ADT reports first quarter 2024 financial results

6 min read

Strong 2024 momentum anchored by cash flow growth
Solid CSB revenue growth, up 5%, and segment Adjusted EBITDA, up 8%
Streamlined focus on innovation and growth in core consumer markets
Returned capital to shareholders through increased dividend and share repurchase
ADT reports first quarter 2024 financial results show strong 2024 momentum anchored by cash flow growth and streamlined focus.

ADT, the most trusted brand in smart home and small business security, today reported financial results for the first quarter of 2024.

Financial highlights for the first quarter are listed below. Except for cash flow measures, prior period amounts have been recast to exclude ADT’s former commercial business, consistent with continuing operations GAAP presentation following the sale of the commercial business. Variances are on a year-over-year basis unless otherwise noted.

First quarter 2024

  • Total revenue of $1.2 billion with end-of-period recurring monthly revenue (RMR) up 3% to $353 million ($4.2 billion on an annualized basis)
  • Consumer and Small Business (CSB) revenue of $1.2 billion, up 5% and segment Adjusted EBITDA of $638 million, up 8%
  • Strong customer retention with gross revenue attrition of 13.1%
  • GAAP income from continuing operations of $92 million, or $0.10 per diluted share, up $218 million
  • Adjusted income from continuing operations of $151 million, or $0.16 per diluted share, up $56 million
Jim DeVries
Jim DeVries, ADT Chairman, President and CEO

“We are off to a strong start in 2024 with continued momentum in CSB segment revenue and Adjusted EBITDA as well as cash flow growth. During the quarter, we continued rolling out our new professionally installed ADT+ platform, positioning us to expand nationally in the coming months. We are excited about this new platform, related innovative use cases, and more diverse and flexible offerings for our customer base,” said ADT Chairman, President and CEO, Jim DeVries. “Additionally, we continue to execute on our value creation and capital allocation strategy. We remain focused on driving significant cash flow while continuing to invest in growing and serving our customer base and returning capital to shareholders.”

Business highlights

Foundation for growth
  • Strong RMR balance: End-of-period RMR balance was $353 million ($4.2 billion on an annualized basis), a 3% increase. More than 85% of CSB revenue was generated from this durable recurring revenue.
  • Maintained strong customer retention and revenue payback: Trailing 12-month gross customer revenue attrition was 13.1% and revenue payback ended the first quarter of 2024 at 2.1 years.
  • Solid CSB performance: CSB segment Adjusted EBITDA margin was 54%, up approximately 200 basis points, driven by strong execution and operational efficiencies.
Unlocking shareholder value
  • Share repurchase: In March 2024, ADT repurchased 15 million shares of its common stock as part of its existing $350 million share repurchase authorization. This repurchase was concurrent with a secondary offering of 74.75 million shares (including the underwriters’ over-allotment option) of ADT’s common stock held by certain existing shareholders. Following this transaction, ADT ceased to be a “controlled company” under NYSE rules.
  • Balance sheet fortification: On April 15, 2024, ADT redeemed the remaining $100 million of its First Lien Senior Secured Notes due 2024.
  • Term Loan B repricing: On April 15, 2024, ADT completed a repricing of the $1.4 billion Term Loan B reducing borrowing costs by 25 basis points.
  • Solar business exit: As previously announced in January 2024, ADT is exiting the residential solar business and is in the process of winding down its solar operations. ADT discontinued all sales and marketing activities during the first quarter and expects to discontinue substantially all field operations by the end of the second quarter.
Innovative offerings, unrivaled safety and premium experience
  • ADT+ platform for professional installation: ADT continued the phased rollout of the ADT+ platform, with planned geographic expansion throughout the year. With this rollout, customers will have next-generation hardware and technology through a proprietary app, which the company believes will become the conduit for future innovative use cases and differentiation.
  • ADT Home Security Program for State Farm: ADT’s program for State Farm customers is currently available in 13 states, with expansion to four additional states later this year.
  • Improved e-commerce capabilities: ADT enhanced its e-commerce shopping experience on such that customers can more easily shop for individual products, configure system packages and complete purchases.
Progress on our ESG journey
  • ADT Safe Places Program partners: ADT’s corporate social responsibility program, ADT Safe Places, is positively impacting communities throughout the country with purposeful nonprofit partnerships. In the first quarter, the ADT Safe Places program made $100,000 donations to new nonprofit partners, Blacks in Green and Chicago CRED. ADT also donated $10,000 to the Red Cross to support recovery work in Baltimore following the collapse of the Francis Scott Key Bridge.

2024 financial outlook

ADT is reiterating its financial guidance for 2024.

(in millions)
CSB Total Revenue $4,800 - $5,000
CSB Adjusted EBITDA $2,525 - $2,625

Adjusted EPS $0.60 - $0.70
Adjusted Free Cash Flow $700 - $800

Read the complete earnings report with financial results and complete tables with footnotes.

Conference call

As previously announced, management will host a conference call at 10 a.m. ET today to discuss ADT’s first quarter 2024 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 1-833-470-1428 (domestic) or 1-404-975-4839 (international), and providing the access code 271635. 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 213414.

A slide presentation highlighting ADT’s results will also be available on the Investor Relations website. From time to time, ADT may use its website as a channel of distribution of material company information. Financial and other material information regarding the company is routinely posted on and accessible at

Media Contacts

Investor Relationsinvestorrelations@adt.com888-238-8525

About ADT
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 networks of smart home security professionals in the U.S., we empower people to protect and connect to what matters most. For more information, visit

Forward-looking statements
ADT has made statements in this press release that are forward-looking and therefore subject to risks and uncertainties, including those described below. All statements, other than statements of historical fact, included in this document are, or could be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) and are made in reliance on the safe harbor protections provided thereunder. These forward-looking statements relate to, among other things, the Company’s exit of the residential solar business and the expected costs and benefits of such exit (the “ADT Solar Exit”); the repurchase of shares of the Company’s common stock under the authorized share repurchase program; the Company’s ability to reduce debt or improve leverage ratios, or to achieve or maintain its long-term leverage goals; the integration of the December 2023 strategic bulk purchase of customer accounts; the Company’s outlook and/or guidance, which includes total revenue and Adjusted EBITDA for the Consumer and Small Business (“CSB”) segment and Adjusted Diluted Income (Loss) per Share (“Adjusted EPS”) and Adjusted Free Cash Flow (including interest rate swaps) for total company; any stated or implied outcomes with regards to the foregoing; and other matters. Without limiting the generality of the preceding sentences, any time we use the words “expects,” “intends,” “will,” “anticipates,” “believes,” “confident,” “continue,” “propose,” “seeks,” “could,” “may,” “should,” “estimates,” “forecasts,” “might,” “goals,” “objectives,” “targets,” “planned,” “projects,” and, in each case, their negative or other various or comparable terminology, and similar expressions, we intend to clearly express that the information deals with possible future events and is forward-looking in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. These forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. We caution that these statements are subject to risks and uncertainties, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this press release, including, among others, factors relating to uncertainties as to any difficulties with respect to the effect of the Commercial Divestiture and ADT Solar Exit on our ability to retain and hire key personnel and to maintain relationships with customers, suppliers and other business partners; risks related to the Commercial Divestiture and ADT Solar Exit, including ADT’s business becoming less diversified and the possible diversion of management’s attention from ADT’s core CSB business operations; uncertainties as to our ability and the amount of time necessary to realize the expected benefits of the Commercial Divestiture and ADT Solar Exit, including the risk that the ADT Solar Exit may not be completed in a timely manner or at all; our ability to maintain and grow our existing customer base and to integrate the December 2023 strategic bulk purchase of customer accounts; activity in repurchasing shares of ADT’s common stock under the authorized share repurchase program; dividend rates or yields for any future quarter; and risks that are described in the Company’s Annual Report and its Quarterly Reports on Form 10-Q, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in those reports, and in our other filings with the SEC. Any forward-looking statement made in this press release speaks only as of the date on which it is made. ADT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.