ADT Reports Fourth Quarter and Full Year Fiscal 2015 Results

Published November 11th, 2015 | By

 
“We met or exceeded our major financial and operational goals for the year, and delivered another year of improved performance,” said Naren Gursahaney, ADT’s CEO. “We also strengthened our competitive position through investing in our business and establishing new strategic partnerships, positioning us well for the future as we execute upon our strategy to further improve customer retention, drive quality growth, and improve cash generation.”
 
 
FOURTH QUARTER 2015 FINANCIAL HIGHLIGHTS
• GAAP: revenue of $899 million, net income of $81 million, diluted EPS of $0.48
• Recurring revenue of $835 million, up 2.0% or 3.4% in constant currency(1)(2)
• Pre-SAC EBITDA before special items of $567 million(1), up $1 million(2)
• EBITDA before special items of $460 million(1), up $2 million(2)            
• Diluted EPS before special items of $0.51(1) vs. $0.55(2)
• Free cash flow before special items of $77 million(1), up $23 million(2), or 43%
• Steady-state free cash flow before special items of $996 million(1), up $30 million(2)

FOURTH QUARTER 2015 BUSINESS HIGHLIGHTS
• Generated 278 thousand gross additions, flat with prior year excluding bulks
• Improved revenue attrition to 12.2%, a year-over-year improvement of 130 basis points
• Improved unit attrition to 12.2%, a year-over-year improvement of 100 basis points
• Increased new and resale revenue per user to $48.40, an increase of $1.61 or 3.4% over prior year
• Reduced direct channel net SAC creation multiple to 29.1x, a 1x improvement over prior year
• Drove ADT Pulse take rates to 59%; Total interactive customers comprise 23% of the total customer base
• Drove a 17% increase in gross additions in ADT’s U.S. Business channel

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