ADT (NYSE: ADT) is continuing to move the bar in its smart home automation offerings.
In its recent Q4 and end-of-fiscal-year 2018 report to investors, the company noted that 40 percent of all its residential customers now use ADT Pulse, which combines security with lighting and climate control.
But the Boca Raton, Fla.-based CE Pro 100 company is not resting on its smart home laurels, announcing the nationwide rollout of its new ADT Command & Control Platform is set to occur in the next 30 days.
For Q4, ADT reported total revenue was $1.185 billion, up 7 percent, or $80 million year-over-year. Of that, 1.04 billion was monitoring revenue, up 3 percent. The company sustained a net loss of $149 million for the quarter.
For FY2018, ADT reported total revenue of $4.582 billion, up 6 percent, or $266 million year-over-year. The net loss was $609 million, compared to the prior year’s net income of $343 million.
Meanwhile, the company’s new commercial endeavors, led by the acquisition of Red Hawk Fire & Security last year, added $52 million in new revenue. Its recent $25 million acquisition of LifeShield has yet to yield dividends, with ADT reporting the DIY company had a net loss of $10 million.
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Overall, ADT reported its attrition rate fell to 13.3 percent from 13.7, while its breakeven time frame for subsidized installations was reduced to 2.4 years from 2.5 years.
“We’re pleased to share that during our first year as a public company, we exceeded our initial 2018 financial outlook while raising guidance during the year,” says Jim DeVries, CEO.
“A large part of our strong financial performance stemmed from improved operating efficiency, which we accomplished through better customer service, stronger retention, improved capital efficiency and ultimately, better revenue payback.”
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