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By Nikki Cabus

ADT Officially Exits Residential Solar Business

Read Time 4 Minutes

Boca Raton-based ADT Inc. (NYSE: ADT) announced it will be exiting its residential solar business.

The Company 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.

ADT is the most trusted brand in smart home and small business security providing safe, smart and sustainable solutions for people, homes and small businesses. Through innovative offerings, unrivaled safety and a premium customer experience, all delivered by the largest network of smart home security professionals in the U.S., the company empowers people to protect and connect to what matters most. For more information, visit

“The decision to exit solar operations was made after careful deliberation, and we expect this strategic action to drive substantial operational and financial benefits to ADT,” said ADT Chairman, President and CEO, Jim DeVries. “We want to acknowledge and thank our employees, partners, and customers as we work through this transition.”

Solar Business Update

Over the first nine months of 2023, ADT’s core business exhibited strong performance, while the solar business faced challenges, including operational difficulties and macroeconomic headwinds causing deterioration of conditions industrywide. As a result of these challenges, the Solar segment generated an Adjusted EBITDA loss of $89 million during this period. Following the previously announced restructuring of its solar footprint and a detailed strategic review, ADT’s Board of Directors has approved the exit of this segment, which may include the transfer of components of the business to other parties.

The Company expects to incur certain one-time exit charges and cash expenditures with potential offsets from asset sales or reduced tax expenses. As previously disclosed, as of September 30, 2023, the goodwill balance for the Solar reporting unit was zero. At this time, the Company is still analyzing the estimated net amount or range of amounts expected to be incurred in connection with this plan.

Strong Cash Flowing Core Business Propelling Capital Allocation Update

Supported by ADT’s confidence in the strong cash flow generation of its core business, today the Company is also announcing the following:

  • Dividend Increase – The Company’s Board of Directors has declared a quarterly cash dividend of $0.055 per share, payable on April 4, 2024, to shareholders of record at the close of business on March 14, 2024. The quarterly dividend represents a 57% increase over the previous quarterly dividend.
  • Share Repurchase Authorization – The Company’s Board of Directors has authorized a $350 million share repurchase program. As the Company executes share repurchases, the Board will periodically review the remaining authorization as part of its capital allocation strategy.
  • Balance Sheet Fortification – Consistent with the plan from its third quarter earnings announcement, on December 29, 2023, the Company repaid $500 million of First Lien Senior Secured Notes due 2024, completing an overall 2023 reduction of ADT’s total debt by approximately $2 billion. Further, following two corporate rating upgrades in 2023, the Company improved borrowing costs and extended debt maturities and in 2024, will have only $150 million of maturities and amortization payments. The Company remains focused on achieving its targeted net leverage ratio of less than 3.0x.
  • Core Investment – On December 20, 2023, the Company closed on a strategic bulk purchase of approximately 57,000 customer accounts for $89 million cash with attractive returns. This portfolio of customers is concentrated in a few key geographies, all of which align with existing platforms, enabling strong economies of scale upon integration. This transaction was not included in prior cash flow guidance.

Fourth Quarter and Full Year 2023 Earnings Conference Call

More details and an update on the business will be provided when the Company releases its fourth quarter and full year 2023 results on February 28, 2024. Following the release, management will host a conference call at 10 a.m. ET to discuss the financial results and lead a question-and-answer session.

Participants may listen to a live webcast through the investor relations website at A replay of the webcast will be available on the website within 24 hours of the live event. Alternatively, participants may listen to the live call by dialing 1-404-975-4839 (domestic) or 1-833-470-1428 (international) and providing the access code 533961. An audio replay will be available for two weeks following the call and can be accessed by dialing 1-866-813-9403 (domestic) or 1-929-458-6194 (international) and providing the access code 375946.

By Nikki Cabus

ADT completes sale of commercial business for $1.6 billion

Read Time 3 Minutes

On October 2nd, ADT announced the completion of the divestiture of its commercial security, fire and life safety business unit to GTCR.

GTCR LLC is a leading private equity firm, based in Chicago, with over 40 years of deep sector expertise. They purchase the ADT commercial business for $1.6 billion.

The net proceeds of approximately $1.5 billion significantly reduced the company’s net debt and leverage upon the closing. All net proceeds will be used for debt redemptions and repayments, expected to occur during the current quarter. As previously announced, the commercial business unit will be reported as discontinued operations beginning in the third quarter of 2023 for current and historical periods. ADT will provide further information as part of its upcoming third quarter 2023 earnings conference call.

Strategic Rationale:

  • The transaction supports ADT’s journey to be the premier provider of smart home and residential solar solutions by leveraging our strategic differentiators: innovative offerings, unrivaled safety and premium customer experiences.
  • With a stronger financial profile, ADT will be better positioned to prioritize investments that we believe will drive profitable, capital-efficient revenue growth for the long term.
  • At the close of the transaction, ADT plans to use the net proceeds from the transaction for debt reduction, resulting in a meaningfully lower leverage profile, improved margins and strong free cash flow generation.

Financial Impacts:

  • Represents an attractive EV/Commercial Adjusted EBITDA multiple of approximately 11.2X1 including the estimated allocation of corporate costs.
  • Estimated cash interest savings from debt paydown approximately offsets the impact of divesting the commercial business.
  • Upon completion of the sale, ADT plans to use the net after-tax cash proceeds of approximately $1.5 billion for significant debt reduction, accelerating long-term leverage goals and improving our leverage ratio from the current level of 3.7 down to 3.3.
  • ADT’s capital allocation priorities remain unchanged; the company does not plan to change its quarterly dividend.

Jim DeVries, ADT President and CEO, said, “The decision to divest ADT’s commercial business is a value-enhancing transaction that focuses our portfolio on growth opportunities in our consumer markets. The sale enables ADT to monetize the commercial business at an attractive valuation and accelerate our debt reduction goals. With greater financial flexibility, we will be better positioned to grow through our strategic differentiators and innovative offerings, including our partnerships with Google and State Farm. We will continue our journey to be the premier provider of safe, smart and sustainable solutions that meet the evolved definition of what safety means to consumers today.”

DeVries continued, “This transaction is mutually beneficial for ADT and ADT Commercial, which will benefit from GTCR’s support and expertise, positioning the business to continue providing best-in-class solutions and services to its customers. We thank the entire ADT Commercial team for their hard work and look forward to seeing them grow.”

“ADT Commercial has established itself as an innovative leader in providing the critical safety services that businesses need to protect their day-to-day functionality,” said David Donnini, Managing Director and Head of Business & Consumer Services at GTCR. “We are very proud to once again partner with the leadership team of ADT Commercial to continue to invest in the platform and deliver the solutions its customers have come to expect. ADT has done a tremendous job in further developing this segment in recent years and we are excited to help drive the business forward in its next chapter of growth.”

ADT provides safe, smart and sustainable solutions for people, homes and small businesses. Through innovative offerings, unrivaled safety and a premium customer experience, all delivered by the largest network of smart home security and rooftop solar professionals in the U.S., we empower people to protect and connect to what matters most. For more information, visit

By Nikki Cabus

ADT and Miami Marlins announce historic, multi-year partnership

Read Time 4 Minutes

The Miami Marlins and ADT announce a history-making partnership highlighted by the club’s first-ever jersey patch.

Additionally, ADT becomes the newest ‘Pillar Partner’ of the Marlins organization as well as the Official Smart Security Partner and Official Solar Energy Partner of the Miami Marlins.

The partnership connects two premiere South Florida-based organizations committed to providing the best service and positively impacting the communities where their employees live, work and serve. The three-year deal is worth $5 million annually, according to Sportico.

Headquartered in Boca Raton, ADT has been a safety innovator for 148 years calling South Florida home for more than two decades. The company is currently the No. 1 smart home security provider in the U.S.

ADT provides safe, smart and sustainable solutions for people, homes and businesses. Through innovative products, partnerships and the largest network of smart home, security and rooftop solar professionals in the United States, we empower people to connect and protect what matters most.

With the extensive partnership, ADT becomes the first official jersey patch partner of the Marlins, with the company’s iconic blue octagon to be worn on the sleeves of Marlins jerseys starting with the 2023 season. ADT will also have a significant brand presence inside the MLB team’s loanDepot park, the Home of Béisbol and South Florida’s jewel events.

“The Miami Marlins and ADT are the perfect teammates for the historic partnership that will have an impact on the field, in the ballpark, and in our community,” said Caroline O’Connor, Marlins President of Business Operations.

“We are two South Florida companies aligned with shared values — innovation, safety and first-class service — and the commitment to exceed expectations of our customers. As our franchise celebrates our 30th anniversary all season long, we are just as excited to launch this impactful partnership ahead of ADT’s 150th anniversary next year.

We are proud to wear ADT’s iconic blue octagon on our sleeves everywhere we go, and especially when we are safe at home!”

The Miami Marlins of Major League Baseball combine the tradition of America’s pastime with the energy and excitement of South Florida. As an organization that lives through its values, the two-time World Series Champion Marlins are dedicated to building sustained success on and off the field as a world-class entertainment venture, while making a positive impact on our community. The Marlins play their home games at loanDepot park, one of South Florida’s jewel venues and an entertainment destination serving as host to best-in-class local, national and international events each year. The state-of-the-art facility is LEED Gold Certified and WELL Certified.

The partnership will showcase the commitment from ADT and the Marlins in a shared belief that everyone deserves to feel safe. Throughout the partnership, the two local organizations will identify areas at loanDepot park to use ADT’s industry-leading smart security products to help keep fans, players and visitors safe at home when they visit the ballpark. Additionally, the two organizations will work together to create impactful programs across South Florida, providing resources to educate and assist residents in underserved areas by integrating ADT security products and technology.

“We’re thrilled to partner with the Miami Marlins and have ADT show up in a new way for customers, sports fans and the local community,” said DeLu Jackson, Executive Vice President and Chief Marketing Officer at ADT.

“We look forward to working with the Marlins to bring ADT’s safe, smart and sustainable solutions to even more people and places in the South Florida community, the home of our company headquarters and hundreds of ADT employees.”

During the 2023 season, fans will have a chance to win ADT giveaways when they visit a new dedicated space at loanDepot park to learn about ADT’s smart security platform. Fans can also look forward to special offers on ADT products and services available soon.

The Marlins are the latest MLB franchise to secure a jersey patch partner, joining the likes of the Boston Red Sox, Los Angeles Angels, Arizona Diamondbacks, and the Cincinnati Reds as having deals in place for the 2023 campaign after MLB followed the National Basketball Association (NBA) and National Hockey League (NHL) in allowing its organisations to sign partnerships in this category. In April 2022, the San Diego Padres became the first franchise to agree a jersey patch deal, penning a multi-year pact with Motorola that is worth US$10 million annually according to SportBusiness.

“ADT is a trusted industry leader in smart home security that has called South Florida home for more than two decades, and we are excited to welcome ADT as our newest Pillar Partner and member of the Marlins family,” said David Oxfeld, Marlins Chief Commercial Officer. “They have a track record of dependability, and we share a common vision of being consistent and reliable.”

Fans will get their first look at the new Marlins jerseys with the ADT patch tonight, March 30th, on opening day when Miami hosts the New York Mets at 4:10 p.m. at loanDepot park. The new jerseys will be available for purchase throughout the first homestand, March 30–April 5.

Score your tickets now at


ADT Officially Exits Residential Solar Business
ADT completes sale of commercial business for $1.6 billion
ADT and Miami Marlins announce historic, multi-year partnership