ADT 2026年第3季財報電話會議：隨著 Thrive 交易案推進 營收成長 4%

重點摘要

• ADT 公布 2026 年第三季營收為 13.5 億美元，年增 4%。 安裝、產品及其他營收成長 32% 至 2.65 億美元。
• 調整後 EBITDA 下降 2% 至 6.65 億美元，主因包含技術投資在內的一般與管理費用增加，抵銷了安裝營收帶來的部分效益。
• 調整後每股盈餘（EPS）成長 4% 至 0.24 美元。包含利率交換在內的調整後自由現金流成長 4% 至 2.17 億美元。
• 今年以來調整後自由現金流突破 10 億美元，年增 46%，且已超越 2025 年全年的水準。
• ADT 同意由 Thrive Holdings 以每股 10 美元現金收購，公司股權價值約為 76 億美元，企業價值約為 153 億美元。
• 鑑於該交易尚待完成，ADT 撤回了先前發布的財務指引，且未舉行分析師問答會議。

核心財務數據

業務與營運表現

總客戶營收流失率為 13.1%，前一年同期為 13.0%。因未付款導致的解約增加，但部分被自願解約減少所抵銷。過去 12 個月營收回收期保持穩定，為 2.3 年。

新增總用戶數達 19.5 萬戶，新增總經常性每月營收（RMR）合計 1,210 萬美元。直接專業安裝的用戶數與 RMR 新增量較去年同期改善，而經銷商業務量與大宗帳戶收購則有所下滑。

ADT 在本季以 900 萬美元現金收購了約 8,000 個客戶帳戶。公司還在 ADT+ 中推出了「異常活動警報」（Unusual Activity Alerts），推進 Origin AI 人體感知技術的試行計畫，將 ADT Blu 拓展至 Walmart.com，並推出 ADT Partner Services。透過後者這項新舉措，ADT 表示將於 2026 年 11 月下旬開始為 Apple 零售門市及其客戶安裝並維修特定產品。

截至本季末，ADT 擁有 2.28 億美元的現金與現金等價物，且無循環信貸借款。淨槓桿率為調整後 EBITDA 的 2.7 倍，低於一年前的 2.8 倍。公司在本季透過股利與股票回購向股東回饋 6,400 萬美元，今年以來累計回饋 7.48 億美元。

管理層指引

由於 Thrive Holdings 的收購案尚待完成，ADT 撤回了先前發布的財務指引。管理層未提供新的營收、盈餘或現金流展望。

公司表示，在滿足慣常交割條件、取得 ADT 股東批准以及美國反壟斷審查通過的前提下，預計交易將於 2027 年第一季完成。

風險與關鍵考量因素

Thrive Holdings 的交易仍受制於交割條件，包括股東與美國反壟斷機構的批准。Thrive 預計將結合股權、債務及特別股融資來完成此項全現金收購案。

合併協議包含截至 2026 年 11 月 28 日止的招攬期（Go-Shop Period）。ADT 表示，除非揭露屬適當或法律要求，否則不打算透露該過程中的任何進展。

營運考量因素包括因未付款產生的解約率偏高、部分與技術投資相關的一般與管理費用上升，以及 2025 年 10 月多戶住宅業務分割帶來的比較基期效應。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

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.