In this research note, we map the strategic direction of US security alarms and monitoring services provider ADT. This analysis focuses on the acquisition, investment and partnership moves they have made in Smart Home, Mobility and Connectivity / Cyber Security. ADT Reported revenues of $5.3 billion in 2021, They met or exceeded guidance from the previous year, with total revenue and adjusted EBITDA above the high end of ranges provided. This performance was driven by an increase in installation revenue due to the impact from COVID-19 during the prior year as well as an increase in monitoring and services revenue due to higher recurring revenue, improved customer retention, and acquisitions. “Our fourth quarter caps off a strong year for ADT as we further set the foundation for long-term growth – increasing our subscriber and recurring revenue base, achieving important milestones in our Google partnership, growing our Commercial business, and entering the fast-growing residential solar market,” […]