2022 Q4 Form 10-K Financial Statement

#000170305623000046 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $1.645B $6.395B $1.381B
YoY Change 19.12% 20.5% 5.04%
Cost Of Revenue $528.0M $2.040B $415.4M
YoY Change 27.1% 31.6% 10.99%
Gross Profit $1.117B $4.355B $965.6M
YoY Change 15.69% 15.92% 2.67%
Gross Profit Margin 67.9% 68.1% 69.92%
Selling, General & Admin $480.0M $1.930B $445.1M
YoY Change 7.83% 7.88% 0.1%
% of Gross Profit 42.97% 44.32% 46.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $412.1M $1.694B $490.7M
YoY Change -16.01% -11.55% 3.61%
% of Gross Profit 36.9% 38.89% 50.82%
Operating Expenses $892.0M $1.930B $935.8M
YoY Change -4.68% 7.88% 1.92%
Operating Profit $225.0M $560.2M $29.73M
YoY Change 656.94% 3567.03% 78.12%
Interest Expense -$147.0M -$265.3M -$110.1M
YoY Change 33.46% -42.04% -20.65%
% of Operating Profit -65.33% -47.35% -370.54%
Other Income/Expense, Net $96.00M -$57.56M $3.466M
YoY Change 2669.76% -792.42% 103.88%
Pretax Income $155.0M $237.4M -$96.24M
YoY Change -261.06% -150.38% -23.2%
Income Tax $1.000M $60.18M -$38.29M
% Of Pretax Income 0.65% 25.35%
Net Earnings $151.0M $172.6M -$57.95M
YoY Change -360.58% -150.65% -48.29%
Net Earnings / Revenue 9.18% 2.7% -4.2%
Basic Earnings Per Share
Diluted Earnings Per Share $0.15 $0.18 -$68.84K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $257.0M $257.0M $24.45M
YoY Change 951.0% 951.0% -88.07%
Cash & Equivalents $257.2M $257.0M $24.45M
Short-Term Investments
Other Short-Term Assets $77.98M $458.0M $119.6M
YoY Change -34.81% 282.89% -43.31%
Inventory $410.0M $410.0M $347.9M
Prepaid Expenses $28.65M $30.37M
Receivables $597.3M $597.0M $442.2M
Other Receivables $122.5M $0.00 $0.00
Total Short-Term Assets $1.722B $1.722B $992.5M
YoY Change 73.5% 73.5% 2.6%
LONG-TERM ASSETS
Property, Plant & Equipment $3.437B $3.437B $364.1M
YoY Change 843.95% 2.37% 11.79%
Goodwill $5.819B $5.943B
YoY Change -2.1% 13.5%
Intangibles $5.092B $5.413B
YoY Change -5.94% -8.35%
Long-Term Investments
YoY Change
Other Assets $723.6M $1.803B $462.9M
YoY Change 56.3% 56.59% 27.33%
Total Long-Term Assets $16.15B $16.15B $15.90B
YoY Change 1.57% 1.57% 4.97%
TOTAL ASSETS
Total Short-Term Assets $1.722B $1.722B $992.5M
Total Long-Term Assets $16.15B $16.15B $15.90B
Total Assets $17.87B $17.87B $16.89B
YoY Change 5.79% 5.79% 4.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $486.7M $487.0M $475.0M
YoY Change 2.47% 2.53% 47.69%
Accrued Expenses $899.8M $900.0M $737.2M
YoY Change 22.05% 31.03% 26.21%
Deferred Revenue $402.7M $373.5M
YoY Change 7.81% 8.09%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $871.9M $872.0M $117.6M
YoY Change 641.48% 641.55% 162.69%
Total Short-Term Liabilities $2.661B $2.661B $1.703B
YoY Change 56.23% 56.22% 31.42%
LONG-TERM LIABILITIES
Long-Term Debt $8.957B $8.957B $9.575B
YoY Change -6.46% -6.46% 1.35%
Other Long-Term Liabilities $271.8M $1.917B $300.7M
YoY Change -9.59% 27.8% -41.12%
Total Long-Term Liabilities $9.229B $10.87B $9.876B
YoY Change -6.55% -1.82% -0.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.661B $2.661B $1.703B
Total Long-Term Liabilities $9.229B $10.87B $9.876B
Total Liabilities $14.44B $14.44B $13.65B
YoY Change 5.82% 5.82% 4.34%
SHAREHOLDERS EQUITY
Retained Earnings -$3.910B -$3.953B
YoY Change -1.09% 13.22%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.433B $3.433B $3.249B
YoY Change
Total Liabilities & Shareholders Equity $17.87B $17.87B $16.89B
YoY Change 5.79% 5.79% 4.82%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $151.0M $172.6M -$57.95M
YoY Change -360.58% -150.65% -48.29%
Depreciation, Depletion And Amortization $412.1M $1.694B $490.7M
YoY Change -16.01% -11.55% 3.61%
Cash From Operating Activities $566.9M $1.888B $494.4M
YoY Change 14.68% 14.44% 32.4%
INVESTING ACTIVITIES
Capital Expenditures $325.2M $176.7M -$380.3M
YoY Change -185.53% 5.01% 24.15%
Acquisitions $13.10M
YoY Change -91.99%
Other Investing Activities $1.031M $13.44M -$144.8M
YoY Change -100.71% -436.86% 368.67%
Cash From Investing Activities -$324.2M -$1.533B -$525.1M
YoY Change -38.26% -9.61% 55.72%
FINANCING ACTIVITIES
Cash Dividend Paid $127.1M
YoY Change 9.26%
Common Stock Issuance & Retirement, Net $20.00M
YoY Change
Debt Paid & Issued, Net $605.1M
YoY Change -50.37%
Cash From Financing Activities 70.77M -$14.83M -4.367M
YoY Change -1720.61% -88.45% -98.63%
NET CHANGE
Cash From Operating Activities 566.9M $1.888B 494.4M
Cash From Investing Activities -324.2M -$1.533B -525.1M
Cash From Financing Activities 70.77M -$14.83M -4.367M
Net Change In Cash 313.5M $340.3M -35.09M
YoY Change -993.32% -295.05% -87.61%
FREE CASH FLOW
Cash From Operating Activities $566.9M $1.888B $494.4M
Capital Expenditures $325.2M $176.7M -$380.3M
Free Cash Flow $241.7M $1.711B $874.6M
YoY Change -72.37% 15.51% 28.68%

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BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
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CY2021Q4 us-gaap Other Assets Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
340848000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
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CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
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CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
651627000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
375968000 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
364108000 usd
CY2022 us-gaap Depreciation
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206709000 usd
CY2021 us-gaap Depreciation
Depreciation
197202000 usd
CY2020 us-gaap Depreciation
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CY2022Q4 adt Subscriber System Assets Gross
SubscriberSystemAssetsGross
6205762000 usd
CY2021Q4 adt Subscriber System Assets Gross
SubscriberSystemAssetsGross
5499703000 usd
CY2022Q4 adt Subscriber System Assets Accumulated Depreciation
SubscriberSystemAssetsAccumulatedDepreciation
3144459000 usd
CY2021Q4 adt Subscriber System Assets Accumulated Depreciation
SubscriberSystemAssetsAccumulatedDepreciation
2632175000 usd
CY2022Q4 adt Subscriber System Assets Net
SubscriberSystemAssetsNet
3061303000 usd
CY2021Q4 adt Subscriber System Assets Net
SubscriberSystemAssetsNet
2867528000 usd
CY2022 adt Revenuefrom Contractwith Customer Termof Customer Relationship
RevenuefromContractwithCustomerTermofCustomerRelationship
P15Y
CY2022 adt Accelerated Method Average Declining Balance Rate
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2.50
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SubscriberSystemAssetsDepreciationExpense
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CY2021 adt Subscriber System Assets Depreciation Expense
SubscriberSystemAssetsDepreciationExpense
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CY2020 adt Subscriber System Assets Depreciation Expense
SubscriberSystemAssetsDepreciationExpense
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CY2022 adt Subscriber System Assets Amortization Expense
SubscriberSystemAssetsAmortizationExpense
162981000 usd
CY2021 adt Subscriber System Assets Amortization Expense
SubscriberSystemAssetsAmortizationExpense
126089000 usd
CY2020 adt Subscriber System Assets Amortization Expense
SubscriberSystemAssetsAmortizationExpense
96823000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
37359000 usd
CY2022Q4 adt Opportunity Fund Current
OpportunityFundCurrent
100802000 usd
CY2021Q4 adt Opportunity Fund Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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328782000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
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CY2021Q4 us-gaap Accrued Liabilities Current
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CY2022 us-gaap Advertising Expense
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CY2021 us-gaap Advertising Expense
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CY2020 us-gaap Advertising Expense
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adt Radio Conversion Cost Net
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292000000 usd
CY2022 adt Radio Conversion Cost
RadioConversionCost
31428000 usd
CY2021 adt Radio Conversion Cost
RadioConversionCost
250490000 usd
CY2020 adt Radio Conversion Cost
RadioConversionCost
88709000 usd
CY2022 adt Radio Conversion Revenue
RadioConversionRevenue
28075000 usd
CY2021 adt Radio Conversion Revenue
RadioConversionRevenue
39127000 usd
CY2020 adt Radio Conversion Revenue
RadioConversionRevenue
36820000 usd
CY2022 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:8pt;margin-top:16pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risks</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The majority of the Company’s cash and cash equivalents and restricted cash and restricted cash equivalents are held at major financial institutions. There is a concentration of credit risk related to certain account balances in excess of the Federal Deposit Insurance Corporation insurance limit of $250,000 per account. The Company regularly monitors the financial stability of these financial institutions and believes there is no exposure to any significant credit risk for its cash and cash equivalents and restricted cash and restricted cash equivalents. Concentration of credit risk associated with the majority of the Company’s receivables from customers is limited due to the significant size of the customer base.</span></div>
CY2022Q4 us-gaap Money Market Funds At Carrying Value
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CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2020 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022 adt Installation And Other Revenue Fees Other
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2020 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022 adt Contract With Customer Asset Recognized
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CY2021 adt Contract With Customer Asset Recognized
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CY2021Q4 us-gaap Contract With Customer Asset Gross
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CY2022Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
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CY2021Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
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CY2022Q4 us-gaap Contract With Customer Asset Net
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CY2022 us-gaap Number Of Reportable Segments
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020 us-gaap Increase Decrease In Notes Receivables
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CY2020Q4 us-gaap Goodwill
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CY2021 us-gaap Goodwill Acquired During Period
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CY2021Q4 us-gaap Goodwill
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CY2022 us-gaap Goodwill Acquired During Period
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CY2022 us-gaap Gain Loss On Sale Of Business
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CY2022Q4 us-gaap Goodwill
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CY2022 us-gaap Goodwill Impairment Loss
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CY2020Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2021Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2022Q4 adt Acquired Intangible Assets Fully Amortized Amount
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2022 us-gaap Payments To Acquire Intangible Assets
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2022Q4 us-gaap Reporting Unit Percentage Of Fair Value In Excess Of Carrying Amount
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CY2021Q1 us-gaap Impairment Of Intangible Assets Finitelived
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CY2022 adt Impairment Of Intangible Asset Finite Lived Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag
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CY2022Q4 us-gaap Long Term Debt
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CY2021Q4 us-gaap Long Term Debt
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CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
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CY2022Q4 us-gaap Deferred Finance Costs Net
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CY2021Q4 us-gaap Deferred Finance Costs Net
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CY2022Q4 adt Accretionof Purchase Accounting Fair Value Adjustment Debt
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CY2022Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q4 adt Non Cash Impact From Receivable Facility Amendment
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2022Q4 us-gaap Long Term Debt
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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Files In Submission

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