ADT Sells Off Commercial Integration Business For $1.6 Billion
Over the last five years, ADT has acquired 10+ commercial security integrators. Now, in a sharp turnaround, it is divesting this entire business, selling it to a private equity firm for $1.6 billion.
In the process, ADT created one of the largest commercial security integrators globally.
Is this a good move for ADT, who for years attempted to expand into commercial, as its residential business faced heavy DIY threats? And what will become of ADT commercial as an independent company?
For background on ADT commercial, see ADT Commercial Argues "Unique Growth Opportunity", ADT Claims "Leading The Commercial Space", ADT Eliminating Acquired Brands, Unifying Under 'Commercial' Brand
Deal ********
******* **** * ********** ********* ** sell *** ********** ********, **** *** life ****** ******** **** ** ****, a ******* ******* ****** ****, *** a ******** ***** ** $*.* *******
*** **** *** ********* *** *** proceeds ($*.* ** $*.* *******) ** pay **** ****. ****** **** ****, ADT *** ~$** ******* ** **** versus ~$* ******* ** **** ****** revenue, **% ** ***** (~$*.* *******) was **** *** **********.
*** ********** *** **** "** ** the ******* ******** ** ***** **** and *********** ***** *********."
Buyer ******** / ********** ***** ********** *
***** ******* ****** **** **** *** not ** **** ***** ***** ***********, GTCR *** * **** ***** ****** in *** ********. **** ******** ** this ****,**** ******** ******** ******** ********** * in ******* **** **** ***** ********* ** ** ****** ****** **********, *** ******** ********** * **** ADT.
**** **** **** ** ******/*** * years *** ** *** ******* *** same ** **** ** ** ****** now, ** *** ******** **** **** integrators ** *******. *** **** **** have * **** ********* **** ** operate *** ********** (** ******** *** name ** ********** ******* ****).
*******, *** **** **** *******,***** *******, *** *** *** **** ****, is ******* **** *********** **** ***.
ADT ********** ********
*** ********** ******* ********** ** **** year's ******** ***, ******** *****:
*** **** **** **** ************:
*** ********** *** ********** **** *** (~30% ** ***** *******) *** ** integrator. *** *** ******** ***** ** ~1.5x *******, ****** **** *******, ******** that ********* ***.
*** ********** ******** ************ ***** ****,******* ******** ***** (***),******** *******, ****** ******* ***********, *** ************,***-**** ********,**** ***********,******'* ****** *****, *** ****** **** Protection, ***** ****** (** ** ****** that ** ****** **** *** **** update ** ** ******).
Major ***** *** ***
**** ** * ***** ********* ***** for ***, ***** *** *+ ***** has **** ******** *** ********** ******** while *** *********** / ******** ******** has **** ***** ****** **** *** upstarts **** ** ********** *** ****. The ******* *** ********** ******** ******** them **** *************** *** * ******** that *** *** **** ** *********** threat.
** *** *********** ******** ****, **** does ***** *** ** ***** ** the *********** ******, ***** *** **** boosted **** *** **** *** ***** by*********** **** ************** ****.
***********, *** ***** *** ********* ***** it **** **** ****** ** **** and *** * ****** ************** ** just $*.* *******, ******** ***** **** its ****** *******:
Outlook *** *** **********
*** **** ******* ****** ********** * is * ********** **** ** **** GTCR *** ** **** *** **********. They ***** *** ** *** ******* years, **** ** **** *** ********, make ************ *** **** **** * larger ****** **** *** **** ** acquire, *** *****, **** *** ** 2028.
** ***** *** **** ******* *** ADT ********** ** ************* **** *****, given *** ********** ******** ********* ** the ********** *********** ******, ******* ***** the ******** *********** ****** ******* ******* ADT ** *** ******** ******, **** will ***** ** ***** **********.
Debt *********
***'* ************ **** *** ********** ***** this, *** ** ******* **** *** surge ** ******** ***** **** *** last *** ***** *** * ****** in **** ****. *** ********** ***** no ***** ** ********* ********, *** the ********** ****** ** ****** ********** the ****** ******** ******* **** ** than *** *********** ***. ** ****, we ** *** *** *** *** would ** ********* ** *** *** of *** ********** ******** ** **** as ** ***** *** **** ********* to ** ********* ***** *** **** higher **** ** *** **** **** load **** *** ******** ******.
Investor **** ********
***'* ******** **** ********** *** **** were **** * "***** *****" *** the ********** ********. **** ********* **** by ****** **** **** *** ***** paid * *** ****** ******** *** the ********** ******** **** *** ** a *****, ******* *** ********** ****** a ***** ****** **** *** **** of *** ********:
** ** ******* *** ***** ********* at ************* ** ******, *****'* *****'* reflect *** ********* ***** ** *** company *** ** *** ** *********** with * ******** ***** ** $*.* billion ***** *** ********** *****. **** the ****** ******** *** **.** ** there's ** ********* * ***** ****** for *** ****** ***** *** ***** is ******* *****.
******** **** ********** **** *********** ********* on *** ****, ********* ********* **** the "********* ******** ***** ****** ******** rates" *** ****:
******** ******* ***** ********** **** **** flows **** *** [**** ** ***] commercial ********
** ****** ****** ******** ****** ******* and **** ******** ******* **** **** paid **** ** ****** *** ****** of ********* *** ********** ********.
*** *** * ***** ******* **** the **** *** ******, *********** ****'* background **** ********** ***********:
*** **** ****** ** ***** **'** received ******* ********* ***** *** ********** business. ***** * ****** ** ******* inquiries ******* **** ****, ** ****** up *** ******* * ****** **** broadly. *** ********** ******* ****** ** were **** ** ***** *** ********* with **** ** *** *** **** read ****'** **** ******** ** ********** businesses ** *** ****. ****'** *** a ***** ****. **** **** ** a **** **** ***** *** ** decided *** ** *** ***** ****, especially ***** *** ** *** *** proceeds ** *** **** ****
*** ******* ** *** ********** ******** needing **** ******* *** *** *** specify **** **** ***** **** **** for:
*** ********** ******** *** ** * bit ** ** ********** *****, *********** needing *********** ******* **** ** ***** was ****** ******** ** *** ****** core ********
*** **** **** ******, *** ** expect **** ** ** **** ** the *** ** ****, ** *** deal ** ******* ** ***** ***** this ****, *** *** ***** *** a "******* [**] *** ***** ** ADT ********** *** ** ******".
** ** ~**%. ***** ******* *** be ********* ***** ******* ** ***** on ** ****** ***** ***** *** (i.e. ********* ******* *******) ** ***** on * ******* *****, **** $** million * ***** ********** ** ** months ** * **** ****** $*** million ********.
* ***** *********!*****'* ****** ** *** graphic ** ******** ****, ** ****** for *** ***********."*********" ***'* *** **** of **.
****! *** ************ *********** ******** **** RMR ***** **** ********* **** *******, but **** ********* ************ ****** *** (i.e., ** ** ****** *****), ***** makes **** ****** ****** ** ******** to *** ****** ****** *******.
******: *** ***** **** **** ******** after **** **** (*** ** ********* results) **** *********:
** ******* ********* ** *** **** a ****** ******** ** ******** **** on *** ****.
*** ****** *** **** ***** ** a ****** ** *** ***** **** Credit *********- **** *** ******** *** the ***** ***** ** ** ****.
**** ****** *** ** *****, ** its * ******, *** **** **** the ****** ** ******** ****, **** stocks ** ** *.*. ***** ******** Gorilla **** ** ******** *******:
******* ** ** ***** *********** ******** ******* ** *****. ******* ** a ***** ******* **** * ***** net **** ** *** **** **** so **'* ****** *** ** ** move. **********:******'* ******* **** ****** ** $***+ Million *********.
** ********* ****** ******** ** ***** the ****, ***'* ***** ***** ***** much ****. *** *******, *** *** Vivint **** -****** ******** ** ***** ****** *******, Acquirer ***** ***** *****
*** **** ******** *** ******** ****, emphasizing *** **** **** **** * "great *****" *** *** ********** ********. They ********* **** ** ****** **** they *** ***** **** * *** higher ******** *** *** ********** ******** than *** ** * *****, ******* ADT ********** ****** * ***** ****** than *** **** ** *** ********:
** ** ******* *** ***** ********* at ************* ** ******, *****'* *****'* reflect *** ********* ***** ** *** company *** ** *** ** *********** with * ******** ***** ** $*.* billion ***** *** ********** *****. **** the ****** ******** *** **.** ** there's ** ********* * ***** ****** for *** ****** ***** *** ***** is ******* *****.
******** **** ********** **** *********** ********* on *** ****, ********* ********* **** the "********* ******** ***** ****** ******** rates" *** ****:
******** ******* ***** ********** **** **** flows **** *** [**** ** ***] commercial ********
** ****** ****** ******** ****** ******* and **** ******** ******* **** **** paid **** ** ****** *** ****** of ********* *** ********** ********.
*** *** * ***** ******* **** the **** *** ******, *********** ****'* background **** ********** ***********:
*** **** ****** ** ***** **'** received ******* ********* ***** *** ********** business. ***** * ****** ** ******* inquiries ******* **** ****, ** ****** up *** ******* * ****** **** broadly. *** ********** ******* ****** ** were **** ** ***** *** ********* with **** ** *** *** **** read ****'** **** ******** ** ********** businesses ** *** ****. ****'** *** a ***** ****. **** **** ** a **** **** ***** *** ** decided *** ** *** ***** ****, especially ***** *** ** *** *** proceeds ** *** **** ****
*** ******* ** *** ********** ******** needing **** ******* *** *** *** specify **** **** ***** **** **** for:
*** ********** ******** *** ** * bit ** ** ********** *****, *********** needing *********** ******* **** ** ***** was ****** ******** ** *** ****** core ********
*** **** **** ******, *** ** expect **** ** ** **** ** the *** ** ****, ** *** deal ** ******* ** ***** ***** this **** *** **** *** ***** has * "******* [**] *** ***** as *** ********** *** ** ******".
******** *** **** *** ********** ****** their ********** ***** ******, ***** *** of ***’* ******** ******** ** ******* to *** ***** ** ***** **** recognition.
***** ** *** ******* *** **** provided *** ********* **** ***** *** 1.5B ********* **** ***** ** *.* Billion. ** *** **** ****** ** really ** *******, ** ********** * 40% ******** **** *** **** * Billion ******.
******** * ***** ****, ** **** provide **** * **% ********* ** debt, *** ******* ****** ****** ** elimination ** *** **** ****** ********** of *** ********** ***** ********** *** source ** ***** **** ****. **** if ** ****, ******** ** **** remaining **** ** * **** *****, requiring *** *********** ** **** * new ******** ** **** ********* ** eliminate **** ****, *** ****** *** debt ******* ***** ******* * *** to ****** *********** ******** ** ******* from *** *********** *** ** **** customer *********** *****. ** *** **** proven **** *** ****** ** *** ‘make ** ** ** ******’.
** **** ** * ***** ******* to ***** *** *** ********* *** residential ***** ********** ****, **** **** Solar *****. ********* *** *** * nervous, ****** *** ******* ****** ** at ***** **** ********* ** ******. With ** **** **** *** **** interest, ** ** **** ****** **** burning **** **** ** * **** bigger *******. ** ****** ******* **** if **** *** ***** ** **** afloat **** ***** *** **** ******* from **** *****, **** **** **** to ****** ** ******* **** ** the ******** ** **** *** ******** more *******. ***** ** ******, ***** or *********** *******? ********* *** *** investors, **** **** **** **** *** best **** *** **** *** *** cash ******* ******* ** *** ********..
*** ********** ** *** ***** ****, is * **** **** ** *** recurring ******* ******. ********** ******* *** far **** **********, *** ********* *** RMR *** ******* ** **** ******.
** ** *** ********** **** **** has ******** *** ********* *** ******* of ***’* ********, ***** ******** *** largest ******, ******* ***** *******, *** most ************ ****** ** ***. ** is *** ******** ** ***** *******. The ********** *** ****** ******** ** cost ** ********* ***** ******** ** much ****** **** ******* ******* ** the ******** ****. ********* ********** ***** generate ********** ******* **** **********, *** the *** ******** ********* ********** *** life ** *** **********/******* *********.
**** *** **** *** ** *** most ********** ****** ** ********* ** our ********, *** ***** **** ***** of **********, **** ********** *** **** even ******* **** ** *** ********* accepted ***** ******* **** ** *** industry. **** ********* **** ***** *** real ***** *** ** *****, *** are ******* ** ********** *** ********* from **.
**** **** ********* ********** ***, **** acquired *** **** **** ********* *** best **** ** ***. **** **** combined *** *** *** ***, *** later **** **** ******, **** ********* all ******* *********** *** ******** * significant ******. ** *** * **** game, ******* **** ****** **** **** had *******, *** *** ******* **** well ***** *** ******.
**** **** *** ******** *** ********* once *****, *** **** ******** **** of *** ******** ** * **********, if *** **** * ******* ****. That ****** ** ********** *** *** powerful *******. ******** ******* *** ****** opportunities **** ****** ** ***** ****** margins *** *********, *** *** ********* in *** *********** *******. **** **** acquisition, *** **********, ** * ********** entity, ** ********** ** **** *********** and **** ***** *********** ********** *** focus, **** **** ****** ******* ********** on *** *** ** ****** ********** what ** ** ******* *****. ******* GTCR, **** ****** **** ******. **** are *** **** ** *** *** collective ********* ****** **** ***** ******** venture *** ******** **** ** **** the **** ******** ******* ** *** company ** *** ****** ** *** not **** **** **** ** ***** tied ** *** *********** ****.
** ** ******** ******** *** ********, there ***** ** ******* ****** ******** in *-* *****, ** ***** ***** sales **** **** ****** *** *********. Then ***** ***** ****** ********* * cash ****, ****** ********** *******, **** may **** ** ****** ***** ***** beyond *** **.
**** *** *** ** *** ********** companies ***** * ***** ***** **** generate ****** *** ** *** *** all ******* ********** **********, *********** ** new **********, ************, *** ********* *****, which ******** *********** **** ******* **** as ********* ****, **** *** **** to ************ ********** ********* ** ******* to ********* *** *********. ******** *** companies ***** **** ***** *** ***, and **** ******* ********* **** *** still **. **** ***** *** *** experience, *********, *** ***** ** ** so.
** ** *** *** **** *** not * ****** ******, **** ***** most ****** ** * ********** **********, and * ***** ** ******* ** wager **** **** ** **** *** better **** ****, **** ***** ***** time ******. **** ****** ..
***, *** **** ** **** **** for *** ** *** ***********, ** name ******* **** ** ** ***** initially ****** ******** ** ********* **** may ** ****** ** ** ******* companies.
**** ******* ** ** ***, * really ******* **** *******, *********** ******** and **** *******.
* **** **** *** *** ***, but *** **** ** ** ****** animal. ***** * ***** ***'** ***% on *** ***** ****.
********** *******!
** ** *** *** **** *** not * ****** ******, **** ***** most ****** ** * ********** **********, and * ***** ** ******* ** wager **** **** ** **** *** better **** ****, **** ***** ***** time ******. **** ****** ..
***, *** **** ** **** **** for *** ** *** ***********, ** name ******* **** ** ** ***** initially ****** ******** ** ********* **** may ** ****** ** ** ******* companies.
***** * ********** **** ** ** to ** ** ******** **********. * agree *** **** ****** **** **** some ******** ****** *** ***** ***** are ********** ****** ******* **** ** than *********?
** ****,
**********, * **** ****** ************ **** not **** ** **** ****** ** an ******** ********, ********** ** **** have ** ****** ** ****, ********* a ************, *** *********** *** ****** will ** ********. * *** **** can ******* ***** * ******** ** wonder ** *** *** ******* **** be ** ****, ** **** **** 12 ****** **** ** ********. ** they *** ******* ******* **** ***, perhaps ** **** ** ** *********** to ******** **** **** *** *** management **** ** * ****** ***. They *** ***** ** ********** ** a ***** **** ** ******** ******* time, *** ** *** ***** ** discount * **** ** * ******** for ***** *** **** **** **+ months ** *******. (**** ** * recourse ********* ** ** *****).
** ****** ** *** ********** ****** more **** *** *** *** ****** of *** *******, *** **** ******* understands ****.
******* **** *********** *** **** ************, especially ** *** ******** *** **** Safety ********, ** ** * ******** marketing ****, ** **** ** * positive ***********.
** * ******** ** ******** *** a *** ****** **** **** **** likely ********* ** * ***** ******* around **** **** ***** **** *** familiar.
** * ***** *** ****** ** the **** **** * *** ******* name **** *** ***, ***-***, ******, or ********, ** **** ******* **** to ******* *** **********, *** *** it ** * **** *****.
** **** ***** ** ** ***** puts **** ** * **** **** par **** ***** *********, *** ******* more ********* *********** *** **** *** customer.
* ***** * ** ******* *** a ****** ****** *** *** ****** in *** ********, **** ** *** such * ****** ****** *** ******** stock *******.
*** **** **** *** **** (*** they **** ****), ** **** **** purchased ** ****** *******, ********* *** assets, ******* ********, ******* *****, *********, and ********* *** (***** *** ********) just * *** **** **** **** would **** **** *** **** *** contracts. ** *** * **** *******, and ** * ***** **** **** the ****** ******* **** ** ******** continuity ** ***** *********. ** ****, if *** **** ********** **** **** GTCR *** ** **** ****, **** will ******* **** **** ** *** existing *** ********** **** ****** *** went ******. *** ********* *** **** hold * **** ********** ***** *** the *** ********** **** *** ****** their ****. (********* ********** **** ********* leave ********* ******* ****).
** ****** ** ******** ** *** what **** **, *** ***** ********* they **** *** ******* **** ****. If **** ** ** **** **** ADT ** **** *** **** *** One/ADT, **** *** ******* ***** ****** companies ** *********** ** ****** **** of *** **** ******, ** ******** for **** ****, ***** *** *** knowledge **** ***** ********* *** ********* will ** **** ***** *** **** the ****** *****.
*** ****, **** ** * *******, but **** ***** ** * **** outcome *** ****.
******* **** **** *** ***
**** ***** ** ********** ** **** named ** ********** *! * *** thinking **** ***** ********* **** ** Protection *. **** *** *** ***** in **** *** *** ***** ***** those ****** **.
*** **** **** *** **** (*** they **** ****), ** **** **** purchased ** ****** *******, ********* *** assets, ******* ********, ******* *****, *********, and ********* *** **** * **** bit **** (***** *** ********) **** they ***** **** **** *** **** the *********
****'* ** *********** ***********. *** ******, #3 ******* ** *** ********** ****** ~$30 ******* ** *** *** **** multiplying ** ** ** ***** ****** the ****** **** ** ****. **** I ***'* *** ** *** ***** they ** ****** ** ****** ******** near *** ********* *** *** *****? ADT **********'* ****** *** ******* *** in *** **% ***** ** *** profitable ** ***** *** *** **** does **** *** ***** *** **** of *** **********'* ********?
**** * ** ******** ***** **** 50x *** ********* ** ****'* **** over * ***** ****** *******, *****, since ***** *** ********* *** ********* you *** *** ******** *********** ******* growth, ******* **** *** *** ****** margin ** ***** ***** ** ********* in *** **% ** **% ***** (assuming ** ******* */* ***** ** 10 ** **). ** * *** here **?
**** * ***'* *** ** *** would **** ** ****** ** ****** anywhere **** *** ********* *** *** today? *** **********'* ****** *** ******* are ** *** **% ***** ** how ********** ** ***** *** *** what **** **** *** ***** *** rest ** *** **********'* ********?
*** ***** ** **** *** ******* bulk ****** ** ********, *** * large **** ** ********* ******** ****** higher *******, *** *** *** ***** is * **** ********, *** * one ** * **** *********** **** very *** ****** ***** **** ********, however ***** *** ********** ** *** Large ********** ******* *********** ********** *** value, *** ** ****** ** ** not ********* ******. ** *** **** at ***'* *********, *****, *** ****** of ****-******** ** **** ***** ********, it ** * ********** ****** *** the **** *** ** ******* **** a **** ***** ** *** *** in *** ******* *** ** ********* income ** *******.
** ************* *** **** ** ******** the ****, ****, *********, ********, *********, and **** ******** ** ****** **** very ******** **** ** *** **** scratch ** *** *** **** ** possible ** ** *****, *** **** potential ******* ***** **** ** **** years ** ****** *********.
**** *** ** **** ***** **** these ******* **** **** ********. **** include **** ** *** ******* **********, institutions, ******* *** ********, ** **********, State, **************, *********, *** ******** ***** clients ********** *** *******. *** *** generally **** ** *******, *******, *** maintenance ********* **** **** **** ******* and ******* **** ********. ** **** cases, **** ** *** ******* ***** in *** ********.** * ***** ** cannot ****** **** * ***** **** of *** **** ******* *** ***********. As * ****** *****, ***** *** the ******* ******* **** ******* ** the **** ******* *****. ***** ****** contractually ***-********** **** ********* ****** *** RMR, ******** ** ** *% ***, not ********* *** ******** ***** **** year.
****** *** ****** ****** **** ** ignore ********* ****** *** *** ******* growth **** ********* ***** ******** ** the ******** ***** ***** *** '********* rate', ******** ** *** ****** ** as '**** ****'.
** ** **** **** ******** ****, I ******* *** ** ** ******* deal.
*******, **** ** **** **** **** 40x ***, *** ******** *** ****** infrastructure, **********, *********, *****, *******, ******** team, *** *** ***** ****** *** a *** ******* ******** **** ** would **** **** * ****** ******. Especially **** *********** *** **** ** create ***** ********* **** *******.
** ******, *** ******** ****** ** these ****** ********** *** ******* *** business ******* ****** **** ******.
** ** ******** **** ***** *******.
** **** ** *** ******* *** net ******* *** *** **** ***? 20%? **%? ****? ****? *** ***'* quantify *** *** ******** ******* *** provide ******* **** *** ***** *** net ******* *** **** ****.
*** *** ***** ** *** ****** on *** ** ***** ** **** factors, *** **** ** ********* *** also ******. ***** ****** ** **** RMR *** ** * **** **** of ********* ******** ****** *** ** a ******* ***** ** *******, ** a ****** *******. **** ******** **** higher ******* ***** ** **** ** deliver **** ******* .. ** *** want ** *******, *** ********* ************* are * *** ****, **** *** include **********, *** ***** ******, *** may **** ******* ****** *** *** service *** ********* **********.
*** ***** ***** ***** *** ******** RMR ** **** ****** ** * good *****, **** **** **** **** important, *** ********** *** ***** *** VALUE ** *** ******* ** **** a **** *** *************. **** *** industries **** **** **** *** ********** that ***** ** * *****, *** renew ************* *** *,*, ** **** 10 *****. (******* *** *** ** Year ****)
** ****** ********** *** ********* ** it ******* ** *** ******** * offer **** ********.
*** *** ** ****** **** **** many ********* ********. **** ********** ******* added *** ** ********** **** ** providing **** *******. ** *** ** a ****** ******* ** *********** ** many ******* *****. ********* ******* ******* have * ***** ****, ***** ** software ********. ****** **** **** ************** based ** ******* *****, *****, *** other ******* ******** ** ******* *** services *** *****.
**** *** *** *** *** ************ of *** ******** **** ** ***** using ****, *** ***** **** ** provision ***** ** **** ****. ****** get *** **** **** ***** *****, and **** **** *** ******* ********. Remove *** *** *** ****** *** you **** * ****** **************.
Some ***** ***** ***;
- ****** ********** - ********* *** ********** to *******. ******* ********* *** ** provided ************ ** ******** **** ***** based ** ***** **** *** ********:
- ********* ** ******** ********* ****/***** *********
- ******** ****** ********
- ********* **** *****, *****, ** ***** verification ******* ******** *****.
- ************ ** ********/* ***** ** **** list
- ************ ** ********** ******/********
- ******* ******* - ******, ***********, ****** changes ** ******
- ******* *** ******** - ****** ************ provide * ******* ** ******** **** a *** *******:
- ************ ** ******** ** ****.
- ******
- ********
- **** *** ******* ** * ****** or **** ** *** ****** **:
- ********
- **** *** ****
- ******** ****
- ****** ********** ***** ***** **:
- ****/****
- ********** **** */ **** *** ****
- **** ********
- **** ******
- **** ************* ** ****** ********
- ****** ****** ********
- ********* ****** ********
- ***** ******** ***** *****
- *********** ******* ** ** ***** ** degrees
- ********** ** ******** *** * ****** in *********
- ****** ******* *********: *** **** ** list, *** * *** ******* ***** are:
- ***/******
- ****/******
- ******* ****** ** ****/****
- ***/****** **** ***** *****
- *** ** ********* ***** *****
- ****** ******** ** ******, ****
- ****** ****** ******* ** **** *** Alarm **** ** **** ****** ********* permission, ****, ***.
- ****** ******* ** *****
- ******* ** ***** ********* ** *** event ** **********
- ************ ** ******** ** ****.
- ******* ***** ******* ** *** - For ********* ******** *** *** *********
- ******* ***** ******* ******* -
- ***** ****
- ***** ****
- ***** *** ***** ************ *********
- ******* *** ******** ***********
- ********* ******** *** ********
- ******* ** ***** ******** ** ******** -
- ****** ********** ** ****** ******* ** Video *******
- ****** ********** ******* ****** ** ***** history
- ******** ** ***** ******* **** ***** to ********** ****
- **** ******* (*******, *********, **-********, ********
- ** *************
- ***** ****** ********
******* ** *** ** ******** ********* based ** *** ******* ********.
**** **** ******* ********:
******** ********** ** ****** ******* *** cellular ** ******* ******* *****, ******* can ** **-**%
*** ******** ** ******* ***** *****. Carrier **** ******* ***** ****** ** 65-70%
*** ******* ******** ******* **% *** App ** *******. -
***-*** ** *** ******** *** **** a **-**% ******.
***********, *******, *** ***** *********** ** required *** **** ******* ***** ** actual *********** ** *** *******/******** *********.
** ******* ******** **% ******
****** ****** ******* ********, ** ******* provided ** ***-********** ***** ***** ** 25% - ** ** ******, ** even ******** ******* ** *** ***** go **.
** ****** *** ******* ***** ******** higher ****** *******, **** ********* **** lower ******* *******, ******* *** ***** net ****** *** *******/******** ** ******. In ***** ** *******, ** ******** the ****** ***** ** **** *******/********, it *** ** ****** ** *** how **** *** ****** **** */* provides.
*** *******:
$** ********** **** **** ***** ***** might ********* *** **% ****** ******, but ***** $** ****** *** ****** after ** **** (******** $* **. CS ****)
$*** **********, *****, *******, *** ***** verification **** *** ****** ** **% margin, *** $*** ******. (***** ******** CS **** + ** ************ **** + ******* ******* ************ ** ************ + ******* ******* *** ******** **** for *******, *******, ***.) ****** ***** if **** **********/******* ******** ****** **** actual ***** *** */*.
** ** ***** **** ** *** two */*’*, *** *** ****** *** a ****** ****** *** *** *** system ******** **** *** **** *** A/C. ** *** *** **** ********, which **** ** ******* ***** *** prefer **** ** **.
***** ***** **** **** ***** ** focus **** ******?
******** ********* ******* **** ********* ***** slightly ****** ********* *****, ***** ****** systems **** ** ** ‘********’ ** the **** ** ****** ** * new ******* ********* ******** ********** ************** of * *** ******* ****** ************. Catch ** ** **** ** *** always ********* ** *** *** ** contract, ** ** ******* ** ****, it ** ****** ** **** **** the ******** *******. **** ** ***** that **** ******, ***’*, *** ********** Managers ****** * ***** **** *** month **** *** ** ******** *** without ********** ******/******* *****. *** ** with ******* ********* ********.
***** ******* ********** *** ***** ********* or ******* ** ********, ****** ******* that **** ** *** **** *** long **** ***** **** **** ** RMS *** */* *** ** ****** understood ** *********** *** ****** *** system/customer/contract.
**** ** **** **** *** *** the ********* **** *** ****, * bit **** ** ********** *** *******.
******* ****, ** *** ** ***’* total ******** **********, ** ** *** surprising ***** ******** **** ****** ** purchase, *** ************ **** **** ******* neatly ********* *** **** *******.
* ***** ** ** *** * coincidence **** *** ******* ********** *** commercial *** **** *** *** *** developed *** ******* ***** ******* ********* ADT’s ************, *************, *** ***** ***** to ************ * ***** ***** *** the ****** ********. * ******* **** they ****** ********** *** ****** **** other ******, *** **** ******, ****** than ***’ ******* ********** ****. ** their ******** ******** ** *** ** any *******, **** **** ****** **** a ***** ************* ** **** **** will ** ** ****** *********, **********, policies, *** *** ***** ******** ********** affecting *************, ******** ****** ** ********** comes ****** **** *****.
****: *** ***********, ***** **** ** the ********, *** ***** ******* **** above *** *** ************ ******* ****. Actual ***** *** **** ***** ** a ****** ** *******.
****, *** ********** *** ******* ****** to *********?
******** *** ****** *** ******** *** exposure; ******** *** *** ***** *** group *** **-***** *** ****** **********; Booos *** *** *** ********** *** not ********** *** **** ******** “********” attrition, *********** ** “***** ******** *******” attrition (**.*%), ***** ***** ** *********** downward **** ***** **% ** ****. And*** *** ******** *** ******* $$ clawed **** *** ******** ******.***** *** ****** ** ********, "***** are *** ********"?**** * ** *** * ********* professional, *** ******* **** ** *** language.
*** ***** ****** ***** *** ** still ****:
*** **** ** ** ** **** investors *** *** ******* ** **** deal. **** ***** ** ***** ** wrong *** ** ********* ** *** felt ******** *** *** ** *** other, *** ***** ***** ***** **** moved **********.
** ******** **** ** *** *** Commercial ****-***** *** ****.
******: **** ******* *** **** ***** to *** *** **********:*** ********** ****-*** ** ******** ****
"*** ********** *** ********** **** *** (~30% ** ***** *******) *** ** integrator. "
$*** ***'* "~**% ** ***** *******" of $*,****... **'* **** **** *% (2.783%), ***** ** *** ******* *****.