In this Research Note, we examine the ADT Commercial fire and security business, based on their 2021 Results, 1st March 2022 Investor Day presentation and strategy throughout 2021. ADT is the provider of security alarms and monitoring services for the smart home and small business sector in the United States. With revenues of $5.3 billion in 2021, ADT reports its financials in three segments: Consumer and Small Business (CSB), Commercial and Solar.   The ADT Commercial segment (21% of total 2021 revenues) sells, installs, integrates, maintains and inspects commercial building safety and management technologies, which include fire detection and suppression, video surveillance, and access control systems. Customers in the commercial segment, accounting for 19% of the total customer base, are comprised of larger businesses with more expansive facilities (typically larger than 10,000 square feet) and multi-site operations, which often require more sophisticated integrated solutions. The market is characterized by high penetration rates, driven in part by fire and building codes and insurance […]