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ADT Reports Third Quarter 2013 Results

  • Recurring revenue of $764 million, up 4.2%
  • Net income of $113 million, up 10.8%
  • EBITDA before special items of $433 million, up 5.1%
  • GAAP diluted earnings per share of $0.52 and earnings per share before special items of $0.53
  • ADT Pulse overall take rate at 27.8% in the quarter, up from 10.3% last year
  • Signs definitive agreement to acquire Devcon Security for $148.5 million
($ in millions, except per share amounts)      

Q3 2013

Q3 2012

Recurring revenue $764 $733 4.2%
Other revenue $69 $81 -14.8%
Total revenue $833 $814 2.3%
Net income $113 $102 10.8%

EBITDA before special items 1
$433 $412 5.1%
EBITDA margin before special items 1 52.0% 50.6% 140 bps
Diluted earnings per share $0.52 $0.43 20.9%
Diluted earnings per share before special items 1 $0.53 $0.44 20.5%

The ADT Corporation (NYSE: ADT) today reported diluted earnings per share of $0.52 for the third quarter of 2013, and diluted earnings per share before special items of $0.53. Using the company’s cash tax rate, EPS before special items was $0.80 1.

Recurring revenue, which made up 92% of total revenue in the quarter, was up 4.2%. Recurring revenue growth was driven primarily by an increase in ending average revenue per customer, which rose to $40.08. Non-recurring revenue declined 14.8% as the company’s mix of newly installed systems continues to shift toward more ADT-owned systems, increasing deferred revenue and reducing current period installation revenue. Total revenue of $833 million increased 2.3% compared to the third quarter of 2012.

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