ADT 2026财年第三季度业绩电话会议：随着Thrive交易推进营收增长4%

核心要点

• ADT公布2026财年第三季度营收为13.5亿美元，同比增长4%。 安装、产品及其他业务收入增长32%至2.65亿美元。
• 调整后EBITDA下降2%至6.65亿美元，因包括技术投资在内的日常及行政管理费用增加，抵消了安装业务收入的部分收益。
• 调整后每股收益增长4%至0.24美元。包含利率互换在内的调整后自由现金流增长4%至2.17亿美元。
• 今年迄今调整后自由现金流突破10亿美元，同比增长46%，且已超2025年全年水平。
• ADT已同意接受Thrive Holdings每股10美元的现金收购提案，公司股权价值约为76亿美元，企业价值约为153亿美元。
• 鉴于此项待完成的交易，ADT撤回了此前发布的财务指引，且未举行分析师问答环节。

核心财务数据

业务与运营表现

客户总收入流失率为13.1%，上年同期为13.0%。因未付费导致的取消合同有所增加，但被主动退订人数的减少部分抵消。过去12个月收入回收期保持稳定，为2.3年。

新增经常性月度收入（RMR）总额为1210万美元，对应新增安装19.5万套。直接专业安装套数及RMR增加量同比有所改善，而经销商交易量和大宗账户收购量则有所下降。

本季度，ADT以900万美元现金收购了约8,000个客户账户。公司还在ADT+中推出了“异常活动警报”功能，推进了Origin AI存在感应技术的试点，将ADT Blu扩展至Walmart.com，并推出了ADT Partner Services。ADT表示，通过后一项举措，公司将于2026年11月稍晚开始为Apple Retail及其客户安装和维护特定产品。

截至季末，ADT拥有现金及现金等价物2.28亿美元，无循环信贷额度借款。净杠杆率为调整后EBITDA的2.7倍，低于一年前的2.8倍。该公司在本季度通过股息和股票回购向股东回馈6400万美元，今年迄今已累计回馈7.48亿美元。

管理层指引

鉴于Thrive Holdings待完成的收购提案，ADT撤回了此前发布的财务指引。管理层未提供新的营收、盈利或现金流展望。

公司表示，在满足惯例成交条件、获得ADT股东批准以及美国反垄断审查通过的前提下，预计交易将于2027年第一季度完成。

风险与关键考量因素

Thrive Holdings的交易仍取决于多项交割条件，包括股东批准和美国反垄断审查。Thrive计划通过股权、债务和优先股相结合的方式为该项全现金收购提供资金。

合并协议包含截至2026年11月28日的“询价期”（go-shop period）。ADT表示，除非披露属适当举措或法律要求，否则无意在此过程中透露进展。

运营方面的考量因素包括：未付费导致的取消合同数攀升、部分与技术投资相关的日常及行政管理费用增加，以及2025年10月剥离多家庭住宅业务所带来的对比基数效应。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Hello, everyone. Thank you for joining us, and welcome to the ADT Third Quarter 2026 Earnings Conference Call. I will now hand the conference over to Elizabeth Landers, Vice President of Investor Relations. Please go ahead.

Elizabeth Landers

Good morning, and thank you for joining us today. Speaking on today's call are Jim DeVries, ADT's Chairman, President and CEO; and Jeff Likosar, our Chief Financial Officer. As you know, on October 29, we announced that ADT has entered into a definitive agreement to be acquired by Thrive Holdings. In consideration of the pending transaction, we will not be taking questions on today's call.

Additionally, we will not be providing financial guidance and are withdrawing previously issued guidance.

This morning, we issued a press release and presentation summarizing our third quarter results. Both are available at investor.adt.com. During today's call, we'll reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are included in the earnings presentation on our website. Unless noted otherwise, all financials and metrics discussed reflect continuing operations.

Our remarks today also include forward-looking statements that fall within the safe harbor provisions provided by the Private Securities Litigation Reform Act, including statements regarding the proposed transaction. These statements are subject to risks and uncertainties that are described in the earnings presentation and in our SEC filings, including the risks related to timing and completion of the proposed transaction. Actual results may differ materially. Please refer to our SEC filings for more details.

We also refer you to the information in our press release regarding the proxy statement ADT intends to file with the SEC in connection with the proposed transaction and regarding participants in the solicitation. Investors and stockholders are urged to read the proxy statement when it becomes available. And now I'm happy to turn the call over to Jim.

James DeVries

Thanks, Elizabeth, and good morning, everyone. I'll keep my remarks brief this morning, focusing on the transaction we announced last Thursday, and then Jeff will walk through our third quarter results.

On Thursday, October 29, we announced that we have entered into a definitive agreement to be acquired by Thrive Holdings in an all-cash transaction. Under the terms of the agreement, which our Board of Directors unanimously approved, ADT stockholders will receive $10 per share in cash upon completion. $10 represents a premium of 46% to ADT's unaffected closing share price on October 27 and 52% to our 30-day volume-weighted average share price ending on that date. The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value.

We believe this transaction represents an important next chapter for ADT, bringing together our more than 150 years of security experience, nationwide service network and trusted customer relationships with Thrive Holdings' long-term capital and engineering capabilities. I am pleased with this outcome, which recognizes the value built by our more than 12,000 employees and dealer partners, our long-standing commitment to providing peace of mind and our continued advancement of ADT's capabilities and technologies. Our progress and this transaction deliver an attractive cash premium to our stockholders.

ADT's leadership in smart home security is built on a legacy of trust, long-standing customer relationships and the dedication of our people. And importantly, for our customers, ADT's data and privacy policies will remain unchanged and no new data sharing will occur without customer permission.

We anticipate this transaction to close in the first quarter of 2027, subject to customary closing conditions, including approval by ADT's stockholders and receipt of U.S. antitrust approval. This is an all-cash transaction, and Thrive expects to finance it through a combination of equity, debt and preferred equity.

As outlined in our announcement, the merger agreement includes a go-shop period that runs through November 28. As is customary, we do not intend to disclose developments with respect to that process unless and until we determine disclosure is appropriate or otherwise required.

Until the transaction closes, ADT will continue to operate independently as a public company. Importantly, with this transaction, ADT's focus has not changed. We remain committed to serving our customers, supporting our dealers and partners and executing our key initiatives.

During the quarter, we continued to make progress across our 3 core differentiators: unrivaled safety, premium customer experience and innovative offerings. We introduced Unusual Activity Alerts in ADT+, advanced pilots of our Origin AI presence sensing technology, expanded ADT Blu to Walmart.com and launched ADT Partner Services through which we will install and service select products for Apple Retail and its customers beginning later this month.

Before I turn the call over to Jeff, I want to thank our employees, our dealers and partners and the first responders we work alongside every day. Your commitment is what has earned ADT the trust of millions of customers for more than 150 years. I'll now turn the call over to Jeff.

Jeffrey Likosar

Thanks, Jim, and good morning, everyone. I'll take the next few minutes to describe our third quarter with all comparisons year-over-year unless I note otherwise.

In summary, I'm very pleased to report that ADT again delivered strong results with continued revenue growth, solid earnings and robust cash generation, all in line with our expectations. Our consistent performance, while we continue to invest in our business, underscores the strength of our cash generation capabilities, which remain a highlight of our results.

Adjusted free cash flow, including interest rate swaps, was $217 million, up 4% in the quarter. On a year-to-date basis, we're up 46%, having generated more than $1 billion through the first 3 quarters in excess of last year's full year level. Key drivers include lower cash taxes and interest, along with working capital management and some timing favorability.

On the top line, total revenue was $1.35 billion, up 4%. Installation, product and other revenue was $265 million, up 32%, driven by a higher mix of professionally installed systems under our outright sales model.

Monitoring and related services revenue was $1.08 billion, down 1%, which includes the revenue loss from the October 2025 divestiture of our multifamily business. Ending recurring monthly revenue was $360 million compared to $362 million a year ago, with that decline also primarily reflecting the multifamily divestiture.

Adjusted EBITDA was $665 million, down 2%. This reflects higher general and administrative costs, including technology investments, partially offset by the margin on our higher installation revenue. Adjusted EPS was $0.24, up 4%. And on a year-to-date basis, we have generated $0.71 of adjusted EPS, up 6%, benefiting from a lower diluted share count along with lower interest expense.

Turning to operational metrics. Gross customer revenue attrition was 13.1% compared with 13% a year ago, with elevated nonpay cancellations partially offset by fewer voluntary disconnects. Trailing 12-month revenue payback was 2.3 years, consistent with the prior year.

Gross RMR additions were $12.1 million on 195,000 gross unit additions. Direct professional install unit and RMR additions continued to perform strongly, improving versus the prior year, offset by lower volume from dealers and bulk account purchases.

During the quarter, we completed a bulk account purchase of approximately 8,000 customer accounts for $9 million in cash. In August, we secured $100 million of incremental borrowings under our First Lien Term Loan A due 2030. We designated the proceeds for general corporate purposes, which may include repayment of a portion of our 2027 notes. Including these proceeds, we ended the quarter with $228 million of cash and cash equivalents with no borrowings under our revolving credit facility.

Net leverage was 2.7x adjusted EBITDA compared with 2.8x a year ago. During the quarter, we returned $64 million to shareholders, including $23 million in share repurchases and $41 million in dividends. Year-to-date, we have returned $748 million to shareholders through dividends and the repurchase of 89 million shares.

To conclude, we delivered solid overall third quarter results with revenue growth, strong year-to-date cash generation and stable core operating metrics, all while continuing to invest in our business for the long term.

As Elizabeth mentioned, due to the pending transaction, we won't be taking questions today. Thank you to our employees for their continued dedication, and thank you to our customers, dealers, partners and our investors.

And thank you all for joining us this morning. Operator, that concludes today's call.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.