ADT Inc. (NYSE:ADT) Q2 2023 Results Conference Call August 8, 2023 10:00 AM ET

Company Participants

Elizabeth Landers - Senior Director of Investor Relations

Jim DeVries - President and CEO

Ken Porpora - EVP and CFO

Don Young - EVP and Chief Operating Officer

Wayne Thorson - EVP and Chief Business Officer

Conference Call Participants

George Tong - Goldman Sachs

Ronan Kennedy - Barclays

Toni Kaplan - Morgan Stanley

Operator

Greetings, and welcome to today's call [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Elizabeth Lippitt Landers, Senior Director of Investor Relations. Thank you. You may begin.

Elizabeth Landers

Thanks, operator, and good morning, everyone. We appreciate you joining today's call to discuss ADT's Second Quarter 2023 earnings and the transaction we announced this morning to sell our Commercial business. Speaking on today's call will be ADT's President and CEO, Jim DeVries; and our EVP and CFO, Ken Porpora. Following the prepared remarks, we'll take analyst questions. Also joining us for Q&A are Don Young, EVP and Chief Operating Officer; and Wayne Thorson, EVP and Chief Business Officer. Earlier this morning, we issued our earnings press release and a separate press release on the sale of our Commercial business as well as an accompanying slide presentation. These materials are available on our Web site at investor.adt.com. Before we start, I do need to mention that today's remarks include forward-looking statements that represent our beliefs or expectations about future events. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Some of the factors that may cause differences are described in our SEC filings. We'll also discuss non-GAAP financial measures on the call. The most directly comparable GAAP measures along with a reconciliation to those measures can be found on our earnings slide presentation on the ADT Investor Relations Web site. And with that, I'm excited to turn the call over to Jim.

Jim DeVries

Thanks, Elizabeth. Good morning, and thank you to everyone for joining us today. I'll begin the call talking about the announcement we made premarket to divest ADT's Commercial business. I'll then share some perspective about the exciting road ahead. And finally, I'll share some comments about our second quarter results. I'll then turn the call over to Ken Porpora for details on our second quarter financial results, a bit more on the divestiture and our 2023 outlook. This morning, ADT announced it entered into a definitive agreement to divest our Commercial security, fire and life safety business unit to GTCR, a leading private equity firm for a purchase price of just over $1.6 billion. The transaction was approved by our Board of Directors and is expected to close in the fourth quarter of this year, subject to customary closing conditions, including regulatory approvals.