Welcome to our dedicated page for ADT news (Ticker: ADT), a resource for investors and traders seeking the latest updates and insights on ADT stock.
ADT Inc. provides security, interactive and smart home solutions for residential and small business customers in the United States under the ADT brand. Company news commonly covers operating results, recurring monthly revenue trends, customer attrition, cash generation, dividends, share repurchases and capital-structure actions involving ADT common stock.
Product and technology updates center on the ADT+ smart security ecosystem, professional monitoring, connected devices and added services such as Live Light and My Safety. Recent corporate developments also include the completed Origin AI acquisition, AI-enabled Wi-Fi sensing technology, ambient sensing capabilities for the home and related commercial licensing activity.
ADT Inc. (NYSE: ADT) has completed a tender offer to purchase up to 133,333,333 shares of its common stock at a price of $9.00 per share, totaling approximately $1.2 billion. The tender offer, which expired on October 20, 2022, was oversubscribed, with 732,113,312 shares validly tendered. ADT accepted shares on a pro rata basis, resulting in a proration factor of 18.17%. Post-tender offer, ADT's majority shareholder, Apollo Global Management, will own about 55% of the company, with State Farm at 15% and Google at 6% ownership stakes.
ADT announced the results of its tender offer to buy back up to 133,333,333 shares of common stock at a price of $9.00 per share, totaling $1.2 billion. The offer expired on October 20, 2022, with 734,165,376 shares validly tendered. Due to oversubscription, shares will be purchased on a pro rata basis with a preliminary proration factor of 18.16%. Despite this offer, the number of issued and outstanding shares remains unchanged after a prior investment from State Farm.
ADT will announce its third quarter 2022 financial results on November 3, 2022, prior to market opening. Management will conduct a conference call at 10:00 a.m. ET to discuss these results and answer questions. Participants can join via a live webcast on the investor relations website, with a replay available within 24 hours. Call-in options are also provided for those not using the webcast, with audio replay available for two weeks post-call.
ADT specializes in smart and sustainable solutions for homes and businesses, emphasizing security and connectivity.
ADT Inc. announced a significant partnership with State Farm, which involves the sale of 133.3 million shares for $1.2 billion and a $300 million opportunity fund for joint innovation. This collaboration aims to enhance the customer experience and revolutionize home security and smart home technology. State Farm's COO, Paul Smith, has joined ADT's Board of Directors, indicating a long-term strategic commitment. Additionally, ADT plans to use the proceeds from the investment to repurchase shares in a tender offer, expiring on October 20, 2022.
Jim DeVries, ADT President and CEO, has joined the Board of Directors of ABM, a major integrated facility services provider. This appointment is expected to enhance ABM's leadership with DeVries' extensive experience in organizational transformation and strategic growth. At ADT, he is spearheading technological advancements and expanding the company's market into new sectors, including rooftop solar energy and mobile security. His insights will aid in guiding ABM's ELEVATE strategy for positive results.
ADT announces that President and CEO Jim DeVries will attend the Goldman Sachs 2022 Communacopia + Technology Conference on Sept. 12, 2022, in San Francisco. He will participate in a fireside chat starting at around 9:15 AM PST. Investors can access a live webcast and replay on the ADT investor relations website.
ADT is a leader in smart home and small business security solutions, providing innovative products and services across the U.S. to help protect what matters most.
ADT has announced a significant partnership with State Farm, which involves a $1.2 billion equity investment, acquiring approximately 15% of ADT at $9.00 per share. This collaboration aims to enhance smart home technology, focusing on mitigating risks associated with homeownership, such as water and fire damage. State Farm will also invest up to $300 million in product innovation. Additionally, Google will contribute $150 million to support sales programs aimed at broadening access to smart home solutions. ADT plans to initiate a self-tender offer to maintain share value amid this investment.
ADT announces a partnership with Uber to enhance user safety through the integration of ADT mobile safety solutions into the Uber app. This feature allows Uber users in the U.S. to receive real-time assistance from ADT's monitoring agents via phone or text during their rides. The 'Live Help from a Safety Agent' feature provides 24/7 support, including the ability to contact 911 with critical trip details. This partnership positions ADT as a trusted safety provider for gig economy workers and expands their market presence beyond home security.
ADT Inc. has announced significant leadership changes, appointing Jeff Likosar as President, Corporate Development and Chief Transformation Officer, a newly created role, after over five years as CFO. Ken Porpora, an ADT veteran of nearly 25 years, will step in as Executive Vice President and Chief Financial Officer. These changes aim to enhance corporate strategy, business development, and financial management following ADT's strategic long-term vision shared during the recent investor day.
ADT reported a strong second quarter of 2022 with total revenue of $1.6 billion, up 23% year-over-year, and an end-of-period recurring monthly revenue (RMR) of $369 million, a 5% increase. The company achieved record customer retention, with gross customer revenue attrition at 12.7%. GAAP net income reached $92 million, up from a loss of $126 million in the prior year. ADT reaffirmed its 2022 financial outlook, targeting total revenue between $6.2 billion and $6.4 billion.