ADT, Inc. (NYSE:ADT) Q4 2023 Earnings Conference Call February 28, 2024 10:00 AM ET

Company Participants

Elizabeth Landers - IR Officer

James DeVries - CEO, President & Chairman

Jeffrey Likosar - Interim CFO, President of Corporate Development & Chief Transformation Officer

Conference Call Participants

George Tong - Goldman Sachs Group

Toni Kaplan - Morgan Stanley

Ashish Sabadra - RBC Capital Markets

John Kennedy - Barclays Bank

Operator

Good morning. I'd like to welcome you all to the ADT Fourth Quarter 2023 Conference Call. My name is Brika and I will be your moderator for today. [Operator Instructions]. And I would now like to pass the conference over to your host, Elizabeth Landers, Senior Director of Investor Relations of ADT to begin. So Elizabeth, please go ahead.

Elizabeth Landers

Thanks, operator and good morning, everyone. We appreciate you joining today's call to discuss ADT's year-end results for 2023. Speaking on today's call will be ADT's Chairman, President and CEO, Jim DeVries; and our Interim Chief Financial Officer, Jeff Likosar.

Following the prepared remarks, we'll take analyst questions. Earlier this morning, we issued a press release and slide presentation of our financial results. These materials are available on our website at investor.adt.com. Before we begin, I'd like to remind everyone that beginning in the third quarter of 2023, the commercial business was reported as discontinued operations. Financials and metrics for current and historical periods discussed on this call will be for continuing operations, except for cash flow, which includes amounts related to the commercial business through the date of sale.

Today's remarks also include forward-looking statements to 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 will 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 in our earnings presentation on the ADT Investor Relations website.

And with that, I'm excited to turn the call over to Jim.

James DeVries

Good morning and thank you for joining us today to discuss the release of ADT's fourth quarter and full year results. 2023 was a pivotal year for ADT and we delivered solid performance, invested for the future, reshaped our portfolio and meaningfully improved our capital structure. With the divestiture of our commercial business and the decision to exit residential solar, we have simplified our business model and focused on our consumer-oriented core security and smart home business.