In this Research Note, we examine the ADT Commercial fire and security business, based on their 2022 Results, investor presentations and strategy throughout 2022, updating our previous analysis. ADT is a US public company providing smart home, commercial security, and solar solutions serving residential, small business, and commercial customers in the United States. Total revenues were $6.4 billion in 2022. The ADT Commercial segment (19% of total 2022 revenues) installs, integrates, maintains and inspects commercial building safety and management technologies, which include fire detection and suppression, video surveillance, and access control systems. ADT Commercial revenue in 2022 was $1,230 million, up 10%, versus prior year. Improvements were driven by an increase in product and service prices as well as strong installation and sales performance. Commercial Adjusted EBITDA increased 32% to $127 million, with an adjusted EBITDA margin of 10%. These improvements were driven by higher revenue, which was partially offset by the impact of cost […]