ADT INC., 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 20, 2025
Jun. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38352    
Entity Registrant Name ADT Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 47-4116383    
Entity Address, Address Line One 1501 Yamato Road    
Entity Address, City or Town Boca Raton    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33431    
City Area Code (561)    
Local Phone Number 988-3600    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol ADT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2,561
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement for use in connection with its 2025 Annual Meeting of Shareholders, which is to be filed no later than 120 days after December 31, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Entity Central Index Key 0001703056    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   821,758,736  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   54,744,525  
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor name PricewaterhouseCoopers LLP
Auditor location Miami, Florida
Auditor firm ID 238
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 96,212 $ 14,621
Restricted cash and restricted cash equivalents 107,853 115,329
Accounts receivable, net of allowance for credit losses of $57,795 and $46,850, respectively 393,511 370,201
Inventories, net 196,731 201,394
Prepaid expenses and other current assets 210,613 242,192
Current assets of discontinued operations 0 60,957
Total current assets 1,004,920 1,004,694
Property and equipment, net 247,183 253,658
Subscriber system assets, net 2,981,161 3,005,936
Intangible assets, net 4,854,099 4,877,493
Goodwill 4,903,899 4,903,899
Deferred subscriber acquisition costs, net 1,324,376 1,175,904
Other assets 735,319 699,231
Noncurrent assets of discontinued operations 0 43,279
Total assets 16,050,957 15,964,094
Current liabilities:    
Current maturities of long-term debt 195,791 312,061
Accounts payable 153,537 277,201
Deferred revenue 247,785 255,221
Accrued expenses and other current liabilities 634,904 556,114
Current liabilities of discontinued operations 31,763 79,611
Total current liabilities 1,263,780 1,480,208
Debt due to subsidiaries 7,511,282 7,513,456
Deferred subscriber acquisition revenue 2,067,608 1,914,954
Deferred tax liabilities 1,167,213 1,027,189
Other liabilities 224,384 219,069
Noncurrent liabilities of discontinued operations 15,889 20,572
Total liabilities 12,250,156 12,175,448
Commitments and contingencies (See Note 13)
Stockholders' equity:    
Preferred stock—authorized 1,000,000 shares of $0.01 par value; zero issued and outstanding as of December 31, 2024 and 2023 0 0
Additional paid-in capital 7,117,098 7,413,305
Accumulated deficit (3,318,174) (3,617,718)
Accumulated other comprehensive income (loss) (7,036) (16,162)
Total stockholders' equity 3,800,801 3,788,646
Total liabilities and stockholders' equity 16,050,957 15,964,094
Common Stock    
Stockholders' equity:    
Common stock—authorized 3,999,000,000 shares of $0.01 par value; issued and outstanding shares of 836,589,761 and 867,432,337 as of December 31, 2024 and 2023, respectively 8,366 8,674
Class B common stock—authorized 100,000,000 shares of $0.01 par value; issued and outstanding shares of 54,744,525 as of December 31, 2024 and 2023 8,366 8,674
Class B Common Stock    
Stockholders' equity:    
Common stock—authorized 3,999,000,000 shares of $0.01 par value; issued and outstanding shares of 836,589,761 and 867,432,337 as of December 31, 2024 and 2023, respectively 547 547
Class B common stock—authorized 100,000,000 shares of $0.01 par value; issued and outstanding shares of 54,744,525 as of December 31, 2024 and 2023 $ 547 $ 547
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts receivable, allowance for credit loss, current $ 57,795 $ 46,850
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common Stock    
Common stock, shares authorized (in shares) 3,999,000,000 3,999,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 836,589,761 867,432,337
Common stock, shares outstanding (in shares) 836,589,761 867,432,337
Class B Common Stock    
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 54,744,525 54,744,525
Common stock, shares outstanding (in shares) 54,744,525 54,744,525
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue $ 4,898,446 $ 4,652,824 $ 4,381,904
Total cost of revenue 847,114 751,682 698,782
Selling, general, and administrative expenses 1,476,346 1,347,738 1,348,281
Depreciation and intangible asset amortization 1,342,798 1,335,484 1,599,810
Merger, restructuring, integration, and other 24,124 38,959 9,937
Operating income (loss) 1,208,064 1,178,961 725,094
Interest expense, net (441,031) (569,915) (263,068)
Loss on extinguishment of debt (4,802) (16,621) 0
Other income (expense) 52,939 11,958 (57,568)
Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee 815,170 604,383 404,458
Income tax benefit (expense) (195,780) (160,585) (87,692)
Income (loss) from continuing operations before equity in net earnings (losses) of equity method investee 619,390 443,798 316,766
Equity in net earnings (losses) of equity method investee 0 6,572 (4,601)
Income (loss) from continuing operations 619,390 450,370 312,165
Income (loss) from discontinued operations, net of tax (118,337) 12,639 (179,502)
Net income (loss) $ 501,053 $ 463,009 $ 132,663
Common Stock      
Income (loss) from continuing operations per share - basic (in dollars per share) $ 0.69 $ 0.49 $ 0.35
Income (loss) from continuing operations per share - diluted (in dollars per share) 0.66 0.47 0.33
Net income (loss) per share - basic (in dollars per share) 0.56 0.51 0.15
Net income (loss) per share - diluted (in dollars per share) $ 0.52 $ 0.48 $ 0.14
Weighted-average number of shares - basic (in shares) 846,521 856,843 848,465
Weighted average number of shares - diluted (in shares) 908,700 919,149 915,069
Class B Common Stock      
Income (loss) from continuing operations per share - basic (in dollars per share) $ 0.69 $ 0.49 $ 0.35
Income (loss) from continuing operations per share - diluted (in dollars per share) 0.66 0.47 0.33
Net income (loss) per share - basic (in dollars per share) 0.56 0.51 0.15
Net income (loss) per share - diluted (in dollars per share) $ 0.52 $ 0.48 $ 0.14
Weighted-average number of shares - basic (in shares) 54,745 54,745 54,745
Weighted average number of shares - diluted (in shares) 54,745 54,745 54,745
Monitoring and related services      
Revenue $ 4,293,477 $ 4,178,998 $ 4,053,048
Total cost of revenue 617,386 604,368 596,664
Security installation, product, and other      
Revenue 604,969 473,826 328,856
Total cost of revenue $ 229,728 $ 147,314 $ 102,118
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 501,053 $ 463,009 $ 132,663
Other comprehensive income (loss), net of tax:      
Cash flow hedges 6,008 32,129 25,754
Other 3,118 (1,091) (3,981)
Total other comprehensive income (loss), net of tax 9,126 31,038 21,773
Comprehensive income (loss) $ 510,179 $ 494,047 $ 154,436
v3.25.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Class B Common Stock
Common Stock
Common Stock
Common Stock
Class B Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021       846,826,000 54,745,000      
Beginning balance at Dec. 31, 2021 $ 3,248,719     $ 8,468 $ 547 $ 7,261,267 $ (3,952,590) $ (68,973)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 132,663           132,663  
Other comprehensive income (loss), net of tax 21,773             21,773
Issuance of common stock, net of expenses (in shares)       140,681,000        
Issuance of common stock, net of expenses 1,189,895     $ 1,407   1,188,488    
Repurchases of common stock (including excise tax) (in shares)       (133,333,000)        
Repurchases of common stock (including excise tax) (1,094,667)     $ (1,333)   (1,093,334)    
Dividends (127,835)           (127,835)  
Share-based compensation expense 66,566         66,566    
Contingent forward purchase contract (41,938)         (41,938)    
Transactions related to employee share-based compensation plans and other (in shares)       7,924,000        
Transactions related to employee share-based compensation plans and other (2,028)     $ 79   (290) (1,817)  
Ending balance (in shares) at Dec. 31, 2022       862,098,000 54,745,000      
Ending balance at Dec. 31, 2022 3,393,148     $ 8,621 $ 547 7,380,759 (3,949,579) (47,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 463,009           463,009  
Other comprehensive income (loss), net of tax 31,038             31,038
Dividends (129,025)           (129,025)  
Share-based compensation expense 51,137              
Contingent forward purchase contract 0              
Transactions related to employee share-based compensation plans and other (in shares)       5,334,000        
Transactions related to employee share-based compensation plans and other (20,661)     $ 53   (18,591) (2,123)  
Ending balance (in shares) at Dec. 31, 2023   867,432,337 54,744,525 867,432,000 54,745,000      
Ending balance at Dec. 31, 2023 3,788,646     $ 8,674 $ 547 7,413,305 (3,617,718) (16,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 501,053           501,053  
Other comprehensive income (loss), net of tax 9,126             9,126
Repurchases of common stock (including excise tax) (in shares)       (36,000,000)        
Repurchases of common stock (including excise tax) (346,936)     $ (360)   (346,576)    
Dividends (199,398)           (199,398)  
Share-based compensation expense 48,613         48,613    
Contingent forward purchase contract 0              
Transactions related to employee share-based compensation plans and other (in shares)       5,158,000        
Transactions related to employee share-based compensation plans and other (303)     $ 52   1,756 (2,111)  
Ending balance (in shares) at Dec. 31, 2024   836,589,761 54,744,525 836,590,000 54,745,000      
Ending balance at Dec. 31, 2024 $ 3,800,801     $ 8,366 $ 547 $ 7,117,098 $ (3,318,174) $ (7,036)
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Statement of Cash Flows [Abstract]      
Net income (loss) $ 501,053 $ 463,009 $ 132,663
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and intangible asset amortization 1,344,696 1,388,671 1,693,575
Amortization of deferred subscriber acquisition costs 224,647 195,794 162,981
Amortization of deferred subscriber acquisition revenue (346,209) (308,604) (244,141)
Total share-based compensation expense 48,613 51,137 66,566
Deferred income taxes 139,583 125,235 19,575
Provision for losses on receivables and inventory 214,802 151,065 113,869
Loss on extinguishment of debt 4,802 16,621 0
Goodwill, intangible, and other asset impairments 24,313 528,556 206,132
(Gain) loss on sales of businesses 9,557 (649,095) (10,066)
Unrealized (gain) loss on interest rate swap contracts 45,160 38,497 (301,851)
Change in fair value of other financial instruments 0 0 63,396
Other non-cash items, net (34,089) 100,087 134,526
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Accounts receivable, net (146,134) (107,464) (178,258)
Long-term retail installment contracts 211,731 184,925 142,811
Inventories and work-in-progress 25,072 24,732 (67,391)
Other assets (109,839) (29,144) (9,291)
Accounts payable (109,330) (111,529) 8,662
Accrued interest (88,860) (128,042) 50,758
Accrued and other liabilities 40,944 (83,041) (42,023)
Deferred subscriber acquisition costs (365,841) (386,518) (393,861)
Deferred subscriber acquisition revenue 252,274 289,534 329,214
Other, net (2,046) (96,700) 10,074
Net cash provided by (used in) operating activities 1,884,899 1,657,726 1,887,920
Cash flows from investing activities:      
Dealer generated customer accounts and bulk account purchases (585,809) (588,638) (621,695)
Subscriber system asset expenditures (523,146) (630,535) (734,639)
Purchases of property and equipment (163,805) (176,353) (176,660)
Proceeds (payments) from sale of business, net of cash sold (17,506) 1,609,347 26,749
Proceeds (payments) from interest rate swaps (8,268) 0 0
Other investing, net 3,106 28,672 (26,539)
Net cash provided by (used in) investing activities (1,295,428) 242,493 (1,532,784)
Cash flows from financing activities:      
Proceeds from issuance of common stock, net of expenses 0 0 1,180,000
Proceeds from long-term borrowings 1,068,907 867,178 550,035
Proceeds from receivables facility 228,569 281,647 276,826
Repurchases of common stock (240,556) 0 (1,200,000)
Repayment of long-term borrowings, including call premiums (1,186,045) (2,961,798) (605,059)
Repayment of receivables facility (256,672) (200,385) (121,061)
Dividends on common stock (182,266) (128,587) (127,125)
Payments on finance leases (29,023) (43,733) (44,978)
Proceeds (payments) from opportunity fund (6,895) (8,746) 100,802
Proceeds (payments) from interest rate swaps 93,040 82,750 (18,841)
Other financing, net (4,415) (32,175) (5,432)
Net cash provided by (used in) financing activities (515,356) (2,143,849) (14,833)
Cash and cash equivalents and restricted cash and restricted cash equivalents:      
Net increase (decrease) during the period 74,115 (243,630) 340,303
Beginning balance 129,950 373,580 33,277
Ending balance $ 204,065 $ 129,950 $ 373,580
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business and Organization
ADT Inc., together with its wholly-owned subsidiaries (collectively, “ADT” or the “Company”), is a leading provider of security, interactive, and smart home solutions serving consumer and small business customers in the United States (“U.S.”). The Company primarily conducts business under the ADT brand name.
The Company’s common stock, par value of $0.01 per share (“Common Stock”), trades on the New York Stock Exchange under the symbol “ADT” since its initial public offering (“IPO”) in January 2018.
ADT Inc. was incorporated in the State of Delaware in May 2015 as a holding company with no assets or liabilities. In July 2015, the Company acquired Protection One, Inc. and ASG Intermediate Holding Corp. (collectively, the “Formation Transactions”), which were instrumental in the commencement of the Company’s operations. In May 2016, the Company acquired The ADT Security Corporation (formerly named The ADT Corporation) (“The ADT Corporation”) (the “ADT Acquisition”). On October 2, 2023, the Company divested its Commercial Business (as defined and discussed below); and as of June 30, 2024, substantially all operations of the Solar Business (as defined and discussed below) had ceased.
Prior to March 11, 2024, the Company was majority-owned by Prime Security Services TopCo (ML), L.P., which is majority-owned by Prime Security Services TopCo Parent, L.P. (“Ultimate Parent”). Ultimate Parent is majority-owned by Apollo Investment Fund VIII, L.P. and its related funds that are directly or indirectly managed by affiliates of Apollo Global Management, Inc. (together with its subsidiaries and affiliates, “Apollo” or the “Sponsor”). Following a registered secondary offering of the Company’s Common Stock by certain Apollo affiliates (and the Company’s concurrent repurchase from the underwriters of 15 million shares of Common Stock that were the subject of the offering), including the exercise of the underwriters’ overallotment option which closed on March 19, 2024, Apollo beneficially owns less than 50% of the Company’s outstanding common stock, which includes Common Stock and Class B common stock (“Class B Common Stock”) combined, and less than 50% of the Company’s outstanding Common Stock, and the Company ceased to be a “controlled company” under the New York Stock Exchange (the “NYSE”) rules.
Refer to Note 16 “Related Party Transactions” for more information regarding all of Apollo’s registered secondary offerings of the Company’s Common Stock (collectively, the “Offerings”).
Basis of Presentation
The consolidated financial statements have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
The financial statements included herein comprise the consolidated results of ADT Inc. and its wholly-owned subsidiaries. The results of companies acquired are included from the effective date of each acquisition; and all intercompany transactions have been eliminated. The Company used the equity method of accounting to account for an investment in which it had the ability to exercise significant influence but does not control. This investment was disposed of during 2023.
Certain prior period amounts have been reclassified to conform with the current period presentation.
Use of Estimates
The preparation of the consolidated financial statements in accordance with GAAP requires the Company to select accounting policies and make estimates that affect amounts reported in the consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions.
Segments
The Company evaluates and reports information based on the manner in which our Chief Executive Officer (“CEO”), who is the chief operating decision maker (“CODM”), evaluates performance and allocates resources. The CODM manages the business on a consolidated basis, and as such, the Company reports results in a single operating and reportable segment which reflects the business operations of the Company’s former Consumer and Small Business (“CSB”) segment.
Refer to Note 3 “Segment Information.”
Discontinued Operations
The Company’s exit in 2024 from its residential solar business (the “Solar Business”) (the “ADT Solar Exit”) and the sale in 2023 of its former commercial business (the “Commercial Business”) represented strategic shifts that had major effects on the Company’s operations and financial results. Accordingly, the results of operations and financial position of the Solar and Commercial Businesses are classified as discontinued operations in the Company’s Consolidated Statements of Operations and the Company’s Consolidated Balance Sheet for all periods presented. The cash flows and comprehensive income (loss) of discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income (Loss), respectively, for all periods presented.
Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company’s continuing operations.
Refer to Note 4 “Divestitures” for additional information.
Accounting Standards Updates (“ASU”)
Recently Adopted
Reportable Segment Disclosures - ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the guidance, among other requirements, enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment.
The Company adopted this guidance effective January 1, 2024, and it was applied retrospectively to all periods presented. Refer to Note 3 “Segment Information.”
Supplier Finance Program Obligations - ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, requires that a reporting entity who is a buyer in a supplier finance program disclose qualitative and quantitative information about its supplier finance programs, including a roll-forward of the obligations.
The Company adopted this guidance effective January 1, 2023, except the roll-forward requirement, which was adopted effective January 1, 2024.
The Company does not currently have any material supplier finance programs, and the guidance will be applied prospectively to any future material arrangements.
Fair Value of Equity Securities - ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, states that an entity should not consider the contractual sale restriction when measuring the equity security’s fair value and introduces new disclosure requirements related to such equity securities.
The Company adopted this guidance effective January 1, 2024. This guidance did not impact the Company.
Recently Issued
Disaggregation of Income Statement Expenses - ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requires additional disclosure in the footnotes at each interim and annual reporting period about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as additional disclosures that also include information related to selling expenses.
The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and disclosures.
Improvements to Income Tax Disclosures - ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, focuses on improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. In addition, the update includes certain other amendments to improve the effectiveness of income tax disclosures.
The guidance is effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application also permitted. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and disclosures.
Disclosure Improvements - ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, represents changes to clarify or improve disclosure and presentation requirements of a variety of topics.
The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the potential impact of this guidance on its financial statements and disclosures.
Significant Accounting Policies
Information on select accounting policies and methods not discussed below are included in the respective footnotes that follow.
Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents
All highly liquid investments with original maturities of three months or less from the time of purchase are considered to be cash equivalents. Restricted cash and restricted cash equivalents are restricted for a specific purpose and cannot be included in the general cash and cash equivalents account.
The following table reconciles the amounts below reported in the Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
Years Ended December 31,
(in thousands)202420232022
Cash and cash equivalents$96,212 $14,621 $257,223 
Restricted cash and restricted cash equivalents107,853 115,329 116,357 
Ending balance$204,065 $129,950 $373,580 
Restricted cash and restricted cash equivalents primarily includes funds received from State Farm Fire & Casualty Company (“State Farm”) (the “Opportunity Fund”), net of payments and inclusive of interest earned, in connection with the State Farm Strategic Investment (as defined and discussed in Note 10 “Equity”). Amounts within the Opportunity Fund are restricted for certain qualifying spend in accordance with the development agreement between State Farm and the Company (the “State Farm Development Agreement”). Use of the funds must be agreed to by State Farm and the Company. The remaining amount of restricted cash relates to the Company’s uncommitted receivables securitization financing agreement (the “2020 Receivables Facility”) (refer to Note 7 “Debt”).
Supplementary Cash Flow Information
The following table summarizes supplementary cash flow information and material non-cash investing and financing transactions, excluding leases (refer to Note 14 “Leases”):
Years Ended December 31,
(in thousands)202420232022
Interest paid, net of interest income received(1)
$372,036 $522,775 $470,947 
Payments (refunds) on income taxes, net$21,700 $60,296 $22,654 
Issuance of shares for acquisition of businesses(2)
$— $— $55,485 
Contingent forward purchase contract(3)
$— $— $41,938 
Forward share repurchase contract(4)
$104,175 $— $— 
___________________
(1)Includes finance leases and interest rate swaps. Refer to Note 8 “Derivative Financial Instruments.”
(2)Includes $40 million related to the Delayed Shares (as defined and discussed in Note 10 “Equity”) as a result of the ADT Solar Acquisition.
(3)The Company recorded a reduction to additional paid in capital as a result of the contingent forward purchase contract in connection with the Tender Offer (as defined and discussed in Note 10 “Equity”).
(4)In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95 to be settled in January 2025 (refer to Note 10 “Equity”). The Company recorded a liability and a reduction to additional paid-in capital as of December 31, 2024.
During 2024, the proceeds and repayments of long-term borrowings on the Consolidated Statements of Cash Flows include the impact of $704 million from amendments to the Company’s First Lien Credit Agreement (as defined and discussed in Note 7 “Debt”). In addition, proceeds and repayments of long-term borrowings include the impact of $32 million from amendments to the 2020 Receivables Facility.
During 2023, the proceeds and repayments of long-term borrowings on the Consolidated Statements of Cash Flows include the impact of $230 million from the refinancing of the First Lien Term Loan B due 2026 with the First Lien Term Loan B due 2030 (as defined and discussed in Note 7 “Debt”).
Prepaid Expenses and Other Current Assets
December 31,
(in thousands)20242023
Prepaid expenses$53,036 $47,674 
Contract assets (see Note 2 “Revenue and Receivables”)
19,164 15,365 
Fair value of interest rate swaps (see Note 8 “Derivative Financial Instruments”)
56,164 74,974 
Other current assets82,249 104,179 
Prepaid expenses and other current assets$210,613 $242,192 
Inventories, net
Inventories, net includes finished goods and work-in-progress.
Finished goods are primarily comprised of components and parts for the Company’s security systems. The Company records inventory at the lower of cost and net realizable value. Finished goods are presented net of an obsolescence reserve.
Work-in-progress is primarily comprised of certain costs incurred for installations of security system equipment sold outright to customers that have not been completed as of the balance sheet date. Work-in-progress is not material.
Property and Equipment, net
Property and equipment, net, is recorded at historical cost less accumulated depreciation, which is calculated using the straight-line method over the estimated useful lives of the related assets. Depreciation expense is reflected in depreciation and intangible asset amortization. Repairs and maintenance expenditures are expensed when incurred.
Useful Lives:
Buildings and related improvements
Up to 40 years
Leasehold improvementsLesser of remaining term of the lease or economic useful life
Capitalized software
3 to 10 years
Machinery, equipment, and other
Up to 10 years
Net Carrying Amount:
December 31,
(in thousands)20242023
Land$9,773 $10,313 
Buildings and leasehold improvements97,263 95,003 
Capitalized software574,644 518,850 
Machinery, equipment, and other162,631 158,086 
Construction in progress22,106 30,121 
Finance leases127,956 114,997 
Accumulated depreciation(747,190)(673,712)
Property and equipment, net$247,183 $253,658 
Depreciation Expense:
Years Ended December 31,
(in thousands)202420232022
Depreciation expense$174,850 $176,407 $159,339 
Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net
Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system and are reflected in the Consolidated Balance Sheets as follows:
December 31,
(in thousands)20242023
Gross carrying amount$6,878,490 $6,404,479 
Accumulated depreciation(3,897,329)(3,398,543)
Subscriber system assets, net$2,981,161 $3,005,936 
Deferred subscriber acquisition costs represent selling expenses (primarily commissions) that are incremental to acquiring customers.
The Company records subscriber system assets and deferred subscriber acquisition costs in the Consolidated Balance Sheets as these assets represent probable future economic benefits for the Company through the generation of future monitoring and related services revenue. Upon customer termination, the Company may retrieve its subscriber system assets.
Subscriber system assets and any related deferred subscriber acquisition costs are accounted for on a pooled basis based on the month and year of customer acquisition and are depreciated and amortized using an accelerated method over the estimated life of the customer relationship, which is 15 years. In order to align the depreciation and amortization of these pooled costs to the pattern in which their economic benefits are consumed, the accelerated method utilizes an average declining balance rate of approximately 250% and converts to straight-line methodology when the resulting charge is greater than that from the accelerated method, resulting in an average charge of approximately 55% of the pool within the first five years, 25% within the second five years, and 20% within the final five years.
Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses, respectively, as follows:
Years Ended December 31,
(in thousands)202420232022
Depreciation of subscriber system assets$557,226 $545,041 $531,013 
Amortization of deferred subscriber acquisition costs$224,647 $188,222 $154,186 
Long-Lived Assets (excluding Goodwill and Indefinite-Lived Intangible Assets)
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset or asset group may not be fully recoverable. The Company groups assets at the lowest level for which cash flows are separately identifiable. Recoverability is measured by a comparison of the carrying amount of the asset group to its expected future undiscounted cash flows. If the expected future undiscounted cash flows of the asset group are less than its carrying amount, an impairment loss is recognized based on the amount by which the carrying amount exceeds the fair value less costs to sell. The calculation of the fair value less costs to sell of an asset group is based on assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk.
There were no material long-lived asset impairments during the periods presented.
Accrued Expenses and Other Current Liabilities
December 31,
(in thousands)20242023
Accrued interest$107,116 $111,197 
Payroll-related accruals109,078 110,941 
Opportunity Fund (see Note 10 “Equity”)84,516 93,950 
Accrued dividends48,918 32,207 
Forward share repurchase contract liability (see Note 10 “Equity”)
104,175 — 
Other accrued liabilities181,101 207,819 
Accrued expenses and other current liabilities$634,904 $556,114 
Advertising Costs
Advertising costs are recognized in selling, general, and administrative expenses when incurred and were $105 million, $131 million, and $146 million during 2024, 2023, and 2022, respectively.
Included in advertising costs during 2024 and 2023 are certain joint marketing costs and reimbursements associated with the Google Success Funds as discussed in Note 13 “Commitments and Contingencies.”
Merger, Restructuring, Integration, and Other
Merger, restructuring, integration, and other represents certain direct and incremental costs resulting from acquisitions made by the Company, integration and third-party costs as a result of those acquisitions, costs related to the Company’s restructuring efforts, as well as fair value remeasurements and impairment charges on certain strategic investments.
Concentration of Credit Risks
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.
Fair Value of Financial Instruments
The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, retail installment contract receivables (“RICs”), accounts payable, debt, and derivative financial instruments. Due to their short-term and/or liquid nature, the fair values of cash, restricted cash, accounts receivable, and accounts payable approximate their respective carrying amounts.
Cash Equivalents - Included in cash and cash equivalents and restricted cash and restricted cash equivalents, as applicable from time to time, are investments in money market mutual funds. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted prices in active markets for identical assets or liabilities.
Investments in money market mutual funds were $90 million and $55 million as of December 31, 2024 and December 31, 2023, respectively.
Retail Installment Contract Receivables, net - The fair values of the Company’s RICs are determined using a discounted cash flow model and are classified as Level 3 fair value measurements.
December 31,
20242023
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Retail installment contract receivables, net$669,326 $495,259 $673,635 $487,685 
Long-Term Debt Instruments - The fair values of the Company’s debt instruments are determined using broker-quoted market prices, which represent quoted prices for similar assets or liabilities as well as other observable market data, and are classified as Level 2 fair value measurements. The carrying amounts of debt outstanding, if any, under the Company’s first lien revolving credit facility (the “First Lien Revolving Credit Facility”) and the 2020 Receivables Facility approximate their fair values, as interest rates on these borrowings approximate current market rates.
December 31,
20242023
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Long-term debt instruments subject to fair value disclosures(1)
$7,637,631 $7,589,677 $7,756,049 $7,731,408 
________________
(1)    Excludes finance leases and certain vehicle loans reported as discontinued operations.
Derivative Financial Instruments - Derivative financial instruments are reported at fair value as either assets or liabilities. These fair values are primarily calculated using discounted cash flow models utilizing observable inputs, such as quoted forward interest rates, and incorporate credit risk adjustments to reflect the risk of default by the counterparty or the Company. The resulting fair values are classified as Level 2 fair value measurements.
Refer to Note 8 “Derivative Financial Instruments” for the fair values of the Company’s derivative financial instruments.
v3.25.0.1
Revenue and Receivables
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue and Receivables REVENUE AND RECEIVABLES
Revenue
The Company generates revenue through contractual monthly recurring fees received for monitoring and related services, as well as the sale and installation of security systems.
Revenue is recognized in the Consolidated Statements of Operations net of sales and other taxes. Amounts collected from customers for sales and other taxes are reported as a liability net of the related amounts remitted. When customers terminate a monitoring contract early, contract termination charges are assessed in accordance with the contract terms and are recognized in monitoring and related services revenue when collectability is probable.
Disaggregated Revenue
Years Ended December 31,
(in thousands)
202420232022
Sources of Revenue:
Recurring monthly revenue
$4,177,428 $4,069,921 $3,942,567 
Other related services
116,049 109,077 110,481 
Monitoring and related services
4,293,477 4,178,998 4,053,048 
Amortization of deferred subscriber acquisition revenue
346,209 301,708 235,190 
Installation revenue
258,760 172,118 93,666 
Security installation, product, and other604,969 473,826 328,856 
Total revenue$4,898,446 $4,652,824 $4,381,904 
The Company allocates the transaction price to each performance obligation based on the relative standalone selling price, which is determined using observable internal and external pricing, profitability, and operational metrics. The Company’s performance obligations generally include monitoring, related services (such as maintenance agreements), as well as the sale and installation of a security system in outright sales transactions or a material right in transactions in which the Company retains ownership of the security system.
Customer-Owned - In transactions involving security systems sold outright to the customer (referred to as outright sales), the Company’s performance obligations generally include the sale and installation of the system, which is primarily recognized at a point in time based upon the nature of the transaction and contractual terms, and any monitoring and related services, which are recognized when these services are provided to the customer.
Company-Owned - In transactions in which the Company provides monitoring and related services but retains ownership of the security system (referred to as Company-owned), the Company’s performance obligations primarily include (i) monitoring and related services, which are recognized when these services are provided to the customer, and (ii) a material right associated with the one-time non-refundable fees incurred in connection with the initiation of a monitoring contract which the customer will not be required to pay again upon a renewal of the contract (referred to as deferred subscriber acquisition revenue).
Deferred subscriber acquisition revenue is amortized on a pooled basis over the estimated life of the customer relationship using an accelerated method consistent with the treatment of subscriber system assets and deferred subscriber acquisition costs and is reflected in security installation, product, and other revenue.
Remaining Performance Obligations
As of December 31, 2024, the remaining unsatisfied performance obligation relating to the provision of monitoring and related services is as follows (in thousands):
2025202620272028Thereafter
Total
$1,799,674 $999,973 $463,811 $144,877 $68,873 $3,477,208 
Deferred Revenue
Deferred revenue represents customer billings for services not yet rendered and is primarily related to recurring monitoring and related services. In addition, payments received for the sale and installation of a system after the agreement is signed but before performance obligations are satisfied are recorded as deferred revenue.
These amounts are recorded as current deferred revenue, as the Company expects to satisfy any remaining performance obligations, as well as recognize the related revenue, within the next twelve months when performance obligations are satisfied.
Accounts Receivable
Accounts receivable represent unconditional rights to consideration from customers in the ordinary course of business and are generally due in one year or less. The Company’s accounts receivable are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The allowance for credit losses is recognized at inception and reassessed each reporting period.
The Company evaluates its allowance for credit losses on accounts receivable in pools based on customer type. The allowance for credit losses primarily relates to residential customers. For each customer pool, the allowance for credit losses is estimated based on the delinquency status of the underlying receivables and the related historical loss experience, as adjusted for current and expected future conditions, if applicable.
Changes in the Allowance for Credit Losses
Years Ended December 31,
(in thousands)202420232022
Beginning balance$46,850 $27,815 $22,030 
Provision for credit losses
158,346 130,407 83,047 
Write-offs, net of recoveries(1)
(147,401)(111,372)(77,262)
Ending balance$57,795 $46,850 $27,815 
________________
(1)Recoveries were not material for the periods presented. As such, write-offs are presented net of recoveries.
Retail Installment Contract Receivables, Net
The Company’s RICs allow qualifying residential customers to pay the fees due at installation over a 12-, 24-, 36-, or 60-month interest-free period. The financing component of retail installment contract receivables is not significant.
Upon origination of a retail installment contract, the Company utilizes external credit scores to assess customer credit quality and determine eligibility. Subsequent to origination, the Company monitors the delinquency status of retail installment contract receivables as the key credit quality indicator. Delinquent billed RICs are not material.
The Company’s RICs are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The allowance for credit losses is recognized at inception and reassessed each reporting period. The allowance for credit losses relates to retail installment contract receivables from outright sales transactions and is not material.
December 31,
(in thousands)20242023
Retail installment contract receivables, gross$678,174 $674,827 
Allowance for credit losses(8,848)(1,192)
Retail installment contract receivables, net$669,326 $673,635 
Balance Sheet Classification:
Accounts receivable, net$260,224 $238,961 
Other assets409,102 434,674 
Retail installment contract receivables, net$669,326 $673,635 

As discussed in Note 7 “Debt,” retail installment contract receivables, net, for which the Company grants a security interest as collateral for cash borrowings under the 2020 Receivables Facility were $575 million and $610 million, as of December 31, 2024 and 2023, respectively.
Contract Assets
Contract assets represent the Company’s right to consideration in exchange for goods or services transferred to the customer. The contract asset is reclassified to accounts receivable as additional services are performed and billed, which is when the Company’s right to the consideration becomes unconditional. This balance is primarily comprised of satisfied performance obligations related to the sale and installation of a system under an outright sale transaction.
The Company has the right to bill customers as services are provided over time, which generally occurs over the course of a 24-, 36-, or 60-month period. There is no significant financing component.
The Company records an allowance for credit losses against its contract assets for amounts not expected to be recovered. The allowance is recognized at inception and is reassessed each reporting period. The allowance for credit losses on contract assets was not material for the periods presented.
Gross contract assets recognized by the Company were not material for the periods presented.
December 31,
(in thousands)20242023
Contract assets, gross
$46,031 $39,627 
Allowance for credit losses
(5,221)(9,025)
Contract assets, net$40,810 $30,602 
Balance Sheet Classification:
Prepaid expenses and other current assets
$19,164 $15,365 
Other assets
21,646 15,237 
Contract assets, net$40,810 $30,602 
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
As a result of the ADT Solar Exit and Commercial Divestiture, the Company reports results in a single operating and reportable segment, which reflects the continuing operations of the Company’s former CSB segment.
The Company’s CODM is its Chairman, President, and Chief Executive Officer. The CODM evaluates performance and allocates resources on a consolidated basis using various measures primarily through reviews of various operational performance packages, earnings releases, investor presentations, and the Company’s SEC filings, as well as through the approval of the Company’s annual budget and forecast.
The Company’s reported segment profit measure is net income (loss) as this measure is most consistent with the amounts included in the Consolidated Statements of Operations. In addition, segment assets reviewed by the CODM are reported on the Company’s Consolidated Balance Sheets as total assets.
The accounting policies of the Company’s reportable segment are the same as those of the Company.
The following presents a reconciliation to the Company’s net income (loss) as reported in the Consolidated Statements of Operations and includes segment revenues, significant segment expenses that are regularly provided to or easily computed from information regularly provided to the CODM, other segment expenses, and adjustments to reconcile to net income (loss).
Years Ended December 31,
(in thousands)202420232022
Total segment revenue
$4,898,446 $4,652,824 $4,381,904 
Less significant segment expenses:
Customer service costs(1)
409,680 387,314 393,425 
Maintenance costs(1)
207,706 217,054 203,239 
Security installation, product, and other costs
229,728 147,314 102,118 
Selling costs, including commissions(2)
185,417 196,204 190,182 
Amortization of deferred subscriber acquisition costs(2)
224,647 188,222 154,186 
Advertising costs(2)
105,366 131,133 145,904 
Provision for credit losses(2)
187,361 131,962 81,727 
Other general and administrative costs(2)
708,979 664,182 696,662 
Share-based compensation(2)
48,745 38,626 52,945 
Depreciation and intangible asset amortization
1,342,798 1,335,484 1,599,810 
Interest expense
450,939 586,088 277,144 
Income tax expense (benefit)
195,780 160,585 87,692 
Total significant segment expenses
4,297,146 4,184,168 3,985,034 
Less other segment items(3)
Other items in SG&A(2)
15,831 (2,591)26,675 
Other, net
(33,921)20,877 58,030 
Total other segment items
(18,090)18,286 84,705 
Reconciliation of profit or loss:
(Income) loss from discontinued operations, net of tax(4)
118,337 (12,639)179,502 
Net income (loss)$501,053 $463,009 $132,663 
________________
(1)Included in monitoring and related services cost of revenue.
(2)Included in SG&A.
(3)Other segment items generally include other income and expenses and merger, restructuring, integration, and other charges as presented on the face of the Statements of Operations; as well as certain other items included in SG&A and interest income. Interest income is not material for all periods presented.
(4)Represents activity related to the Commercial and Solar Businesses, which are presented as discontinued operations.
Entity-Wide Disclosures
Revenue generated from customers outside of the U.S. is not material. As of December 31, 2024 and 2023, substantially all of the Company’s assets were located in the U.S.
The Company does not have any major customers given the high volume nature of the business. Refer to Note 2 “Revenue and Receivables” for further information on the Company’s products and services.
v3.25.0.1
Divestitures
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures DIVESTITURES
The Company may decide to divest portions of its business for various reasons, including efforts to focus on its remaining businesses. The Company presents discontinued operations for components of the business that are either disposed of through
sale (or qualify as held for sale), abandonment, or spin-off if these actions also represent a strategic shift that has or will have a major effect on the Company’s financial results.
Refer to Note 12 “Net Income (Loss) per Share” for basic and diluted earnings per share information associated with discontinued operations.
ADT Solar Exit
On January 19, 2024, after a strategic review of the business and continued macroeconomic and industry pressures, the Company’s board of directors (the “Board of Directors”) approved a plan to fully exit the Solar Business. As of June 30, 2024, substantially all operations of the Solar Business had ceased.
The ADT Solar Exit represented a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the Solar Business is presented as a discontinued operation in the Company’s Consolidated Statements of Operations and Consolidated Balance Sheets for the periods presented.
The Solar Business was previously reflected in the Solar reportable segment.
During the year ended December 31, 2024, the Company incurred aggregate exit charges of $88 million, which have been recognized within income (loss) from discontinued operations, net of tax related to (i) $33 million associated with the write-down and disposition of inventory and asset impairments, (ii) $29 million associated with the disposition of the existing installation pipeline, (iii) $13 million associated with employee separation costs, and (iv) $12 million associated with contract termination and other charges.
During the year ended December 31, 2024, the Company paid $22 million associated with the ADT Solar Exit primarily related to employee separation and other restructuring costs.
The following reconciliations represent the major classes of line items of the Solar Business presented within discontinued operations in the Consolidated Balance Sheets and Consolidated Statements of Operations and certain information in the Consolidated Statements of Cash Flows for the periods presented.
Balance Sheet Information
(in thousands)December 31, 2024December 31, 2023
Assets
Accounts receivable, net$— $20,270 
Inventories, net— 28,714 
Prepaid expenses and other current assets
— 11,973 
Total current assets of discontinued operations
— 60,957 
Property and equipment, net— 29,512 
Other assets— 13,767 
Total assets of discontinued operations
$— $104,236 
Liabilities
Current maturities of long-term debt$22 $8,551 
Accounts payable6,953 16,682 
Deferred revenue— 9,177 
Accrued expenses and other current liabilities24,788 45,201 
Total current liabilities of discontinued operations
31,763 79,611 
Long-term debt32 9,893 
Other liabilities15,857 10,679 
Total liabilities of discontinued operations
$47,652 $100,183 
Statements of Operations Information
Years Ended December 31,
(in thousands)202420232022
Revenue$21,254 $329,835 $786,426 
Cost of revenue
65,678 256,784 501,710 
Selling, general, and administrative expenses67,366 191,841 314,545 
Depreciation and intangible asset amortization1,898 15,496 16,020 
Merger, restructuring, integration, and other34,000 23,213 7,292 
Goodwill impairment
— 511,176 200,974 
Other (income) and expense items
1,481 2,235 1,197 
Income (loss) from discontinued operations before income taxes(149,169)(670,910)(255,312)
Income tax benefit (expense)39,096 156,000 50,010 
Income (loss) from discontinued operations, net of tax$(110,073)$(514,910)$(205,302)
Cash Flow Information
Years Ended December 31,
(in thousands)202420232022
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and intangible asset amortization$1,898 $15,496 $16,020 
Goodwill, intangible, and other asset impairments$13,770 $515,730 $200,974 
Cash flows from investing activities:
Purchases of property and equipment$(80)$(4,027)$(9,826)
Commercial Divestiture
On August 7, 2023, ADT, Iris Buyer LLC, a Delaware limited liability company and affiliate of GTCR LLC (“GTCR”), and, solely for certain purposes set forth in the Commercial Purchase Agreement (as defined below), Fire & Security Holdings, LLC (“F&S Holdings”), a Delaware limited liability company and an indirect, wholly-owned subsidiary of ADT, entered into an Equity Purchase Agreement (the “Commercial Purchase Agreement”) pursuant to which GTCR agreed to acquire all of the issued and outstanding equity interests of F&S Holdings, which directly or indirectly held all of the issued and outstanding equity interests in the subsidiaries of ADT that operated ADT’s commercial business (the “Commercial Business”) (the “Commercial Divestiture”).
The Commercial Divestiture was completed on October 2, 2023, and the Company received net proceeds of approximately $1,585 million at the time of closing, subject to certain customary post-closing adjustments as set forth in the Commercial Purchase Agreement. In addition, the Company recognized a pre-tax gain on sale of approximately $630 million, which was recognized in income (loss) from discontinued operations during 2023. The Company used the majority of the net proceeds for debt redemption, as discussed in Note 7 “Debt.”
Additionally, as the agreed upon sale price was substantially higher than the carrying value of the Commercial Business, the Company did not record any impairments or adjustments when recognizing the disposal group at the lower of its carrying amount or fair value less cost to sell.
During 2024, the Company paid GTCR $21 million related to the settlement of post-closing adjustments, which is presented in cash flows from investing activities.
The Commercial Divestiture represented a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the Commercial Business is presented as a discontinued operation in the Company’s Consolidated Statements of Operations for the periods presented.
The Commercial Business was previously reflected in the Commercial reportable segment.
The following reconciliations represent the major classes of line items of the Commercial Business within the Consolidated Statements of Operations and certain information within the Consolidated Statements of Cash Flows (excluding proceeds from the sale of business discussed above) for the periods presented.
Statements of Operations Information
During the year ended December 31, 2024, activity, net of tax, relating to the Commercial Divestiture was approximately $8 million primarily related to the settlement of post-closing adjustments.
Years Ended December 31,
(in thousands)20232022
Revenue$1,035,048 $1,226,980 
Cost of revenue
688,433 839,356 
Selling, general, and administrative expenses213,514 267,195 
Depreciation and intangible asset amortization37,691 77,745 
Other income and expense items19,174 6,016 
Income (loss) from discontinued operations before gain on sale of business and income taxes
76,236 36,668 
Gain on sale of business
629,980 — 
Income (loss) from discontinued operations before income taxes
706,216 36,668 
Income tax benefit (expense)(178,667)(10,868)
Income (loss) from discontinued operations, net of tax$527,549 $25,800 
Cash Flow Information
Years Ended December 31,
(in thousands)20232022
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and intangible asset amortization$37,691 $77,745 
Share-based compensation expense$11,699 $13,069 
Cash flows from investing activities:
Subscriber system asset expenditures$(8,902)$(29,230)
Purchases of property and equipment$(4,399)$(6,885)
Transition Services Agreement
In connection with the Commercial Divestiture, the Company entered into a Transition Services Agreement (the “Commercial TSA”), pursuant to which the Company and the Commercial Business will provide certain transitional services relating to ongoing support and other administrative functions to each other for a transitional period of up to 24 months after the closing of the Commercial Divestiture. Commercial TSA fees charged to the Commercial Business represent charges for internal labor as well as certain third-party costs identified in connection with providing such services. Income from the Commercial TSA is recognized in other income (expense), and expenses incurred by the Company to support the transition are recorded based on the nature of the expense. During 2024 and 2023, the Company recognized income from the Commercial TSA of $40 million and $12 million, respectively.
ADT Brand License and Intellectual Property Rights
The Company and GTCR entered into an agreement granting GTCR a license to continue to use the ADT brand and other Company trademarks for a period of twelve months to transition from Company branding (the “Brand License”). The Company has also agreed to a covenant not to assert a claim against GTCR for infringement of the Company's patents as of the Commercial Divestiture for products and services that were used in the Commercial Business prior to the Commercial Divestiture, and has provided GTCR with a paid-up, irrevocable, non-assignable (with limited exceptions) license to continue to use certain software and other Company intellectual property in the same manner. Royalty income is included in other income (expense) and was not material during 2024 and 2023.
Other Divestitures
During the periods presented, other divestiture activity not reflected as discontinued operations includes:
During 2023, proceeds related to disposal activities totaled $36 million, resulting in a gain on sale of $19 million recognized in SG&A.
During 2022, proceeds related to disposal activities totaled $27 million, resulting in a gain on sale of $10 million recognized in SG&A.
v3.25.0.1
Equity Method Investments
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments EQUITY METHOD INVESTMENTS
The Company uses the equity method of accounting to account for an investment in which it has the ability to exercise significant influence but does not control. The Company recognizes its proportionate share of the investee’s net income or loss in equity in net earnings (losses) of equity method investee. The Company evaluates an equity method investment whenever events or changes in circumstances indicate the carrying amount of such investment may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, the Company records a loss as a component of the Company’s share of earnings or losses of the equity method investee in the current period.
Canopy Investment
In April 2022, the Company and Ford Motor Company (“Ford”) formed a new entity, SNTNL LLC (“Canopy”), and the Company contributed cash of $11 million (the “Initial Contribution”). Since the Initial Contribution, the Company contributed $7 million.
During the fourth quarter of 2023, the Company sold its shares in Canopy and received $21 million in accordance with the terms of the agreement between the Company and Ford, which included a put right under which the Company recovered its full equity investment in Canopy plus a premium (“Canopy Termination”). In addition, the Company recognized a gain of $15 million, which is reflected in equity in net earnings (losses) of equity method investees. The Company no longer holds an investment in Canopy.
The Company previously accounted for its investment in Canopy under the equity method of accounting as the Company was not the primary beneficiary, and therefore, did not consolidate Canopy’s assets, liabilities, and financial results of operations.
In connection with the Canopy Investment, the Company entered into various commercial agreements (the “Canopy Commercial Agreements”), and the Company and Canopy are also parties to a trade name licensing agreement. These agreements terminated on December 1, 2024 as a result of the Canopy Termination. The impact to the consolidated financial statements from these agreements was not material.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
There were no changes in the carrying amount of goodwill for the periods presented.
The previously reported accumulated goodwill impairment losses were associated with the Solar reporting unit, which is presented as a discontinued operation.
Other Intangible Assets
December 31, 2024December 31, 2023
(in thousands)Gross Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Definite-lived intangible assets:
Contracts and related customer relationships(1)
$6,158,349 $(3,464,926)$2,693,423 $5,571,456 $(2,937,245)$2,634,211 
Dealer relationships(2)
1,518,020 (697,324)820,696 1,518,020 (618,154)899,866 
Other(3)
209,773 (202,793)6,980 209,773 (199,357)10,416 
Total definite-lived intangible assets7,886,142 (4,365,043)3,521,099 7,299,249 (3,754,756)3,544,493 
Indefinite-lived intangible assets:
Trade name(4)
1,333,000 — 1,333,000 1,333,000 — 1,333,000 
Intangible assets$9,219,142 $(4,365,043)$4,854,099 $8,632,249 $(3,754,756)$4,877,493 
__________________
(1)During 2023, the Company retired $1.7 billion of certain customer relationship intangible assets acquired in the ADT Acquisition that became fully amortized.
(2)Originated from the Formation Transactions and the ADT Acquisition in 2015 and 2016, respectively. Amortized primarily over 19 years on a straight-line basis based on management estimates about attrition and the longevity of the underlying dealer network that existed at the time of acquisition.
(3)Primarily relates to trade names and other technology assets. Amortized over a period of up to 10 years on a straight-line basis.
(4)ADT trade name acquired as part of the ADT Acquisition.
Contracts and Related Customer Relationships
Contracts and related customer relationships comprise contracts with customers purchased under the ADT Authorized Dealer Program (as defined below) or from other third parties as well as customer relationships that originated from business acquisitions.
Additionally, the Company maintains a network of agreements with third-party independent alarm dealers who sell alarm equipment and ADT Authorized Dealer-branded monitoring and interactive services to residential end users (the “ADT Authorized Dealer Program”). The dealers in this program generate new end-user contracts with customers which the Company has the right, but not the obligation, to purchase from the dealer. Purchases of contracts with customers under the ADT Authorized Dealer Program, or from other third parties, are considered asset acquisitions and are recognized based on the cost to acquire the assets, which may include cash consideration, non-cash consideration, contingent consideration, and directly-attributable transaction costs. The Company may charge back the purchase price of any end-user contract if the contract is canceled during the charge-back period, which is generally thirteen months from the date of purchase. The Company records the amount of the charge back as a reduction to the purchase price.
Purchases of contracts with customers under the ADT Authorized Dealer Program, or from other third parties, are accounted for on a pooled basis based on the month and year of acquisition. The Company amortizes its pooled contracts with customers using an accelerated method over the estimated life of the customer relationship, which is 15 years. The accelerated method for amortizing these contracts utilizes an average declining balance rate of approximately 300% and converts to straight-line methodology when the resulting amortization charge is greater than that from the accelerated method, resulting in an average amortization of approximately 65% of the pool within the first five years, 25% within the second five years, and 10% within the final five years.
Customer relationships acquired as part of business acquisitions, which primarily originated from the Formation Transactions and the ADT Acquisition, are amortized over a period of up to 15 years based on management estimates about the amounts and timing of estimated future revenue from customer accounts and average customer account life that existed at the time of the related business acquisition.
The change in the net carrying amount of contracts and related customer relationships was as follows:
Years Ended December 31,
(in thousands)20242023
Beginning balance$2,634,211 $2,595,535 
Customer contract additions, net of dealer charge-backs586,994 564,652 
Amortization(527,782)(525,676)
Other— (300)
Ending balance$2,693,423 $2,634,211 
During 2024 and 2023, the weighted-average amortization period for customer contract additions under the ADT Authorized Dealer Program and from other third parties was 15 years.
During 2024 and 2023, the Company purchased customer accounts from other third parties for an aggregate contractual purchase price of $98 million and $109 million, respectively, subject to reduction based on customer retention. The Company paid initial cash at the closings in the aggregate amounts of $81 million and $89 million, respectively, which is included in dealer generated customer accounts and bulk account purchases on the Consolidated Statements of Cash Flows.
Definite-Lived Intangible Asset Amortization Expense
Years Ended December 31,
(in thousands)202420232022
Definite-lived intangible asset amortization expense$610,389 $613,679 $909,059 
As of December 31, 2024, the estimated aggregate amortization expense on our existing intangible assets is expected to be as follows (in thousands):
20252026202720282029Thereafter
$575,002 $493,508 $427,736 $378,363 $342,846 $1,303,644 
Goodwill and Indefinite-Lived Intangible Assets Impairment
Goodwill and indefinite-lived intangible assets are not amortized and are tested for impairment at least annually as of the first day of the fourth quarter of each year and more often if an event occurs or circumstances change which indicate it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. The Company may perform the impairment test for its reporting unit or indefinite-lived intangible asset through a qualitative assessment or elect to proceed directly to a quantitative impairment test, however, the Company may resume a qualitative assessment in any subsequent period if facts and circumstances permit.
Goodwill
Under a qualitative approach, the Company assesses whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying amount, the Company proceeds to a quantitative approach.
Under a quantitative approach, the Company estimates the fair value of a reporting unit and compares it to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company estimates the fair values of its reporting units using the income approach, which discounts projected cash flows using market participant assumptions. The income approach includes significant assumptions including, but not limited to, forecasted revenue, operating profit margins, Adjusted EBITDA margins, operating expenses, cash flows, perpetual growth rates, and discount rates. The estimated fair value of a reporting unit calculated using the income approach is sensitive to changes in the underlying assumptions. In developing these assumptions, the Company relies on various factors including operating results, business plans, economic projections, anticipated future cash flows, and other market data. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying judgments and factors and ultimately impact the estimated fair value determinations may include such items as a prolonged downturn in the business
environment, changes in economic conditions that significantly differ from the Company’s assumptions in timing or degree, volatility in equity and debt markets resulting in higher discount rates, and unexpected regulatory changes. As a result, there are inherent uncertainties related to these judgments and factors that may ultimately impact the estimated fair value determinations.
The Company performed a qualitative goodwill impairment test as of October 1, 2024. The Company concluded that it is more- likely-than-not that the fair value of the Company’s reporting unit exceeds its carrying value, and as a result, the Company did not perform a quantitative impairment test or record any goodwill impairment losses.
The Company did not record any goodwill impairment losses in income/(loss) from continuing operations during 2023 and 2022.
The Company previously recorded goodwill impairment charges associated with the Solar reporting unit which are now presented in income (loss) from discontinued operations, net of tax.
Indefinite-Lived Intangible Assets
Under a qualitative approach, the impairment test for an indefinite-lived intangible asset consists of an assessment of whether it is more-likely-than-not that an asset’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any indefinite-lived intangible asset, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying amount of such asset exceeds its fair value, the Company proceeds to a quantitative approach.
Under a quantitative approach, the Company estimates the fair value of an asset and compares it to its carrying amount. If the carrying amount exceeds fair value, an impairment loss is recognized in an amount equal to that excess. The estimated fair value of an indefinite-lived intangible asset is determined using a valuation approach that is based on the nature of the underlying asset.
The Company’s only indefinite-lived intangible asset is the ADT trade name. The fair value of the ADT trade name is determined under a relief from royalty method, which is an income approach that estimates the cost savings that accrue to the Company that it would otherwise have to pay in the form of royalties or license fees on revenue earned through the use of the asset. The utilization of the relief from royalty method requires the Company to make significant assumptions including revenue growth rates, the implied royalty rate, and the discount rate.
As of October 1, 2024, the Company quantitatively tested the ADT trade name for impairment. Based on the results of the test, the Company did not record any impairment losses as the estimated fair value of the trade name substantially exceeded its carrying amount.
During 2023 and 2022, the Company did not record any impairment losses on its indefinite lived intangible asset.
Definite-Lived Intangible Asset Impairment
Definite-lived intangible asset impairments were not material during 2024, 2023 and 2022.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt DEBT
The Company’s debt is comprised of the following (in thousands):
Interest PayableBalance as of December 31,
Debt DescriptionIssuedMaturity
Interest Rate(1)
20242023
First Lien Term Loan B due 203010/13/202310/13/2030Term SOFR +2.00%Quarterly$1,984,090 $1,375,000 
First Lien Revolving Credit Facility3/16/201810/1/2029Term SOFR +2.00%Quarterly— — 
Term Loan A Facility3/14/20233/14/2028Term SOFR +2.25%Quarterly— 625,625 
First Lien Notes due 20244/4/20194/15/20245.250%2/15 and 8/15— 99,999 
First Lien Notes due 20264/4/20194/15/20265.750%3/15 and 9/151,350,000 1,350,000 
First Lien Notes due 20278/20/20208/31/20273.375%6/15 and 12/151,000,000 1,000,000 
First Lien Notes due 20297/29/20218/1/20294.125%2/1 and 8/11,000,000 1,000,000 
Second Lien Notes due 20281/28/20201/15/20286.250%1/15 and 7/151,300,000 1,300,000 
ADT Notes due 20325/2/20167/15/20324.875%1/15 and 7/15728,016 728,016 
ADT Notes due 20427/5/20127/15/20424.875%1/15 and 7/1521,896 21,896 
2020 Receivables Facility(2)
3/5/202011/20/2029VariousMonthly407,901 436,004 
Total debt principal, excluding finance leases7,791,903 7,936,540 
Plus: Finance lease obligations(3)
69,442 69,468 
Less: Unamortized debt discount, net(12,081)(15,005)
Less: Unamortized deferred financing costs(26,990)(39,620)
Less: Unamortized purchase accounting fair value adjustment and other(115,201)(125,866)
Total debt7,707,073 7,825,517 
Less: Current maturities of long-term debt, net of unamortized debt discount(195,791)(312,061)
Long-term debt$7,511,282 $7,513,456 
__________________
(1)Interest rate as of December 31, 2024. Interest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“SOFR”) +1.05% and Cost of Funds (“COF”) +0.95%.
(2)Maturity date for the 2020 Receivables Facility represents the final maturity of date of current loans borrowed under the facility.
(3)Refer to Note 14 “Leases” for additional information regarding the Company’s finance leases.
First Lien Credit Agreement
The Company’s first lien credit agreement dated as of July 1, 2015 (together with subsequent amendments and restatements, the “First Lien Credit Agreement”) includes a term loan (the “First Lien Term Loan B due 2030”) and a revolving credit facility (the “First Lien Revolving Credit Facility”).
Prime Security Services Holdings, LLC (“Holdings”), a Delaware limited liability company and a wholly owned indirect subsidiary of the Company, Prime Security Services Borrower, LLC (“Prime Borrower”), a Delaware limited liability company and a wholly owned direct subsidiary of Holdings, and The ADT Corporation, a Delaware corporation and a wholly owned direct subsidiary of Prime Borrower (together with Prime Borrower, the “Borrowers”), are parties to the First Lien Credit Agreement as holdings and borrowers respectively.
The First Lien Term Loan B due 2030 requires scheduled quarterly amortization payments equal to 0.25% of its outstanding principal amount at the time of the December 2024 amendment, with the remaining balance payable at maturity. The Borrowers may make voluntary prepayments on the First Lien Term Loan B due 2030 at any time prior to maturity at par, subject to a 1.00% prepayment premium in the event of certain specified refinancing events at any time before June 2025.
Additionally, based on certain specified net first lien leverage ratios, the Borrowers may be required to make annual prepayments on the outstanding First Lien Term Loan B due 2030 with a percentage of the Company’s excess cash flow, as defined in the First Lien Credit Agreement, if the excess cash flow exceeds a certain specified threshold, which is 0% if our net first lien leverage ratio is less than or equal to 2.20 to 1.00. As of December 31, 2024, the Borrowers were not required to make an annual prepayment based on the Company’s excess cash flow.
The First Lien Term Loan B due 2030 bears interest at a rate equal to, at the Prime Borrower’s option, either (a) a term SOFR rate (“Term SOFR”) with a floor of zero or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States and (iii) the one-month adjusted term SOFR plus 1.00% per annum (“Base Rate”), in each case, plus an applicable margin of 2.00% per annum for Term SOFR loans and 1.00% per annum for Base Rate loans. Prime Borrower has elected the Term SOFR alternative to apply to borrowings of the First Lien Term Loan B due 2030.
The applicable margin for borrowings under the First Lien Revolving Credit Facility is 2.00% for Term SOFR loans (subject to a credit spread adjustment) and 1.00% for Base Rate loans, in each case, subject to adjustment pursuant to a leverage-based pricing grid, subject to two step downs to 1.75% and 1.50% based on a net first lien leverage ratio of 2.00 to 1.00 and 1.50 to 1.00, respectively. In addition, the Borrowers are required to pay a commitment fee of 0.20% to 0.30%, with step downs to 0.25% and 0.20% based on a net first lien leverage ratio of 2.00 to 1.00 and 1.50 to 1.00, respectively, with respect to the unused commitments under the First Lien Revolving Credit Facility. The First Lien Revolving Credit Facility is also subject to a springing maturity of 91 days prior to the maturity date of certain long-term indebtedness if, as of such date, the outstanding principal amount of such indebtedness exceeds $350 million.
Indebtedness incurred under the First Lien Credit Agreement is guaranteed, jointly and severally, on a senior secured first-priority basis, by substantially all of Prime Borrower’s wholly owned material domestic subsidiaries, and by Prime Borrower’s direct parent on a limited recourse basis, and is secured by a pledge of Prime Borrower’s capital stock directly held by its direct parent and by first-priority security interests in substantially all of the assets of Prime Borrower and the subsidiary guarantors, in each case, subject to certain permitted liens and exceptions.
Significant amendments and restatements related to the First Lien Credit Agreement during the periods presented were as follows:
•October 2023 - The Company redeemed approximately $1.3 billion of the then existing term loan (the “First Lien Term Loan B due 2026”) using net proceeds from the Commercial Divestiture.
•October 2023 - The Company amended and restated the First Lien Credit Agreement and refinanced the remaining outstanding balance of the First Lien Term Loan B due 2026 with a new $1,375 million 7-year First Lien Term Loan B due 2030.
•April 2024 - The Company amended and restated the First Lien Credit Agreement, which reduced the interest rate on the First Lien Term Loan B due 2030 from Term SOFR +2.50% to Term SOFR +2.25%.
•May 2024 - The Company amended and restated the First Lien Credit Agreement, which included the exchange of $143 million principal amount of loans under the Company’s Term Loan A Facility for its First Lien Term Loan B due 2030. In addition, later that month, the Company further amended and restated the First Lien Credit Agreement, pursuant to which the Company incurred an additional $474 million of outstanding principal under the First Lien Term Loan B due 2030 with the proceeds used to pay off the remaining outstanding balance of the Company’s Term Loan A Facility.
•October 2024 - The Company amended and restated the First Lien Credit Agreement to extend the maturity date of the First Lien Revolving Credit Facility to October 2029 and obtain an additional $225 million of First Lien Revolving Credit Facility commitments. After giving effect to the amendment, the aggregate amount of commitments under the First Lien Revolving Credit Facility is $800 million. In addition, the amendment reduced the commitment fee in respect of the First Lien Revolving Credit Facility to 0.20% to 0.30% per annum in respect of the unutilized commitments thereunder, subject to two step-downs based on certain specified net first lien leverage ratios.
•December 2024 - The Company amended and restated the First Lien Credit Agreement, which reduced the interest rate on the First Lien Term Loan B due 2030 from Term SOFR +2.25% to Term SOFR +2.00%.
During 2024, proceeds and repayments of long-term borrowings on the Consolidated Statements of Cash Flows include the impact of $704 million from certain of the 2024 amendments described above. During 2023, proceeds and repayments of long-term borrowings on the Consolidated Statements of Cash Flows include the impact of $230 million from the October 2023 amendment described above.
In addition, debt issuance costs, loss on extinguishment of debt, and financing and consent fees were not material as a result of these amendments.
Subsequent event - On February 7, 2025, the Company issued a notice of partial redemption for $500 million of the First Lien Notes due 2026, which will be redeemed on March 9, 2025. Prior to the issuance of such notice, certain lenders provided
commitments that they will fund a new $600 million first lien seven-year term loan facility. The closing of this new facility, which remains subject to market and other customary conditions, is expected to occur on or around March 7, 2025. The Company intends to use proceeds of this new facility for the partial redemption of the First Lien Notes due 2026 among other general corporate purposes.
First Lien Revolving Credit Facility
As discussed above, during 2024, the Company extended the maturity date of the First Lien Revolving Credit Facility to October 2029, subject to a springing maturity of 91 days prior to the maturity date of certain long-term indebtedness if, as of such date, the outstanding principal amount of such indebtedness exceeds $350 million, and obtained an additional $225 million of First Lien Revolving Credit Facility commitments. After giving effect to the amendment, the aggregate amount of commitments under the First Lien Revolving Credit Facility is $800 million.
Significant borrowings and repayments under the First Lien Revolving Credit Facility during the periods presented were as follows:
•2024: The Company borrowed $365 million and repaid $365 million.
•2022: The Company borrowed $550 million and repaid $575 million.
As of December 31, 2024, the Company had $800 million in available borrowing capacity under the First Lien Revolving Credit Facility.
Term Loan A Facility
On March 14, 2023, Holdings, Prime Borrower, and The ADT Corporation (Prime Borrower and The ADT Corporation in such capacity, the “Term Loan A Borrowers”), entered into a term loan credit agreement (the “Term Loan A Credit Agreement”) with Barclays Bank PLC, as administrative agent, and the lenders party thereto, pursuant to which such lenders provided the Term Loan A Borrowers with an aggregate principal amount of $600 million of term loans (the “Closing Date Term Loan A Loans”) under a senior secured term loan A facility (the “Term Loan A Facility”). The Company used the proceeds from the Closing Date Term Loan A Loans to redeem $600 million outstanding principal amount of the Company’s 4.125% senior notes due June 15, 2023 (the “ADT Notes due 2023”).
Also on March 14, 2023, Holdings, the Term Loan A Borrowers, the subsidiary loan parties thereto, Barclays Bank PLC, and the lender party thereto entered into an amendment to the Term Loan A Credit Agreement, pursuant to which the lender party thereto agreed, at the option of the Term Loan A Borrowers and subject to the satisfaction or waiver of customary conditions, to provide the Term Loan A Borrowers with an aggregate principal amount of $50 million of incremental term loans (the “Incremental Term Loan A Loans”) under the Term Loan A Facility on or before the scheduled maturity date of the ADT Notes due 2023. On June 15, 2023, the Company borrowed the Incremental Term Loan A Loans and used the proceeds to complete the redemption of $50 million of the ADT Notes due 2023. The Incremental Term Loan A Loans have the same terms as, and constitute one class with, the Closing Date Term Loan A Loans.
In May 2024, the Company exchanged $143 million of loans under its Term Loan A Facility for its First Lien Term Loan B due 2030, as discussed above. In addition, later that month, the Company redeemed the remaining outstanding principal balance of $474 million of its Term Loan A Facility, excluding accrued and unpaid interest, using proceeds under the First Lien Term Loan B due 2030, as discussed above. As a result, the Term Loan A Facility has been terminated.
First Lien Notes due 2024
As of December 31, 2024, the Company fully redeemed the 5.250% first-priority senior secured notes due 2024 (the “First Lien Notes due 2024”) as a result of the following transactions:
•May 2023 - The Company redeemed $150 million principal amount of the outstanding First Lien Notes due 2024 for a redemption price of $150 million, excluding accrued and unpaid interest, using cash on hand.
•December 2023 - The Company redeemed $500 million principal amount of the outstanding First Lien Notes due 2024 for a redemption price of $500 million, excluding accrued and unpaid interest, using remaining net proceeds from the Commercial Divestiture and cash on hand.
•April 2024 - The Company redeemed the remaining outstanding principal balance of $100 million of the First Lien Notes due 2024 for a redemption price of $100 million, excluding accrued and unpaid interest, using proceeds from the Company’s First Lien Revolving Credit Facility.
First Lien Notes due 2026
The Company’s 5.750% first-priority senior secured notes due 2026 (the “First Lien Notes due 2026”) are due at maturity, and may be redeemed, in whole or in part, at any time at a make-whole premium plus accrued and unpaid interest to, but excluding, the redemption date.
The First Lien Notes due 2026 are guaranteed, jointly and severally, on a senior secured first-priority basis, by each of the Company’s existing and future direct or indirect wholly-owned material domestic subsidiaries that guarantee the First Lien Credit Agreement.
Upon the occurrence of specified change of control events, the Company must offer to repurchase the First Lien Notes due 2026 at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date.
The indenture governing the First Lien Notes due 2026 also provides for customary events of default.
As discussed above, on February 7, 2025, the Company issued a notice of partial redemption for $500 million of the First Lien Notes due 2026, which will be redeemed on March 9, 2025.
First Lien Notes due 2027
The Company’s 3.375% first-priority senior secured notes due 2027 (the “First Lien Notes due 2027”) are due at maturity and may be redeemed at the Company’s option as follows:
•Prior to August 31, 2026, in whole at any time or in part from time to time, at a make-whole premium plus accrued and unpaid interest, if any, thereon to the redemption date.
•On or after August 31, 2026, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the First Lien Notes due 2027 redeemed plus accrued and unpaid interest, if any, thereon to the redemption date.
The Company’s obligations relating to the First Lien Notes due 2027 are guaranteed, jointly and severally, on a senior secured first-priority basis, by each of the Company’s domestic subsidiaries that guarantees its First Lien Credit Agreement and by each of the Company’s future domestic subsidiaries that guarantees certain of the Company’s debt. The First Lien Notes due 2027 and the related guarantees are secured by first-priority security interests in substantially all of the tangible and intangible assets owned by the issuers and each guarantor, subject to certain permitted liens and exceptions.
Upon the occurrence of specified change of control events, the Company must offer to repurchase the notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date.
The indenture governing the First Lien Notes due 2027 also provides for customary events of default.
First Lien Notes due 2029
In July 2021, the Company issued $1.0 billion aggregate principal amount of 4.125% first-priority senior secured notes due 2029 (the “First Lien Notes due 2029”).
The First Lien Notes due 2029 will mature on August 1, 2029, with semi-annual interest payment dates of February 1 and August 1 of each year, beginning February 1, 2022, and may be redeemed at the Company’s option as follows:
•Prior to August 1, 2028, in whole at any time or in part from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the First Lien Notes due 2029 to be redeemed and (ii) the sum of the present values of the aggregate principal amount of the First Lien Notes due 2029 to be redeemed and the remaining scheduled interest payments due on any date after the redemption date, to and including August 1, 2028, discounted at an adjusted treasury rate plus 50 basis points, plus, in either case accrued and unpaid interest as of, but excluding, the redemption date.
•On or after August 1, 2028, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the First Lien Notes due 2029 to be redeemed and accrued and unpaid interest as of, but excluding, the redemption date.
The Company’s obligations relating to the First Lien Notes due 2029 are guaranteed, jointly and severally, on a senior secured first-priority basis, by substantially all of the Company’s subsidiaries and are secured by first-priority security interests in substantially all of the assets of the Company’s domestic subsidiaries, subject to certain permitted liens and exceptions.
Upon the occurrence of specified change of control events, the Company may be required to purchase the notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date.
The indenture governing the First Lien Notes due 2029 also provides for customary events of default.
Second Lien Notes due 2028
The Company’s 6.250% second-priority senior secured notes due 2028 (the “Second Lien Notes due 2028”) are due at maturity, and since January 15, 2023, the Second Lien Notes due 2028 may be redeemed at the Company’s option in whole at any time or in part from time to time, at a redemption price equal to 100% (as of January 15, 2025) of the principal amount of the Second Lien Notes due 2028 redeemed and accrued and unpaid interest as of, but excluding, the redemption date.
The Company’s obligations relating to the Second Lien Notes due 2028 are guaranteed, jointly and severally, on a senior secured second-priority basis, by substantially all of the Company’s domestic subsidiaries and are secured by second-priority security interests in substantially all of the assets of the Company’s domestic subsidiaries, subject to certain permitted liens and exceptions.
Additionally, upon the occurrence of specified change of control events, the Company must offer to repurchase the Second Lien Notes due 2028 at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date.
The indenture governing the Second Lien Notes due 2028 also provides for customary events of default.
ADT Notes
In connection with the ADT Acquisition, the Company entered into supplemental indentures to notes originally issued by The ADT Corporation (collectively, the “ADT Notes”) providing for each series of ADT Notes to benefit from (i) guarantees by substantially all of the Company’s domestic subsidiaries and (ii) first-priority senior security interests, subject to permitted liens, in substantially all of the existing and future assets of the Company’s domestic subsidiaries. As a result, these notes remained outstanding and became obligations of the Company.
During 2023, the Company redeemed the then-outstanding ADT Notes due 2023. The remaining outstanding ADT Notes are due at maturity, and may be redeemed, in whole at any time or in part from time to time, at a redemption price equal to the principal amount of the notes to be redeemed, plus a make-whole premium, plus accrued and unpaid interest as of, but excluding, the redemption date.
Additionally, upon the occurrence of specified change of control events, the Company must offer to repurchase the ADT Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the purchase date.
The indentures governing the ADT Notes also provide for customary events of default.
Significant activity related to the ADT Notes due 2023 during the periods presented was as follows:
•March 2023 - The Company redeemed $600 million outstanding principal amount for a total redemption price of $600 million, excluding any accrued and unpaid interest, using the proceeds from the Closing Date Term Loan A Loans.
•June 2023 - The Company redeemed the remaining outstanding principal amount of $100 million for a total redemption price of $100 million, excluding any accrued and unpaid interest, using $50 million of proceeds from the Incremental Term Loan A Loans and the remaining from cash on hand.
2020 Receivables Facility
During March 2020, the Company entered into the 2020 Receivables Facility, as amended, whereby the Company obtains financing by selling or contributing certain retail installment contract receivables to the Company’s wholly-owned consolidated bankruptcy-remote special purpose entity (“SPE”). The SPE grants a security interest in those retail installment contract receivables as collateral for cash borrowings under the 2020 Receivables Facility. The SPE borrower under the 2020 Receivables Facility is a separate legal entity with its own creditors who will be entitled, prior to and upon the liquidation of the SPE, to be satisfied out of the SPE’s assets prior to any assets of the SPE becoming available to the Company (other than the SPE). Accordingly, the assets of the SPE are not available to pay creditors of the Company (other than the SPE), although collections from the transferred retail installment contract receivables in excess of amounts required to repay amounts then due and payable to the SPE’s creditors may be released to the Company and subsequently used by the Company (including to pay other creditors). The SPE’s creditors under the 2020 Receivables Facility have legal recourse to the transferred retail installment contract receivables owned by the SPE, and to the Company for certain performance and operational obligations relating to the 2020 Receivables Facility, but do not have any recourse to the Company (other than the SPE) for the payment of principal and interest on the advances under the 2020 Receivables Facility.
Significant amendments to the 2020 Receivables Facility during the periods presented were as follows:
•May 2022 - Changed the benchmark rate from 1-month LIBOR to Daily SOFR, extended the scheduled termination date for the uncommitted revolving period from October 2022 to May 2023, and amended certain other terms to increase the advance rate on pledged collateral.
•March 2023 - Increased the borrowing capacity from $400 million to $500 million and extended the uncommitted revolving period from May 2023 to March 2024, among other things.
•March 2024 - The Company amended the agreement governing the 2020 Receivables Facility, pursuant to which the uncommitted revolving period was extended from March 2024 to April 2024.
•April 2024 - The Company further amended the agreement governing the 2020 Receivables Facility, pursuant to which, among other things, the borrowing capacity was increased from $500 million to $550 million and the uncommitted revolving period was extended from April 2024 to April 2025. In addition, proceeds and repayments from the receivables facility include the impact of $32 million from the amendments described above.
The Company services the transferred retail installment contract receivables and is responsible for ensuring the related collections are remitted to a segregated bank account in the SPE’s name. On a monthly basis, the segregated account is utilized to make required principal, interest, and other payments due under the 2020 Receivables Facility. The segregated account is considered restricted cash.
Proceeds and repayments from the 2020 Receivables Facility are presented in cash flows from financing activities on the Consolidated Statements of Cash Flows.
The impact to the Consolidated Statements of Operations from the 2020 Receivables Facility was primarily due to the allowance for credit losses and interest expense during the periods presented.
As of December 31, 2024, the Company had an uncommitted available borrowing capacity under the 2020 Receivables Facility of $142 million.
Variable Interest Entity
The SPE, as described above, meets the definition of a variable interest entity (“VIE”) for which the Company is the primary beneficiary as it has the power to direct the SPE’s activities and the obligation to absorb losses or the right to receive benefits of the SPE. As such, the SPE’s assets, liabilities, and financial results of operations are consolidated in the Company’s consolidated financial statements.
As of December 31, 2024 and 2023, the SPE’s assets and liabilities primarily consisted of a portion of the Company’s unbilled retail installment contract receivables, net, of $575 million and $610 million, respectively, and borrowings under the 2020 Receivables Facility as presented above.
Solar Receivables Facility
On August 2, 2023, Compass Solar Group, LLC (“Compass”) and ADT Solar Finance LLC (“ADT Solar Finance”), each an indirect wholly-owned subsidiary of ADT Inc. entered into a Receivables Financing Agreement with Mizuho Bank, Ltd. (the “Solar Receivables Financing Agreement”) to finance receivables generated by the installation of residential solar systems.
Prior to its expiration in August 2024, the Solar Receivables Financing Agreement, among other things, provided for an uncommitted revolving loan facility in the aggregate principal amount of up to $300 million which loans were to be secured by substantially all the assets of ADT Solar Finance (the “Solar Receivables Facility”). The Company did not borrow any amounts under the Solar Receivables Facility prior to its expiration.
Debt Covenants
Our credit agreements and indentures associated with the borrowings above contain certain covenants and restrictions that limit the Company’s ability to, among other things: (a) incur additional debt or issue certain preferred equity interests; (b) create liens on certain assets; (c) make certain loans or investments (including acquisitions); (d) pay dividends on or make distributions in respect of the capital stock or make other restricted payments; (e) consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets; (f) sell assets; (g) enter into certain transactions with affiliates; (h) enter into sale-leaseback transactions; (i) restrict dividends from the Company’s subsidiaries or restrict liens; (j) change the Company’s fiscal year; and (k) modify the terms of certain debt or organizational agreements.
Our credit agreements and indentures associated with the borrowings above also provide for customary events of default.
The Company is subject to a springing financial maintenance covenant under the First Lien Credit Agreement, which requires the Company to not exceed a specified first lien leverage ratio at the end of each fiscal quarter if the testing conditions are satisfied. The covenant is tested if the outstanding loans under the First Lien Revolving Credit Facility, subject to certain exceptions, exceed 30% of the total commitments under the First Lien Revolving Credit Facility as of the last day of any fiscal quarter.
As of December 31, 2024, the Company was in compliance with all financial covenant and other maintenance tests for all debt obligations.
Loss on Extinguishment of Debt
Loss on extinguishment of debt includes the payment of call and redemption premiums, the write-off of unamortized deferred financing costs and discounts, and certain other expenses associated with extinguishment of debt. During the periods presented, significant activity related to loss on extinguishment of debt was as follows:
•2023: Totaled $17 million and was primarily due to the write-off of unamortized discount and debt issuance costs associated with the partial redemption of the First Lien Term Loan B due 2026 and the refinancing of the First Lien Term Loan B due 2026.
Additional fees and other costs associated with financing transactions were not material during 2024, 2023, or 2022.
Other
As of December 31, 2024, the aggregate annual maturities of debt, excluding finance leases, were as follows:
(in thousands)20252026202720282029ThereafterTotal
Debt principal$170,198 $1,499,939 $1,099,518 $1,367,345 $1,019,841 $2,635,062 $7,791,903 
Interest expense (excluding interest income) during 2024, 2023, and 2022 on the Company’s debt, including finance leases, and interest rate swap contracts presented within interest expense, net, was $451 million, $586 million, and $277 million, respectively.
v3.25.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
The Company's derivative financial instruments primarily consist of SOFR-based interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt and interest rate swaps. All interest rate swap contracts are reported in the Consolidated Balance Sheets at fair value.
For interest rate swap contracts that are:
•Not designated as cash flow hedges: Unrealized gains and losses are recognized in interest expense, net, and other income (expense) depending on the nature of the underlying that the swaps are economically hedging.
•Designated as cash flow hedges: Unrealized gains and losses are recognized as a component of accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into interest expense, net, in the same period in which the related interest on debt affects earnings.
For interest rate swap contracts that have been de-designated as cash flow hedges and for which forecasted cash flows are:
•Probable or reasonably possible of occurring: Unrealized gains and losses previously recognized as a component of AOCI are reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the original maturity date of the related interest rate swap contracts.
•Probable of not occurring: Unrealized gains and losses previously recognized as a component of AOCI are immediately reclassified into interest expense, net.
The cash flows associated with interest rate swap contracts that contain an other-than-insignificant financing element at inception are reflected as cash flows from financing activities.
The cash flows associated with interest rate swap contracts that were entered into with the intention of offsetting the economic overhedged position of a portion of our existing interest rate swaps are reflected as cash flows from investing activities.
Interest Rate Swaps
In October 2019, and in connection with the refinancing of variable-rate debt under the First Lien Credit Agreement in September 2019, the Company terminated interest rate swap contracts with an aggregate notional amount of $3.8 billion, of which $2.8 billion were designated as cash flow hedges, and concurrently entered into new LIBOR-based interest rate swap contracts, which were, at the time, designated as cash flow hedges, with an aggregate notional amount of $2.8 billion and maturity of September 2026. These swaps contain an other-than-insignificant financing element due to their off-market terms at the inception of the swaps.
Beginning in March 2020, the Company's interest rate swap contracts previously designated as cash flow hedges were no longer highly effective as a result of changes in the interest rate environment. Accordingly, the Company de-designated the cash flow hedges, and the unrealized gains and losses for the period in which these cash flow hedges were no longer highly effective were recognized in interest expense, net. Unrealized losses previously recognized as a component of AOCI prior to de-designation are being reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the maturity dates of the interest rate swap contracts, as the forecasted cash flows are probable or reasonably possible of occurring.
In March and April 2023, the Company entered into floating-to-fixed interest rate swaps with an aggregate notional amount of $300 million to partially hedge the Company’s then outstanding Term Loan A Facility.
In December 2023, the Company entered into interest rate swaps with an aggregate notional amount of $700 million to offset the excess notional interest rate swaps as a result of the partial redemption of the First Lien Term Loan B due 2026. The changes in fair value associated with these swaps and the excess swaps are reflected in other income (expense).
Notional Amounts
(in thousands)December 31,
ExecutionMaturityDesignation20242023
October 2019September 2026Not designated$2,800,000 $2,800,000 
March 2023March 2028Not designated100,000 100,000 
April 2023March 2028Not designated200,000 200,000 
December 2023
September 2026Not designated700,000 700,000 
Total notional amount$3,800,000 $3,800,000 
Classification and Fair Value
December 31,
Balance Sheet Classification (in thousands)
20242023
Prepaid expenses and other current assets$56,164 $74,974 
Other assets$54,102 $76,493 
Accrued expenses and other current liabilities$1,466 $5,312 
Other liabilities$208 $1,325 
Unrealized Gains (Losses)

Years Ended December 31,
Statement of Operations Classification (in thousands)
202420232022
Interest expense, net
$(27,164)$(22,174)$301,851 
Other income (expense)
$(17,996)$(16,511)$— 
Changes in and Reclassifications out of AOCI
(in thousands)Cash Flow Hedges
Balance as of December 31, 2021$(71,267)
Pre-tax current period change33,946 
Income tax benefit (expense)(8,192)
Balance as of December 31, 2022(45,513)
Pre-tax current period change42,295 
Income tax benefit (expense)(10,166)
Balance as of December 31, 2023(13,384)
Pre-tax current period change7,921 
Income tax benefit (expense)(1,913)
Balance as of December 31, 2024$(7,376)
During 2023, the Company recorded $25 million to interest expense, net associated with the reclassification from AOCI of historical losses related to the de-designated interest rate swaps for which the cash flows were probable of not occurring as a result of the partial redemption of the Company’s then outstanding First Lien Term Loan B due 2026.
As of December 31, 2024, AOCI associated with previously designated cash flow hedges that is estimated to be reclassified to interest expense, net, within the next twelve months is not material.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the temporary differences between the recognition of revenue and expenses for income tax and financial reporting purposes and between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. The Company records the effect of a tax rate or law change on the Company’s deferred tax assets and liabilities in the period of enactment.
The amounts and related disclosures below are based on the continuing operations of the Company, unless otherwise noted.
Components of Income Before Taxes
Years Ended December 31,
(in thousands)202420232022
United States$808,476 $601,370 $401,746 
Foreign6,694 3,013 2,712 
Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee$815,170 $604,383 $404,458 
Components of Income Tax Benefit (Expense)(1)
Years Ended December 31,
(in thousands)202420232022
Current:
Federal$1,027 $(358)$(184)
State(13,829)(57,024)(28,100)
Foreign(2,096)(923)(691)
Current income tax benefit (expense)(14,898)(58,305)(28,975)
Deferred:
Federal(105,711)(136,457)(43,203)
State(33,702)11,704 24,029 
Foreign(170)(194)(401)
Deferred income tax benefit (expense)(139,583)(124,947)(19,575)
Income tax benefit (expense)$(154,481)$(183,252)$(48,550)
___________________
(1)The components of tax benefit (expense) include both continuing and discontinued operations for all periods presented in accordance with Accounting Standards Codification (“ASC”) 740. This presentation is to reflect the Company’s tax structure and filings.
Income tax benefit (expense) is included in the Consolidated Statements of Operations as follows:
Years Ended December 31,
(in thousands)202420232022
Continuing operations
$(195,780)$(160,585)$(87,692)
Discontinued operations
41,299 (22,667)39,142 
Income tax benefit (expense)$(154,481)$(183,252)$(48,550)
Effective Tax Rate Reconciliation
Reconciliations between the actual effective tax rate on continuing operations and the statutory U.S. federal income tax rate were as follows:
Years Ended December 31,
202420232022
Statutory federal tax rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefits5.4 %6.1 %3.0 %
Non-U.S. tax0.3 %0.2 %0.3 %
Non-deductible and non-taxable charges(1)
0.8 %1.0 %5.1 %
Valuation allowance— %— %(0.6)%
Unrecognized tax benefits(4.0)%(1.0)%(2.3)%
Share-based compensation0.1 %— %(0.6)%
Non-deductible goodwill on dispositions— %0.7 %— %
Federal credits0.1 %(0.6)%(2.9)%
Acquisitions and dispositions1.2 %(0.9)%(0.2)%
Legislative changes(0.4)%0.6 %(2.1)%
Prior year return adjustments(0.6)%(0.6)%1.1 %
Other0.1 %0.1 %(0.1)%
Effective tax rate24.0 %26.6 %21.7 %
___________________
(1)During 2022, primarily represents the impact related to the fair value adjustment of the Forward Contract.
Deferred Tax Assets and Deferred Tax Liabilities
The components of the Company's net deferred tax assets (liabilities) were as follows:
December 31,
(in thousands)20242023
Deferred tax assets:
Accrued liabilities and reserves$94,084 $90,351 
Tax loss and credit carryforwards75,927 132,230 
Disallowed interest carryforward230,048 150,492 
Deferred revenue218,639 225,499 
Other91,892 112,194 
Total deferred tax assets710,590 710,766 
Valuation allowance(12,264)(12,264)
Deferred tax assets, net of valuation allowance$698,326 $698,502 
Deferred tax liabilities:
Subscriber system assets$(757,046)$(761,203)
Intangible assets(1,051,499)(893,292)
Other(56,994)(71,196)
Total deferred tax liabilities(1,865,539)(1,725,691)
Net deferred tax assets (liabilities)$(1,167,213)$(1,027,189)
The valuation allowance for deferred tax assets relates to the uncertainty of the utilization of certain U.S. federal and state deferred tax assets. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, which includes its past operating results, the existence of cumulative losses in the most recent years, and its forecast of future taxable income. In estimating future taxable income, the Company develops assumptions related to the amount of future pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company is using to manage its underlying businesses. The Company believes that it is more-likely-than-not that it will generate sufficient future taxable income to realize its deferred tax assets, net of valuation allowance.
The changes in the valuation allowance for deferred tax assets were as follows:
Years Ended December 31,
(in thousands)202420232022
Beginning balance $(12,264)$(57,715)$(60,157)
Income tax benefit (expense)(1)
— 43,277 2,428 
Write-offs and other
— 2,174 14 
Ending balance$(12,264)$(12,264)$(57,715)
__________________
(1)During 2023, the change is primarily related to the utilization of capital loss carryforwards against which a valuation allowance was previously recorded. The utilization is attributable to capital gains generated in connection with the Commercial Divestiture.
As of December 31, 2024, the Company has no remaining financial statement federal net operating loss (“NOL”) carryforwards.
As of December 31, 2024, the Company’s valuation allowance for deferred tax assets was primarily related to capital loss carryforwards in Canada primarily generated in connection with the sale of ADT Canada during 2019.
The Tax Cuts and Jobs Act of 2017 introduced IRC Section 163(j), which limits the deductibility of interest expense and allows for the excess to be carried forward indefinitely. As of December 31, 2024, the Company has not recorded a valuation allowance against the disallowed interest carryforward as the Company believes it has sufficient sources of future taxable income to realize the related tax benefit.
Unrecognized Tax Benefits
The Company recognizes positions taken or expected to be taken in a tax return in the consolidated financial statements when it is more-likely-than-not (i.e., a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. The Company records liabilities for positions that have been taken but do not meet the more-likely-than-not recognition threshold. The Company adjusts the liabilities for unrecognized tax benefits in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a change to the estimated liabilities. The Company includes interest and penalties associated with unrecognized tax benefits as income tax expense and as a component of the recorded balance of unrecognized tax benefits, which is reflected in other liabilities, or net of related tax loss carryforwards in the Consolidated Balance Sheets. Interest and penalties associated with unrecognized tax benefits were not material to the Company's consolidated financial statements for the periods presented.
The following is a roll-forward of unrecognized tax benefits:
Years Ended December 31,
(in thousands)202420232022
Beginning balance$48,823 $56,177 $66,221 
Gross increase related to prior year tax positions9,933 517 5,063 
Gross decrease related to prior year tax positions(5,108)— — 
Decreases related to lapse of statute of limitation(29,042)(7,871)(15,107)
Ending balance$24,606 $48,823 $56,177 
The Company’s unrecognized tax benefits relate to tax years that are subject to audit by the taxing authorities in the U.S. federal, state and local, and foreign jurisdictions. Based on the current tax statutes and status of its income tax audits, the
Company does not expect unrecognized tax benefits to change significantly in the next twelve months.
Open Tax Years by Jurisdiction
JurisdictionYears Open to Audit
Federal
2021 - 2023
State
2019 - 2023
Canada
2020 - 2023
The Company files a consolidated return for its U.S. entities and separate returns for each Canadian entity. These income tax returns are subject to audit by the taxing authorities that may culminate in proposed assessments which may ultimately result in a change to the estimated income taxes.
Federal Tax Legislation
Tax Cuts and Jobs Act - Certain changes to U.S. federal tax law included in the Tax Cuts and Jobs Act of 2017 had a delayed effective date and have taken effect for 2022. Under IRC Section 163(j), the limitation on net business interest expense deductions will no longer be increased by deductions for depreciation, amortization, or depletion. Under IRC Section 174, specified research and experimentation expenditures must now be capitalized and amortized.
Inflation Reduction Act - The Inflation Reduction Act (the “IRA”) was signed into law in August 2022. The IRA, among other provisions, implements (i) a 15% corporate alternative minimum tax (“CAMT”) on book income of corporations whose average annual adjusted financial statement income during the most recently-completed three-year period exceeds $1.0 billion, (ii) a 1% excise tax on net stock repurchases, and (iii) several tax incentives to promote clean energy including an extension of the investment tax credit. Both the CAMT and the excise tax provisions are effective for tax years beginning after December 31, 2022, and as of December 31, 2024, the Company does not anticipate any material impact.
v3.25.0.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity EQUITY
Common Stock and Class B Common Stock
During September 2020, the Company amended its articles of incorporation to authorize the issuance of 100,000,000 shares of Class B common stock, par value of $0.01 per share (“Class B Common Stock”), as well as to increase the number of authorized shares of preferred stock, par value of $0.01 per share, to 1,000,000.
In September 2020, the Company issued and sold 54,744,525 shares of Class B Common Stock for an aggregate purchase price of $450 million to Google LLC (“Google”) in a private placement pursuant to a securities purchase agreement dated July 31, 2020 (the “Securities Purchase Agreement”).
Accordingly, the Company has two classes of common stock, Common Stock and Class B Common Stock, both of which entitle stockholders to one vote for each share of Common Stock.
Each share of Class B Common Stock has equal status and rights to dividends as a share of Common Stock. The holders of Class B Common Stock have one vote for each share of Class B Common Stock held of record by such holder on all matters on which stockholders are entitled to vote generally; provided, however, that holders of Class B Common Stock, as such, are not entitled to vote on the election, appointment, or removal of directors of the Company. Additionally, each share of Class B Common Stock will immediately become convertible into one share of Common Stock, at the option of the holder thereof, at any time following the earlier of (i) the expiration or early termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Clearance”), required prior to such holder’s conversion of all such shares of Class B Common Stock, or (ii) to the extent HSR Clearance is not required prior to such holder’s conversion of such shares of Class B Common Stock, the date that such holder owns such shares of Class B Common Stock.
Issuances of Common Stock
During the periods presented, issuances of Common Stock other than as related to the exercise or vesting of share-based compensation awards includes:
•October 2022: The Company issued approximately 133 million shares of Common Stock for an aggregate purchase price of $1.2 billion as part of the State Farm Strategic Investment (as defined below).
•June 2022: The Company issued approximately 2 million shares of Common Stock as consideration for a business acquisition.
Additionally, throughout 2022, the Company issued approximately 5.3 million shares of the Company’s Common Stock with a value of approximately $40 million related to the ADT Solar Acquisition (the “Delayed Shares”).
Repurchases of Common Stock
On January 24, 2024, the Company's Board of Directors announced a share repurchase plan (the “2024 Share Repurchase Plan”), pursuant to which the Company was authorized, but not obligated, to repurchase up to a maximum aggregate amount of $350 million of shares of the Company's Common Stock through January 29, 2025. The 2024 Share Repurchase Plan expired in January 2025 with $5 million authorized repurchases remaining.
Share repurchases under the 2024 Share Repurchase Plan were as follows:
•In March 2024, the Company repurchased and retired 15 million shares at a price per share of approximately $6.22 for an aggregate purchase price of $93 million in connection with an offering of the Company’s Common Stock.
•In October 2024, the Company repurchased and retired 16 million shares at a price per share of approximately $7.20 for an aggregate purchase price of $115 million in connection with an offering of the Company’s Common Stock.
•In October 2024, the Company repurchased and retired 5 million shares of Common Stock from a non-affiliate individual at a price per share of $6.40 for an aggregate purchase price of $32 million.
Subsequent events
In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95 for an aggregate purchase price of $104 million. The transaction settled in January 2025, and the Company retired the shares. As of December 31, 2024, the Company recorded a liability related to the forward share repurchase contract and a reduction to additional paid-in capital.
In February 2025, the Company’s Board of Directors announced a share repurchase plan (the “2025 Share Repurchase Plan”), pursuant to which the Company is authorized to repurchase, through April 30, 2026, up to a maximum aggregate amount of $500 million of shares of Common Stock. The 2025 Share Repurchase Plan allows the Company to purchase Common Stock from time to time in one or more open market or privately negotiated transactions, including pursuant to Rule 10b5-1 or Rule 10b-18 of the Exchange Act, or pursuant to one or more accelerated share repurchase agreements, subject to certain requirements and factors.
Google Investor Rights Agreement
In connection with the issuance of the Class B Common Stock, the Company and Google entered into an Investor Rights Agreement (the “Google Investor Rights Agreement”), pursuant to which Google agreed to be bound by customary transfer restrictions and drag-along rights, and be afforded customary registration rights with respect to shares of Class B Common Stock held directly by Google. Under the terms of the Google Investor Rights Agreement, Google was prohibited, subject to certain exceptions, from transferring any shares of Class B Common Stock or any shares of Common Stock issuable upon conversion of the Class B Common Stock beneficially owned by Google through September 2023, or earlier if certain conditions occurred (the “Google Lock-up Period”).
In December 2023, the Company and Google amended the Google Investor Rights Agreement to extend the Google Lock-up Period through June 2025, or earlier if (i) the Google Commercial Agreement (as defined in Note 13 “Commitments and Contingencies”) has been terminated under certain specified circumstances or (ii) the Google Cloud Master Agreement (as defined in Note 13 “Commitments and Contingencies”) has been validly terminated for any reason other than Google's uncured material breach.
State Farm Transaction
State Farm Strategic Investment
On September 5, 2022, the Company entered into a securities purchase agreement (the “State Farm Securities Purchase Agreement”) with State Farm, pursuant to which the Company agreed to issue and sell in a private placement to State Farm 133 million shares of the Company’s Common Stock (the “State Farm Shares”) at a per share price of $9.00 for an aggregate purchase price of $1.2 billion (the “State Farm Strategic Investment”). The transaction closed on October 13, 2022 (the “Closing”).
Additionally, on September 12, 2022, in connection with the State Farm Strategic Investment, the Company commenced a tender offer (discussed below) to purchase up to 133 million shares of the Company’s Common Stock (including shares issued upon conversion of shares of Class B Common Stock ) (the “Tender Shares”) at a price of $9.00 per share (the “Tender Offer”) using proceeds from the State Farm Strategic Investment.
After the Closing and the Tender Offer, State Farm owned approximately 15% of the Company’s issued and outstanding Common Stock (assuming conversion of Class B Common Stock) and became a related party.
Tender Offer
Concurrently with the execution of the State Farm Securities Purchase Agreement, (i) Apollo delivered to the Company a Tender and Support Agreement, pursuant to which Apollo agreed to collectively tender (and not withdraw) no fewer than 133 million shares of Common Stock in the Tender Offer (the “Apollo Support Agreement”), and (ii) Google delivered to the Company a Support Agreement, pursuant to which Google agreed to not convert and tender any of its shares of Class B Common Stock.
The Tender Offer expired on October 20, 2022. On October 26, 2022, the Company used proceeds from the State Farm Strategic Investment to repurchase an aggregate of 133 million shares of the Company’s Common Stock at a purchase price of $9.00 per share for an aggregate purchase price of $1.2 billion, excluding fees and expenses, subject to the terms and conditions described in the Offer to Purchase dated September 12, 2022 (as amended from time to time, the “Offer to Purchase”). The Tender Shares were subject to the “odd lot” priority and proration provisions described in the Offer to Purchase as the Tender Offer was substantially over-subscribed. No shares of Class B Common Stock were converted and tendered in the Tender Offer.
The Tender Offer was considered a contingent forward purchase contract (the “Forward Contract”), which was recorded at fair value in the Consolidated Balance Sheet. The fair value of the Forward Contract was estimated as the difference between the present value of the cash consideration to be paid and the value of the Company’s Common Stock to be tendered. At the commencement of the Tender Offer, the Company recorded a liability and a reduction to additional paid in capital of $42 million. During 2022, the change in fair value recognized in other income (expense) was a net loss of $63 million. Fees associated with the Tender Offer were not material.
State Farm Investor Rights Agreement
At the Closing, the Company and State Farm entered into an Investor Rights Agreement (the “State Farm Investor Rights Agreement”), pursuant to which the Board of Directors of the Company increased its size by one director and appointed a designee of State Farm as a member of the Board of Directors.
Pursuant to the terms of the State Farm Investor Rights Agreement, State Farm will also be bound by customary transfer and standstill restrictions and drag-along rights, and be afforded customary registration rights with respect to the State Farm Shares. In particular, State Farm (a) will be prohibited, subject to certain customary exceptions, from transferring any of the State Farm Shares until the earlier of (i) October 13, 2025, and (ii) the date on which the development agreement with State Farm (the “State Farm Development Agreement”) has been validly terminated, other than in the event of termination by the Company for a material breach thereof by State Farm, and (b) will be subject to certain standstill restrictions, including that State Farm will be restricted from acquiring additional equity securities of the Company if such acquisition would result in State Farm (and its affiliates) acquiring beneficial ownership in excess of 18% of the issued and outstanding Common Stock, taking into account on an as-converted basis the issued and outstanding Class B Common Stock, until five days after the date that no designee of State Farm serves on the Board of Directors and State Farm has no rights (or has irrevocably waived its right) to nominate a designee to the Board of Directors. Notwithstanding the standstill restrictions described above, State Farm will not be restricted from acquiring shares of Common Stock or other equity securities of the Company from Prime Security Services TopCo Parent, L.P. and its affiliates so long as State Farm and its affiliates would not, subject to certain exceptions, beneficially own in excess
of 25% of the issued and outstanding Common Stock, taking into account on an as-converted basis the issued and outstanding Class B Common Stock, as a result of such acquisition.
In addition, under the terms of the State Farm Investor Rights Agreement, in the event that the Company proposes to issue and sell shares of Common Stock, Class B Common Stock, or other equity securities of the Company to certain homeowners’ insurance and reinsurance companies, State Farm will have a right of first refusal with respect to such proposed issuance and sale on the same terms and conditions (the “ROFR”). The ROFR will terminate upon the earliest to occur of (i) State Farm and its permitted transferees no longer collectively owning shares of Common Stock equal to at least 50% of the State Farm Shares; (ii) the termination of the State Farm Development Agreement by the Company for a material breach by State Farm; and (iii) to the extent that the State Farm Development Agreement does not remain in effect on such date, the five (5) year anniversary of the Closing.
State Farm Development Agreement
At the Closing, the Company, ADT LLC (an indirect wholly owned subsidiary of the Company), and State Farm entered into the State Farm Development Agreement pursuant to which State Farm committed up to $300 million to an Opportunity Fund that will fund certain product and technology innovation, customer growth, and marketing initiatives to be agreed on between State Farm and the Company.
Additionally at the Closing, the Company received $100 million of the Opportunity Fund, which is restricted until such time as the Company uses the funds in accordance with the State Farm Development Agreement. The Company’s use of the funds is also subject to approval by State Farm. The Company recorded the cash received from the Opportunity Fund as restricted cash and a corresponding liability, which is reflected in accrued expenses and other current liabilities.
Refer to Note 16 “Related Party Transactions” for more information on the Opportunity Fund.
Dividends
Stockholders are entitled to receive dividends when, as, and if declared by the Company’s Board of Directors out of funds legally available for that purpose.
(in thousands, except per share data)
Common StockClass B Common Stock
Declaration DateRecord DatePayment DatePer ShareAggregatePer ShareAggregate
Year Ended December 31, 2024
1/24/243/14/244/4/24$0.055 $47,059 $0.055 $3,011 
4/25/246/13/247/9/240.055 47,137 0.055 3,011 
8/1/249/13/2410/4/240.055 47,146 0.055 3,011 
10/24/2412/12/241/9/250.055 46,012 0.055 3,011 
Total$0.220 $187,354 $0.220 $12,044 
Year Ended December 31, 2023
2/28/233/16/234/4/23$0.035 $30,342 $0.035 $1,916 
5/2/236/15/237/6/230.035 30,256 0.035 1,916 
8/8/239/15/2310/4/230.035 30,405 0.035 1,916 
11/2/2312/14/231/9/240.035 30,358 0.035 1,916 
Total$0.140 $121,361 $0.140 $7,664 
During 2022, the Company declared aggregate dividends of $0.14 per share on Common Stock ($120 million) and $0.14 per share on Class B Common Stock ($8 million).
Subsequent Event - On February 27, 2025, the Company announced a dividend of $0.055 per share to holders of Common Stock and Class B Common Stock of record on March 13, 2025, which will be distributed on or about April 3, 2025.
Accumulated Other Comprehensive Income (Loss)
Refer to Note 8 “Derivative Financial Instruments” for AOCI reclassifications associated with cash flow hedges. Other changes in AOCI, which primarily relate to the Company’s defined benefit pension plans, were not material.
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation SHARE-BASED COMPENSATION
The Company grants share-based compensation awards to participants under the 2016 Equity Incentive Plan (the “2016 Plan”) and the 2018 Omnibus Incentive Plan (the “2018 Plan”). Share-based compensation expense is recognized in the Consolidated Statements of Operations as follows:
Years Ended December 31,
(in thousands)
202420232022
Selling, general, and administrative expenses
$48,745 $38,626 $52,945 
Income (loss) from discontinued operations, net of tax
(132)12,511 13,621 
Total share-based compensation expense
$48,613 $51,137 $66,566 
The following discussion of the Company’s share-based compensation awards includes awards related to continuing and discontinued operations, unless otherwise noted.
2016 Plan
As of December 31, 2024, the Company is authorized to issue no more than approximately 5 million shares of Common Stock by the exercise or vesting of granted awards under the 2016 Plan. The Company does not expect to issue additional awards under the 2016 Plan. Unrecognized share-based compensation expense as of December 31, 2024 and share-based compensation expense for awards granted under the 2016 Plan were not material during the periods presented.
Distributed Shares and Class B Unit Redemption
In connection with the IPO, each holder of Class B awards (“Class B Units”), which were issued to certain participants by Ultimate Parent prior to the IPO, had their entire Class B interest in Ultimate Parent redeemed for the number of shares of the Company’s Common Stock (the “Distributed Shares”) that would have been distributed to such holder under the terms of Ultimate Parent’s operating agreement in a hypothetical liquidation on the date and price of the IPO (the “Class B Unit Redemption”).
The Class B Unit Redemption resulted in a modification of the Class B Units, whereby each holder received both vested and unvested Distributed Shares in the same proportion as the holder’s vested and unvested Class B Units held immediately prior to the IPO. As a result of the Class B Unit Redemption, holders of Class B Units received a total of 20.6 million shares of the Company’s Common Stock, of which 50% were subject to the same vesting conditions under the Class B Unit Service Tranche (the “Distributed Shares Service Tranche”), which were subject to ratable service-based vesting over a five-year period, and 50% were subject to the same vesting conditions under the Class B Unit Performance Tranche (the “Distributed Shares Performance Tranche”), which were based on the achievement of certain investment return thresholds by Apollo. The Distributed Shares also have certain other restrictions pursuant to the terms and conditions of the Company’s Amended and Restated Management Investor Rights Agreement (the “MIRA”). The MIRA was last amended on August 1, 2024.
The IPO triggered an acceleration of vesting of the unvested Distributed Shares Service Tranche causing them to become fully vested six months from the date of the IPO, which occurred in July 2018.
The Company recorded share-based compensation expense on the Distributed Shares Performance Tranche on a straight-line basis over the derived service period of approximately three years from the IPO date, as the vesting conditions were deemed probable following the consummation of the IPO.
The following table summarizes activity related to the Distributed Shares Performance Tranche during 2024:
Number of Distributed SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 20239,194,312 $13.05 
Vested(1)
(2,509,806)13.08 
Forfeited— — 
Unvested as of December 31, 20246,684,506 $10.44 
________________________
(1)    During the second quarter of 2024, certain of the Distributed Shares were modified in a manner that resulted in such awards immediately vesting.
2018 Plan
In January 2018, the Company approved the 2018 Plan, which became effective upon consummation of the IPO. During 2024, the Company amended the 2018 Plan to increase the number of authorized common shares to be issued under the 2018 Plan by 50 million shares. As of December 31, 2024, the 2018 Plan, as amended, authorizes the issuance of no more than approximately 138 million shares of Common Stock by the exercise or vesting of granted awards, which are generally stock options and restricted stock units (“RSUs”). The Company satisfies the exercise of options and the vesting of RSUs through the issuance of authorized but previously unissued shares of Common Stock.
Awards issued under the 2018 Plan include retirement provisions that allow awards to continue to vest in accordance with the granted terms in its entirety or on a pro-rata basis when a participant reaches retirement eligibility, as long as 12 months of service have been provided since the date of grant. Accordingly, share-based compensation expense for service-based awards is recognized on a straight-line basis over the vesting period, or on an accelerated basis for retirement-eligible participants where applicable. The Company accounts for forfeitures as they occur.
Additionally, RSUs entitle the holder to dividend equivalent units (“DEUs”), which are granted as additional RSUs and are subject to the same vesting and forfeiture conditions as the underlying RSUs. DEUs are charged against accumulated deficit when dividends are paid.
Top-up Options
In connection with the Class B Unit Redemption in 2018, the Company granted 12.7 million options to holders of Class B Units (the “Top-up Options”). The Top-up Options have an exercise price equal to the IPO price per share of the Company’s Common Stock, as adjusted in accordance with 2018 Plan provisions, and a contractual term of ten years from the grant date. Similar to the vesting conditions outlined above for the Distributed Shares, the Top-up Options contain a tranche subject to service-based vesting (the “Top-up Options Service Tranche”) and a tranche subject to vesting based upon the achievement of certain investment return thresholds by Apollo (the “Top-up Options Performance Tranche”). Recipients of the Top-up Options received both vested and unvested Top-up Options in the same proportion as the vested and unvested Class B Units held immediately prior to the IPO and Class B Unit Redemption. The Top-up Options vesting conditions are the same as those attributable to the Distributed Shares, including the condition that accelerated vesting of the unvested options in the Top-up Options Service Tranche causing them to become fully vested six months from the IPO. Any shares of the Company’s Common Stock acquired upon exercise of the Top-up Options will be subject to the terms of the MIRA.
Share-based compensation expense associated with the Top-up Options Performance Tranche was recognized on a straight-line basis over the derived service period of approximately three years from the IPO date.
The following table summarizes activity related to the Top-up Options:
Service TranchePerformance Tranche
Number of Top-up OptionsWeighted-Average Exercise PriceNumber of Top-up OptionsWeighted-Average Exercise Price
Aggregate Intrinsic Value(1)
(in thousands)
Weighted-Average Remaining Contractual Term
(Years)
Outstanding as of December 31, 20235,955,254 $13.30 5,641,244 $13.30 
Exercised— — — — 
Forfeited— — (16,643)13.30 
Outstanding as of December 31, 20245,955,254 $13.30 5,624,601 $13.30 — 3.0
Exercisable as of December 31, 2024(b)
5,955,254 $13.30 1,586,252 $13.30 — 3.0
________________________
(1) The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2024.
(2) During the second quarter of 2024, certain of the Top-up Options in the performance tranche were modified in a manner that resulted in such awards immediately vesting and becoming exercisable.
Options
Options granted under the 2018 Plan are primarily service-based awards that vest over a three-year period from the date of grant, have an exercise price equal to the closing price per share of the Company’s Common Stock on the date of grant, as adjusted in accordance with 2018 Plan provisions, and have a contractual term of ten years from the date of grant.
No options were granted under the 2018 Plan during 2023 or 2022.
The Company used a binomial lattice model to determine the grant date fair value for options granted during 2024 and included the following assumptions:
Expected exercise term (years)
7
Expected volatility(1)
49.9%
Expected dividend yield(2)
3.4%
Risk-free interest rate(3)
4.0%
________________________
(1)    Estimated using historical and implied stock price volatility of the Company.
(2)    Calculated by taking the annual dividend run-rate and dividing by the stock price at date of grant.
(3)    Based on the U.S. Treasury yield curve.
The weighted-average grant date fair value for the options granted during 2024 was $2.56.
The following table summarizes activity related to 2018 Plan options during 2024:
Number of OptionsWeighted-Average Exercise Price
Aggregate Intrinsic Value(1)
(in thousands)
Weighted-Average Remaining Contractual Term
(Years)
Outstanding as of December 31, 202316,828,305 $6.70 
Granted6,831,794 6.51 
Exercised(1,907,455)5.37 
Forfeited(502,934)6.49 
Outstanding as of December 31, 202421,249,710 $6.77 $18,048 5.9
Exercisable as of December 31, 202414,568,776 $7.83 $14,322 4.1
________________________
(1) The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2024.
Share-based compensation expense associated with options granted under the 2018 Plan was not material during the periods presented. In addition, the cash flow and the intrinsic value of options exercised were not material during the periods presented.
As of December 31, 2024, unrecognized compensation cost related to options was not material.
Restricted Stock Units
RSUs granted under the 2018 Plan are primarily service-based awards with a three-year graded vesting period from the date of grant. The fair value is equal to the closing price per share of the Company’s Common Stock on the date of grant.
The following table summarizes activity related to the 2018 Plan RSUs (including DEUs) during 2024:
Number of RSUsWeighted-Average Grant Date Fair Value
Unvested as of December 31, 20239,237,384 $7.66 
Granted5,155,150 6.65 
Vested(4,792,066)7.72 
Forfeited(1,336,453)6.96 
Unvested as of December 31, 20248,264,015 $7.14 
During 2024, 2023, and 2022, total share-based compensation expense associated with RSUs granted under the 2018 Plan was $25 million, $47 million, and $55 million, respectively, the majority of which relates to the Company’s continuing operations. The weighted-average grant date fair value of RSU’s granted during 2023 and 2022 was $7.56 and $7.85, respectively.
During 2024, 2023, and 2022, the fair value of RSUs (including DEUs) that vested and converted to shares of Common Stock on their respective vesting dates was approximately $34 million, $56 million, and $59 million, respectively.
As of December 31, 2024, unrecognized compensation cost related to RSUs granted under the 2018 Plan was $27 million, which will be recognized over a period of approximately 1.9 years.
Other
During the second quarter of 2024, the Company modified certain share-based compensation awards and recorded additional share-based compensation expense of $13 million in 2024 associated with these modifications.
v3.25.0.1
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share NET INCOME (LOSS) PER SHARE
The Company applies the two-class method for computing and presenting net income (loss) per share for each class of common stock, which allocates current period net income (loss) to each class of common stock and participating securities based on dividends declared and participation rights in the remaining undistributed earnings or losses.
Basic net income (loss) per share is computed by dividing the net income (loss) allocated to each class of common stock by the related weighted-average number of shares outstanding during the period. Diluted net income (loss) per share gives effect to all securities representing potential common shares that were dilutive and outstanding during the period for each class of common stock and excludes potentially dilutive securities whose effect would have been anti-dilutive.
Common Stock
Potential shares of Common Stock include (i) incremental shares related to the vesting or exercise of share-based compensation awards, warrants, and other options to purchase additional shares of the Company’s Common Stock calculated using the treasury stock method and (ii) incremental shares of Common Stock issuable upon the conversion of Class B Common Stock.
Years Ended December 31,
(in thousands, except per share amounts)202420232022
Allocation of income (loss) from continuing operations - basic
$581,980 $423,503 $293,331 
Dilutive effect(1)
13,671 8,885 8,428 
Allocation of income (loss) from continuing operations - diluted
$595,651 $432,388 $301,759 
Allocation of income (loss) from discontinued operations, net of tax - basic$(111,197)$11,885 $(168,676)
Dilutive effect(1)
— — — 
Allocation of income (loss) from discontinued operations, net of tax - diluted$(111,197)$11,885 $(168,676)
Weighted-average shares outstanding - basic846,521 856,843 848,465 
Dilutive effect(1)
62,179 62,306 66,604 
Weighted-average shares outstanding - diluted908,700 919,149 915,069 
Income (loss) from continuing operations per share - basic
$0.69 $0.49 $0.35 
Income (loss) from continuing operations per share - diluted
$0.66 $0.47 $0.33 
Income (loss) from discontinued operations, net of tax, per share - basic
$(0.13)$0.01 $(0.20)
Income (loss) from discontinued operations, net of tax, per share - diluted
$(0.12)$0.01 $(0.18)
________________
(1)    Includes conversion of Class B Common Stock. 20 million, 17 million, and 15 million potential shares of Common Stock were excluded during 2024, 2023, and 2022, respectively, from the diluted earnings per share calculations because their effects would have been anti-dilutive.
The basic and diluted earnings per share computations for Common Stock exclude approximately 7 million, 9 million, and 9 million unvested shares during 2024, 2023, and 2022, respectively, as their vesting is contingent upon achievement of certain performance requirements which had not been met during the respective periods.
Class B Common Stock
Years Ended December 31,
(in thousands, except per share amounts)202420232022
Allocation of income (loss) from continuing operations - basic
$37,410 $26,867 $18,834 
Dilutive effect(1)
(1,627)(1,221)(764)
Allocation of income (loss) from continuing operations - diluted
$35,783 $25,646 $18,070 
Allocation of income (loss) from discontinued operations, net of tax - basic$(7,140)$754 $(10,826)
Dilutive effect(1)
— — — 
Allocation of income (loss) from discontinued operations, net of tax - diluted
$(7,140)$754 $(10,826)
Weighted-average shares outstanding - basic54,745 54,745 54,745 
Dilutive effect(1)
— — — 
Weighted-average shares outstanding - diluted54,745 54,745 54,745 
Income (loss) from continuing operations per share - basic
$0.69 $0.49 $0.35 
Income (loss) from continuing operations per share - diluted
$0.66 $0.47 $0.33 
Income (loss) from discontinued operations, net of tax, per share - basic
$(0.13)$0.01 $(0.20)
Income (loss) from discontinued operations, net of tax, per share - diluted
$(0.12)$0.01 $(0.18)
________________
(1)    There were no potential shares of Class B Common Stock during the periods presented.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Contractual Obligations
The Company’s contractual obligations for goods or services entered into in the ordinary course of business, including agreements that are enforceable and legally binding and have a remaining term in excess of one year, primarily consist of information technology services and equipment, including investments in the Company’s information technology infrastructure and telecommunication services, and direct materials.
The following table provides the Company’s contractual obligations (excluding the Google agreements discussed separately below) as of December 31, 2024 (in thousands):
20252026202720282029ThereafterTotal
$367,036 $111,562 $39,210 $31,515 $11,593 $— $560,916 
During the fourth quarter of 2023, the Company entered into an agreement with one of its vendors to purchase at least $190 million of security system equipment and components through March 2025. During 2024, the Company increased its commitment by approximately $180 million and extended the commitment period through December 2025. This commitment is also satisfied through purchases made by the Company’s dealer network. Included in the table above is approximately $172 million remaining under this commitment as of December 31, 2024.
Google Commercial Agreement
In July 2020, the Company and Google entered into a Master Supply, Distribution, and Marketing Agreement (as amended, the “Google Commercial Agreement”), pursuant to which Google has agreed to supply the Company with certain Google devices, as well as certain Google video and analytics services (“Google Devices and Services”), for sale to the Company’s customers.
The Google Commercial Agreement also specifies that each party shall contribute $150 million towards joint marketing, customer acquisition, training of the Company’s employees, and product technology updates related to the Google Devices and Services. In August 2022, the Company and Google executed an amendment to the Google Commercial Agreement, pursuant to which Google has agreed to commit an additional $150 million to fund growth, data and insights, product innovation and technology advancements, customer acquisition, and marketing, as mutually agreed by the Company and Google, (together with the initial amounts, the “Google Success Funds”).
During 2024 and 2023, $30 million and $40 million, respectively, of the Google Success Funds were reimbursed to the Company primarily for certain joint marketing and customer acquisition expenses incurred by the Company, substantially all of which was recorded as a reduction of advertising costs.
Google Cloud Agreement Addendum
In December 2023, the Company and Google entered into an addendum to the Company’s existing agreement with Google for using Google cloud services (the “Google Cloud Agreement Addendum”), pursuant to which Google has agreed to provide certain credits, discounts, and other incentives for use of the Google Cloud Platform to the Company, and the Company has committed to purchasing $200 million of Google Cloud Platform services over seven years (through December 2030), with an aggregate of $35 million in the first two years, an aggregate of $65 million in the next two years after that, and an aggregate of $100 million in the last three years of the commitment. The Company may elect to cancel the commitment in return for a cancellation fee of 30% of the total remaining commitment amount and loss of any discounts, remaining credits, or other incentives provided under the Google Cloud Agreement Addendum.
As of December 31, 2024, the Company is on track to meet these commitments.
Guarantees
In the normal course of business, the Company is liable for contract completion and product performance. The Company’s guarantees primarily relate to standby letters of credit related to its insurance programs and totaled $74 million and $78 million as of December 31, 2024 and 2023, respectively. The Company does not believe such obligations will materially affect its financial position, results of operations, or cash flows.
Subsequent event - In February 2025, $21 million of the Company’s guarantees were relinquished.
Legal Proceedings
The Company is subject to various claims and lawsuits in the ordinary course of business, which include among other things commercial general liability claims, automobile liability claims, contractual disputes, worker’s compensation claims, labor law and employment claims, claims related to alleged alarm system failures, claims that the Company infringed on the intellectual property of others, and consumer and employment class actions. The Company is also subject to regulatory and governmental examinations, information requests and subpoenas, inquiries, investigations, and threatened legal actions and proceedings. In connection with such formal and informal inquiries, the Company receives numerous requests, subpoenas, and orders for documents, testimony, and information in connection with various aspects of its activities.
The Company records accruals for losses that are probable and reasonably estimable. These accruals are based on a variety of factors such as judgment, probability of loss, opinions of internal and external legal counsel, and actuarially determined estimates of claims incurred but not yet reported based upon historical claims experience. Legal costs in connection with claims and lawsuits in the ordinary course of business are expensed as incurred. Additionally, the Company records insurance recovery receivables from third-party insurers when recovery has been determined to be probable. The Company has not accrued for any contingent liabilities for which the likelihood of loss cannot be determined, is less than probable, or for which the range of potential loss cannot be reasonably estimated.
As of December 31, 2024 and 2023, the Company’s accrual for ongoing claims and lawsuits within the scope of an insurance program totaled $94 million and $110 million, respectively, including amounts related to discontinued operations. The Company’s accrual related to ongoing claims and lawsuits not within the scope of an insurance program is not material.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases LEASES
Company as Lessee
As part of normal operations, the Company leases real estate, vehicles, and equipment from various counterparties with lease terms and maturities through 2034, primarily through its main operating entity, ADT LLC. For these transactions, the Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with initial lease terms of 12 months or less.
The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company’s incremental borrowing rate coinciding with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on publicly available data for the Company’s debt instruments and other instruments with similar characteristics.
Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to fuel, repair, and maintenance payments as they vary based on the usage of leased vehicles and buildings.
The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company’s subleases are not material.
Right-of-Use Assets and Lease Liabilities
(in thousands)December 31,
Presentation and Classification:20242023
OperatingCurrentPrepaid expenses and other current assets$80 $68 
OperatingNon-currentOther assets80,768 85,649 
FinanceNon-current
Property and equipment, net(1)
61,827 65,368 
Total right-of-use assets$142,675 $151,085 
OperatingCurrentAccrued expenses and other current liabilities$18,811 $13,035 
FinanceCurrentCurrent maturities of long-term debt25,593 25,741 
OperatingNon-currentOther liabilities77,884 80,189 
FinanceNon-currentLong-term debt43,849 43,727 
Total lease liabilities$166,137 $162,692 
_________________
(1) Finance right-of-use assets are recorded net of accumulated depreciation of approximately $66 million and $50 million as of December 31, 2024 and 2023, respectively.
Lease Cost
Years Ended December 31,
(in thousands)
202420232022
Operating lease cost$27,615 $31,756 $33,574 
Finance lease cost:
Amortization of right-of-use assets21,661 14,432 10,818 
Interest on lease liabilities4,528 2,466 1,689 
Variable lease costs35,017 36,273 42,899 
Total lease cost$88,821 $84,927 $88,980 
Cash Flow and Supplemental Information(1)
Years Ended December 31,
(in thousands)
202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating leases:
Operating cash flows$23,574 $42,883 $47,708 
Finance Leases:
Operating cash flows$4,686 $4,940 $3,680 
Financing cash flows$29,023 $43,733 $44,978 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$20,127 $41,338 $49,193 
Finance leases$35,451 $79,273 $48,439 
__________________
(1)Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows.
Lease Term and Discount Rate
December 31,
20242023
Weighted-average remaining lease term (years):
Operating leases5.45.9
Finance leases2.73.2
Weighted-average discount rate:
Operating leases6.2 %6.1 %
Finance leases6.1 %5.9 %
Maturity of Lease Liabilities
December 31, 2024
(in thousands)
Operating LeasesFinance Leases
2025$20,443 $33,369 
202624,658 22,529 
202720,975 16,195 
202816,255 2,809 
202911,276 1 
Thereafter23,422 — 
Total lease payments (including interest)$117,029 $74,903 
Less interest20,334 5,461 
Total$96,695 $69,442 
Company as Lessor
The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services.
For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components, and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance, and recognizes the underlying assets within subscriber system assets, net, in the Consolidated Balance Sheets.
Leases LEASES
Company as Lessee
As part of normal operations, the Company leases real estate, vehicles, and equipment from various counterparties with lease terms and maturities through 2034, primarily through its main operating entity, ADT LLC. For these transactions, the Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with initial lease terms of 12 months or less.
The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company’s incremental borrowing rate coinciding with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on publicly available data for the Company’s debt instruments and other instruments with similar characteristics.
Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to fuel, repair, and maintenance payments as they vary based on the usage of leased vehicles and buildings.
The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company’s subleases are not material.
Right-of-Use Assets and Lease Liabilities
(in thousands)December 31,
Presentation and Classification:20242023
OperatingCurrentPrepaid expenses and other current assets$80 $68 
OperatingNon-currentOther assets80,768 85,649 
FinanceNon-current
Property and equipment, net(1)
61,827 65,368 
Total right-of-use assets$142,675 $151,085 
OperatingCurrentAccrued expenses and other current liabilities$18,811 $13,035 
FinanceCurrentCurrent maturities of long-term debt25,593 25,741 
OperatingNon-currentOther liabilities77,884 80,189 
FinanceNon-currentLong-term debt43,849 43,727 
Total lease liabilities$166,137 $162,692 
_________________
(1) Finance right-of-use assets are recorded net of accumulated depreciation of approximately $66 million and $50 million as of December 31, 2024 and 2023, respectively.
Lease Cost
Years Ended December 31,
(in thousands)
202420232022
Operating lease cost$27,615 $31,756 $33,574 
Finance lease cost:
Amortization of right-of-use assets21,661 14,432 10,818 
Interest on lease liabilities4,528 2,466 1,689 
Variable lease costs35,017 36,273 42,899 
Total lease cost$88,821 $84,927 $88,980 
Cash Flow and Supplemental Information(1)
Years Ended December 31,
(in thousands)
202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating leases:
Operating cash flows$23,574 $42,883 $47,708 
Finance Leases:
Operating cash flows$4,686 $4,940 $3,680 
Financing cash flows$29,023 $43,733 $44,978 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$20,127 $41,338 $49,193 
Finance leases$35,451 $79,273 $48,439 
__________________
(1)Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows.
Lease Term and Discount Rate
December 31,
20242023
Weighted-average remaining lease term (years):
Operating leases5.45.9
Finance leases2.73.2
Weighted-average discount rate:
Operating leases6.2 %6.1 %
Finance leases6.1 %5.9 %
Maturity of Lease Liabilities
December 31, 2024
(in thousands)
Operating LeasesFinance Leases
2025$20,443 $33,369 
202624,658 22,529 
202720,975 16,195 
202816,255 2,809 
202911,276 1 
Thereafter23,422 — 
Total lease payments (including interest)$117,029 $74,903 
Less interest20,334 5,461 
Total$96,695 $69,442 
Company as Lessor
The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services.
For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components, and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance, and recognizes the underlying assets within subscriber system assets, net, in the Consolidated Balance Sheets.
Lessee LEASES
Company as Lessee
As part of normal operations, the Company leases real estate, vehicles, and equipment from various counterparties with lease terms and maturities through 2034, primarily through its main operating entity, ADT LLC. For these transactions, the Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with initial lease terms of 12 months or less.
The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company’s incremental borrowing rate coinciding with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on publicly available data for the Company’s debt instruments and other instruments with similar characteristics.
Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to fuel, repair, and maintenance payments as they vary based on the usage of leased vehicles and buildings.
The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company’s subleases are not material.
Right-of-Use Assets and Lease Liabilities
(in thousands)December 31,
Presentation and Classification:20242023
OperatingCurrentPrepaid expenses and other current assets$80 $68 
OperatingNon-currentOther assets80,768 85,649 
FinanceNon-current
Property and equipment, net(1)
61,827 65,368 
Total right-of-use assets$142,675 $151,085 
OperatingCurrentAccrued expenses and other current liabilities$18,811 $13,035 
FinanceCurrentCurrent maturities of long-term debt25,593 25,741 
OperatingNon-currentOther liabilities77,884 80,189 
FinanceNon-currentLong-term debt43,849 43,727 
Total lease liabilities$166,137 $162,692 
_________________
(1) Finance right-of-use assets are recorded net of accumulated depreciation of approximately $66 million and $50 million as of December 31, 2024 and 2023, respectively.
Lease Cost
Years Ended December 31,
(in thousands)
202420232022
Operating lease cost$27,615 $31,756 $33,574 
Finance lease cost:
Amortization of right-of-use assets21,661 14,432 10,818 
Interest on lease liabilities4,528 2,466 1,689 
Variable lease costs35,017 36,273 42,899 
Total lease cost$88,821 $84,927 $88,980 
Cash Flow and Supplemental Information(1)
Years Ended December 31,
(in thousands)
202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating leases:
Operating cash flows$23,574 $42,883 $47,708 
Finance Leases:
Operating cash flows$4,686 $4,940 $3,680 
Financing cash flows$29,023 $43,733 $44,978 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$20,127 $41,338 $49,193 
Finance leases$35,451 $79,273 $48,439 
__________________
(1)Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows.
Lease Term and Discount Rate
December 31,
20242023
Weighted-average remaining lease term (years):
Operating leases5.45.9
Finance leases2.73.2
Weighted-average discount rate:
Operating leases6.2 %6.1 %
Finance leases6.1 %5.9 %
Maturity of Lease Liabilities
December 31, 2024
(in thousands)
Operating LeasesFinance Leases
2025$20,443 $33,369 
202624,658 22,529 
202720,975 16,195 
202816,255 2,809 
202911,276 1 
Thereafter23,422 — 
Total lease payments (including interest)$117,029 $74,903 
Less interest20,334 5,461 
Total$96,695 $69,442 
Company as Lessor
The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services.
For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components, and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance, and recognizes the underlying assets within subscriber system assets, net, in the Consolidated Balance Sheets.
v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
Defined Contribution Plans
The Company maintains qualified defined contribution plans, which include 401(k) matching programs. Expense for the defined contribution plans is computed as a percentage of participants’ compensation and was $29 million, $30 million, and $31 million during 2024, 2023, and 2022, respectively.
Multi-employer Plans
The Company participates in certain multi-employer union pension plans, which provide benefits for a group of the Company’s unionized employees. These multi-employer plans, including the Company’s required contributions and any underfunded liabilities under such plans, are not material to the Company’s consolidated financial statements.
Defined Benefit Plans
Prior to termination during 2024, the Company provided a defined benefit pension plan and certain other postretirement benefits to certain employees, which were frozen and were not material to the Company’s consolidated financial statements. During 2023, the Company took actions to terminate the defined benefit pension plan. The termination was effective December 31, 2023, and the wind down of the plan and distribution of assets occurred in the fourth quarter of 2024 through a combination of lump sum cash distributions to certain plan participants and the purchase of non-participating annuity contracts for the remainder of the plan participants, all of which resulted in the full settlement of the Company’s defined benefit pension plan obligations as of December 31, 2024. Cash contributions of approximately $8 million were made to fully fund the plan and effectuate the settlement. Charges primarily resulting from the write-off of amounts previously recorded in AOCI as well as other expenses associated with the settlement of the Company’s defined benefit pension plan were not material.
As of December 31 2023, the fair value of pension plan assets was $51 million and the fair value of projected benefit obligations was $59 million. As a result, the plan was underfunded by approximately $8 million as of December 31, 2023 and was recorded as a net liability.
Net periodic benefit cost associated with these plans was not material during the periods presented.
Deferred Compensation Plan
The Company maintains a non-qualified supplemental savings and retirement plan, which permits eligible employees to defer a portion of their compensation. Deferred compensation liabilities are reflected in other liabilities and were $34 million and $31 million as of December 31, 2024 and 2023, respectively. Deferred compensation expense was not material during the periods presented.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
The Company’s related party transactions primarily relate to products and services received from, or monitoring and related services provided to, other entities affiliated with Apollo, as well as, from time to time, certain transactions between the Company and Apollo and State Farm.
Other than as described below, there were no significant related party transactions during the periods presented.
Apollo
Offerings and Share Repurchases
On March 6, 2024, the Company and certain entities managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholders”) entered into an underwriting agreement (the “March 2024 Underwriting Agreement”) with Morgan Stanley & Co. LLC and Barclays Capital Inc., as representatives of the underwriters named therein, including Apollo Global Securities, LLC, an affiliate of Apollo (collectively, the “March 2024 Underwriters”), in connection with the offer and sale by the Selling Stockholders (the “March 2024 Offering”) of 65 million shares of the Company’s Common Stock, and, at the option of the March 2024 Underwriters, up to an additional 9.75 million shares of Common Stock (the “March 2024 Underwriters’ Option”).
•As part of the March 2024 Offering, the Company purchased 15 million shares of Common Stock under its 2024 Share Repurchase Plan from the March 2024 Underwriters (the “March 2024 Share Repurchase”). The Company paid approximately $93 million (or approximately $6.22 per share) for the March 2024 Share Repurchase, which was the same per share price paid by the March 2024 Underwriters to the Selling Stockholders.
•The March 2024 Offering and the March 2024 Share Repurchase closed on March 11, 2024. On March 15, 2024, the March 2024 Underwriters exercised the March 2024 Underwriters’ Option in full, which subsequently closed on March 19, 2024. The Company did not pay any underwriting fees in connection with the March 2024 Share Repurchase, including on behalf of the Selling Stockholders or otherwise.
On October 28, 2024, the Company and the Selling Stockholders entered into an underwriting agreement (the “October 2024 Underwriting Agreement”) with Barclays Capital Inc., Citigroup Global Markets Inc., and BTIG, LLC, as representatives of the underwriters named therein, (collectively, the “October 2024 Underwriters”), in connection with the offer and sale by the Selling Stockholders (the “October 2024 Offering”) of 56 million shares of the Company’s Common Stock, and, at the option of the October Underwriters, up to an additional 8.4 million shares of Common Stock (the “October 2024 Underwriters’ Option”).
•As part of the October 2024 Offering, the Company purchased 16 million shares of Common Stock under its 2024 Share Repurchase Plan from the October 2024 Underwriters (the “October 2024 Share Repurchase”). The Company paid approximately $115 million (or approximately $7.20 per share) for the October 2024 Share Repurchase, which was the same per share price paid by the October 2024 Underwriters to the Selling Stockholders.
•The October 2024 Offering and the October 2024 Share Repurchase closed on October 30, 2024. On November 6, 2024, the October 2024 Underwriters exercised the October 2024 Underwriters’ Option in full, which subsequently closed on November 8, 2024. The Company did not pay any underwriting fees in connection with the October 2024 Share Repurchase, including on behalf of the Selling Stockholders or otherwise.
All the shares in the Offerings were sold by the Selling Stockholders. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the Offerings. The March 2024 and October 2024 repurchases (collectively, “Repurchases”) are reflected as a reduction to additional paid-in-capital and as a financing cash outflow.
Other
During 2023, the Company incurred fees to Apollo of $1 million related to Apollo’s performance of placement agent services related to the initial funding of the Term Loan A Facility.
State Farm
As discussed in Note 10 “Equity,” State Farm is a related party as it owns more than 10% of the Company’s issued and outstanding Common Stock.
As of December 31, 2024 and 2023, the balance in the portion of the Opportunity Fund held by the Company was $85 million and $94 million, respectively.
State Farm customers can receive ADT home security products and professional monitoring at a reduced cost. In connection with this arrangement, the Company receives a subsidy from State Farm through the Opportunity Fund.
During 2024 and 2023, payments from the Opportunity Fund were $14 million and $11 million, respectively, related to marketing, the subsidy discussed above, and taxes. Interest earned on the Opportunity fund was not material.
Canopy
Prior to the Canopy Termination during 2023, Canopy was considered a related party under GAAP as the Company accounted for its investment under the equity method of accounting. Except for as described in Note 5 “Equity Method Investments,” there were no other significant transactions with Canopy during the periods presented.
Sunlight Financial LLC
In connection with the Company’s former Solar Business, the Company used Sunlight Financial LLC (“Sunlight”), an entity affiliated with Apollo, to access certain loan products. As of December 2023, Sunlight was no longer affiliated with Apollo, and as a result, is no longer a related party.
During 2023 and 2022, total loans funded by Sunlight were approximately $78 million and $436 million, respectively, and the Company incurred $13 million and $54 million, respectively, of financing fees.
Rackspace
During October 2020, the Company entered into a master services agreement with Rackspace US, Inc. (“Rackspace”), an entity affiliated with Apollo, for the provision of cloud storage, equipment, and services to facilitate the implementation of the Company’s cloud migration strategy for certain applications.
The master services agreement included a minimum purchase commitment of $50 million over a seven-year term, which the Company satisfied during 2023 through spend with Rackspace as well as other parties.
The Company incurred fees to Rackspace of $4 million, $15 million, and $14 million during 2024, 2023, and 2022, respectively.
Other Transactions
During 2024 and 2023, the Company incurred fees for telephone and technology services of approximately $4 million and $6 million, respectively, with an entity affiliated with Apollo that became a related party during 2023.
v3.25.0.1
Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Registrant CONDENSED FINANCIAL INFORMATION OF REGISTRANT
ADT INC.
(PARENT COMPANY ONLY)
CONDENSED BALANCE SHEETS
(in thousands)
December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$1,861 $1,118 
Total current assets1,861 1,118 
Investment in subsidiaries and other assets4,861,838 4,463,543 
Total assets$4,863,699 $4,464,661 
Liabilities and stockholders' equity
Current liabilities:
Dividends payable and other current liabilities$155,472 $33,047 
Total current liabilities155,472 33,047 
Debt due to subsidiaries554,954 545,557 
Other liabilities352,472 97,411 
Total liabilities1,062,898 676,015 
Total stockholders' equity3,800,801 3,788,646 
Total liabilities and stockholders' equity $4,863,699 $4,464,661 
The accompanying notes are an integral part of these condensed financial statements
ADT INC.
(PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
Years Ended December 31,
202420232022
Selling, general, and administrative expenses$988 $520 $2,583 
Merger, restructuring, integration, and other(5)(1,993)(6,011)
Operating income (loss)(983)1,473 3,428 
Interest expense, net(9,135)(8,984)(8,086)
Other income (expense)— — (63,394)
Equity in net income (loss) of subsidiaries511,171 470,520 200,715 
Net income (loss)501,053 463,009 132,663 
Other comprehensive income (loss), net of tax9,126 31,038 21,773 
Comprehensive income (loss)$510,179 $494,047 $154,436 
Net income (loss) per share - basic:
Common stock$0.56 $0.51 $0.15 
Class B common stock$0.56 $0.51 $0.15 
Weighted-average shares outstanding - basic:
Common stock846,521 856,843 848,465 
Class B common stock54,745 54,745 54,745 
Net income (loss) per share - diluted:
Common stock$0.52 $0.48 $0.14 
Class B common stock$0.52 $0.48 $0.14 
Weighted-average shares outstanding - diluted:
Common stock908,700 919,149 915,069 
Class B common stock54,745 54,745 54,745 
The accompanying notes are an integral part of these condensed financial statements
ADT INC.
(PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
202420232022
Cash flows from operating activities:
Net income (loss)$501,053 $463,009 $132,663 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (income) loss of subsidiaries(511,171)(470,520)(200,715)
Change in fair value of other financial instruments— — 63,396 
Other, net22,815 28,757 49,470 
Net cash provided by (used in) operating activities12,697 21,246 44,814 
Cash flows from investing activities:
Contributions to subsidiaries— — — 
Distributions from subsidiaries170,620 108,783 118,200 
Net cash provided by (used in) investing activities170,620 108,783 118,200 
Cash flows from financing activities:
Proceeds from issuance of common stock, net of expenses— — 1,180,000 
Dividends on common stock(182,266)(128,587)(127,125)
Repurchases of common stock— — (1,200,000)
Other financing, net(308)(14,963)(3,197)
Net cash provided by (used in) financing activities(182,574)(143,550)(150,322)
Cash and cash equivalents and restricted cash and restricted cash equivalents:
Net increase (decrease) during the period743 (13,521)12,692 
Beginning balance1,118 14,639 1,947 
Ending balance$1,861 $1,118 $14,639 
Supplementary cash flow information:
Issuance of shares for acquisition of business$— $— $55,485 
The accompanying notes are an integral part of these condensed financial statements
Notes to Condensed Financial Statements (Parent Company Only)
1. Basis of Presentation
The condensed financial statements of ADT Inc. have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of ADT Inc. (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Company. The ability of ADT Inc.’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ First Lien Credit Agreement and the indentures governing other borrowings.
The condensed financial statements of ADT Inc. have been prepared using the same accounting principles and policies described in the other notes to the consolidated financial statements with the only exception being that the parent company accounts for its subsidiaries using the equity method of accounting. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements and related notes thereto.
2. Transactions with Subsidiaries
The majority of ADT Inc.’s transactions with its subsidiaries are related to (i) the receipt of distributions from subsidiaries in order to fund equity transactions, such as the payment of dividends and the repurchase of Common Stock; (ii) the contribution to subsidiaries of proceeds received from equity transactions; or (iii) the integration of business acquisitions into the Company’s organizational structure.
During 2024 and 2023, ADT Inc. made non-cash contributions to subsidiaries of approximately $49 million and $51 million, respectively, primarily related to the transfer of net assets of certain subsidiaries for share-based compensation (including amounts related to discontinued operations).
As of December 31, 2024, current liabilities includes $104 million related to the December 2024 agreement with a non-affiliate to repurchase shares, in which the transaction closed in January 2025, and other liabilities includes intercompany liabilities with subsidiaries of $240 million related to share repurchases under the 2024 Share Repurchase Plan.
Subsequent event - In January 2025, ADT Inc. received distributions from subsidiaries of $47 million to pay dividends that the Company declared in October 2024 to common shareholders.
v3.25.0.1
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
The Company is disclosing the following summarized quarterly financial information for 2024 and 2023 due to the Solar and Commercial Businesses being reported as discontinued operations as a result of the ADT Solar Exit and Commercial Divestiture, respectively. Refer to Note 4 “Divestitures” for additional information.
(in thousands, except per share data)
March 31, 2024
June 30,
2024
September 30, 2024December 31, 2024
Revenue
$1,189,672 $1,204,559 $1,243,836 $1,260,379 
Operating income (loss)
$292,149 $284,175 $326,350 $305,390 
Income (loss) from continuing operations
$163,891 $126,185 $132,020 $197,294 
Income (loss) from discontinued operations, net of tax$(72,340)$(33,791)$(4,869)$(7,337)
Net income (loss)$91,551 $92,394 $127,151 $189,957 
Common Stock
Basic:
Weighted average shares outstanding
855,893 848,273 850,462 831,575 
Income (loss) from continuing operations per share
$0.18 $0.14 $0.15 $0.22 
Income (loss) from discontinued operations, net of tax, per share
$(0.08)$(0.04)$(0.01)$(0.01)
Net income (loss)$0.10 $0.10 $0.14 $0.21 
Diluted:
Weighted average shares outstanding
918,394 909,128 912,861 895,035 
Income (loss) from continuing operations per share
$0.17 $0.13 $0.14 $0.21 
Income (loss) from discontinued operations, net of tax, per share
$(0.07)$(0.03)$(0.01)$(0.01)
Net income (loss)$0.09 $0.10 $0.13 $0.20 
Class B Common Stock
Basic:
Weighted average shares outstanding
54,745 54,745 54,745 54,745 
Income (loss) from continuing operations per share
$0.18 $0.14 $0.15 $0.22 
Income (loss) from discontinued operations, net of tax, per share
$(0.08)$(0.04)$(0.01)$(0.01)
Net income (loss)$0.10 $0.10 $0.14 $0.21 
Diluted:
Weighted average shares outstanding
54,745 54,745 54,745 54,745 
Income (loss) from continuing operations per share
$0.17 $0.13 $0.14 $0.21 
Income (loss) from discontinued operations, net of tax, per share
$(0.07)$(0.03)$(0.01)$(0.01)
Net income (loss)$0.09 $0.10 $0.13 $0.20 
(in thousands, except per share data)
March 31, 2023
June 30,
2023
September 30, 2023December 31, 2023
Revenue
$1,132,476 $1,168,077 $1,179,873 $1,172,398 
Operating income (loss)
$232,960 $332,098 $306,563 $307,340 
Income (loss) from continuing operations
$39,563 $180,438 $123,259 $107,110 
Income (loss) from discontinued operations, net of tax$(158,400)$(88,227)$(209,496)$468,762 
Net income (loss)$(118,837)$92,211 $(86,237)$575,872 
Common Stock
Basic:
Weighted average shares outstanding
854,299 857,581 857,423 858,094 
Income (loss) from continuing operations per share
$0.04 $0.20 $0.13 $0.12 
Income (loss) from discontinued operations, net of tax, per share
$(0.17)$(0.10)$(0.23)$0.51 
Net income (loss)$(0.13)$0.10 $(0.09)$0.63 
Diluted:
Weighted average shares outstanding
921,606 916,859 917,774 919,397 
Income (loss) from continuing operations per share
$0.04 $0.19 $0.13 $0.11 
Income (loss) from discontinued operations, net of tax, per share
$(0.16)$(0.09)$(0.21)$0.48 
Net income (loss)$(0.12)$0.09 $(0.09)$0.59 
Class B Common Stock
Basic:
Weighted average shares outstanding
54,745 54,745 54,745 54,745 
Income (loss) from continuing operations per share
$0.04 $0.20 $0.13 $0.12 
Income (loss) from discontinued operations, net of tax, per share
$(0.17)$(0.10)$(0.23)$0.51 
Net income (loss)$(0.13)$0.10 $(0.09)$0.63 
Diluted:
Weighted average shares outstanding
54,745 54,745 54,745 54,745 
Income (loss) from continuing operations per share
$0.04 $0.19 $0.13 $0.11 
Income (loss) from discontinued operations, net of tax, per share
$(0.16)$(0.09)$(0.21)$0.48 
Net income (loss)$(0.12)$0.09 $(0.09)$0.59 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure                      
Net income (loss) $ 189,957 $ 127,151 $ 92,394 $ 91,551 $ 575,872 $ (86,237) $ 92,211 $ (118,837) $ 501,053 $ 463,009 $ 132,663
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We identify, assess, and manage cybersecurity risk as part of our company-wide enterprise risk management program. Our Chief Information Security Officer (“CISO”), Tim Rains, has more than 30 years of experience as an IT professional, with over 20 of those years spent in cybersecurity roles. Mr. Rains has held senior cybersecurity advisor roles at both Amazon Web Services and Microsoft. Mr. Rains has experience across multiple cybersecurity disciplines including vulnerability management, incident response, crisis communications, threat intelligence, cybersecurity architecture and operations, governance, risk, and compliance. Mr. Rains is designated as a Certified Information Systems Security Professional and is responsible for developing and implementing plans and strategies to mitigate cybersecurity risks. Our CISO also leads our cybersecurity risk assessment, which includes security posture scoring, vulnerability assessments, process maturity, and tooling coverage. We log cybersecurity risks into our cybersecurity risk register and track such risks for treatment. Management then discusses these cybersecurity risks for resolution planning and escalation. We leverage recognized cybersecurity frameworks to drive strategic direction and maturity improvement and engage third-party security experts as needed for risk assessments, risk mitigation actions, vulnerability identification, and program enhancements, as appropriate.
As part of this process, we use the following tools and procedures:
•utilizing “SecurityScorecard” (a third-party information security company that rates cybersecurity postures of corporate entities for the purposes of third-party management and information technology risk management), which provides an independent external enterprise view of our security posture with a focus on public-facing systems;
•assessing, regularly developing, and executing on our preventative and detective controls, which we seek to align with current standards and best practices, including the incorporation of recommendations published by the National Institute of Standards and Technology in its cybersecurity framework, such as an annual audit of these internal controls;
•performing attack and breach simulations; and
•working with our cybersecurity vendors to adopt tooling and processes to provide high levels of protection.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We view cybersecurity as the prevention and timely detection and correction of any unauthorized occurrence or series of related unauthorized occurrences that are on or conducted through our information systems and that jeopardizes the confidentiality, integrity, or availability of our systems or any information residing therein. We believe that the safety, security, and privacy of our customers and employees are fundamental to the services we provide. Our cybersecurity policies guide us as we strive to continuously enhance methods, best practices, and technologies to better monitor and protect customer data and inform and enable customers to make choices about their data privacy. We carefully consider data privacy when developing our own products and when incorporating products provided by our business partners.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board of Directors, through its Audit Committee, has primary responsibility for overseeing cybersecurity risk management and receives updates on the status of our cybersecurity program from our CISO. These updates are provided at least once per year, and often multiple times per year, in a special Audit Committee session and includes reports on our security posture and SecurityScorecard assessment (rating and benchmarking), incident response, and vulnerability management. The Audit Committee reviews and discusses with management our cybersecurity threats, vulnerabilities, defenses, and planned responses, including updates to our cybersecurity incident response plan (“IRP”), which has been approved by the Audit Committee. Additionally, the Audit Committee receives and discusses reports from management with the purpose of identifying threats and vulnerabilities, and it monitors the effectiveness and progress of the actions and initiatives undertaken to mitigate such threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors, through its Audit Committee, has primary responsibility for overseeing cybersecurity risk management and receives updates on the status of our cybersecurity program from our CISO.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors, through its Audit Committee, has primary responsibility for overseeing cybersecurity risk management and receives updates on the status of our cybersecurity program from our CISO. These updates are provided at least once per year, and often multiple times per year, in a special Audit Committee session and includes reports on our security posture and SecurityScorecard assessment (rating and benchmarking), incident response, and vulnerability management. The Audit Committee reviews and discusses with management our cybersecurity threats, vulnerabilities, defenses, and planned responses, including updates to our cybersecurity incident response plan (“IRP”), which has been approved by the Audit Committee. Additionally, the Audit Committee receives and discusses reports from management with the purpose of identifying threats and vulnerabilities, and it monitors the effectiveness and progress of the actions and initiatives undertaken to mitigate such threats.
Cybersecurity Risk Role of Management [Text Block]
Our Board of Directors, through its Audit Committee, has primary responsibility for overseeing cybersecurity risk management and receives updates on the status of our cybersecurity program from our CISO. These updates are provided at least once per year, and often multiple times per year, in a special Audit Committee session and includes reports on our security posture and SecurityScorecard assessment (rating and benchmarking), incident response, and vulnerability management. The Audit Committee reviews and discusses with management our cybersecurity threats, vulnerabilities, defenses, and planned responses, including updates to our cybersecurity incident response plan (“IRP”), which has been approved by the Audit Committee. Additionally, the Audit Committee receives and discusses reports from management with the purpose of identifying threats and vulnerabilities, and it monitors the effectiveness and progress of the actions and initiatives undertaken to mitigate such threats.
Our cybersecurity program team is led by our CISO (who ultimately reports to the Chief Operating Officer). The cybersecurity leadership team (“CSLT”), which is chaired by our Chief Operating Officer and includes our Chief Financial Officer, Chief Legal Officer, Chief Information Officer, CISO, and Chief Privacy Officer, among others, collaborates with enterprise risk professionals and is supported by an established Information Security (“InfoSec”) function responsible for certain aspects of maintaining and monitoring our cybersecurity infrastructure. In addition, our Chief Privacy Officer, who reports to our Chief Legal Officer, manages processes and protections around our sensitive data and facilitates compliance with applicable data protection laws, rules, and regulations.
Our Chief Privacy Officer has over 20 years of experience overseeing corporate data privacy and intellectual property policies and procedures. To maintain high levels of awareness and aptitude, all of our employees are required to complete annual trainings regarding current security risks and our InfoSec and privacy policies. Additional education and training are also required for specific groups based on their roles and access within the organization.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Members of the CSLT primarily, the Chief Operating Officer and CISO, will be responsible for updating the Chief Executive Officer, Audit Committee, and the lead independent director of our Board of Directors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Chief Information Security Officer (“CISO”), Tim Rains, has more than 30 years of experience as an IT professional, with over 20 of those years spent in cybersecurity roles. Mr. Rains has held senior cybersecurity advisor roles at both Amazon Web Services and Microsoft. Mr. Rains has experience across multiple cybersecurity disciplines including vulnerability management, incident response, crisis communications, threat intelligence, cybersecurity architecture and operations, governance, risk, and compliance. Mr. Rains is designated as a Certified Information Systems Security Professional and is responsible for developing and implementing plans and strategies to mitigate cybersecurity risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Members of the CSLT primarily, the Chief Operating Officer and CISO, will be responsible for updating the Chief Executive Officer, Audit Committee, and the lead independent director of our Board of Directors. Members of the CSIRT and CSLT, along with the Chief Executive Officer, Audit Committee, and the lead independent director of our Board of Directors regularly participate in cybersecurity incident tabletop exercises and event simulations.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The consolidated financial statements have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
The financial statements included herein comprise the consolidated results of ADT Inc. and its wholly-owned subsidiaries. The results of companies acquired are included from the effective date of each acquisition; and all intercompany transactions have been eliminated. The Company used the equity method of accounting to account for an investment in which it had the ability to exercise significant influence but does not control. This investment was disposed of during 2023.
Certain prior period amounts have been reclassified to conform with the current period presentation.
Significant Accounting Policies
Information on select accounting policies and methods not discussed below are included in the respective footnotes that follow.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements in accordance with GAAP requires the Company to select accounting policies and make estimates that affect amounts reported in the consolidated financial statements and the accompanying notes. The Company’s estimates are based on the relevant information available at the end of each period. Actual results could differ materially from these estimates under different assumptions or market conditions.
Segments
Segments
The Company evaluates and reports information based on the manner in which our Chief Executive Officer (“CEO”), who is the chief operating decision maker (“CODM”), evaluates performance and allocates resources. The CODM manages the business on a consolidated basis, and as such, the Company reports results in a single operating and reportable segment which reflects the business operations of the Company’s former Consumer and Small Business (“CSB”) segment.
Discontinued Operations
Discontinued Operations
The Company’s exit in 2024 from its residential solar business (the “Solar Business”) (the “ADT Solar Exit”) and the sale in 2023 of its former commercial business (the “Commercial Business”) represented strategic shifts that had major effects on the Company’s operations and financial results. Accordingly, the results of operations and financial position of the Solar and Commercial Businesses are classified as discontinued operations in the Company’s Consolidated Statements of Operations and the Company’s Consolidated Balance Sheet for all periods presented. The cash flows and comprehensive income (loss) of discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income (Loss), respectively, for all periods presented.
Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company’s continuing operations.
Accounting Standards Updates (“ASU”)
Accounting Standards Updates (“ASU”)
Recently Adopted
Reportable Segment Disclosures - ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the guidance, among other requirements, enhances interim disclosures, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and provides new segment disclosure requirements for entities with a single reportable segment.
The Company adopted this guidance effective January 1, 2024, and it was applied retrospectively to all periods presented. Refer to Note 3 “Segment Information.”
Supplier Finance Program Obligations - ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, requires that a reporting entity who is a buyer in a supplier finance program disclose qualitative and quantitative information about its supplier finance programs, including a roll-forward of the obligations.
The Company adopted this guidance effective January 1, 2023, except the roll-forward requirement, which was adopted effective January 1, 2024.
The Company does not currently have any material supplier finance programs, and the guidance will be applied prospectively to any future material arrangements.
Fair Value of Equity Securities - ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, states that an entity should not consider the contractual sale restriction when measuring the equity security’s fair value and introduces new disclosure requirements related to such equity securities.
The Company adopted this guidance effective January 1, 2024. This guidance did not impact the Company.
Recently Issued
Disaggregation of Income Statement Expenses - ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requires additional disclosure in the footnotes at each interim and annual reporting period about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as additional disclosures that also include information related to selling expenses.
The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and disclosures.
Improvements to Income Tax Disclosures - ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, focuses on improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. In addition, the update includes certain other amendments to improve the effectiveness of income tax disclosures.
The guidance is effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application also permitted. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and disclosures.
Disclosure Improvements - ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, represents changes to clarify or improve disclosure and presentation requirements of a variety of topics.
The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the potential impact of this guidance on its financial statements and disclosures.
Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents
Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents
All highly liquid investments with original maturities of three months or less from the time of purchase are considered to be cash equivalents. Restricted cash and restricted cash equivalents are restricted for a specific purpose and cannot be included in the general cash and cash equivalents account.
Inventories, net
Inventories, net
Inventories, net includes finished goods and work-in-progress.
Finished goods are primarily comprised of components and parts for the Company’s security systems. The Company records inventory at the lower of cost and net realizable value. Finished goods are presented net of an obsolescence reserve.
Work-in-Progress
Work-in-progress is primarily comprised of certain costs incurred for installations of security system equipment sold outright to customers that have not been completed as of the balance sheet date. Work-in-progress is not material.
Property and Equipment, net
Property and Equipment, net
Property and equipment, net, is recorded at historical cost less accumulated depreciation, which is calculated using the straight-line method over the estimated useful lives of the related assets. Depreciation expense is reflected in depreciation and intangible asset amortization. Repairs and maintenance expenditures are expensed when incurred.
Useful Lives:
Buildings and related improvements
Up to 40 years
Leasehold improvementsLesser of remaining term of the lease or economic useful life
Capitalized software
3 to 10 years
Machinery, equipment, and other
Up to 10 years
Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net
Subscriber System Assets, net and Deferred Subscriber Acquisition Costs, net
Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system and are reflected in the Consolidated Balance Sheets as follows:
December 31,
(in thousands)20242023
Gross carrying amount$6,878,490 $6,404,479 
Accumulated depreciation(3,897,329)(3,398,543)
Subscriber system assets, net$2,981,161 $3,005,936 
Deferred subscriber acquisition costs represent selling expenses (primarily commissions) that are incremental to acquiring customers.
The Company records subscriber system assets and deferred subscriber acquisition costs in the Consolidated Balance Sheets as these assets represent probable future economic benefits for the Company through the generation of future monitoring and related services revenue. Upon customer termination, the Company may retrieve its subscriber system assets.
Subscriber system assets and any related deferred subscriber acquisition costs are accounted for on a pooled basis based on the month and year of customer acquisition and are depreciated and amortized using an accelerated method over the estimated life of the customer relationship, which is 15 years. In order to align the depreciation and amortization of these pooled costs to the pattern in which their economic benefits are consumed, the accelerated method utilizes an average declining balance rate of approximately 250% and converts to straight-line methodology when the resulting charge is greater than that from the accelerated method, resulting in an average charge of approximately 55% of the pool within the first five years, 25% within the second five years, and 20% within the final five years.
Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses, respectively, as follows:
Years Ended December 31,
(in thousands)202420232022
Depreciation of subscriber system assets$557,226 $545,041 $531,013 
Amortization of deferred subscriber acquisition costs$224,647 $188,222 $154,186 
Long-Lived Assets (excluding Goodwill and Indefinite-Lived Intangible Assets)
Long-Lived Assets (excluding Goodwill and Indefinite-Lived Intangible Assets)
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset or asset group may not be fully recoverable. The Company groups assets at the lowest level for which cash flows are separately identifiable. Recoverability is measured by a comparison of the carrying amount of the asset group to its expected future undiscounted cash flows. If the expected future undiscounted cash flows of the asset group are less than its carrying amount, an impairment loss is recognized based on the amount by which the carrying amount exceeds the fair value less costs to sell. The calculation of the fair value less costs to sell of an asset group is based on assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk.
Advertising Costs
Advertising Costs
Advertising costs are recognized in selling, general, and administrative expenses when incurred and were $105 million, $131 million, and $146 million during 2024, 2023, and 2022, respectively.
Included in advertising costs during 2024 and 2023 are certain joint marketing costs and reimbursements associated with the Google Success Funds as discussed in Note 13 “Commitments and Contingencies.”
Merger, Restructuring, Integration, and Other
Merger, Restructuring, Integration, and Other
Merger, restructuring, integration, and other represents certain direct and incremental costs resulting from acquisitions made by the Company, integration and third-party costs as a result of those acquisitions, costs related to the Company’s restructuring efforts, as well as fair value remeasurements and impairment charges on certain strategic investments.
Concentration of Credit Risks
Concentration of Credit Risks
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.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company’s financial instruments primarily consist of cash and cash equivalents, restricted cash and restricted cash equivalents, accounts receivable, retail installment contract receivables (“RICs”), accounts payable, debt, and derivative financial instruments. Due to their short-term and/or liquid nature, the fair values of cash, restricted cash, accounts receivable, and accounts payable approximate their respective carrying amounts.
Cash Equivalents - Included in cash and cash equivalents and restricted cash and restricted cash equivalents, as applicable from time to time, are investments in money market mutual funds. These investments are generally classified as Level 1 fair value measurements, which represent unadjusted quoted prices in active markets for identical assets or liabilities.
Investments in money market mutual funds were $90 million and $55 million as of December 31, 2024 and December 31, 2023, respectively.
Retail Installment Contract Receivables, net - The fair values of the Company’s RICs are determined using a discounted cash flow model and are classified as Level 3 fair value measurements.
Long-Term Debt Instruments
Long-Term Debt Instruments - The fair values of the Company’s debt instruments are determined using broker-quoted market prices, which represent quoted prices for similar assets or liabilities as well as other observable market data, and are classified as Level 2 fair value measurements. The carrying amounts of debt outstanding, if any, under the Company’s first lien revolving credit facility (the “First Lien Revolving Credit Facility”) and the 2020 Receivables Facility approximate their fair values, as interest rates on these borrowings approximate current market rates.
Loss on extinguishment of debt includes the payment of call and redemption premiums, the write-off of unamortized deferred financing costs and discounts, and certain other expenses associated with extinguishment of debt. During the periods presented, significant activity related to loss on extinguishment of debt was as follows:
Derivative Financial Instruments
Derivative Financial Instruments - Derivative financial instruments are reported at fair value as either assets or liabilities. These fair values are primarily calculated using discounted cash flow models utilizing observable inputs, such as quoted forward interest rates, and incorporate credit risk adjustments to reflect the risk of default by the counterparty or the Company. The resulting fair values are classified as Level 2 fair value measurements.
Refer to Note 8 “Derivative Financial Instruments” for the fair values of the Company’s derivative financial instruments.
The Company's derivative financial instruments primarily consist of SOFR-based interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt and interest rate swaps. All interest rate swap contracts are reported in the Consolidated Balance Sheets at fair value.
For interest rate swap contracts that are:
•Not designated as cash flow hedges: Unrealized gains and losses are recognized in interest expense, net, and other income (expense) depending on the nature of the underlying that the swaps are economically hedging.
•Designated as cash flow hedges: Unrealized gains and losses are recognized as a component of accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into interest expense, net, in the same period in which the related interest on debt affects earnings.
For interest rate swap contracts that have been de-designated as cash flow hedges and for which forecasted cash flows are:
•Probable or reasonably possible of occurring: Unrealized gains and losses previously recognized as a component of AOCI are reclassified into interest expense, net, in the same period in which the related interest on variable-rate debt affects earnings through the original maturity date of the related interest rate swap contracts.
•Probable of not occurring: Unrealized gains and losses previously recognized as a component of AOCI are immediately reclassified into interest expense, net.
The cash flows associated with interest rate swap contracts that contain an other-than-insignificant financing element at inception are reflected as cash flows from financing activities.
The cash flows associated with interest rate swap contracts that were entered into with the intention of offsetting the economic overhedged position of a portion of our existing interest rate swaps are reflected as cash flows from investing activities.
Revenue
Revenue
The Company generates revenue through contractual monthly recurring fees received for monitoring and related services, as well as the sale and installation of security systems.
Revenue is recognized in the Consolidated Statements of Operations net of sales and other taxes. Amounts collected from customers for sales and other taxes are reported as a liability net of the related amounts remitted. When customers terminate a monitoring contract early, contract termination charges are assessed in accordance with the contract terms and are recognized in monitoring and related services revenue when collectability is probable.
The Company allocates the transaction price to each performance obligation based on the relative standalone selling price, which is determined using observable internal and external pricing, profitability, and operational metrics. The Company’s performance obligations generally include monitoring, related services (such as maintenance agreements), as well as the sale and installation of a security system in outright sales transactions or a material right in transactions in which the Company retains ownership of the security system.
Customer-Owned - In transactions involving security systems sold outright to the customer (referred to as outright sales), the Company’s performance obligations generally include the sale and installation of the system, which is primarily recognized at a point in time based upon the nature of the transaction and contractual terms, and any monitoring and related services, which are recognized when these services are provided to the customer.
Company-Owned - In transactions in which the Company provides monitoring and related services but retains ownership of the security system (referred to as Company-owned), the Company’s performance obligations primarily include (i) monitoring and related services, which are recognized when these services are provided to the customer, and (ii) a material right associated with the one-time non-refundable fees incurred in connection with the initiation of a monitoring contract which the customer will not be required to pay again upon a renewal of the contract (referred to as deferred subscriber acquisition revenue).
Deferred subscriber acquisition revenue is amortized on a pooled basis over the estimated life of the customer relationship using an accelerated method consistent with the treatment of subscriber system assets and deferred subscriber acquisition costs and is reflected in security installation, product, and other revenue.
Deferred Revenue
Deferred revenue represents customer billings for services not yet rendered and is primarily related to recurring monitoring and related services. In addition, payments received for the sale and installation of a system after the agreement is signed but before performance obligations are satisfied are recorded as deferred revenue.
These amounts are recorded as current deferred revenue, as the Company expects to satisfy any remaining performance obligations, as well as recognize the related revenue, within the next twelve months when performance obligations are satisfied.
Account Receivable
Accounts Receivable
Accounts receivable represent unconditional rights to consideration from customers in the ordinary course of business and are generally due in one year or less. The Company’s accounts receivable are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The allowance for credit losses is recognized at inception and reassessed each reporting period.
The Company evaluates its allowance for credit losses on accounts receivable in pools based on customer type. The allowance for credit losses primarily relates to residential customers. For each customer pool, the allowance for credit losses is estimated based on the delinquency status of the underlying receivables and the related historical loss experience, as adjusted for current and expected future conditions, if applicable.
Retail Installment Contract Receivables, Net
Retail Installment Contract Receivables, Net
The Company’s RICs allow qualifying residential customers to pay the fees due at installation over a 12-, 24-, 36-, or 60-month interest-free period. The financing component of retail installment contract receivables is not significant.
Upon origination of a retail installment contract, the Company utilizes external credit scores to assess customer credit quality and determine eligibility. Subsequent to origination, the Company monitors the delinquency status of retail installment contract receivables as the key credit quality indicator. Delinquent billed RICs are not material.
The Company’s RICs are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The allowance for credit losses is recognized at inception and reassessed each reporting period. The allowance for credit losses relates to retail installment contract receivables from outright sales transactions and is not material.
Contract Assets
Contract Assets
Contract assets represent the Company’s right to consideration in exchange for goods or services transferred to the customer. The contract asset is reclassified to accounts receivable as additional services are performed and billed, which is when the Company’s right to the consideration becomes unconditional. This balance is primarily comprised of satisfied performance obligations related to the sale and installation of a system under an outright sale transaction.
The Company has the right to bill customers as services are provided over time, which generally occurs over the course of a 24-, 36-, or 60-month period. There is no significant financing component.
The Company records an allowance for credit losses against its contract assets for amounts not expected to be recovered. The allowance is recognized at inception and is reassessed each reporting period. The allowance for credit losses on contract assets was not material for the periods presented.
Contract and Related Customer Relationships
Contracts and Related Customer Relationships
Contracts and related customer relationships comprise contracts with customers purchased under the ADT Authorized Dealer Program (as defined below) or from other third parties as well as customer relationships that originated from business acquisitions.
Additionally, the Company maintains a network of agreements with third-party independent alarm dealers who sell alarm equipment and ADT Authorized Dealer-branded monitoring and interactive services to residential end users (the “ADT Authorized Dealer Program”). The dealers in this program generate new end-user contracts with customers which the Company has the right, but not the obligation, to purchase from the dealer. Purchases of contracts with customers under the ADT Authorized Dealer Program, or from other third parties, are considered asset acquisitions and are recognized based on the cost to acquire the assets, which may include cash consideration, non-cash consideration, contingent consideration, and directly-attributable transaction costs. The Company may charge back the purchase price of any end-user contract if the contract is canceled during the charge-back period, which is generally thirteen months from the date of purchase. The Company records the amount of the charge back as a reduction to the purchase price.
Goodwill and Indefinite-Lived Intangible Assets Impairment
Goodwill and Indefinite-Lived Intangible Assets Impairment
Goodwill and indefinite-lived intangible assets are not amortized and are tested for impairment at least annually as of the first day of the fourth quarter of each year and more often if an event occurs or circumstances change which indicate it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. The Company may perform the impairment test for its reporting unit or indefinite-lived intangible asset through a qualitative assessment or elect to proceed directly to a quantitative impairment test, however, the Company may resume a qualitative assessment in any subsequent period if facts and circumstances permit.
Goodwill
Under a qualitative approach, the Company assesses whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated fair value of a reporting unit is less than its carrying amount, the Company proceeds to a quantitative approach.
Under a quantitative approach, the Company estimates the fair value of a reporting unit and compares it to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company estimates the fair values of its reporting units using the income approach, which discounts projected cash flows using market participant assumptions. The income approach includes significant assumptions including, but not limited to, forecasted revenue, operating profit margins, Adjusted EBITDA margins, operating expenses, cash flows, perpetual growth rates, and discount rates. The estimated fair value of a reporting unit calculated using the income approach is sensitive to changes in the underlying assumptions. In developing these assumptions, the Company relies on various factors including operating results, business plans, economic projections, anticipated future cash flows, and other market data. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying judgments and factors and ultimately impact the estimated fair value determinations may include such items as a prolonged downturn in the business
environment, changes in economic conditions that significantly differ from the Company’s assumptions in timing or degree, volatility in equity and debt markets resulting in higher discount rates, and unexpected regulatory changes. As a result, there are inherent uncertainties related to these judgments and factors that may ultimately impact the estimated fair value determinations.
Indefinite-Lived Intangible Assets and Definite-Lived Intangible Asset Impairment
Indefinite-Lived Intangible Assets
Under a qualitative approach, the impairment test for an indefinite-lived intangible asset consists of an assessment of whether it is more-likely-than-not that an asset’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any indefinite-lived intangible asset, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying amount of such asset exceeds its fair value, the Company proceeds to a quantitative approach.
Under a quantitative approach, the Company estimates the fair value of an asset and compares it to its carrying amount. If the carrying amount exceeds fair value, an impairment loss is recognized in an amount equal to that excess. The estimated fair value of an indefinite-lived intangible asset is determined using a valuation approach that is based on the nature of the underlying asset.
The Company’s only indefinite-lived intangible asset is the ADT trade name. The fair value of the ADT trade name is determined under a relief from royalty method, which is an income approach that estimates the cost savings that accrue to the Company that it would otherwise have to pay in the form of royalties or license fees on revenue earned through the use of the asset. The utilization of the relief from royalty method requires the Company to make significant assumptions including revenue growth rates, the implied royalty rate, and the discount rate.
Income Taxes
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the temporary differences between the recognition of revenue and expenses for income tax and financial reporting purposes and between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. The Company records the effect of a tax rate or law change on the Company’s deferred tax assets and liabilities in the period of enactment.
The valuation allowance for deferred tax assets relates to the uncertainty of the utilization of certain U.S. federal and state deferred tax assets. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, which includes its past operating results, the existence of cumulative losses in the most recent years, and its forecast of future taxable income. In estimating future taxable income, the Company develops assumptions related to the amount of future pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company is using to manage its underlying businesses. The Company believes that it is more-likely-than-not that it will generate sufficient future taxable income to realize its deferred tax assets, net of valuation allowance.
Unrecognized Tax Benefits
Unrecognized Tax Benefits
The Company recognizes positions taken or expected to be taken in a tax return in the consolidated financial statements when it is more-likely-than-not (i.e., a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. The Company records liabilities for positions that have been taken but do not meet the more-likely-than-not recognition threshold. The Company adjusts the liabilities for unrecognized tax benefits in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a change to the estimated liabilities. The Company includes interest and penalties associated with unrecognized tax benefits as income tax expense and as a component of the recorded balance of unrecognized tax benefits, which is reflected in other liabilities, or net of related tax loss carryforwards in the Consolidated Balance Sheets. Interest and penalties associated with unrecognized tax benefits were not material to the Company's consolidated financial statements for the periods presented.
Dividends
Dividends
Stockholders are entitled to receive dividends when, as, and if declared by the Company’s Board of Directors out of funds legally available for that purpose.
Net Income (Loss) Per Share
The Company applies the two-class method for computing and presenting net income (loss) per share for each class of common stock, which allocates current period net income (loss) to each class of common stock and participating securities based on dividends declared and participation rights in the remaining undistributed earnings or losses.
Basic net income (loss) per share is computed by dividing the net income (loss) allocated to each class of common stock by the related weighted-average number of shares outstanding during the period. Diluted net income (loss) per share gives effect to all securities representing potential common shares that were dilutive and outstanding during the period for each class of common stock and excludes potentially dilutive securities whose effect would have been anti-dilutive.
Company as Lessee
Company as Lessee
As part of normal operations, the Company leases real estate, vehicles, and equipment from various counterparties with lease terms and maturities through 2034, primarily through its main operating entity, ADT LLC. For these transactions, the Company applies the practical expedient to not separate the lease and non-lease components and accounts for the combined component as a lease. Additionally, the Company’s right-of-use assets and lease liabilities include leases with initial lease terms of 12 months or less.
The Company’s right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company’s incremental borrowing rate coinciding with the lease term at the commencement of a lease. The incremental borrowing rate is estimated based on publicly available data for the Company’s debt instruments and other instruments with similar characteristics.
Lease payments that are neither fixed nor dependent on an index or rate and vary because of changes in usage or other factors are included in variable lease costs. Variable lease costs are recorded in the period in which the obligation is incurred and primarily relate to fuel, repair, and maintenance payments as they vary based on the usage of leased vehicles and buildings.
The Company’s leases do not contain material residual value guarantees or restrictive covenants. The Company’s subleases are not material.
Company as Lessor
Company as Lessor
The Company is a lessor in certain Company-owned transactions as the Company has identified a lease component associated with the right-of-use of the security system and a non-lease component associated with the monitoring and related services.
For transactions in which (i) the timing and pattern of transfer is the same for the lease and non-lease components, and (ii) the lease component would be classified as an operating lease if accounted for separately, the Company applies the practical expedient to aggregate the lease and non-lease components and accounts for the combined transaction based upon its predominant characteristic, which is the non-lease component. The Company accounts for the combined component as a single performance obligation under the applicable revenue guidance, and recognizes the underlying assets within subscriber system assets, net, in the Consolidated Balance Sheets.
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table reconciles the amounts below reported in the Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
Years Ended December 31,
(in thousands)202420232022
Cash and cash equivalents$96,212 $14,621 $257,223 
Restricted cash and restricted cash equivalents107,853 115,329 116,357 
Ending balance$204,065 $129,950 $373,580 
Schedule of Restricted Cash and Cash Equivalents
The following table reconciles the amounts below reported in the Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
Years Ended December 31,
(in thousands)202420232022
Cash and cash equivalents$96,212 $14,621 $257,223 
Restricted cash and restricted cash equivalents107,853 115,329 116,357 
Ending balance$204,065 $129,950 $373,580 
Supplementary Cash Flow Information
The following table summarizes supplementary cash flow information and material non-cash investing and financing transactions, excluding leases (refer to Note 14 “Leases”):
Years Ended December 31,
(in thousands)202420232022
Interest paid, net of interest income received(1)
$372,036 $522,775 $470,947 
Payments (refunds) on income taxes, net$21,700 $60,296 $22,654 
Issuance of shares for acquisition of businesses(2)
$— $— $55,485 
Contingent forward purchase contract(3)
$— $— $41,938 
Forward share repurchase contract(4)
$104,175 $— $— 
___________________
(1)Includes finance leases and interest rate swaps. Refer to Note 8 “Derivative Financial Instruments.”
(2)Includes $40 million related to the Delayed Shares (as defined and discussed in Note 10 “Equity”) as a result of the ADT Solar Acquisition.
(3)The Company recorded a reduction to additional paid in capital as a result of the contingent forward purchase contract in connection with the Tender Offer (as defined and discussed in Note 10 “Equity”).
(4)In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95 to be settled in January 2025 (refer to Note 10 “Equity”). The Company recorded a liability and a reduction to additional paid-in capital as of December 31, 2024.
Cash Flow and Supplemental Information(1)
Years Ended December 31,
(in thousands)
202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating leases:
Operating cash flows$23,574 $42,883 $47,708 
Finance Leases:
Operating cash flows$4,686 $4,940 $3,680 
Financing cash flows$29,023 $43,733 $44,978 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$20,127 $41,338 $49,193 
Finance leases$35,451 $79,273 $48,439 
__________________
(1)Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows.
Schedule of Prepaid Expenses and Other Current Assets
December 31,
(in thousands)20242023
Prepaid expenses$53,036 $47,674 
Contract assets (see Note 2 “Revenue and Receivables”)
19,164 15,365 
Fair value of interest rate swaps (see Note 8 “Derivative Financial Instruments”)
56,164 74,974 
Other current assets82,249 104,179 
Prepaid expenses and other current assets$210,613 $242,192 
Schedule of Property, Plant and Equipment and Depreciation Expense
Property and equipment, net, is recorded at historical cost less accumulated depreciation, which is calculated using the straight-line method over the estimated useful lives of the related assets. Depreciation expense is reflected in depreciation and intangible asset amortization. Repairs and maintenance expenditures are expensed when incurred.
Useful Lives:
Buildings and related improvements
Up to 40 years
Leasehold improvementsLesser of remaining term of the lease or economic useful life
Capitalized software
3 to 10 years
Machinery, equipment, and other
Up to 10 years
Net Carrying Amount:
December 31,
(in thousands)20242023
Land$9,773 $10,313 
Buildings and leasehold improvements97,263 95,003 
Capitalized software574,644 518,850 
Machinery, equipment, and other162,631 158,086 
Construction in progress22,106 30,121 
Finance leases127,956 114,997 
Accumulated depreciation(747,190)(673,712)
Property and equipment, net$247,183 $253,658 
Depreciation Expense:
Years Ended December 31,
(in thousands)202420232022
Depreciation expense$174,850 $176,407 $159,339 
Schedule of Subscriber System Assets, Net
Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system and are reflected in the Consolidated Balance Sheets as follows:
December 31,
(in thousands)20242023
Gross carrying amount$6,878,490 $6,404,479 
Accumulated depreciation(3,897,329)(3,398,543)
Subscriber system assets, net$2,981,161 $3,005,936 
Schedule of Subscriber System Depreciation and Amortization Cost
Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and selling, general, and administrative expenses, respectively, as follows:
Years Ended December 31,
(in thousands)202420232022
Depreciation of subscriber system assets$557,226 $545,041 $531,013 
Amortization of deferred subscriber acquisition costs$224,647 $188,222 $154,186 
Schedule of Accrued Liabilities
December 31,
(in thousands)20242023
Accrued interest$107,116 $111,197 
Payroll-related accruals109,078 110,941 
Opportunity Fund (see Note 10 “Equity”)84,516 93,950 
Accrued dividends48,918 32,207 
Forward share repurchase contract liability (see Note 10 “Equity”)
104,175 — 
Other accrued liabilities181,101 207,819 
Accrued expenses and other current liabilities$634,904 $556,114 
Schedule of Carrying Amount and Fair Value of Retail Installment Contract Receivables
December 31,
20242023
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Retail installment contract receivables, net$669,326 $495,259 $673,635 $487,685 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments and Securities
December 31,
20242023
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Long-term debt instruments subject to fair value disclosures(1)
$7,637,631 $7,589,677 $7,756,049 $7,731,408 
________________
(1)    Excludes finance leases and certain vehicle loans reported as discontinued operations.
v3.25.0.1
Revenue and Receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Years Ended December 31,
(in thousands)
202420232022
Sources of Revenue:
Recurring monthly revenue
$4,177,428 $4,069,921 $3,942,567 
Other related services
116,049 109,077 110,481 
Monitoring and related services
4,293,477 4,178,998 4,053,048 
Amortization of deferred subscriber acquisition revenue
346,209 301,708 235,190 
Installation revenue
258,760 172,118 93,666 
Security installation, product, and other604,969 473,826 328,856 
Total revenue$4,898,446 $4,652,824 $4,381,904 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
As of December 31, 2024, the remaining unsatisfied performance obligation relating to the provision of monitoring and related services is as follows (in thousands):
2025202620272028Thereafter
Total
$1,799,674 $999,973 $463,811 $144,877 $68,873 $3,477,208 
Allowance for Credit Loss Rollforward
Changes in the Allowance for Credit Losses
Years Ended December 31,
(in thousands)202420232022
Beginning balance$46,850 $27,815 $22,030 
Provision for credit losses
158,346 130,407 83,047 
Write-offs, net of recoveries(1)
(147,401)(111,372)(77,262)
Ending balance$57,795 $46,850 $27,815 
________________
(1)Recoveries were not material for the periods presented. As such, write-offs are presented net of recoveries.
Schedule of Unbilled Retail Installment Contract Receivables, Net
December 31,
(in thousands)20242023
Retail installment contract receivables, gross$678,174 $674,827 
Allowance for credit losses(8,848)(1,192)
Retail installment contract receivables, net$669,326 $673,635 
Balance Sheet Classification:
Accounts receivable, net$260,224 $238,961 
Other assets409,102 434,674 
Retail installment contract receivables, net$669,326 $673,635 
Summary of Contracts Assets
December 31,
(in thousands)20242023
Contract assets, gross
$46,031 $39,627 
Allowance for credit losses
(5,221)(9,025)
Contract assets, net$40,810 $30,602 
Balance Sheet Classification:
Prepaid expenses and other current assets
$19,164 $15,365 
Other assets
21,646 15,237 
Contract assets, net$40,810 $30,602 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
The following presents a reconciliation to the Company’s net income (loss) as reported in the Consolidated Statements of Operations and includes segment revenues, significant segment expenses that are regularly provided to or easily computed from information regularly provided to the CODM, other segment expenses, and adjustments to reconcile to net income (loss).
Years Ended December 31,
(in thousands)202420232022
Total segment revenue
$4,898,446 $4,652,824 $4,381,904 
Less significant segment expenses:
Customer service costs(1)
409,680 387,314 393,425 
Maintenance costs(1)
207,706 217,054 203,239 
Security installation, product, and other costs
229,728 147,314 102,118 
Selling costs, including commissions(2)
185,417 196,204 190,182 
Amortization of deferred subscriber acquisition costs(2)
224,647 188,222 154,186 
Advertising costs(2)
105,366 131,133 145,904 
Provision for credit losses(2)
187,361 131,962 81,727 
Other general and administrative costs(2)
708,979 664,182 696,662 
Share-based compensation(2)
48,745 38,626 52,945 
Depreciation and intangible asset amortization
1,342,798 1,335,484 1,599,810 
Interest expense
450,939 586,088 277,144 
Income tax expense (benefit)
195,780 160,585 87,692 
Total significant segment expenses
4,297,146 4,184,168 3,985,034 
Less other segment items(3)
Other items in SG&A(2)
15,831 (2,591)26,675 
Other, net
(33,921)20,877 58,030 
Total other segment items
(18,090)18,286 84,705 
Reconciliation of profit or loss:
(Income) loss from discontinued operations, net of tax(4)
118,337 (12,639)179,502 
Net income (loss)$501,053 $463,009 $132,663 
________________
(1)Included in monitoring and related services cost of revenue.
(2)Included in SG&A.
(3)Other segment items generally include other income and expenses and merger, restructuring, integration, and other charges as presented on the face of the Statements of Operations; as well as certain other items included in SG&A and interest income. Interest income is not material for all periods presented.
(4)Represents activity related to the Commercial and Solar Businesses, which are presented as discontinued operations.
v3.25.0.1
Divestitures (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following reconciliations represent the major classes of line items of the Solar Business presented within discontinued operations in the Consolidated Balance Sheets and Consolidated Statements of Operations and certain information in the Consolidated Statements of Cash Flows for the periods presented.
Balance Sheet Information
(in thousands)December 31, 2024December 31, 2023
Assets
Accounts receivable, net$— $20,270 
Inventories, net— 28,714 
Prepaid expenses and other current assets
— 11,973 
Total current assets of discontinued operations
— 60,957 
Property and equipment, net— 29,512 
Other assets— 13,767 
Total assets of discontinued operations
$— $104,236 
Liabilities
Current maturities of long-term debt$22 $8,551 
Accounts payable6,953 16,682 
Deferred revenue— 9,177 
Accrued expenses and other current liabilities24,788 45,201 
Total current liabilities of discontinued operations
31,763 79,611 
Long-term debt32 9,893 
Other liabilities15,857 10,679 
Total liabilities of discontinued operations
$47,652 $100,183 
Statements of Operations Information
Years Ended December 31,
(in thousands)202420232022
Revenue$21,254 $329,835 $786,426 
Cost of revenue
65,678 256,784 501,710 
Selling, general, and administrative expenses67,366 191,841 314,545 
Depreciation and intangible asset amortization1,898 15,496 16,020 
Merger, restructuring, integration, and other34,000 23,213 7,292 
Goodwill impairment
— 511,176 200,974 
Other (income) and expense items
1,481 2,235 1,197 
Income (loss) from discontinued operations before income taxes(149,169)(670,910)(255,312)
Income tax benefit (expense)39,096 156,000 50,010 
Income (loss) from discontinued operations, net of tax$(110,073)$(514,910)$(205,302)
Cash Flow Information
Years Ended December 31,
(in thousands)202420232022
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and intangible asset amortization$1,898 $15,496 $16,020 
Goodwill, intangible, and other asset impairments$13,770 $515,730 $200,974 
Cash flows from investing activities:
Purchases of property and equipment$(80)$(4,027)$(9,826)
The following reconciliations represent the major classes of line items of the Commercial Business within the Consolidated Statements of Operations and certain information within the Consolidated Statements of Cash Flows (excluding proceeds from the sale of business discussed above) for the periods presented.
Statements of Operations Information
During the year ended December 31, 2024, activity, net of tax, relating to the Commercial Divestiture was approximately $8 million primarily related to the settlement of post-closing adjustments.
Years Ended December 31,
(in thousands)20232022
Revenue$1,035,048 $1,226,980 
Cost of revenue
688,433 839,356 
Selling, general, and administrative expenses213,514 267,195 
Depreciation and intangible asset amortization37,691 77,745 
Other income and expense items19,174 6,016 
Income (loss) from discontinued operations before gain on sale of business and income taxes
76,236 36,668 
Gain on sale of business
629,980 — 
Income (loss) from discontinued operations before income taxes
706,216 36,668 
Income tax benefit (expense)(178,667)(10,868)
Income (loss) from discontinued operations, net of tax$527,549 $25,800 
Cash Flow Information
Years Ended December 31,
(in thousands)20232022
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and intangible asset amortization$37,691 $77,745 
Share-based compensation expense$11,699 $13,069 
Cash flows from investing activities:
Subscriber system asset expenditures$(8,902)$(29,230)
Purchases of property and equipment$(4,399)$(6,885)
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
December 31, 2024December 31, 2023
(in thousands)Gross Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Definite-lived intangible assets:
Contracts and related customer relationships(1)
$6,158,349 $(3,464,926)$2,693,423 $5,571,456 $(2,937,245)$2,634,211 
Dealer relationships(2)
1,518,020 (697,324)820,696 1,518,020 (618,154)899,866 
Other(3)
209,773 (202,793)6,980 209,773 (199,357)10,416 
Total definite-lived intangible assets7,886,142 (4,365,043)3,521,099 7,299,249 (3,754,756)3,544,493 
Indefinite-lived intangible assets:
Trade name(4)
1,333,000 — 1,333,000 1,333,000 — 1,333,000 
Intangible assets$9,219,142 $(4,365,043)$4,854,099 $8,632,249 $(3,754,756)$4,877,493 
__________________
(1)During 2023, the Company retired $1.7 billion of certain customer relationship intangible assets acquired in the ADT Acquisition that became fully amortized.
(2)Originated from the Formation Transactions and the ADT Acquisition in 2015 and 2016, respectively. Amortized primarily over 19 years on a straight-line basis based on management estimates about attrition and the longevity of the underlying dealer network that existed at the time of acquisition.
(3)Primarily relates to trade names and other technology assets. Amortized over a period of up to 10 years on a straight-line basis.
(4)ADT trade name acquired as part of the ADT Acquisition.
The change in the net carrying amount of contracts and related customer relationships was as follows:
Years Ended December 31,
(in thousands)20242023
Beginning balance$2,634,211 $2,595,535 
Customer contract additions, net of dealer charge-backs586,994 564,652 
Amortization(527,782)(525,676)
Other— (300)
Ending balance$2,693,423 $2,634,211 
Schedule of Indefinite-Lived Intangible Assets
December 31, 2024December 31, 2023
(in thousands)Gross Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Definite-lived intangible assets:
Contracts and related customer relationships(1)
$6,158,349 $(3,464,926)$2,693,423 $5,571,456 $(2,937,245)$2,634,211 
Dealer relationships(2)
1,518,020 (697,324)820,696 1,518,020 (618,154)899,866 
Other(3)
209,773 (202,793)6,980 209,773 (199,357)10,416 
Total definite-lived intangible assets7,886,142 (4,365,043)3,521,099 7,299,249 (3,754,756)3,544,493 
Indefinite-lived intangible assets:
Trade name(4)
1,333,000 — 1,333,000 1,333,000 — 1,333,000 
Intangible assets$9,219,142 $(4,365,043)$4,854,099 $8,632,249 $(3,754,756)$4,877,493 
__________________
(1)During 2023, the Company retired $1.7 billion of certain customer relationship intangible assets acquired in the ADT Acquisition that became fully amortized.
(2)Originated from the Formation Transactions and the ADT Acquisition in 2015 and 2016, respectively. Amortized primarily over 19 years on a straight-line basis based on management estimates about attrition and the longevity of the underlying dealer network that existed at the time of acquisition.
(3)Primarily relates to trade names and other technology assets. Amortized over a period of up to 10 years on a straight-line basis.
(4)ADT trade name acquired as part of the ADT Acquisition.
Schedule of Finite-Lived Intangible Assets, Amortization Expense
Years Ended December 31,
(in thousands)202420232022
Definite-lived intangible asset amortization expense$610,389 $613,679 $909,059 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2024, the estimated aggregate amortization expense on our existing intangible assets is expected to be as follows (in thousands):
20252026202720282029Thereafter
$575,002 $493,508 $427,736 $378,363 $342,846 $1,303,644 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company’s debt is comprised of the following (in thousands):
Interest PayableBalance as of December 31,
Debt DescriptionIssuedMaturity
Interest Rate(1)
20242023
First Lien Term Loan B due 203010/13/202310/13/2030Term SOFR +2.00%Quarterly$1,984,090 $1,375,000 
First Lien Revolving Credit Facility3/16/201810/1/2029Term SOFR +2.00%Quarterly— — 
Term Loan A Facility3/14/20233/14/2028Term SOFR +2.25%Quarterly— 625,625 
First Lien Notes due 20244/4/20194/15/20245.250%2/15 and 8/15— 99,999 
First Lien Notes due 20264/4/20194/15/20265.750%3/15 and 9/151,350,000 1,350,000 
First Lien Notes due 20278/20/20208/31/20273.375%6/15 and 12/151,000,000 1,000,000 
First Lien Notes due 20297/29/20218/1/20294.125%2/1 and 8/11,000,000 1,000,000 
Second Lien Notes due 20281/28/20201/15/20286.250%1/15 and 7/151,300,000 1,300,000 
ADT Notes due 20325/2/20167/15/20324.875%1/15 and 7/15728,016 728,016 
ADT Notes due 20427/5/20127/15/20424.875%1/15 and 7/1521,896 21,896 
2020 Receivables Facility(2)
3/5/202011/20/2029VariousMonthly407,901 436,004 
Total debt principal, excluding finance leases7,791,903 7,936,540 
Plus: Finance lease obligations(3)
69,442 69,468 
Less: Unamortized debt discount, net(12,081)(15,005)
Less: Unamortized deferred financing costs(26,990)(39,620)
Less: Unamortized purchase accounting fair value adjustment and other(115,201)(125,866)
Total debt7,707,073 7,825,517 
Less: Current maturities of long-term debt, net of unamortized debt discount(195,791)(312,061)
Long-term debt$7,511,282 $7,513,456 
__________________
(1)Interest rate as of December 31, 2024. Interest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“SOFR”) +1.05% and Cost of Funds (“COF”) +0.95%.
(2)Maturity date for the 2020 Receivables Facility represents the final maturity of date of current loans borrowed under the facility.
(3)Refer to Note 14 “Leases” for additional information regarding the Company’s finance leases.
Schedule of Maturities of Long-term Debt
As of December 31, 2024, the aggregate annual maturities of debt, excluding finance leases, were as follows:
(in thousands)20252026202720282029ThereafterTotal
Debt principal$170,198 $1,499,939 $1,099,518 $1,367,345 $1,019,841 $2,635,062 $7,791,903 
v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
Notional Amounts
(in thousands)December 31,
ExecutionMaturityDesignation20242023
October 2019September 2026Not designated$2,800,000 $2,800,000 
March 2023March 2028Not designated100,000 100,000 
April 2023March 2028Not designated200,000 200,000 
December 2023
September 2026Not designated700,000 700,000 
Total notional amount$3,800,000 $3,800,000 
Schedule of Derivative Liabilities at Fair Value
Classification and Fair Value
December 31,
Balance Sheet Classification (in thousands)
20242023
Prepaid expenses and other current assets$56,164 $74,974 
Other assets$54,102 $76,493 
Accrued expenses and other current liabilities$1,466 $5,312 
Other liabilities$208 $1,325 
Unrealized Gains (Losses)

Years Ended December 31,
Statement of Operations Classification (in thousands)
202420232022
Interest expense, net
$(27,164)$(22,174)$301,851 
Other income (expense)
$(17,996)$(16,511)$— 
Schedule of Accumulated Other Comprehensive Loss
Changes in and Reclassifications out of AOCI
(in thousands)Cash Flow Hedges
Balance as of December 31, 2021$(71,267)
Pre-tax current period change33,946 
Income tax benefit (expense)(8,192)
Balance as of December 31, 2022(45,513)
Pre-tax current period change42,295 
Income tax benefit (expense)(10,166)
Balance as of December 31, 2023(13,384)
Pre-tax current period change7,921 
Income tax benefit (expense)(1,913)
Balance as of December 31, 2024$(7,376)
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Loss before Income Taxes for Domestic and Foreign Locations
Years Ended December 31,
(in thousands)202420232022
United States$808,476 $601,370 $401,746 
Foreign6,694 3,013 2,712 
Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee$815,170 $604,383 $404,458 
Schedule of Components of Income Tax Expense (Benefit)
Components of Income Tax Benefit (Expense)(1)
Years Ended December 31,
(in thousands)202420232022
Current:
Federal$1,027 $(358)$(184)
State(13,829)(57,024)(28,100)
Foreign(2,096)(923)(691)
Current income tax benefit (expense)(14,898)(58,305)(28,975)
Deferred:
Federal(105,711)(136,457)(43,203)
State(33,702)11,704 24,029 
Foreign(170)(194)(401)
Deferred income tax benefit (expense)(139,583)(124,947)(19,575)
Income tax benefit (expense)$(154,481)$(183,252)$(48,550)
___________________
(1)The components of tax benefit (expense) include both continuing and discontinued operations for all periods presented in accordance with Accounting Standards Codification (“ASC”) 740. This presentation is to reflect the Company’s tax structure and filings.
Income tax benefit (expense) is included in the Consolidated Statements of Operations as follows:
Years Ended December 31,
(in thousands)202420232022
Continuing operations
$(195,780)$(160,585)$(87,692)
Discontinued operations
41,299 (22,667)39,142 
Income tax benefit (expense)$(154,481)$(183,252)$(48,550)
Schedule of Effective Income Tax Rate Reconciliation
Reconciliations between the actual effective tax rate on continuing operations and the statutory U.S. federal income tax rate were as follows:
Years Ended December 31,
202420232022
Statutory federal tax rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefits5.4 %6.1 %3.0 %
Non-U.S. tax0.3 %0.2 %0.3 %
Non-deductible and non-taxable charges(1)
0.8 %1.0 %5.1 %
Valuation allowance— %— %(0.6)%
Unrecognized tax benefits(4.0)%(1.0)%(2.3)%
Share-based compensation0.1 %— %(0.6)%
Non-deductible goodwill on dispositions— %0.7 %— %
Federal credits0.1 %(0.6)%(2.9)%
Acquisitions and dispositions1.2 %(0.9)%(0.2)%
Legislative changes(0.4)%0.6 %(2.1)%
Prior year return adjustments(0.6)%(0.6)%1.1 %
Other0.1 %0.1 %(0.1)%
Effective tax rate24.0 %26.6 %21.7 %
___________________
(1)During 2022, primarily represents the impact related to the fair value adjustment of the Forward Contract.
Schedule of Deferred Tax Assets and Liabilities
The components of the Company's net deferred tax assets (liabilities) were as follows:
December 31,
(in thousands)20242023
Deferred tax assets:
Accrued liabilities and reserves$94,084 $90,351 
Tax loss and credit carryforwards75,927 132,230 
Disallowed interest carryforward230,048 150,492 
Deferred revenue218,639 225,499 
Other91,892 112,194 
Total deferred tax assets710,590 710,766 
Valuation allowance(12,264)(12,264)
Deferred tax assets, net of valuation allowance$698,326 $698,502 
Deferred tax liabilities:
Subscriber system assets$(757,046)$(761,203)
Intangible assets(1,051,499)(893,292)
Other(56,994)(71,196)
Total deferred tax liabilities(1,865,539)(1,725,691)
Net deferred tax assets (liabilities)$(1,167,213)$(1,027,189)
Summary of Valuation Allowance
The changes in the valuation allowance for deferred tax assets were as follows:
Years Ended December 31,
(in thousands)202420232022
Beginning balance $(12,264)$(57,715)$(60,157)
Income tax benefit (expense)(1)
— 43,277 2,428 
Write-offs and other
— 2,174 14 
Ending balance$(12,264)$(12,264)$(57,715)
__________________
(1)During 2023, the change is primarily related to the utilization of capital loss carryforwards against which a valuation allowance was previously recorded. The utilization is attributable to capital gains generated in connection with the Commercial Divestiture.
Schedule of Unrecognized Tax Benefits Roll Forward
The following is a roll-forward of unrecognized tax benefits:
Years Ended December 31,
(in thousands)202420232022
Beginning balance$48,823 $56,177 $66,221 
Gross increase related to prior year tax positions9,933 517 5,063 
Gross decrease related to prior year tax positions(5,108)— — 
Decreases related to lapse of statute of limitation(29,042)(7,871)(15,107)
Ending balance$24,606 $48,823 $56,177 
Summary of Open Tax Years
JurisdictionYears Open to Audit
Federal
2021 - 2023
State
2019 - 2023
Canada
2020 - 2023
v3.25.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Dividends Declared
(in thousands, except per share data)
Common StockClass B Common Stock
Declaration DateRecord DatePayment DatePer ShareAggregatePer ShareAggregate
Year Ended December 31, 2024
1/24/243/14/244/4/24$0.055 $47,059 $0.055 $3,011 
4/25/246/13/247/9/240.055 47,137 0.055 3,011 
8/1/249/13/2410/4/240.055 47,146 0.055 3,011 
10/24/2412/12/241/9/250.055 46,012 0.055 3,011 
Total$0.220 $187,354 $0.220 $12,044 
Year Ended December 31, 2023
2/28/233/16/234/4/23$0.035 $30,342 $0.035 $1,916 
5/2/236/15/237/6/230.035 30,256 0.035 1,916 
8/8/239/15/2310/4/230.035 30,405 0.035 1,916 
11/2/2312/14/231/9/240.035 30,358 0.035 1,916 
Total$0.140 $121,361 $0.140 $7,664 
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Disclosure of Share-based Compensation Expense Share-based compensation expense is recognized in the Consolidated Statements of Operations as follows:
Years Ended December 31,
(in thousands)
202420232022
Selling, general, and administrative expenses
$48,745 $38,626 $52,945 
Income (loss) from discontinued operations, net of tax
(132)12,511 13,621 
Total share-based compensation expense
$48,613 $51,137 $66,566 
Summary of Distributed Shares Activity
The following table summarizes activity related to the Distributed Shares Performance Tranche during 2024:
Number of Distributed SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 20239,194,312 $13.05 
Vested(1)
(2,509,806)13.08 
Forfeited— — 
Unvested as of December 31, 20246,684,506 $10.44 
________________________
(1)    During the second quarter of 2024, certain of the Distributed Shares were modified in a manner that resulted in such awards immediately vesting.
Summary of Related 2018 Plan Top-up Options Activity
The following table summarizes activity related to the Top-up Options:
Service TranchePerformance Tranche
Number of Top-up OptionsWeighted-Average Exercise PriceNumber of Top-up OptionsWeighted-Average Exercise Price
Aggregate Intrinsic Value(1)
(in thousands)
Weighted-Average Remaining Contractual Term
(Years)
Outstanding as of December 31, 20235,955,254 $13.30 5,641,244 $13.30 
Exercised— — — — 
Forfeited— — (16,643)13.30 
Outstanding as of December 31, 20245,955,254 $13.30 5,624,601 $13.30 — 3.0
Exercisable as of December 31, 2024(b)
5,955,254 $13.30 1,586,252 $13.30 — 3.0
________________________
(1) The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2024.
(2) During the second quarter of 2024, certain of the Top-up Options in the performance tranche were modified in a manner that resulted in such awards immediately vesting and becoming exercisable.
The following table summarizes activity related to 2018 Plan options during 2024:
Number of OptionsWeighted-Average Exercise Price
Aggregate Intrinsic Value(1)
(in thousands)
Weighted-Average Remaining Contractual Term
(Years)
Outstanding as of December 31, 202316,828,305 $6.70 
Granted6,831,794 6.51 
Exercised(1,907,455)5.37 
Forfeited(502,934)6.49 
Outstanding as of December 31, 202421,249,710 $6.77 $18,048 5.9
Exercisable as of December 31, 202414,568,776 $7.83 $14,322 4.1
________________________
(1) The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2024.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The Company used a binomial lattice model to determine the grant date fair value for options granted during 2024 and included the following assumptions:
Expected exercise term (years)
7
Expected volatility(1)
49.9%
Expected dividend yield(2)
3.4%
Risk-free interest rate(3)
4.0%
________________________
(1)    Estimated using historical and implied stock price volatility of the Company.
(2)    Calculated by taking the annual dividend run-rate and dividing by the stock price at date of grant.
(3)    Based on the U.S. Treasury yield curve.
Summary of Related 2018 Plan RSUs Activity
The following table summarizes activity related to the 2018 Plan RSUs (including DEUs) during 2024:
Number of RSUsWeighted-Average Grant Date Fair Value
Unvested as of December 31, 20239,237,384 $7.66 
Granted5,155,150 6.65 
Vested(4,792,066)7.72 
Forfeited(1,336,453)6.96 
Unvested as of December 31, 20248,264,015 $7.14 
v3.25.0.1
Net (Loss) Income Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Common Stock
Potential shares of Common Stock include (i) incremental shares related to the vesting or exercise of share-based compensation awards, warrants, and other options to purchase additional shares of the Company’s Common Stock calculated using the treasury stock method and (ii) incremental shares of Common Stock issuable upon the conversion of Class B Common Stock.
Years Ended December 31,
(in thousands, except per share amounts)202420232022
Allocation of income (loss) from continuing operations - basic
$581,980 $423,503 $293,331 
Dilutive effect(1)
13,671 8,885 8,428 
Allocation of income (loss) from continuing operations - diluted
$595,651 $432,388 $301,759 
Allocation of income (loss) from discontinued operations, net of tax - basic$(111,197)$11,885 $(168,676)
Dilutive effect(1)
— — — 
Allocation of income (loss) from discontinued operations, net of tax - diluted$(111,197)$11,885 $(168,676)
Weighted-average shares outstanding - basic846,521 856,843 848,465 
Dilutive effect(1)
62,179 62,306 66,604 
Weighted-average shares outstanding - diluted908,700 919,149 915,069 
Income (loss) from continuing operations per share - basic
$0.69 $0.49 $0.35 
Income (loss) from continuing operations per share - diluted
$0.66 $0.47 $0.33 
Income (loss) from discontinued operations, net of tax, per share - basic
$(0.13)$0.01 $(0.20)
Income (loss) from discontinued operations, net of tax, per share - diluted
$(0.12)$0.01 $(0.18)
________________
(1)    Includes conversion of Class B Common Stock. 20 million, 17 million, and 15 million potential shares of Common Stock were excluded during 2024, 2023, and 2022, respectively, from the diluted earnings per share calculations because their effects would have been anti-dilutive.
Class B Common Stock
Years Ended December 31,
(in thousands, except per share amounts)202420232022
Allocation of income (loss) from continuing operations - basic
$37,410 $26,867 $18,834 
Dilutive effect(1)
(1,627)(1,221)(764)
Allocation of income (loss) from continuing operations - diluted
$35,783 $25,646 $18,070 
Allocation of income (loss) from discontinued operations, net of tax - basic$(7,140)$754 $(10,826)
Dilutive effect(1)
— — — 
Allocation of income (loss) from discontinued operations, net of tax - diluted
$(7,140)$754 $(10,826)
Weighted-average shares outstanding - basic54,745 54,745 54,745 
Dilutive effect(1)
— — — 
Weighted-average shares outstanding - diluted54,745 54,745 54,745 
Income (loss) from continuing operations per share - basic
$0.69 $0.49 $0.35 
Income (loss) from continuing operations per share - diluted
$0.66 $0.47 $0.33 
Income (loss) from discontinued operations, net of tax, per share - basic
$(0.13)$0.01 $(0.20)
Income (loss) from discontinued operations, net of tax, per share - diluted
$(0.12)$0.01 $(0.18)
________________
(1)    There were no potential shares of Class B Common Stock during the periods presented.
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Contractual Obligations Commitments
The following table provides the Company’s contractual obligations (excluding the Google agreements discussed separately below) as of December 31, 2024 (in thousands):
20252026202720282029ThereafterTotal
$367,036 $111,562 $39,210 $31,515 $11,593 $— $560,916 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Consolidated Balance Sheet Information Related to Leases
(in thousands)December 31,
Presentation and Classification:20242023
OperatingCurrentPrepaid expenses and other current assets$80 $68 
OperatingNon-currentOther assets80,768 85,649 
FinanceNon-current
Property and equipment, net(1)
61,827 65,368 
Total right-of-use assets$142,675 $151,085 
OperatingCurrentAccrued expenses and other current liabilities$18,811 $13,035 
FinanceCurrentCurrent maturities of long-term debt25,593 25,741 
OperatingNon-currentOther liabilities77,884 80,189 
FinanceNon-currentLong-term debt43,849 43,727 
Total lease liabilities$166,137 $162,692 
_________________
(1) Finance right-of-use assets are recorded net of accumulated depreciation of approximately $66 million and $50 million as of December 31, 2024 and 2023, respectively.
Schedule of Lease Cost
Years Ended December 31,
(in thousands)
202420232022
Operating lease cost$27,615 $31,756 $33,574 
Finance lease cost:
Amortization of right-of-use assets21,661 14,432 10,818 
Interest on lease liabilities4,528 2,466 1,689 
Variable lease costs35,017 36,273 42,899 
Total lease cost$88,821 $84,927 $88,980 
Supplementary Cash Flow Information
The following table summarizes supplementary cash flow information and material non-cash investing and financing transactions, excluding leases (refer to Note 14 “Leases”):
Years Ended December 31,
(in thousands)202420232022
Interest paid, net of interest income received(1)
$372,036 $522,775 $470,947 
Payments (refunds) on income taxes, net$21,700 $60,296 $22,654 
Issuance of shares for acquisition of businesses(2)
$— $— $55,485 
Contingent forward purchase contract(3)
$— $— $41,938 
Forward share repurchase contract(4)
$104,175 $— $— 
___________________
(1)Includes finance leases and interest rate swaps. Refer to Note 8 “Derivative Financial Instruments.”
(2)Includes $40 million related to the Delayed Shares (as defined and discussed in Note 10 “Equity”) as a result of the ADT Solar Acquisition.
(3)The Company recorded a reduction to additional paid in capital as a result of the contingent forward purchase contract in connection with the Tender Offer (as defined and discussed in Note 10 “Equity”).
(4)In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95 to be settled in January 2025 (refer to Note 10 “Equity”). The Company recorded a liability and a reduction to additional paid-in capital as of December 31, 2024.
Cash Flow and Supplemental Information(1)
Years Ended December 31,
(in thousands)
202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating leases:
Operating cash flows$23,574 $42,883 $47,708 
Finance Leases:
Operating cash flows$4,686 $4,940 $3,680 
Financing cash flows$29,023 $43,733 $44,978 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$20,127 $41,338 $49,193 
Finance leases$35,451 $79,273 $48,439 
__________________
(1)Includes both continuing and discontinued operations consistent with the presentation on the Consolidated Statements of Cash Flows.
Schedule of Operating and Finance Lease Weighted Average Lease Term and Discount Rate
December 31,
20242023
Weighted-average remaining lease term (years):
Operating leases5.45.9
Finance leases2.73.2
Weighted-average discount rate:
Operating leases6.2 %6.1 %
Finance leases6.1 %5.9 %
Schedule of Operating and Finance Lease, Liability, Maturity
December 31, 2024
(in thousands)
Operating LeasesFinance Leases
2025$20,443 $33,369 
202624,658 22,529 
202720,975 16,195 
202816,255 2,809 
202911,276 1 
Thereafter23,422 — 
Total lease payments (including interest)$117,029 $74,903 
Less interest20,334 5,461 
Total$96,695 $69,442 
v3.25.0.1
Condensed Financial Information of Registrant (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Registrant
ADT INC.
(PARENT COMPANY ONLY)
CONDENSED BALANCE SHEETS
(in thousands)
December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$1,861 $1,118 
Total current assets1,861 1,118 
Investment in subsidiaries and other assets4,861,838 4,463,543 
Total assets$4,863,699 $4,464,661 
Liabilities and stockholders' equity
Current liabilities:
Dividends payable and other current liabilities$155,472 $33,047 
Total current liabilities155,472 33,047 
Debt due to subsidiaries554,954 545,557 
Other liabilities352,472 97,411 
Total liabilities1,062,898 676,015 
Total stockholders' equity3,800,801 3,788,646 
Total liabilities and stockholders' equity $4,863,699 $4,464,661 
The accompanying notes are an integral part of these condensed financial statements
ADT INC.
(PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
Years Ended December 31,
202420232022
Selling, general, and administrative expenses$988 $520 $2,583 
Merger, restructuring, integration, and other(5)(1,993)(6,011)
Operating income (loss)(983)1,473 3,428 
Interest expense, net(9,135)(8,984)(8,086)
Other income (expense)— — (63,394)
Equity in net income (loss) of subsidiaries511,171 470,520 200,715 
Net income (loss)501,053 463,009 132,663 
Other comprehensive income (loss), net of tax9,126 31,038 21,773 
Comprehensive income (loss)$510,179 $494,047 $154,436 
Net income (loss) per share - basic:
Common stock$0.56 $0.51 $0.15 
Class B common stock$0.56 $0.51 $0.15 
Weighted-average shares outstanding - basic:
Common stock846,521 856,843 848,465 
Class B common stock54,745 54,745 54,745 
Net income (loss) per share - diluted:
Common stock$0.52 $0.48 $0.14 
Class B common stock$0.52 $0.48 $0.14 
Weighted-average shares outstanding - diluted:
Common stock908,700 919,149 915,069 
Class B common stock54,745 54,745 54,745 
The accompanying notes are an integral part of these condensed financial statements
ADT INC.
(PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
202420232022
Cash flows from operating activities:
Net income (loss)$501,053 $463,009 $132,663 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (income) loss of subsidiaries(511,171)(470,520)(200,715)
Change in fair value of other financial instruments— — 63,396 
Other, net22,815 28,757 49,470 
Net cash provided by (used in) operating activities12,697 21,246 44,814 
Cash flows from investing activities:
Contributions to subsidiaries— — — 
Distributions from subsidiaries170,620 108,783 118,200 
Net cash provided by (used in) investing activities170,620 108,783 118,200 
Cash flows from financing activities:
Proceeds from issuance of common stock, net of expenses— — 1,180,000 
Dividends on common stock(182,266)(128,587)(127,125)
Repurchases of common stock— — (1,200,000)
Other financing, net(308)(14,963)(3,197)
Net cash provided by (used in) financing activities(182,574)(143,550)(150,322)
Cash and cash equivalents and restricted cash and restricted cash equivalents:
Net increase (decrease) during the period743 (13,521)12,692 
Beginning balance1,118 14,639 1,947 
Ending balance$1,861 $1,118 $14,639 
Supplementary cash flow information:
Issuance of shares for acquisition of business$— $— $55,485 
v3.25.0.1
Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
The Company is disclosing the following summarized quarterly financial information for 2024 and 2023 due to the Solar and Commercial Businesses being reported as discontinued operations as a result of the ADT Solar Exit and Commercial Divestiture, respectively. Refer to Note 4 “Divestitures” for additional information.
(in thousands, except per share data)
March 31, 2024
June 30,
2024
September 30, 2024December 31, 2024
Revenue
$1,189,672 $1,204,559 $1,243,836 $1,260,379 
Operating income (loss)
$292,149 $284,175 $326,350 $305,390 
Income (loss) from continuing operations
$163,891 $126,185 $132,020 $197,294 
Income (loss) from discontinued operations, net of tax$(72,340)$(33,791)$(4,869)$(7,337)
Net income (loss)$91,551 $92,394 $127,151 $189,957 
Common Stock
Basic:
Weighted average shares outstanding
855,893 848,273 850,462 831,575 
Income (loss) from continuing operations per share
$0.18 $0.14 $0.15 $0.22 
Income (loss) from discontinued operations, net of tax, per share
$(0.08)$(0.04)$(0.01)$(0.01)
Net income (loss)$0.10 $0.10 $0.14 $0.21 
Diluted:
Weighted average shares outstanding
918,394 909,128 912,861 895,035 
Income (loss) from continuing operations per share
$0.17 $0.13 $0.14 $0.21 
Income (loss) from discontinued operations, net of tax, per share
$(0.07)$(0.03)$(0.01)$(0.01)
Net income (loss)$0.09 $0.10 $0.13 $0.20 
Class B Common Stock
Basic:
Weighted average shares outstanding
54,745 54,745 54,745 54,745 
Income (loss) from continuing operations per share
$0.18 $0.14 $0.15 $0.22 
Income (loss) from discontinued operations, net of tax, per share
$(0.08)$(0.04)$(0.01)$(0.01)
Net income (loss)$0.10 $0.10 $0.14 $0.21 
Diluted:
Weighted average shares outstanding
54,745 54,745 54,745 54,745 
Income (loss) from continuing operations per share
$0.17 $0.13 $0.14 $0.21 
Income (loss) from discontinued operations, net of tax, per share
$(0.07)$(0.03)$(0.01)$(0.01)
Net income (loss)$0.09 $0.10 $0.13 $0.20 
(in thousands, except per share data)
March 31, 2023
June 30,
2023
September 30, 2023December 31, 2023
Revenue
$1,132,476 $1,168,077 $1,179,873 $1,172,398 
Operating income (loss)
$232,960 $332,098 $306,563 $307,340 
Income (loss) from continuing operations
$39,563 $180,438 $123,259 $107,110 
Income (loss) from discontinued operations, net of tax$(158,400)$(88,227)$(209,496)$468,762 
Net income (loss)$(118,837)$92,211 $(86,237)$575,872 
Common Stock
Basic:
Weighted average shares outstanding
854,299 857,581 857,423 858,094 
Income (loss) from continuing operations per share
$0.04 $0.20 $0.13 $0.12 
Income (loss) from discontinued operations, net of tax, per share
$(0.17)$(0.10)$(0.23)$0.51 
Net income (loss)$(0.13)$0.10 $(0.09)$0.63 
Diluted:
Weighted average shares outstanding
921,606 916,859 917,774 919,397 
Income (loss) from continuing operations per share
$0.04 $0.19 $0.13 $0.11 
Income (loss) from discontinued operations, net of tax, per share
$(0.16)$(0.09)$(0.21)$0.48 
Net income (loss)$(0.12)$0.09 $(0.09)$0.59 
Class B Common Stock
Basic:
Weighted average shares outstanding
54,745 54,745 54,745 54,745 
Income (loss) from continuing operations per share
$0.04 $0.20 $0.13 $0.12 
Income (loss) from discontinued operations, net of tax, per share
$(0.17)$(0.10)$(0.23)$0.51 
Net income (loss)$(0.13)$0.10 $(0.09)$0.63 
Diluted:
Weighted average shares outstanding
54,745 54,745 54,745 54,745 
Income (loss) from continuing operations per share
$0.04 $0.19 $0.13 $0.11 
Income (loss) from discontinued operations, net of tax, per share
$(0.16)$(0.09)$(0.21)$0.48 
Net income (loss)$(0.12)$0.09 $(0.09)$0.59 
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Mar. 06, 2024
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Apr. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
segment
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Mar. 19, 2024
Sep. 30, 2020
$ / shares
Jan. 31, 2018
$ / shares
Accounting Policies [Line Items]                  
Treasury stock, shares, acquired (in shares) | shares   15              
Number of operating segments | segment       1          
Number of reportable segments | segment       1          
Revenue from contract with customer, term of customer relationship       15 years          
Accelerated method, average declining balance rate       250.00%          
Advertising expense       $ 105 $ 131 $ 146      
Money market funds, at carrying value   $ 90   $ 90 55        
First Five Years                  
Accounting Policies [Line Items]                  
Accelerated method, average amortization rate       55.00%          
Second Five Years                  
Accounting Policies [Line Items]                  
Accelerated method, average amortization rate       25.00%          
Final Five Years                  
Accounting Policies [Line Items]                  
Accelerated method, average amortization rate       20.00%          
First Lien Credit Agreement | Line of Credit                  
Accounting Policies [Line Items]                  
Proceeds from (repayments of) debt       $ 704          
2020 Receivables Facility                  
Accounting Policies [Line Items]                  
Proceeds from (repayments of) secured debt     $ 32            
First Lien Term Loan B Due 2026 and Due 2030 | Line of Credit                  
Accounting Policies [Line Items]                  
Proceeds from (repayments of) debt         $ 230        
Apollo                  
Accounting Policies [Line Items]                  
Noncontrolling interest, ownership percentage by noncontrolling owners             50.00%    
March 6th Underwriters | Related Party                  
Accounting Policies [Line Items]                  
Treasury stock, shares, acquired (in shares) | shares 15                
Class B Common Stock                  
Accounting Policies [Line Items]                  
Common stock, par value (in dollars per share) | $ / shares   $ 0.01   $ 0.01 $ 0.01     $ 0.01 $ 0.01
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]        
Cash and cash equivalents $ 96,212 $ 14,621 $ 257,223  
Restricted cash and restricted cash equivalents 107,853 115,329 116,357  
Ending balance $ 204,065 $ 129,950 $ 373,580 $ 33,277
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Supplementary Cash Flow Information (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Oct. 31, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Line Items]            
Interest paid, net of interest income received       $ 372,036 $ 522,775 $ 470,947
Payments (refunds) on income taxes, net       21,700 60,296 22,654
Issuance of shares for acquisition of business       0 0 55,485
Contingent forward purchase contract       0 0 41,938
Accrued share repurchases       $ 104,175 $ 0 0
Treasury stock, shares, acquired (in shares) 15          
Shares acquired, average cost per share (in dollars per share) $ 6.95          
Common Stock            
Accounting Policies [Line Items]            
Treasury stock, shares, acquired (in shares)   16 15      
Shares acquired, average cost per share (in dollars per share)   $ 7.20 $ 6.22      
Solar | Common Stock            
Accounting Policies [Line Items]            
Amount of shares issued for acquisition           $ 40,000
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Prepaid expenses $ 53,036 $ 47,674
Contract assets 19,164 15,365
Fair value of interest rate swaps 56,164 74,974
Other current assets 82,249 104,179
Prepaid expenses and other current assets $ 210,613 $ 242,192
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Finance leases $ 127,956 $ 114,997  
Accumulated depreciation (747,190) (673,712)  
Property and equipment, net 247,183 253,658  
Depreciation expense 174,850 176,407 $ 159,339
Land      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 9,773 10,313  
Buildings and leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, useful life 40 years    
Property, plant and equipment, gross $ 97,263 95,003  
Capitalized software      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 574,644 518,850  
Capitalized software | Minimum      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, useful life 3 years    
Capitalized software | Maximum      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, useful life 10 years    
Machinery, equipment, and other      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, useful life 10 years    
Property, plant and equipment, gross $ 162,631 158,086  
Construction in progress      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 22,106 $ 30,121  
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Subscriber System Assets and Depreciation Amortization (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Gross carrying amount $ 6,878,490 $ 6,404,479  
Accumulated depreciation (3,897,329) (3,398,543)  
Subscriber system assets, net 2,981,161 3,005,936  
Depreciation of subscriber system assets 557,226 545,041 $ 531,013
Amortization of deferred subscriber acquisition costs $ 224,647 $ 188,222 $ 154,186
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Accrued interest $ 107,116 $ 111,197
Payroll-related accruals 109,078 110,941
Opportunity fund 84,516 93,950
Accrued dividends 48,918 32,207
Forward share repurchase contract liability 104,175 0
Other accrued liabilities 181,101 207,819
Accrued expenses and other current liabilities $ 634,904 $ 556,114
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Fair Value of Retail Installment Contract Receivables and Long-Term Debt Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Reported Value Measurement    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Long-term debt instruments subject to fair value disclosures $ 7,637,631 $ 7,756,049
Estimate of Fair Value Measurement    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Long-term debt instruments subject to fair value disclosures 7,589,677 7,731,408
Retail installment contract receivables, net    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Carrying Amount 669,326 673,635
Fair Value $ 495,259 $ 487,685
v3.25.0.1
Revenue and Receivables - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]                      
Revenue $ 1,260,379 $ 1,243,836 $ 1,204,559 $ 1,189,672 $ 1,172,398 $ 1,179,873 $ 1,168,077 $ 1,132,476 $ 4,898,446 $ 4,652,824 $ 4,381,904
Monitoring and related services                      
Disaggregation of Revenue [Line Items]                      
Revenue                 4,293,477 4,178,998 4,053,048
Recurring monthly revenue                      
Disaggregation of Revenue [Line Items]                      
Revenue                 4,177,428 4,069,921 3,942,567
Other related services                      
Disaggregation of Revenue [Line Items]                      
Revenue                 116,049 109,077 110,481
Security installation, product, and other                      
Disaggregation of Revenue [Line Items]                      
Revenue                 604,969 473,826 328,856
Amortization of deferred subscriber acquisition revenue                      
Disaggregation of Revenue [Line Items]                      
Revenue                 346,209 301,708 235,190
Installation revenue                      
Disaggregation of Revenue [Line Items]                      
Revenue                 $ 258,760 $ 172,118 $ 93,666
v3.25.0.1
Revenue and Receivables - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 3,477,208
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1,799,674
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 999,973
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 463,811
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 144,877
Revenue, remaining performance obligation, expected timing of satisfaction, period 4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 68,873
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.25.0.1
Revenue and Receivables - Allowance for Credit Loss Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 46,850 $ 27,815 $ 22,030
Provision for credit losses 158,346 130,407 83,047
Write-offs, net of recoveries (147,401) (111,372) (77,262)
Ending balance $ 57,795 $ 46,850 $ 27,815
v3.25.0.1
Revenue and Receivables - Schedule of Unbilled Retail Installment Contract Receivables, Net (Details) - Retail installment contract receivables, net - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Capitalized Contract Cost [Line Items]    
Retail installment contract receivables, gross $ 678,174 $ 674,827
Allowance for credit losses (8,848) (1,192)
Retail installment contract receivables, net 669,326 673,635
Accounts receivable, net    
Capitalized Contract Cost [Line Items]    
Retail installment contract receivables, net 260,224 238,961
Other assets    
Capitalized Contract Cost [Line Items]    
Retail installment contract receivables, net $ 409,102 $ 434,674
v3.25.0.1
Revenue and Receivables - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity, Primary Beneficiary    
Capitalized Contract Cost [Line Items]    
Transfers accounted for as secured borrowings, assets, carrying amount $ 575 $ 610
v3.25.0.1
Revenue and Receivables - Summary of Contracts Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Contract assets, gross $ 46,031 $ 39,627
Allowance for credit losses (5,221) (9,025)
Contract assets, net 40,810 30,602
Prepaid expenses and other current assets    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Contract assets, net 19,164 15,365
Other assets    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Contract assets, net $ 21,646 $ 15,237
v3.25.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.0.1
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Revenue $ 1,260,379 $ 1,243,836 $ 1,204,559 $ 1,189,672 $ 1,172,398 $ 1,179,873 $ 1,168,077 $ 1,132,476 $ 4,898,446 $ 4,652,824 $ 4,381,904
Security installation, product, and other costs                 847,114 751,682 698,782
Advertising costs                 105,000 131,000 146,000
Depreciation and intangible asset amortization                 1,342,798 1,335,484 1,599,810
Income tax benefit (expense)                 195,780 160,585 87,692
Income (loss) from discontinued operations, net of tax 7,337 4,869 33,791 72,340 (468,762) 209,496 88,227 158,400 118,337 (12,639) 179,502
Net income (loss) $ 189,957 $ 127,151 $ 92,394 $ 91,551 $ 575,872 $ (86,237) $ 92,211 $ (118,837) 501,053 463,009 132,663
Security installation, product, and other                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Revenue                 604,969 473,826 328,856
Security installation, product, and other costs                 229,728 147,314 102,118
Reportable Segment                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Revenue                 4,898,446 4,652,824 4,381,904
Customer service costs                 409,680 387,314 393,425
Maintenance costs                 207,706 217,054 203,239
Selling costs, including commissions                 185,417 196,204 190,182
Amortization of deferred subscriber acquisition costs                 224,647 188,222 154,186
Advertising costs                 105,366 131,133 145,904
Provision for credit losses                 187,361 131,962 81,727
Other general and administrative costs                 708,979 664,182 696,662
Share-based compensation                 48,745 38,626 52,945
Depreciation and intangible asset amortization                 1,342,798 1,335,484 1,599,810
Interest expense                 450,939 586,088 277,144
Income tax benefit (expense)                 195,780 160,585 87,692
Total significant segment expenses                 4,297,146 4,184,168 3,985,034
Other items in SG&A                 15,831 (2,591) 26,675
Other, net                 (33,921) 20,877 58,030
Total other segment items                 (18,090) 18,286 84,705
Income (loss) from discontinued operations, net of tax                 118,337 (12,639) 179,502
Net income (loss)                 501,053 463,009 132,663
Reportable Segment | Security installation, product, and other                      
Segment Reporting, Revenue Reconciling Item [Line Items]                      
Security installation, product, and other costs                 $ 229,728 $ 147,314 $ 102,118
v3.25.0.1
Divestitures - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 02, 2023
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Income (loss) from discontinued operations, net of tax   $ (7,337) $ (4,869) $ (33,791) $ (72,340) $ 468,762 $ (209,496) $ (88,227) $ (158,400) $ (118,337) $ 12,639 $ (179,502)
Other income (expense)                   52,939 11,958 (57,568)
Discontinued Operations, Disposed of by Sale                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Proceeds from divestiture of interest in subsidiaries and affiliates                     36,000 27,000
Equity method investment, realized gain on disposal                     19,000 10,000
ADT Solar Exit                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Income (loss) from discontinued operations, net of tax                   (88,000)    
Payments for employee severance costs                   22,000    
ADT Solar Exit | Discontinued Operations, Disposed of by Sale                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Income (loss) from discontinued operations, net of tax                   (110,073) (514,910) (205,302)
ADT Solar Exit | Write-down and Disposition of Inventory and Asset Impairments                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Income (loss) from discontinued operations, net of tax                   (33,000)    
ADT Solar Exit | Disposition of Existing Installation Pipeline                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Income (loss) from discontinued operations, net of tax                   (29,000)    
ADT Solar Exit | Employee Separation Costs                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Income (loss) from discontinued operations, net of tax                   (13,000)    
ADT Solar Exit | Contract Termination and Other Charges                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Income (loss) from discontinued operations, net of tax                   (12,000)    
Commercial Divestiture                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Proceeds from divestiture of businesses $ 1,585,000                      
Disposal group, including discontinued operation, post-closing adjustment expense                   21,000    
Increase (decrease) in divestiture of businesses                   8,000    
Other income (expense)                   $ 40,000 12,000  
Commercial Divestiture | Discontinued Operations, Disposed of by Sale                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Income (loss) from discontinued operations, net of tax                     527,549 25,800
Gain (loss) on disposition of business                     $ 629,980 $ 0
v3.25.0.1
Divestitures - Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disposal Group, Including Discontinued Operation, Assets [Abstract]    
Total current assets of discontinued operations $ 0 $ 60,957
Liabilities    
Total current liabilities of discontinued operations 31,763 79,611
Discontinued Operations, Disposed of by Sale | ADT Solar Exit    
Disposal Group, Including Discontinued Operation, Assets [Abstract]    
Accounts receivable, net 0 20,270
Inventories, net 0 28,714
Prepaid expenses and other current assets 0 11,973
Property and equipment, net 0 29,512
Other assets 0 13,767
Total assets of discontinued operations 0 104,236
Liabilities    
Current maturities of long-term debt 22 8,551
Accounts payable 6,953 16,682
Deferred revenue 0 9,177
Accrued expenses and other current liabilities 24,788 45,201
Long-term debt 32 9,893
Other liabilities 15,857 10,679
Total liabilities of discontinued operations $ 47,652 $ 100,183
v3.25.0.1
Divestitures - Schedule of Disposal Groups, Including Discontinued Operations, Statements of Operation (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Income (loss) from discontinued operations, net of tax $ (7,337) $ (4,869) $ (33,791) $ (72,340) $ 468,762 $ (209,496) $ (88,227) $ (158,400) $ (118,337) $ 12,639 $ (179,502)
ADT Solar Exit                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Income (loss) from discontinued operations, net of tax                 (88,000)    
Discontinued Operations, Disposed of by Sale | ADT Solar Exit                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Revenue                 21,254 329,835 786,426
Cost of revenue                 65,678 256,784 501,710
Selling, general, and administrative expenses                 67,366 191,841 314,545
Depreciation and intangible asset amortization                 1,898 15,496 16,020
Merger, restructuring, integration, and other                 34,000 23,213 7,292
Goodwill impairment                 0 511,176 200,974
Other (income) and expense items                 1,481 2,235 1,197
Income (loss) from discontinued operations before income taxes                 (149,169) (670,910) (255,312)
Income tax benefit (expense)                 39,096 156,000 50,010
Income (loss) from discontinued operations, net of tax                 $ (110,073) (514,910) (205,302)
Discontinued Operations, Disposed of by Sale | Commercial Divestiture                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Revenue                   1,035,048 1,226,980
Cost of revenue                   688,433 839,356
Selling, general, and administrative expenses                   213,514 267,195
Depreciation and intangible asset amortization                   37,691 77,745
Other (income) and expense items                   19,174 6,016
Income (loss) from discontinued operations before gain on sale of business and income taxes                   76,236 36,668
Gain on sale of business                   629,980 0
Income (loss) from discontinued operations before income taxes                   706,216 36,668
Income tax benefit (expense)                   (178,667) (10,868)
Income (loss) from discontinued operations, net of tax                   $ 527,549 $ 25,800
v3.25.0.1
Divestitures - Schedule of Disposal Groups, Including Discontinued Operations, Cash Flow (Details) - Discontinued Operations, Disposed of by Sale - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
ADT Solar Exit      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Depreciation and intangible asset amortization $ 1,898 $ 15,496 $ 16,020
Goodwill, intangible, and other asset impairments 13,770 515,730 200,974
Purchases of property and equipment $ (80) (4,027) (9,826)
Commercial Divestiture      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Depreciation and intangible asset amortization   37,691 77,745
Share-based compensation expense   11,699 13,069
Subscriber system asset expenditures   (8,902) (29,230)
Purchases of property and equipment   $ (4,399) $ (6,885)
v3.25.0.1
Equity Method Investments (Details) - Canopy - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 32 Months Ended
Apr. 30, 2022
Dec. 31, 2023
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]      
Payments to acquire equity method investments $ 11   $ 7
Proceeds from sale of equity method investments   $ 21  
Equity method investment, realized gain on disposal   $ 15  
v3.25.0.1
Goodwill and Other Intangible Assets - Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Definite-lived intangible assets:      
Gross Carrying Amount $ 7,886,142 $ 7,299,249  
Accumulated Amortization (4,365,043) (3,754,756)  
Net Carrying Amount 3,521,099 3,544,493  
Indefinite-lived intangible assets:      
Intangible assets, gross carrying amount 9,219,142 8,632,249  
Intangible assets, accumulated amortization (4,365,043) (3,754,756)  
Intangible assets, net carrying amount 4,854,099 4,877,493  
Acquired intangible assets, fully amortized amount   1,700,000  
Contracts and related customer relationships      
Definite-lived intangible assets:      
Gross Carrying Amount 6,158,349 5,571,456  
Accumulated Amortization (3,464,926) (2,937,245)  
Net Carrying Amount 2,693,423 2,634,211 $ 2,595,535
Indefinite-lived intangible assets:      
Intangible assets, accumulated amortization $ (3,464,926) (2,937,245)  
Contracts and related customer relationship useful life (in years) 15 years    
Dealer relationships      
Definite-lived intangible assets:      
Gross Carrying Amount $ 1,518,020 1,518,020  
Accumulated Amortization (697,324) (618,154)  
Net Carrying Amount 820,696 899,866  
Indefinite-lived intangible assets:      
Intangible assets, accumulated amortization $ (697,324) (618,154)  
Contracts and related customer relationship useful life (in years) 19 years    
Other      
Definite-lived intangible assets:      
Gross Carrying Amount $ 209,773 209,773  
Accumulated Amortization (202,793) (199,357)  
Net Carrying Amount 6,980 10,416  
Indefinite-lived intangible assets:      
Intangible assets, accumulated amortization $ (202,793) (199,357)  
Contracts and related customer relationship useful life (in years) 10 years    
Trade Names      
Indefinite-lived intangible assets:      
Trade name $ 1,333,000 $ 1,333,000  
v3.25.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Accelerated method, average declining balance rate 250.00%    
Dealer generated customer accounts and bulk account purchases $ 585,809 $ 588,638 $ 621,695
First Five Years      
Finite-Lived Intangible Assets [Line Items]      
Accelerated method, average amortization rate 55.00%    
Second Five Years      
Finite-Lived Intangible Assets [Line Items]      
Accelerated method, average amortization rate 25.00%    
Final Five Years      
Finite-Lived Intangible Assets [Line Items]      
Accelerated method, average amortization rate 20.00%    
Customer Contracts      
Finite-Lived Intangible Assets [Line Items]      
Contracts and related customer relationship useful life (in years) 15 years    
Accelerated method, average declining balance rate 300.00%    
Dealer generated customer accounts and bulk account purchases $ 81,000 89,000  
Customer Contracts | First Five Years      
Finite-Lived Intangible Assets [Line Items]      
Accelerated method, average amortization rate 65.00%    
Customer Contracts | Second Five Years      
Finite-Lived Intangible Assets [Line Items]      
Accelerated method, average amortization rate 25.00%    
Customer Contracts | Final Five Years      
Finite-Lived Intangible Assets [Line Items]      
Accelerated method, average amortization rate 10.00%    
Customer Relationships      
Finite-Lived Intangible Assets [Line Items]      
Contracts and related customer relationship useful life (in years) 15 years    
Customer-Related Intangible Assets      
Finite-Lived Intangible Assets [Line Items]      
Contracts and related customer relationship useful life (in years) 15 years    
Dealer generated customer accounts and bulk account purchases $ 98,000 $ 109,000  
v3.25.0.1
Goodwill and Other Intangible Assets - Changes in Net Carrying Amount of Contracts and Related Customer Relationships (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance $ 3,544,493    
Amortization (610,389) $ (613,679) $ (909,059)
Ending balance 3,521,099 3,544,493  
Customer-Related Intangible Assets      
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance 2,634,211 2,595,535  
Amortization (527,782) (525,676)  
Other 0 (300)  
Ending balance 2,693,423 2,634,211 $ 2,595,535
Customer Contracts      
Finite-lived Intangible Assets [Roll Forward]      
Customer contract additions, net of dealer charge-backs $ 586,994 $ 564,652  
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Definite-lived intangible asset amortization expense $ 610,389 $ 613,679 $ 909,059
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 575,002
2026 493,508
2027 427,736
2028 378,363
2029 342,846
Thereafter $ 1,303,644
v3.25.0.1
Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2024
Apr. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Jan. 15, 2023
Jul. 31, 2021
Debt Instrument [Line Items]              
Total debt principal, excluding finance leases $ 7,791,903     $ 7,791,903 $ 7,936,540    
Plus: Finance lease obligations 69,442     69,442 69,468    
Less: Unamortized debt discount, net (12,081)     (12,081) (15,005)    
Less: Unamortized deferred financing costs (26,990)     (26,990) (39,620)    
Less: Unamortized purchase accounting fair value adjustment and other (115,201)     (115,201) (125,866)    
Total debt 7,707,073     7,707,073 7,825,517    
Less: Current maturities of long-term debt, net of unamortized debt discount (195,791)     (195,791) (312,061)    
Long-term debt $ 7,511,282     $ 7,511,282 7,513,456    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Secured Overnight Financing Rate (SOFR) Secured Overnight Financing Rate (SOFR) Secured Overnight Financing Rate (SOFR)      
First Lien Term Loan B due 2030 | Secured Debt              
Debt Instrument [Line Items]              
Long-term debt, gross $ 1,984,090     $ 1,984,090 $ 1,375,000    
First Lien Term Loan B due 2030 | Secured Debt | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Interest rate 2.00%     2.00% 2.00%    
First Lien Revolving Credit Facility | Secured Debt              
Debt Instrument [Line Items]              
Long-term debt, gross $ 0     $ 0 $ 0    
First Lien Revolving Credit Facility | Secured Debt | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Interest rate 2.00%     2.00% 2.00%    
Term Loan A Facility | Secured Debt              
Debt Instrument [Line Items]              
Long-term debt, gross $ 0     $ 0 $ 625,625    
Term Loan A Facility | Secured Debt | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Interest rate 2.25%     2.25% 2.25%    
First Lien Notes due 2024 | Secured Debt              
Debt Instrument [Line Items]              
Interest rate 5.25%     5.25% 5.25%    
Long-term debt, gross $ 0     $ 0 $ 99,999    
First Lien Notes due 2026 | Secured Debt              
Debt Instrument [Line Items]              
Interest rate 5.75%     5.75% 5.75%    
Long-term debt, gross $ 1,350,000     $ 1,350,000 $ 1,350,000    
First Lien Notes due 2027 | Secured Debt              
Debt Instrument [Line Items]              
Interest rate 3.375%     3.375% 3.375%    
Long-term debt, gross $ 1,000,000     $ 1,000,000 $ 1,000,000    
First Lien Notes due 2029 | Secured Debt              
Debt Instrument [Line Items]              
Interest rate 4.125%     4.125% 4.125%   4.125%
Long-term debt, gross $ 1,000,000     $ 1,000,000 $ 1,000,000    
Second Lien Notes due 2028 | Secured Debt              
Debt Instrument [Line Items]              
Interest rate 6.25%     6.25% 6.25% 6.25%  
Long-term debt, gross $ 1,300,000     $ 1,300,000 $ 1,300,000    
ADT Notes due 2032 | Notes Payable to Banks              
Debt Instrument [Line Items]              
Interest rate 4.875%     4.875% 4.875%    
Long-term debt, gross $ 728,016     $ 728,016 $ 728,016    
ADT Notes due 2042 | Notes Payable to Banks              
Debt Instrument [Line Items]              
Interest rate 4.875%     4.875% 4.875%    
Long-term debt, gross $ 21,896     $ 21,896 $ 21,896    
2020 Receivables Facility | Secured Debt              
Debt Instrument [Line Items]              
Long-term debt, gross $ 407,901     $ 407,901 $ 436,004    
2020 Receivables Facility | Secured Debt | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Interest rate 1.05%     1.05%      
2020 Receivables Facility | Secured Debt | Cost Of Fund Rate (COF)              
Debt Instrument [Line Items]              
Interest rate 0.95%     0.95%      
v3.25.0.1
Debt - First Lien Credit Agreement (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 07, 2025
Feb. 06, 2025
Dec. 31, 2024
Oct. 31, 2024
May 31, 2024
Apr. 30, 2024
Oct. 31, 2023
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]                    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     Secured Overnight Financing Rate (SOFR)     Secured Overnight Financing Rate (SOFR)   Secured Overnight Financing Rate (SOFR) Secured Overnight Financing Rate (SOFR)  
First Lien Revolving Credit Facility | Secured Debt                    
Debt Instrument [Line Items]                    
Debt instrument, quarterly repayment, percentage     0.25%           0.25%  
Debt instrument, quarterly repayment premium, percentage     1.00%           1.00%  
Debt instrument, excess cash flow, threshold, percentage     0.00%           0.00%  
Debt instrument, covenant, leverage ratio, maximum     2.20           2.20  
First Lien Revolving Credit Facility | Line of Credit                    
Debt Instrument [Line Items]                    
Line of credit facility, expiration period       91 days            
Line of credit facility, covenant, springing maturity, outstanding balance threshold trigger     $ 350           $ 350  
Line of credit facility, increase (decrease), net       $ 225            
Line of credit facility, maximum borrowing capacity       $ 800            
First Lien Revolving Credit Facility | Line of Credit | Subsequent Event                    
Debt Instrument [Line Items]                    
Debt Instrument, term   7 years                
Line of credit facility, maximum borrowing capacity   $ 600                
First Lien Revolving Credit Facility | Line of Credit | Minimum                    
Debt Instrument [Line Items]                    
Line of credit facility, unused capacity, commitment fee percentage       0.20%         0.20%  
First Lien Revolving Credit Facility | Line of Credit | Maximum                    
Debt Instrument [Line Items]                    
Line of credit facility, unused capacity, commitment fee percentage       0.30%         0.30%  
First Lien Revolving Credit Facility | Line of Credit | Step Downs Scenario 1                    
Debt Instrument [Line Items]                    
Debt instrument, covenant, leverage ratio, maximum     2.00           2.00  
Base rate, percentage                 1.75%  
First Lien Revolving Credit Facility | Line of Credit | Step Downs Scenario 1 | Minimum                    
Debt Instrument [Line Items]                    
Line of credit facility, unused capacity, commitment fee percentage                 0.25%  
First Lien Revolving Credit Facility | Line of Credit | Step Downs Scenario 2                    
Debt Instrument [Line Items]                    
Debt instrument, covenant, leverage ratio, maximum     1.50           1.50  
Base rate, percentage                 1.50%  
First Lien Revolving Credit Facility | Line of Credit | Step Downs Scenario 2 | Minimum                    
Debt Instrument [Line Items]                    
Line of credit facility, unused capacity, commitment fee percentage                 0.20%  
First Lien Revolving Credit Facility | Line of Credit | Base Rate                    
Debt Instrument [Line Items]                    
Base rate, percentage                 1.00%  
First Lien Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Base rate, percentage                 2.00%  
First Lien Term Loan B due 2030 | Base Rate                    
Debt Instrument [Line Items]                    
Base rate, percentage                 1.00%  
First Lien Term Loan B due 2030 | Secured Debt                    
Debt Instrument [Line Items]                    
Base rate, percentage     2.00%     2.25%   2.50%    
Debt instrument, refinance amount             $ 1,375      
Debt Instrument, term             7 years      
Exchanged debt, principal amount         $ 143          
Line of credit facility, increase (decrease), net         $ 474          
First Lien Term Loan B due 2030 | Secured Debt | Federal Funds Rate                    
Debt Instrument [Line Items]                    
Base rate, percentage                 0.50%  
First Lien Term Loan B due 2030 | Secured Debt | Base Rate                    
Debt Instrument [Line Items]                    
Base rate, percentage                 1.00%  
First Lien Term Loan B due 2030 | Secured Debt | Secured Overnight Financing Rate (SOFR)                    
Debt Instrument [Line Items]                    
Base rate, percentage                 2.00%  
First Lien Notes due 2026 | Secured Debt                    
Debt Instrument [Line Items]                    
Extinguishment of debt, amount             $ 1,300      
First Lien Notes due 2026 | Secured Debt | Subsequent Event                    
Debt Instrument [Line Items]                    
Extinguishment of debt, amount $ 500                  
First Lien Credit Agreement | Line of Credit                    
Debt Instrument [Line Items]                    
Proceeds from (repayments of) debt                 $ 704  
First Lien Term Loan B Due 2026 and Due 2030 | Line of Credit                    
Debt Instrument [Line Items]                    
Proceeds from (repayments of) debt                   $ 230
v3.25.0.1
Debt - First Lien Revolving Credit Facility (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Oct. 31, 2024
Dec. 31, 2024
Dec. 31, 2022
First Lien Revolving Credit Facility | Line of Credit      
Debt Instrument [Line Items]      
Line of credit facility, expiration period 91 days    
Line of credit facility, covenant, springing maturity, outstanding balance threshold trigger   $ 350  
Line of credit facility, increase (decrease), net $ 225    
Line of credit facility, maximum borrowing capacity $ 800    
First Lien Revolving Credit Facility | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Proceeds from lines of credit   365 $ 550
Repayments of lines of credit   365 $ 575
First Lien Credit Agreement | Revolving Credit Facility      
Debt Instrument [Line Items]      
Available borrowing capacity   $ 800  
v3.25.0.1
Debt - Term Loan A Facility (Details) - Secured Debt - USD ($)
$ in Millions
 1 Months Ended
Jun. 15, 2023
May 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Mar. 14, 2023
Term Loan A Facility          
Debt Instrument [Line Items]          
Debt instrument, face amount         $ 600
Repayments of secured debt     $ 100 $ 600  
Extinguishment of debt, amount   $ 474      
ADT Notes due 2023          
Debt Instrument [Line Items]          
Repayments of secured debt     $ 100 $ 600  
Interest rate         4.125%
Repayments of senior debt $ 50        
Incremental Term A Loans          
Debt Instrument [Line Items]          
Debt instrument, face amount         $ 50
First Lien Term Loan B due 2030          
Debt Instrument [Line Items]          
Exchanged debt, principal amount   $ 143      
v3.25.0.1
Debt - First Lien Notes (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Aug. 01, 2028
Aug. 31, 2026
Feb. 07, 2025
Jan. 15, 2023
Apr. 30, 2024
Dec. 31, 2023
Oct. 31, 2023
May 31, 2023
Dec. 31, 2024
Jul. 31, 2021
First Lien Notes due 2024 | Secured Debt                    
Debt Instrument [Line Items]                    
Interest rate           5.25%     5.25%  
ADT Notes Due 2024 | Secured Debt                    
Debt Instrument [Line Items]                    
Extinguishment of debt, amount         $ 100 $ 500   $ 150    
Repayments of senior debt         $ 100 $ 500   $ 150    
First Lien Notes due 2026                    
Debt Instrument [Line Items]                    
Redemption price, maximum percentage                 101.00%  
First Lien Notes due 2026 | Secured Debt                    
Debt Instrument [Line Items]                    
Interest rate           5.75%     5.75%  
Extinguishment of debt, amount             $ 1,300      
First Lien Notes due 2026 | Secured Debt | Subsequent Event                    
Debt Instrument [Line Items]                    
Extinguishment of debt, amount     $ 500              
First Lien Notes due 2027 | Secured Debt                    
Debt Instrument [Line Items]                    
Interest rate           3.375%     3.375%  
Redemption price, maximum percentage                 101.00%  
First Lien Notes due 2027 | Secured Debt | Forecast | Debt Instrument, Redemption, On or After 2026                    
Debt Instrument [Line Items]                    
Redemption price, maximum percentage   100.00%                
First Lien Notes due 2029 | Secured Debt                    
Debt Instrument [Line Items]                    
Interest rate           4.125%     4.125% 4.125%
Redemption price, maximum percentage                 101.00%  
Debt instrument, face amount                   $ 1,000
First Lien Notes due 2029 | Secured Debt | Debt Instrument, Redemption, Prior to 2028                    
Debt Instrument [Line Items]                    
Redemption price, maximum percentage                 100.00%  
Debt instrument, interest rate, adjusted treasury rate                 50  
First Lien Notes due 2029 | Secured Debt | Forecast | Debt Instrument, Redemption, On or After 2028                    
Debt Instrument [Line Items]                    
Redemption price, maximum percentage 100.00%                  
Second Lien Notes due 2028 | Secured Debt                    
Debt Instrument [Line Items]                    
Interest rate       6.25%   6.25%     6.25%  
Redemption price, maximum percentage                 101.00%  
Second Lien Notes due 2028 | Secured Debt | Debt Instrument, Redemption, On or After 2023                    
Debt Instrument [Line Items]                    
Redemption price, maximum percentage       100.00%            
v3.25.0.1
Debt - ADT Notes (Details) - Secured Debt - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
ADT Notes due 2023      
Debt Instrument [Line Items]      
Redemption price, maximum percentage     101.00%
Repayments of secured debt $ 100 $ 600  
Term Loan A Facility      
Debt Instrument [Line Items]      
Repayments of secured debt 100 $ 600  
Incremental Term A Loans      
Debt Instrument [Line Items]      
Proceeds from issuance of secured debt $ 50    
v3.25.0.1
Debt - Receivables Facility and Variable Interest Entity (Details) - USD ($)
$ in Millions
 1 Months Ended
Apr. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Feb. 28, 2023
Variable Interest Entity, Primary Beneficiary          
Debt Instrument [Line Items]          
Transfers accounted for as secured borrowings, assets, carrying amount   $ 575 $ 610    
2020 Receivables Facility          
Debt Instrument [Line Items]          
Receivables facility maximum limit $ 550     $ 500 $ 400
Proceeds from (repayments of) secured debt $ 32        
Available borrowing capacity   $ 142      
v3.25.0.1
Debt - Solar Receivables Facility (Details)
$ in Millions
Aug. 02, 2023
USD ($)
Revolving Credit Facility | Solar Receivables Financing Agreement | Line of Credit  
Debt Instrument [Line Items]  
Line of credit facility, maximum borrowing capacity $ 300
v3.25.0.1
Debt - Debt Covenants and Loss on Extinguishment of Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Gain (loss) on extinguishment of debt $ (4,802) $ (16,621) $ 0
Interest expense, debt $ 451,000 586,000 $ 277,000
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment      
Debt Instrument [Line Items]      
Gain (loss) on extinguishment of debt   $ (17,000)  
Revolving Credit Facility | First Lien Credit Agreement | Line of Credit      
Debt Instrument [Line Items]      
Debt instrument leverage ratio percent 30.00%    
v3.25.0.1
Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt principal      
2025 $ 170,198    
2026 1,499,939    
2027 1,099,518    
2028 1,367,345    
2029 1,019,841    
Thereafter 2,635,062    
Total debt principal 7,791,903 $ 7,936,540  
Interest expense, debt $ 451,000 $ 586,000 $ 277,000
v3.25.0.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Apr. 30, 2023
Mar. 31, 2023
Oct. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative, notional amount $ 3,800,000 $ 3,800,000      
Terminated Interest Rate Swap          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative, notional amount         $ 3,800,000
Terminated Interest Rate Swap | Cash Flow Hedges | Designated as Hedging Instrument          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative, notional amount         2,800,000
October 2019 - Not Designated | Not Designated as Hedging Instrument          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative, notional amount 2,800,000 2,800,000     $ 2,800,000
March And April 2023 - Not Designated | Not Designated as Hedging Instrument          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative, notional amount     $ 300,000 $ 300,000  
December 2023 - Not Designated | Not Designated as Hedging Instrument          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative, notional amount 700,000 $ 700,000      
Interest Rate Swap | Interest Expense          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax $ 25,000        
v3.25.0.1
Derivative Financials Instruments - Schedule of Derivative Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Oct. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, notional amount $ 3,800,000 $ 3,800,000  
October 2019 - Not Designated | Not Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, notional amount 2,800,000 2,800,000 $ 2,800,000
March 2023 - Not Designated | Not Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, notional amount 100,000 100,000  
April 2023 - Not Designated | Not Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, notional amount 200,000 200,000  
December 2023 - Not Designated | Not Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, notional amount $ 700,000 $ 700,000  
v3.25.0.1
Derivative Financial Instruments - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Prepaid expenses and other current assets $ 210,613 $ 242,192  
Other assets 735,319 699,231  
Accrued expenses and other current liabilities 634,904 556,114  
Other liabilities 224,384 219,069  
Unrealized (gain) loss on interest rate swap contracts (45,160) (38,497) $ 301,851
Interest Rate Swap | Interest Expense      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Unrealized (gain) loss on interest rate swap contracts (27,164) (22,174) 301,851
Interest Rate Swap | Other income (expense)      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Unrealized (gain) loss on interest rate swap contracts (17,996) (16,511) $ 0
Interest Rate Swap | Not Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Prepaid expenses and other current assets 56,164 74,974  
Accrued expenses and other current liabilities 1,466 5,312  
Interest Rate Swap | Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Other assets 54,102 76,493  
Other liabilities $ 208 $ 1,325  
v3.25.0.1
Derivative Financial Instruments - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes In Accumulated Other Comprehensive Loss [Roll Forward]      
Beginning balance $ 3,788,646 $ 3,393,148 $ 3,248,719
Ending balance 3,800,801 3,788,646 3,393,148
Cash Flow Hedges      
Changes In Accumulated Other Comprehensive Loss [Roll Forward]      
Beginning balance (13,384) (45,513) (71,267)
Pre-tax current period change 7,921 42,295 33,946
Income tax benefit (expense) (1,913) (10,166) (8,192)
Ending balance $ (7,376) $ (13,384) $ (45,513)
v3.25.0.1
Income Taxes - Schedule of Loss before Income Taxes for Domestic and Foreign Locations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ 808,476 $ 601,370 $ 401,746
Foreign 6,694 3,013 2,712
Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee $ 815,170 $ 604,383 $ 404,458
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 1,027 $ (358) $ (184)
State (13,829) (57,024) (28,100)
Foreign (2,096) (923) (691)
Current income tax benefit (expense) (14,898) (58,305) (28,975)
Deferred:      
Federal (105,711) (136,457) (43,203)
State (33,702) 11,704 24,029
Foreign (170) (194) (401)
Deferred income tax benefit (expense) (139,583) (124,947) (19,575)
Income tax benefit (expense) (195,780) (160,585) (87,692)
Income tax expense (benefit), continuing operations, discontinued operations (154,481) (183,252) (48,550)
Continuing operations      
Deferred:      
Income tax benefit (expense) (195,780) (160,585) (87,692)
Discontinued operations      
Deferred:      
Income tax benefit (expense) $ 41,299 $ (22,667) $ 39,142
v3.25.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory federal tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefits 5.40% 6.10% 3.00%
Non-U.S. tax 0.30% 0.20% 0.30%
Non-deductible and non-taxable charges 0.80% 1.00% 5.10%
Valuation allowance 0.00% 0.00% (0.60%)
Unrecognized tax benefits (4.00%) (1.00%) (2.30%)
Share-based compensation 0.10% 0.00% (0.60%)
Non-deductible goodwill on dispositions 0.00% 0.70% 0.00%
Federal credits 0.10% (0.60%) (2.90%)
Acquisitions and dispositions 1.20% (0.90%) (0.20%)
Legislative changes (0.40%) 0.60% (2.10%)
Prior year return adjustments (0.60%) (0.60%) 1.10%
Other 0.10% 0.10% (0.10%)
Effective tax rate 24.00% 26.60% 21.70%
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Accrued liabilities and reserves $ 94,084 $ 90,351
Tax loss and credit carryforwards 75,927 132,230
Disallowed interest carryforward 230,048 150,492
Deferred revenue 218,639 225,499
Other 91,892 112,194
Total deferred tax assets 710,590 710,766
Valuation allowance (12,264) (12,264)
Deferred tax assets, net of valuation allowance 698,326 698,502
Deferred tax liabilities:    
Subscriber system assets (757,046) (761,203)
Intangible assets (1,051,499) (893,292)
Other (56,994) (71,196)
Total deferred tax liabilities (1,865,539) (1,725,691)
Net deferred tax assets (liabilities) $ (1,167,213) $ (1,027,189)
v3.25.0.1
Income Taxes - Summary of Valuation Allowance (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning balance $ (12,264) $ (57,715) $ (60,157)
Income tax benefit (expense) 0 43,277 2,428
Write-offs and other 0 2,174 14
Ending balance $ (12,264) $ (12,264) $ (57,715)
v3.25.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 48,823 $ 56,177 $ 66,221
Gross increase related to prior year tax positions 9,933 517 5,063
Gross decrease related to prior year tax positions (5,108) 0 0
Decreases related to lapse of statute of limitation (29,042) (7,871) (15,107)
Ending balance $ 24,606 $ 48,823 $ 56,177
v3.25.0.1
Income Taxes - Summary of Open Tax Years (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Federal        
Income Tax Examination [Line Items]        
Years Open to Audit 2023 2021    
State        
Income Tax Examination [Line Items]        
Years Open to Audit 2023     2019
Canada        
Income Tax Examination [Line Items]        
Years Open to Audit 2023   2020  
v3.25.0.1
Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 27, 2025
$ / shares
Oct. 26, 2022
USD ($)
$ / shares
shares
Oct. 13, 2022
director
Sep. 05, 2022
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
Oct. 31, 2024
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
$ / shares
shares
Oct. 31, 2022
USD ($)
shares
Jun. 30, 2022
shares
Sep. 30, 2020
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
Sep. 30, 2024
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Sep. 30, 2023
USD ($)
$ / shares
Jun. 30, 2023
USD ($)
$ / shares
Mar. 31, 2023
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
vote
class
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Feb. 28, 2025
USD ($)
Jan. 31, 2025
USD ($)
Jan. 24, 2024
USD ($)
Sep. 12, 2022
$ / shares
shares
Jan. 31, 2018
$ / shares
Class of Stock [Line Items]                                                    
Preferred stock, par value (in dollars per share) | $ / shares         $ 0.01         $ 0.01 $ 0.01       $ 0.01       $ 0.01 $ 0.01            
Preferred stock, shares authorized (in shares) | shares         1,000,000         1,000,000 1,000,000       1,000,000       1,000,000 1,000,000            
Number of class of common stock | class                                     2              
Number of vote for each share | vote         1           1               1              
Number of shares convertible into common stock (in shares) | shares         1           1               1              
Issuance of shares for acquisition of business                                     $ 0 $ 0 $ 55,485          
Stock repurchase program, authorized amount   $ 1,200,000                                           $ 350,000    
Treasury stock, shares, acquired (in shares) | shares         15,000,000                                          
Shares acquired, average cost per share (in dollars per share) | $ / shares         $ 6.95                                          
Treasury stock, value, acquired, cost method         $ 104,000                                          
Stock repurchase program, number of shares authorized to be repurchased (in shares) | shares   133,000,000     133,000,000           133,000,000               133,000,000           133,000,000  
Stock repurchase program (in dollars per share) | $ / shares   $ 9.00                                             $ 9.00  
Forward share repurchase contract, value                                     $ 0 $ 0 $ 41,938          
Number of director, increase | director     1                                              
Number of days without designee     5 days                                              
Opportunity funds, maximum investment amount   $ 300,000                                                
Opportunity funds, investment amount received   $ 100,000                                                
Common stock, dividends, per share, declared (in dollars per share) | $ / shares                     $ 0.055 $ 0.055 $ 0.055 $ 0.055 $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.220 $ 0.140 $ 0.14          
Dividends, common stock                     $ 46,012 $ 47,146 $ 47,137 $ 47,059 $ 30,358 $ 30,405 $ 30,256 $ 30,342 $ 187,354 $ 121,361 $ 120,000          
Right Of First Refusal (ROFR)                                                    
Class of Stock [Line Items]                                                    
Equity method investments, termination -period   5 days                                                
Other Nonoperating Income (Expense)                                                    
Class of Stock [Line Items]                                                    
Change in fair value of financial instruments, current                                         (63,000)          
Additional Paid-In Capital                                                    
Class of Stock [Line Items]                                                    
Forward share repurchase contract, value   $ 42,000                                     41,938          
Subsequent Event                                                    
Class of Stock [Line Items]                                                    
Stock repurchase program, authorized amount                                           $ 500,000        
Share repurchase program, remaining authorized, amount                                             $ 5,000      
Common stock, dividends, per share, declared (in dollars per share) | $ / shares $ 0.055                                                  
ADT Solar Acquisition                                                    
Class of Stock [Line Items]                                                    
Issuance of shares for acquisition of business                                         $ 40,000          
Private Placement                                                    
Class of Stock [Line Items]                                                    
Sale of stock, number of shares issued in transaction (in shares) | shares       133,000,000       133,000,000                                    
Sale of stock, consideration received on transaction       $ 1,200,000       $ 1,200,000                                    
Sale of stock, price per share (in dollars per share) | $ / shares       $ 9.00                                            
Class B Common Stock                                                    
Class of Stock [Line Items]                                                    
Common stock, shares authorized (in shares) | shares         100,000,000         100,000,000 100,000,000       100,000,000       100,000,000 100,000,000            
Common stock, par value (in dollars per share) | $ / shares         $ 0.01         $ 0.01 $ 0.01       $ 0.01       $ 0.01 $ 0.01           $ 0.01
Sale of stock, number of shares issued in transaction (in shares) | shares                   54,744,525                                
Sale of stock, consideration received on transaction                   $ 450,000                                
Common stock, dividends, per share, declared (in dollars per share) | $ / shares                     $ 0.055 $ 0.055 $ 0.055 $ 0.055 $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.220 $ 0.140 $ 0.14          
Dividends, common stock                     $ 3,011 $ 3,011 $ 3,011 $ 3,011 $ 1,916 $ 1,916 $ 1,916 $ 1,916 $ 12,044 $ 7,664 $ 8,000          
Common Stock                                                    
Class of Stock [Line Items]                                                    
Common stock, shares authorized (in shares) | shares         3,999,000,000           3,999,000,000       3,999,000,000       3,999,000,000 3,999,000,000            
Common stock, par value (in dollars per share) | $ / shares         $ 0.01           $ 0.01       $ 0.01       $ 0.01 $ 0.01            
Business combination, common shares issued (in shares) | shares                 2,000,000                                  
Treasury stock, shares, acquired (in shares) | shares           16,000,000 15,000,000                                      
Shares acquired, average cost per share (in dollars per share) | $ / shares           $ 7.20 $ 6.22                                      
Treasury stock, value, acquired, cost method           $ 115,000 $ 93,000                                      
Common Stock | Nonrelated Party                                                    
Class of Stock [Line Items]                                                    
Treasury stock, shares, acquired (in shares) | shares           5,000,000                                        
Shares acquired, average cost per share (in dollars per share) | $ / shares           $ 6.40                                        
Treasury stock, value, acquired, cost method           $ 32,000                                        
Common Stock | State Farm                                                    
Class of Stock [Line Items]                                                    
Equity method investment, ownership percentage     18.00%                                              
Common Stock | State Farm | Right Of First Refusal (ROFR)                                                    
Class of Stock [Line Items]                                                    
Equity method investment, ownership percentage   50.00%                                                
Common Stock | Prime Security Services TopCo Parent, L.P.                                                    
Class of Stock [Line Items]                                                    
Equity method investment, ownership percentage   25.00%                                                
Common Stock | ADT | State Farm                                                    
Class of Stock [Line Items]                                                    
Noncontrolling interest, ownership percentage by noncontrolling owners     15.00%   10.00%           10.00%               10.00%              
Common Stock | ADT Solar Acquisition                                                    
Class of Stock [Line Items]                                                    
Business combination, common shares issued (in shares) | shares                                         5,300,000          
v3.25.0.1
Equity - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 27, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]                        
Common stock, dividends, per share, declared (in dollars per share)   $ 0.055 $ 0.055 $ 0.055 $ 0.055 $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.220 $ 0.140 $ 0.14
Dividends, common stock   $ 46,012 $ 47,146 $ 47,137 $ 47,059 $ 30,358 $ 30,405 $ 30,256 $ 30,342 $ 187,354 $ 121,361 $ 120,000
Subsequent Event                        
Accumulated Other Comprehensive Income (Loss) [Line Items]                        
Common stock, dividends, per share, declared (in dollars per share) $ 0.055                      
Class B Common Stock                        
Accumulated Other Comprehensive Income (Loss) [Line Items]                        
Common stock, dividends, per share, declared (in dollars per share)   $ 0.055 $ 0.055 $ 0.055 $ 0.055 $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.220 $ 0.140 $ 0.14
Dividends, common stock   $ 3,011 $ 3,011 $ 3,011 $ 3,011 $ 1,916 $ 1,916 $ 1,916 $ 1,916 $ 12,044 $ 7,664 $ 8,000
v3.25.0.1
Share-Based Compensation - Disclosure of Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total share-based compensation expense $ 48,613 $ 51,137 $ 66,566
Selling, general, and administrative expenses      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total share-based compensation expense 48,745 38,626 52,945
Income (loss) from discontinued operations, net of tax      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total share-based compensation expense $ (132) $ 12,511 $ 13,621
v3.25.0.1
Share-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2018
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total share-based compensation expense     $ 48,613 $ 51,137 $ 66,566
IPO          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, award requisite service period     3 years    
Initial public offering, vested period     6 months    
Modified Awards          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total share-based compensation expense   $ 13,000      
Share-Based Compensation, 2016 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, number of shares authorized (in shares)     5,000,000    
Class B Units | Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Conversion of stock, issued (in shares)     20,600,000    
Common stock, service award vesting conditions, percentage     50.00%    
Common stock, award requisite service period     5 years    
Class B units stock, percent with performance award vesting conditions     50.00%    
Share-based Compensation, 2018 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, number of shares authorized (in shares)     138,000,000    
Common stock, award requisite service period 12 months        
Common stock, number of shares additional authorized (in shares)     50,000,000    
Share-based Compensation, 2018 Plan | Share-based Payment Arrangement, Top-up Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, award requisite service period 3 years        
Initial public offering, vested period 6 months        
Granted (in shares) 12,700,000        
Share-based compensation arrangement by share-based payment award, contractual terms of award 10 years        
Share-based Compensation, 2018 Plan | Share-based Payment Arrangement, Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares)     6,831,794 0 0
Class B units stock, terms of award 3 years        
Share-based compensation arrangement by share-based payment award, award grant period 10 years        
Share-based compensation arrangement by Share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)     $ 2.56    
Share-based Compensation, 2018 Plan | Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, award requisite service period     3 years    
Total share-based compensation expense     $ 25,000 $ 47,000 $ 55,000
Granted (in dollars per share)     $ 6.65 $ 7.56 $ 7.85
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value     $ 34,000 $ 56,000 $ 59,000
RSUs grants, nonvested award, cost not yet recognized, amount     $ 27,000    
Stock options, nonvested award, cost not yet recognized, period for recognition     1 year 10 months 24 days    
v3.25.0.1
Share-Based Compensation - Summary of Distributed Shares Activity (Details) - Restricted Stock, Performance Tranche - Class B Units
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Distributed Shares  
Beginning of period (in shares) | shares 9,194,312
Vested (in shares) | shares (2,509,806)
Forfeited (in shares) | shares 0
End of period (in shares) | shares 6,684,506
Weighted-Average Grant Date Fair Value  
Beginning of period (in dollars per share) | $ / shares $ 13.05
Vested (in dollars per share) | $ / shares 13.08
Forfeited (in dollars per share) | $ / shares 0
Weighted-average grant date fair value (in dollars per share) | $ / shares $ 10.44
v3.25.0.1
Share-Based Compensation - Summary of Related to the 2018 Plan Options Activity (Details) - Share-based Compensation, 2018 Plan - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Top-up Options, Service Tranche      
Number of Options      
Balance at beginning of period (in shares) 5,955,254    
Exercised (in shares) 0    
Forfeited (in shares) 0    
Balance at end of period (in shares) 5,955,254 5,955,254  
Weighted-Average Grant Date Fair Value      
Balance at beginning of period (in dollars per share) $ 13.30    
Exercised (in dollars per share) 0    
Forfeited (in dollars per share) 0    
Balance at end of period (in dollars per share) $ 13.30 $ 13.30  
Number of options, exercisable (in shares) 5,955,254    
Weighted-average exercise price, exercisable (in dollars per share) $ 13.30    
Top-up Options, Performance Tranche      
Number of Options      
Balance at beginning of period (in shares) 5,641,244    
Exercised (in shares) 0    
Forfeited (in shares) (16,643)    
Balance at end of period (in shares) 5,624,601 5,641,244  
Weighted-Average Grant Date Fair Value      
Balance at beginning of period (in dollars per share) $ 13.30    
Exercised (in dollars per share) 0    
Forfeited (in dollars per share) 13.30    
Balance at end of period (in dollars per share) $ 13.30 $ 13.30  
Number of options, exercisable (in shares) 1,586,252    
Weighted-average exercise price, exercisable (in dollars per share) $ 13.30    
Top-up Options      
Weighted-Average Grant Date Fair Value      
Aggregate intrinsic value, outstanding $ 0    
Aggregate intrinsic value, exercisable $ 0    
Weighted-average remaining contractual term, outstanding 3 years    
Weighted-average remaining contractual term, exercisable 3 years    
Share-based Payment Arrangement, Option      
Number of Options      
Balance at beginning of period (in shares) 16,828,305    
Granted (in shares) 6,831,794 0 0
Exercised (in shares) (1,907,455)    
Forfeited (in shares) (502,934)    
Balance at end of period (in shares) 21,249,710 16,828,305  
Weighted-Average Grant Date Fair Value      
Balance at beginning of period (in dollars per share) $ 6.70    
Granted (in dollars per share) 6.51    
Exercised (in dollars per share) 5.37    
Forfeited (in dollars per share) 6.49    
Balance at end of period (in dollars per share) $ 6.77 $ 6.70  
Number of options, exercisable (in shares) 14,568,776    
Weighted-average exercise price, exercisable (in dollars per share) $ 7.83    
Aggregate intrinsic value, outstanding $ 18,048,000    
Aggregate intrinsic value, exercisable $ 14,322,000    
Weighted-average remaining contractual term, outstanding 5 years 10 months 24 days    
Weighted-average remaining contractual term, exercisable 4 years 1 month 6 days    
v3.25.0.1
Share-Based Compensation - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - Share-based Payment Arrangement, Option - Share-based Compensation, 2018 Plan
 12 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected exercise term (years) 7 years
Expected volatility 49.90%
Expected dividend yield 3.40%
Risk-free interest rate 4.00%
v3.25.0.1
Share-Based Compensation - Summary of Related 2018 Plan RSUs Activity (Details) - Restricted Stock Units (RSUs) - Share-based Compensation, 2018 Plan - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of RSUs      
Beginning of period (in shares) 9,237,384    
Granted (in shares) 5,155,150    
Vested (in shares) (4,792,066)    
Forfeited (in shares) (1,336,453)    
End of period (in shares) 8,264,015 9,237,384  
Weighted-Average Grant Date Fair Value      
Beginning of period (in dollars per share) $ 7.66    
Granted (in dollars per share) 6.65 $ 7.56 $ 7.85
Vested (in dollars per share) 7.72    
Forfeited (in dollars per share) 6.96    
End of period (in dollars per share) $ 7.14 $ 7.66  
v3.25.0.1
Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                      
Antidilutive securities excluded from computation of earnings per share, amount (in shares)                 7,000 9,000 9,000
Conversion of Class B Common Stock                      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                      
Antidilutive securities excluded from computation of earnings per share, amount (in shares)                 20,000 17,000 15,000
Common Stock                      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                      
Allocation of income (loss) from continuing operations - basic                 $ 581,980 $ 423,503 $ 293,331
Dilutive effect                 13,671 8,885 8,428
Allocation of income (loss) from continuing operations - diluted                 595,651 432,388 301,759
Allocation of income (loss) from discontinued operations, net of tax - basic                 (111,197) 11,885 (168,676)
Dilutive effect                 0 0 0
Allocation of income (loss) from discontinued operations, net of tax - diluted                 $ (111,197) $ 11,885 $ (168,676)
Weighted-average shares outstanding - basic (in shares) 831,575 850,462 848,273 855,893 858,094 857,423 857,581 854,299 846,521 856,843 848,465
Dilutive effect (in shares)                 62,179 62,306 66,604
Weighted-average shares outstanding - diluted (in shares) 895,035 912,861 909,128 918,394 919,397 917,774 916,859 921,606 908,700 919,149 915,069
Income (loss) from continuing operations per share - basic (in dollars per share) $ 0.22 $ 0.15 $ 0.14 $ 0.18 $ 0.12 $ 0.13 $ 0.20 $ 0.04 $ 0.69 $ 0.49 $ 0.35
Income (loss) from continuing operations per share - diluted (in dollars per share) 0.21 0.14 0.13 0.17 0.11 0.13 0.19 0.04 0.66 0.47 0.33
Income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share) (0.01) (0.01) (0.04) (0.08) 0.51 (0.23) (0.10) (0.17) (0.13) 0.01 (0.20)
Income (loss) from discontinued operations, net of tax, per share - diluted (in dollars per share) $ (0.01) $ (0.01) $ (0.03) $ (0.07) $ 0.48 $ (0.21) $ (0.09) $ (0.16) $ (0.12) $ 0.01 $ (0.18)
Class B Common Stock                      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                      
Allocation of income (loss) from continuing operations - basic                 $ 37,410 $ 26,867 $ 18,834
Dilutive effect                 (1,627) (1,221) (764)
Allocation of income (loss) from continuing operations - diluted                 35,783 25,646 18,070
Allocation of income (loss) from discontinued operations, net of tax - basic                 (7,140) 754 (10,826)
Dilutive effect                 0 0 0
Allocation of income (loss) from discontinued operations, net of tax - diluted                 $ (7,140) $ 754 $ (10,826)
Weighted-average shares outstanding - basic (in shares) 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745
Dilutive effect (in shares)                 0 0 0
Weighted-average shares outstanding - diluted (in shares) 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745
Income (loss) from continuing operations per share - basic (in dollars per share) $ 0.22 $ 0.15 $ 0.14 $ 0.18 $ 0.12 $ 0.13 $ 0.20 $ 0.04 $ 0.69 $ 0.49 $ 0.35
Income (loss) from continuing operations per share - diluted (in dollars per share) 0.21 0.14 0.13 0.17 0.11 0.13 0.19 0.04 0.66 0.47 0.33
Income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share) (0.01) (0.01) (0.04) (0.08) 0.51 (0.23) (0.10) (0.17) (0.13) 0.01 (0.20)
Income (loss) from discontinued operations, net of tax, per share - diluted (in dollars per share) $ (0.01) $ (0.01) $ (0.03) $ (0.07) $ 0.48 $ (0.21) $ (0.09) $ (0.16) $ (0.12) $ 0.01 $ (0.18)
v3.25.0.1
Net Income (Loss) Per Share - Narrative (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 7 9 9
v3.25.0.1
Commitment and Contingencies - Schedule of Contractual Obligations Commitments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
2025 $ 367,036  
2026 111,562  
2027 39,210  
2028 31,515  
2029 11,593  
Thereafter 0  
Total $ 560,916 $ 190,000
v3.25.0.1
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
vendor
Aug. 31, 2022
USD ($)
Jul. 31, 2020
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
vendor
Feb. 28, 2025
USD ($)
Loss Contingencies [Line Items]            
Number of commitment company vendor | vendor 1       1  
Purchase obligation $ 190,000     $ 560,916 $ 190,000  
Increase (decrease) in purchase obligation       180,000    
Purchase obligation, remaining amount       172,000    
Purchase commitment, term 7 years          
Guarantor obligations, maximum exposure, undiscounted $ 78,000     74,000 78,000  
Subsequent Event            
Loss Contingencies [Line Items]            
Guarantor obligations, relinquished amount           $ 21,000
Insured Claims            
Loss Contingencies [Line Items]            
Loss contingency accrual 110,000     94,000 110,000  
Google            
Loss Contingencies [Line Items]            
Purchase obligation 200,000       200,000  
Recovery of direct costs       $ 30,000 40,000  
Purchase obligation, to be paid, year one and two 35,000       35,000  
Purchase obligation, to be paid, year three and four 65,000       65,000  
Purchase obligation, to be paid, after year four $ 100,000       $ 100,000  
Purchase obligation. cancelation fee percentage of total remaining amount 30.00%       30.00%  
Google | First Two Years            
Loss Contingencies [Line Items]            
Purchase commitment, term 2 years          
Google | Next Two Years            
Loss Contingencies [Line Items]            
Purchase commitment, term 2 years          
Google | Last Three Years            
Loss Contingencies [Line Items]            
Purchase commitment, term 3 years          
Google | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement            
Loss Contingencies [Line Items]            
Collaborative arrangement, future milestone contributions     $ 150,000      
Collaborative arrangement, additional future milestone contributions   $ 150,000        
v3.25.0.1
Leases - Schedule of Consolidated Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease, right-of-use asset, current $ 80 $ 68
Operating lease, right-of-use asset, non-current 80,768 85,649
Finance lease, right-of-use asset, non-current 61,827 65,368
Total right-of-use assets 142,675 151,085
Operating lease, liability, current 18,811 13,035
Finance lease, liability, current 25,593 25,741
Operating lease, liability, noncurrent 77,884 80,189
Finance Lease, Liability, noncurrent 43,849 43,727
Total lease liabilities $ 166,137 $ 162,692
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net Property and equipment, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Current maturities of long-term debt Current maturities of long-term debt
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Debt due to subsidiaries Debt due to subsidiaries
Finance Lease, right-of-use asset, accumulated amortization $ 66,000 $ 50,000
v3.25.0.1
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 27,615 $ 31,756 $ 33,574
Amortization of right-of-use assets 21,661 14,432 10,818
Interest on lease liabilities 4,528 2,466 1,689
Variable lease costs 35,017 36,273 42,899
Total lease cost $ 88,821 $ 84,927 $ 88,980
v3.25.0.1
Leases - Supplementary Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating cash flows $ 23,574 $ 42,883 $ 47,708
Operating cash flows 4,686 4,940 3,680
Financing cash flows 29,023 43,733 44,978
Operating leases 20,127 41,338 49,193
Finance leases $ 35,451 $ 79,273 $ 48,439
v3.25.0.1
Leases - Schedule of Operating and Finance Lease Weighted Average Lease Term and Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term (years):    
Operating leases 5 years 4 months 24 days 5 years 10 months 24 days
Finance leases 2 years 8 months 12 days 3 years 2 months 12 days
Weighted-average discount rate:    
Operating leases 6.20% 6.10%
Finance leases 6.10% 5.90%
v3.25.0.1
Leases - Schedule of Operating and Finance Lease, Liability, Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 20,443  
2026 24,658  
2027 20,975  
2028 16,255  
2029 11,276  
Thereafter 23,422  
Total lease payments (including interest) 117,029  
Less interest 20,334  
Total 96,695  
Finance Lease, Liability, Payment, Due [Abstract]    
2025 33,369  
2026 22,529  
2027 16,195  
2028 2,809  
2029 1  
Thereafter 0  
Total lease payments (including interest) 74,903  
Less interest 5,461  
Total $ 69,442 $ 69,468
v3.25.0.1
Retirement Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Defined contribution plan, cost $ 29 $ 30 $ 31
Payment for other postretirement benefits 8    
Defined benefit plan, plan assets, amount   51  
Defined benefit plan, benefit obligation   59  
Defined benefit plan, unfunded status of plan   (8)  
Deferred compensation liability, classified, noncurrent $ 34 $ 31  
v3.25.0.1
Related Party Transactions - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Oct. 28, 2024
Mar. 06, 2024
Dec. 31, 2024
Oct. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Oct. 31, 2020
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 13, 2022
Related Party Transaction [Line Items]                      
Treasury stock, shares, acquired (in shares)     15,000                
Treasury stock, value, acquired, cost method     $ 104,000                
Shares acquired, average cost per share (in dollars per share)     $ 6.95                
Opportunity fund     $ 84,516     $ 93,950   $ 84,516 $ 93,950    
Opportunity fund, payment               $ 14,000 11,000    
Purchase commitment, term           7 years          
Common Stock                      
Related Party Transaction [Line Items]                      
Treasury stock, shares, acquired (in shares)       16,000 15,000            
Treasury stock, value, acquired, cost method       $ 115,000 $ 93,000            
Shares acquired, average cost per share (in dollars per share)       $ 7.20 $ 6.22            
Common Stock | ADT | State Farm                      
Related Party Transaction [Line Items]                      
Noncontrolling interest, ownership percentage by noncontrolling owners     10.00%         10.00%     15.00%
Related Party | Loan Agreement                      
Related Party Transaction [Line Items]                      
Related party transaction, amounts of transaction                 13,000 $ 54,000  
Proceeds from related party debt                 78,000 436,000  
Related Party | Technology Services                      
Related Party Transaction [Line Items]                      
Related party transaction, amounts of transaction               $ 4,000 6,000    
March 6th Underwriters | Related Party                      
Related Party Transaction [Line Items]                      
Treasury stock, shares, acquired (in shares)   15,000                  
Treasury stock, value, acquired, cost method   $ 93,000                  
Shares acquired, average cost per share (in dollars per share)   $ 6.22                  
March 6th Underwriters | Related Party | March 6th Offering                      
Related Party Transaction [Line Items]                      
Sale of stock, number of shares issued in transaction (in shares)   65,000                  
March 6th Underwriters | Related Party | Over-Allotment Option                      
Related Party Transaction [Line Items]                      
Sale of stock, number of shares issued in transaction (in shares)   9,750                  
October 28th Underwriters | Related Party                      
Related Party Transaction [Line Items]                      
Treasury stock, shares, acquired (in shares) 16,000                    
October 28th Underwriters | Related Party | Over-Allotment Option                      
Related Party Transaction [Line Items]                      
Sale of stock, number of shares issued in transaction (in shares) 8,400                    
October 28th Underwriters | Related Party | October 28th Offering                      
Related Party Transaction [Line Items]                      
Sale of stock, number of shares issued in transaction (in shares) 56,000                    
Apollo | Related Party | Term Loan A Facility                      
Related Party Transaction [Line Items]                      
Related party transaction, amounts of transaction                 1,000    
Rackspace US Inc | Related Party | Master Services Agreement                      
Related Party Transaction [Line Items]                      
Long-term purchase commitment, minimum amount             $ 50,000        
Purchase commitment, term             7 years        
Payments to long-term purchase commitment               $ 4,000 $ 15,000 $ 14,000  
v3.25.0.1
Condensed Financial Information of Registrant - CONDENSED BALANCE SHEETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current assets:        
Cash and cash equivalents $ 96,212 $ 14,621 $ 257,223  
Total current assets 1,004,920 1,004,694    
Total assets 16,050,957 15,964,094    
Current liabilities:        
Total current liabilities 1,263,780 1,480,208    
Debt due to subsidiaries 7,511,282 7,513,456    
Other liabilities 224,384 219,069    
Total liabilities 12,250,156 12,175,448    
Total stockholders' equity 3,800,801 3,788,646 3,393,148 $ 3,248,719
Total liabilities and stockholders' equity 16,050,957 15,964,094    
Parent Company        
Current assets:        
Cash and cash equivalents 1,861 1,118 $ 14,639 $ 1,947
Total current assets 1,861 1,118    
Investment in subsidiaries and other assets 4,861,838 4,463,543    
Total assets 4,863,699 4,464,661    
Current liabilities:        
Dividends payable and other current liabilities 155,472 33,047    
Total current liabilities 155,472 33,047    
Debt due to subsidiaries 554,954 545,557    
Other liabilities 352,472 97,411    
Total liabilities 1,062,898 676,015    
Total stockholders' equity 3,800,801 3,788,646    
Total liabilities and stockholders' equity $ 4,863,699 $ 4,464,661    
v3.25.0.1
Condensed Financial Information of Registrant - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Statement of Income Captions [Line Items]                      
Selling, general, and administrative expenses                 $ 1,476,346 $ 1,347,738 $ 1,348,281
Merger, restructuring, integration, and other                 24,124 38,959 9,937
Operating income (loss) $ 305,390 $ 326,350 $ 284,175 $ 292,149 $ 307,340 $ 306,563 $ 332,098 $ 232,960 1,208,064 1,178,961 725,094
Interest expense, net                 (441,031) (569,915) (263,068)
Other income (expense)                 52,939 11,958 (57,568)
Net income (loss) $ 189,957 $ 127,151 $ 92,394 $ 91,551 $ 575,872 $ (86,237) $ 92,211 $ (118,837) 501,053 463,009 132,663
Other comprehensive income (loss), net of tax                 9,126 31,038 21,773
Comprehensive income (loss)                 $ 510,179 $ 494,047 $ 154,436
Common Stock                      
Net income (loss) per share - basic:                      
Net income (loss) per share - basic (in dollars per share) $ 0.21 $ 0.14 $ 0.10 $ 0.10 $ 0.63 $ (0.09) $ 0.10 $ (0.13) $ 0.56 $ 0.51 $ 0.15
Net income (loss) per share - basic class B common stock (in dollars per share) $ 0.21 $ 0.14 $ 0.10 $ 0.10 $ 0.63 $ (0.09) $ 0.10 $ (0.13) $ 0.56 $ 0.51 $ 0.15
Weighted-average shares outstanding - basic:                      
Weighted-average number of shares - basic (in shares) 831,575 850,462 848,273 855,893 858,094 857,423 857,581 854,299 846,521 856,843 848,465
Weighted-average shares outstanding - basic (in shares) 831,575 850,462 848,273 855,893 858,094 857,423 857,581 854,299 846,521 856,843 848,465
Net income (loss) per share - diluted:                      
Net income (loss) per share - diluted (in dollars per share) $ 0.20 $ 0.13 $ 0.10 $ 0.09 $ 0.59 $ (0.09) $ 0.09 $ (0.12) $ 0.52 $ 0.48 $ 0.14
Net income (loss) per share - diluted class B common stock (in dollars per share) $ 0.20 $ 0.13 $ 0.10 $ 0.09 $ 0.59 $ (0.09) $ 0.09 $ (0.12) $ 0.52 $ 0.48 $ 0.14
Weighted-average shares outstanding - diluted:                      
Weighted average number of shares - diluted (in shares) 895,035 912,861 909,128 918,394 919,397 917,774 916,859 921,606 908,700 919,149 915,069
Weighted-average shares outstanding - diluted class B common stock (in shares) 895,035 912,861 909,128 918,394 919,397 917,774 916,859 921,606 908,700 919,149 915,069
Class B Common Stock                      
Net income (loss) per share - basic:                      
Net income (loss) per share - basic (in dollars per share) $ 0.21 $ 0.14 $ 0.10 $ 0.10 $ 0.63 $ (0.09) $ 0.10 $ (0.13) $ 0.56 $ 0.51 $ 0.15
Net income (loss) per share - basic class B common stock (in dollars per share) $ 0.21 $ 0.14 $ 0.10 $ 0.10 $ 0.63 $ (0.09) $ 0.10 $ (0.13) $ 0.56 $ 0.51 $ 0.15
Weighted-average shares outstanding - basic:                      
Weighted-average number of shares - basic (in shares) 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745
Weighted-average shares outstanding - basic (in shares) 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745
Net income (loss) per share - diluted:                      
Net income (loss) per share - diluted (in dollars per share) $ 0.20 $ 0.13 $ 0.10 $ 0.09 $ 0.59 $ (0.09) $ 0.09 $ (0.12) $ 0.52 $ 0.48 $ 0.14
Net income (loss) per share - diluted class B common stock (in dollars per share) $ 0.20 $ 0.13 $ 0.10 $ 0.09 $ 0.59 $ (0.09) $ 0.09 $ (0.12) $ 0.52 $ 0.48 $ 0.14
Weighted-average shares outstanding - diluted:                      
Weighted average number of shares - diluted (in shares) 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745
Weighted-average shares outstanding - diluted class B common stock (in shares) 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745
Parent Company                      
Condensed Statement of Income Captions [Line Items]                      
Selling, general, and administrative expenses                 $ 988 $ 520 $ 2,583
Merger, restructuring, integration, and other                 (5) (1,993) (6,011)
Operating income (loss)                 (983) 1,473 3,428
Interest expense, net                 (9,135) (8,984) (8,086)
Other income (expense)                 0 0 (63,394)
Equity in net income (loss) of subsidiaries                 511,171 470,520 200,715
Net income (loss)                 501,053 463,009 132,663
Other comprehensive income (loss), net of tax                 9,126 31,038 21,773
Comprehensive income (loss)                 $ 510,179 $ 494,047 $ 154,436
Parent Company | Common Stock                      
Net income (loss) per share - basic:                      
Net income (loss) per share - basic (in dollars per share)                 $ 0.56 $ 0.51 $ 0.15
Net income (loss) per share - basic class B common stock (in dollars per share)                 $ 0.56 $ 0.51 $ 0.15
Weighted-average shares outstanding - basic:                      
Weighted-average number of shares - basic (in shares)                 846,521 856,843 848,465
Weighted-average shares outstanding - basic (in shares)                 846,521 856,843 848,465
Net income (loss) per share - diluted:                      
Net income (loss) per share - diluted (in dollars per share)                 $ 0.52 $ 0.48 $ 0.14
Net income (loss) per share - diluted class B common stock (in dollars per share)                 $ 0.52 $ 0.48 $ 0.14
Weighted-average shares outstanding - diluted:                      
Weighted average number of shares - diluted (in shares)                 908,700 919,149 915,069
Weighted-average shares outstanding - diluted class B common stock (in shares)                 908,700 919,149 915,069
Parent Company | Class B Common Stock                      
Net income (loss) per share - basic:                      
Net income (loss) per share - basic (in dollars per share)                 $ 0.56 $ 0.51 $ 0.15
Net income (loss) per share - basic class B common stock (in dollars per share)                 $ 0.56 $ 0.51 $ 0.15
Weighted-average shares outstanding - basic:                      
Weighted-average number of shares - basic (in shares)                 54,745 54,745 54,745
Weighted-average shares outstanding - basic (in shares)                 54,745 54,745 54,745
Net income (loss) per share - diluted:                      
Net income (loss) per share - diluted (in dollars per share)                 $ 0.52 $ 0.48 $ 0.14
Net income (loss) per share - diluted class B common stock (in dollars per share)                 $ 0.52 $ 0.48 $ 0.14
Weighted-average shares outstanding - diluted:                      
Weighted average number of shares - diluted (in shares)                 54,745 54,745 54,745
Weighted-average shares outstanding - diluted class B common stock (in shares)                 54,745 54,745 54,745
v3.25.0.1
Condensed Financial Information of Registrant - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:                      
Net income (loss) $ 189,957 $ 127,151 $ 92,394 $ 91,551 $ 575,872 $ (86,237) $ 92,211 $ (118,837) $ 501,053 $ 463,009 $ 132,663
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                      
Change in fair value of other financial instruments                 0 0 63,396
Other, net                 (2,046) (96,700) 10,074
Net cash provided by (used in) operating activities                 1,884,899 1,657,726 1,887,920
Cash flows from investing activities:                      
Net cash provided by (used in) investing activities                 (1,295,428) 242,493 (1,532,784)
Cash flows from financing activities:                      
Proceeds from issuance of common stock, net of expenses                 0 0 1,180,000
Dividends on common stock                 (182,266) (128,587) (127,125)
Repurchases of common stock                 (240,556) 0 (1,200,000)
Other financing, net                 (4,415) (32,175) (5,432)
Net cash provided by (used in) financing activities                 (515,356) (2,143,849) (14,833)
Cash and cash equivalents and restricted cash and restricted cash equivalents:                      
Net increase (decrease) during the period                 74,115 (243,630) 340,303
Beginning balance       14,621       257,223 14,621 257,223  
Ending balance 96,212       14,621       96,212 14,621 257,223
Supplementary cash flow information:                      
Issuance of shares for acquisition of business                 0 0 55,485
Parent Company                      
Cash flows from operating activities:                      
Net income (loss)                 501,053 463,009 132,663
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                      
Equity in net (income) loss of subsidiaries                 (511,171) (470,520) (200,715)
Change in fair value of other financial instruments                 0 0 63,396
Other, net                 22,815 28,757 49,470
Net cash provided by (used in) operating activities                 12,697 21,246 44,814
Cash flows from investing activities:                      
Contributions to subsidiaries                 0 0 0
Distributions from subsidiaries                 170,620 108,783 118,200
Net cash provided by (used in) investing activities                 170,620 108,783 118,200
Cash flows from financing activities:                      
Proceeds from issuance of common stock, net of expenses                 0 0 1,180,000
Dividends on common stock                 (182,266) (128,587) (127,125)
Repurchases of common stock                 0 0 (1,200,000)
Other financing, net                 (308) (14,963) (3,197)
Net cash provided by (used in) financing activities                 (182,574) (143,550) (150,322)
Cash and cash equivalents and restricted cash and restricted cash equivalents:                      
Net increase (decrease) during the period                 743 (13,521) 12,692
Beginning balance       $ 1,118       $ 14,639 1,118 14,639 1,947
Ending balance $ 1,861       $ 1,118       1,861 1,118 14,639
Supplementary cash flow information:                      
Issuance of shares for acquisition of business                 $ 0 $ 0 $ 55,485
v3.25.0.1
Condensed Financial Information of Registrant - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Document Information [Line Items]        
Total current liabilities   $ 1,263,780 $ 1,480,208  
Other liabilities   224,384 219,069  
Parent Company        
Document Information [Line Items]        
Noncash capital contributions     49,000 $ 51,000
Total current liabilities   155,472 33,047  
Other liabilities   352,472 97,411  
Distributions from subsidiaries   170,620 $ 108,783 $ 118,200
Parent Company | December 2024 Agreement        
Document Information [Line Items]        
Total current liabilities   104,000    
Parent Company | 2024 Share Repurchase Plan        
Document Information [Line Items]        
Other liabilities   $ 240,000    
Subsequent Event | Parent Company        
Document Information [Line Items]        
Distributions from subsidiaries $ 47,000      
v3.25.0.1
Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]                      
Revenue $ 1,260,379 $ 1,243,836 $ 1,204,559 $ 1,189,672 $ 1,172,398 $ 1,179,873 $ 1,168,077 $ 1,132,476 $ 4,898,446 $ 4,652,824 $ 4,381,904
Income (loss) from continuing operations 197,294 132,020 126,185 163,891 107,110 123,259 180,438 39,563 619,390 450,370 312,165
Income (loss) from discontinued operations, net of tax (7,337) (4,869) (33,791) (72,340) 468,762 (209,496) (88,227) (158,400) (118,337) 12,639 (179,502)
Net income (loss) $ 189,957 $ 127,151 $ 92,394 $ 91,551 $ 575,872 $ (86,237) $ 92,211 $ (118,837) $ 501,053 $ 463,009 $ 132,663
Common Stock                      
Condensed Financial Statements, Captions [Line Items]                      
Weighted-average number of shares - basic (in shares) 831,575 850,462 848,273 855,893 858,094 857,423 857,581 854,299 846,521 856,843 848,465
Income (loss) from continuing operations per share - basic (in dollars per share) $ 0.22 $ 0.15 $ 0.14 $ 0.18 $ 0.12 $ 0.13 $ 0.20 $ 0.04 $ 0.69 $ 0.49 $ 0.35
Income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share) (0.01) (0.01) (0.04) (0.08) 0.51 (0.23) (0.10) (0.17) (0.13) 0.01 (0.20)
Net income (loss) per share - basic (in dollars per share) $ 0.21 $ 0.14 $ 0.10 $ 0.10 $ 0.63 $ (0.09) $ 0.10 $ (0.13) $ 0.56 $ 0.51 $ 0.15
Weighted average number of shares - diluted (in shares) 895,035 912,861 909,128 918,394 919,397 917,774 916,859 921,606 908,700 919,149 915,069
Income (loss) from continuing operations per share - diluted (in dollars per share) $ 0.21 $ 0.14 $ 0.13 $ 0.17 $ 0.11 $ 0.13 $ 0.19 $ 0.04 $ 0.66 $ 0.47 $ 0.33
Income (loss) from discontinued operations, net of tax, per share - diluted (in dollars per share) (0.01) (0.01) (0.03) (0.07) 0.48 (0.21) (0.09) (0.16) (0.12) 0.01 (0.18)
Net income (loss) per share - diluted (in dollars per share) $ 0.20 $ 0.13 $ 0.10 $ 0.09 $ 0.59 $ (0.09) $ 0.09 $ (0.12) $ 0.52 $ 0.48 $ 0.14
Class B Common Stock                      
Condensed Financial Statements, Captions [Line Items]                      
Weighted-average number of shares - basic (in shares) 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745
Income (loss) from continuing operations per share - basic (in dollars per share) $ 0.22 $ 0.15 $ 0.14 $ 0.18 $ 0.12 $ 0.13 $ 0.20 $ 0.04 $ 0.69 $ 0.49 $ 0.35
Income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share) (0.01) (0.01) (0.04) (0.08) 0.51 (0.23) (0.10) (0.17) (0.13) 0.01 (0.20)
Net income (loss) per share - basic (in dollars per share) $ 0.21 $ 0.14 $ 0.10 $ 0.10 $ 0.63 $ (0.09) $ 0.10 $ (0.13) $ 0.56 $ 0.51 $ 0.15
Weighted average number of shares - diluted (in shares) 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745 54,745
Income (loss) from continuing operations per share - diluted (in dollars per share) $ 0.21 $ 0.14 $ 0.13 $ 0.17 $ 0.11 $ 0.13 $ 0.19 $ 0.04 $ 0.66 $ 0.47 $ 0.33
Income (loss) from discontinued operations, net of tax, per share - diluted (in dollars per share) (0.01) (0.01) (0.03) (0.07) 0.48 (0.21) (0.09) (0.16) (0.12) 0.01 (0.18)
Net income (loss) per share - diluted (in dollars per share) $ 0.20 $ 0.13 $ 0.10 $ 0.09 $ 0.59 $ (0.09) $ 0.09 $ (0.12) $ 0.52 $ 0.48 $ 0.14