic focus has shifted following the divestiture of its Commercial Business in October 2023, which generated net proceeds of approximately $1.6 billion. The company utilized these proceeds to reduce its debt by about $2 billion, enhancing its financial profile. Furthermore, ADT announced its exit from the residential solar business in January 2024, with operations ceasing by June 30, 2024. This decision was influenced by ongoing macroeconomic pressures and a strategic review of the business, resulting in exit charges of $88 million.
As of December 31, 2024, ADT reported approximately 6.4 million security monitoring service subscribers, with a gross customer revenue attrition rate of 12.7%, a slight improvement from 12.9% in 2023. The company has also seen a shift towards its new ADT+ platform, which has been rolled out nationally, allowing for increased customer engagement and product adoption. The company employed around 12,800 individuals, with a focus on enhancing its workforce through training and development initiatives.
Looking ahead, ADT anticipates continued growth driven by its partnerships with Google and State Farm, which are expected to enhance customer acquisition and product offerings. The company has committed to investing in technology and innovation, with a focus on improving customer experience and operational efficiency. However, ADT acknowledges potential risks, including economic fluctuations, competitive pressures, and regulatory changes that could impact its business operations and financial performance. The company remains committed to navigating these challenges while pursuing its strategic objectives.
About ADT Inc.
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